NewzIntel.com

Category: Commerce

  • MIL-OSI: BYDFi Lists EPT/USDT Trading Pair — Trade and Win a Share of the $5,000 Prize Pool

    Source: GlobeNewswire (MIL-OSI)

    SEYCHELLES, East Africa, April 21, 2025 (GLOBE NEWSWIRE) — Global crypto exchange BYDFi has officially listed Balance’s native token, $EPT, opening spot trading for the EPT/USDT pair. To celebrate the launch, BYDFi is offering a $5,000 prize pool, available for a limited time to all users who participate in EPT trading.

    $EPT: The Core Engine of the Balance Ecosystem

    $EPT is the native token of the Balance platform and plays a central role in powering the ecosystem. With a total supply of 10 billion, it drives core functions such as trading incentives, liquidity provision, and application development.

    Balance, the infrastructure behind $EPT, originated from E-PAL, formerly the world’s largest gaming companion platform. Today, it serves over 4.2 million users and 450,000 active Epals. By integrating AI and blockchain, Balance is redefining Web3 interactions through immersive, decentralized digital experiences.

    In September 2024, Balance raised $30 million in funding from top-tier investors including a16z, Animoca Brands, and Galaxy Interactive, further accelerating its global growth and ecosystem expansion.

    Multi-Promotion Campaign Now Live on BYDFi

    To coincide with the EPT listing, BYDFi is kicking off several campaigns:

    More details are available on BYDFi’s official platform.

    About BYDFi

    Founded in 2020, BYDFi has been named one of Forbes’ Top 10 Global Crypto Exchanges and is officially listed on CoinMarketCap and CoinGecko. Serving users in 190+ countries, the platform is trusted by over 1,000,000 users worldwide.

    BYDFi holds multiple MSB licenses, is a member of Korea’s CodeVASP alliance, and regularly publishes Proof of Reserves (POR) to ensure transparency and trust. BUIDL Your Dream Finance

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

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

    The MIL Network –

  • MIL-OSI USA: Congress.gov New, Tip, and Top – April 2025

    Source: US Global Legal Monitor

    In our last Congress.gov release, we announced improved access to Congressional Research Service (CRS) products on Congress.gov. Building on those improvements, you can now filter your search results for CRS products by topic. You can also now set up a saved search email alert for CRS products and even download an audio file of a CRS product.

    In addition, in this release, we are enhancing access to historical Senate Executive Journals in Congress.gov. These journals are now available in a convenient, page-turner environment that allows you to flip through the pages sequentially and jump to a particular page. You can find the complete list of enhancements below.

    You can filter search results for CRS Products by topic on Congress.gov.

    Enhancements

    New – Historical Senate Executive Journals

    • Historical Senate Executive Journals from the 1st (1789 – 1791) through the 43rd Congress (1873 – 1875) are available to browse and search.
    • Find links to the Senate Executive Journal in the Congressional Activity section of the Browse page.
    • Using the search bar, select All Congresses and enter your word or phrase query. Check Senate Executive Journal under the Journals filter on your search results page.
    • Select a search result from the list to view a text version of the Senate Executive Journal page. Use the View Source Images link to display an image of the original print page.

    Enhancement – CRS Products – Search

    • Filter search results from the CRS Products landing page search form by topic.
    • Search results sorted by relevancy display active reports before archived reports.

    Enhancement – CRS Products – Saved Search Alerts

    • Include the CRS Products collection in your saved search and set up an alert to receive an email when a new CRS product matches your search query.

    Enhancement – CRS Products – ReadSpeaker

    • Download an audio file to listen to the text of any CRS Product at your convenience.

    Congress.gov Tip

    There are several different ways to search Congress.gov. How do you know which one is best for your research? Check out “How to Pick a Search Page.”

    Most-Viewed Bills

    The most-viewed bills for the week of April 13, 2025 are below.

    1. H.R.22 [119th] SAVE Act
    2. H.R.8281 [118th] SAVE Act
    3. H.Con.Res.14 [119th] Establishing the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034.
    4. H.R.10127 [118th] Restoring Trade Fairness Act
    5. H.R.1526 [119th] NORRA of 2025
    6. H.R.1332 [118th] Thirty-Two Hour Workweek Act
    7. H.R.2315 [119th] Fairness for High-Skilled Americans Act of 2025
    8. H.R.561 [119th] Overtime Pay Tax Relief Act of 2025
    9. H.Res.294 [119th] Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Overdraft Lending: Very Large Financial Institutions”; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications”; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.
    10. H.R.482 [119th] No Tax on Tips Act

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

  • MIL-OSI: InspireSemi Provides Business Update and Proposed Financing

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia and AUSTIN, Texas , April 21, 2025 (GLOBE NEWSWIRE) — Inspire Semiconductor Holdings Inc.  (“InspireSemi” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads, is pleased to announce that today it is providing a general business update by live webinar at 11:00 a.m. (Eastern Time).

    Key topics the business update covers include:

    • Announcement that the Company’s improved flagship Thunderbird 1 product has been sent for production with first wafers expected to be in hand in July, 2025
    • Operations between now and return of first wafers and plan for production readiness
    • Impact of tariffs on the Company
    • Update on Market, Customer and sales outlook
    • A further financing commitment for US$3M expected to close in May, 2025 as further discussed below

    To join the Business Update please use the following Zoom link:

    https://us06web.zoom.us/j/86002651511?pwd=WhCXFooqXIizSQhNUZkFIsTdu7ABKs.1

    Webinar ID: 860 0265 1511
    Passcode: 858696

    Telephone dial in numbers are available at https://us06web.zoom.us/u/kcUeWRY0rn

    A recording of the business update will be made available in the Investors section of the Company’s website at https://inspiresemi.com/investors/.

    Details of Additional Funding

    The Company has received a funding commitment for a private placement comprised of proportionate voting share units (“PV Units”) for total proceeds of US$3,000,000.10 (the “Financing”). The Financing will be wholly subscribed for by the investor (the “Investor”) who previously subscribed under the convertible loan agreement dated September 23, 2024 (as described in the Company’s press release dated September 23, 2024) pursuant to the Investor’s right of first refusal thereunder.

    On closing the Investor will be issued PV Units at a price per PV Unit of US$9.50. Each PV Unit consists of one proportionate voting share in the capital of the Company (each a “PV Share”) and one half of one PV Share purchase warrant of the Company (each whole warrant a “PV Warrant”). Each whole PV Warrant will be exercisable for one PV Share at a price per share of US$9.50.

    The Company expects the Financing to close in May 2025, and will provide further updates on the same by further press release.

    About InspireSemi

    InspireSemi provides revolutionary high-performance, energy-efficient accelerated computing solutions for High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads. The Thunderbird I ‘supercomputer-cluster-on-a-chip’ is a disruptive, next-generation datacenter accelerator designed to address multiple underserved and diversified industries, including financial services, computer-aided engineering, energy, climate modeling, cybersecurity, and life sciences & drug discovery. Based on the open standard RISC-V instruction set architecture, InspireSemi’s solutions set new standards of performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.

    For more information visit https://inspiresemi.com  
    Follow InspireSemi on LinkedIn

    Company Contact
    Ron Van Dell, CEO
    (737) 471-3230
    rvandell@inspiresemi.com

    Cautionary Statement on Forward-Looking Information

    This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning InspireSemi’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of InspireSemi are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.

    Forward-looking information includes, but is not limited to, information regarding: (i) the business plans and expectations of the Company including expectations with respect to production of Thunderbird I and development of future projects and; (ii) expectations for other economic, business, and/or competitive factors; and (iii) expectations regarding the Financing. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this presentation, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of InspireSemi, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company including information obtained from third-party industry analysts and other third-party sources and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: (i) statements relating to the expected performance and production timeline of Thunderbird I (ii) business and future activities of, and developments related to, the Company after the date of this press release; (iii) the closing of the Financing (iv) expectations for other economic, business, regulatory and/or competitive factors related to the Company or the technology industry generally; (v) the risk factors referenced in this news release and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca; and (vi) other events or conditions that may occur in the future. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

    The MIL Network –

  • MIL-OSI Security: Miske Enterprise Member Sentenced to Seven Years in Federal Prison for Racketeering Conspiracy and Role in Kidnapping and Murder of Johnathan Fraser

    Source: Federal Bureau of Investigation (FBI) State Crime News

    HONOLULU – Acting United States Attorney Kenneth M. Sorenson announced that Delia Fabro-Miske, 30, of Honolulu, was sentenced yesterday in federal court by U.S. District Judge Derrick K. Watson to 84 months of imprisonment, followed by 3 years of supervised release for racketeering conspiracy. Fabro-Miske pled guilty on January 12, 2024, in the middle of jury selection, to conspiring to conduct and participate in the conduct of the affairs of a racketeering enterprise, the “Miske Enterprise,” through racketeering activity that included bank fraud, obstruction of justice, and wire fraud.

    Fabro-Miske admitted that she and codefendant Michael J. Miske committed bank fraud by submitting fraudulent paperwork in order to obtain leases for two vehicles that were used for one of Miske’s businesses. Fabro-Miske also  obstructed a joint investigation into another of Miske’s businesses, Kamaaina Termite and Pest Control (“KTPC”), which was conducted by the Environmental Protection Agency and the Hawaii Department of Agriculture (“HDA”). At Miske’s direction, Fabro-Miske submitted to HDA falsified fumigation logs, which claimed that she was the certified applicator of chemicals on hundreds of jobs. In reality, most of the listed jobs were completed by unlicensed applicators. Fabro-Miske also fraudulently obtained Social Security Administration (“SSA”) survivor benefits at Miske’s direction by having her wages at KTPC decreased below the SSA benefits income threshold. At the same time, Miske paid Fabro-Miske in benefits that were not reported to the SSA or Internal Revenue Service.

    Additionally, according to information provided to the Court, in or about 2017, Miske placed Fabro-Miske in charge of his businesses in an attempt to preserve and conceal his assets in anticipation of federal prosecution. In practice, Fabro-Miske carried out Miske’s wishes and acted at his direction. Fabro-Miske assisted in a fraudulent scheme committed through Miske’s businesses, which involved submitting false filings to the Department of Commerce and Consumer Affairs that permitted the businesses to operate under fraudulently obtained and maintained licenses. Miske Enterprise members then falsely represented to customers that Miske’s businesses were properly licensed. Between 2017 and 2020, the businesses generated millions of dollars in income annually. As the head of Miske’s businesses, Fabro-Miske was also responsible for the proper and safe application of pesticides and other chemicals at customers’ homes. Information provided to the Court, however, showed that fumigations were regularly conducted without proper supervision or chemicals. Chief Judge Watson stated that Fabro-Miske’s work at Miske’s businesses “funded any number of crimes that we heard months and months of testimony” about in Miske’s trial, and her assistance “allowed Mr. Miske to run rampant in this community.”

    Finally, the Court determined that Fabro-Miske was also responsible for participating in a conspiracy with other Miske Enterprise members to kidnap and murder 21-year-old Johnathan Fraser. According to information provided to the Court, Caleb Miske – Miske’s son and Fabro-Miske’s husband – and Fraser were driving together when the two were involved in a car crash in November 2015.  Caleb Miske ultimately passed away from his injuries, and Miske blamed Fraser for his son’s death and enlisted several Miske Enterprise members to assist in his plan to murder Fraser. As part of that plan, Miske directed Fabro-Miske to rekindle her friendship with Fraser and his girlfriend and to lure them into living with her at an apartment paid for by Miske. On July 30, 2016, Fabro-Miske took Fraser’s girlfriend on a “spa day” paid for by Miske, ensuring that Fraser would be isolated when he was kidnapped. Fraser was never seen again after that day. Due to Miske’s death in December 2024, Chief Judge Watson explained that “the person most involved in Mr. Fraser’s demise will not ever be sentenced by this Court.” While Chief Judge Watson found that Fabro-Miske did not “directly and personally kill” Fraser and determined her to be a minimal participant in the kidnapping and murder conspiracy, he noted that there was “no doubt” that her actions led to Fraser’s murder and that the circumstances painted a “strong and clear picture” of a conspiracy to commit kidnapping murder in aid of racketeering.

    Fabro-Miske was charged alongside twelve other defendants, all of whom pled guilty except for Miske, who proceeded to trial and was found guilty of racketeering conspiracy, murder, and 11 other felony charges on July 18, 2024. Seven other members and associates of the Miske Enterprise pled guilty to various offenses in related cases. 

    “Delia Fabro-Miske was an integral member of the Miske Enterprise, which terrorized, exploited, and defrauded our community for decades. She participated in Miske’s bank frauds, social security fraud, falsification of fumigation records, and the concealment of Miske’s illegally obtained assets, and was a vital cog in the plot to murder of Johnathan Fraser. Fabro-Miske’s sentence yesterday demonstrates that those who occupy even the lower rungs of Hawaii’s criminal enterprises will pay a steep price when they face justice in federal court,” said Acting U.S. Attorney Ken Sorenson. “The dismantling of the Miske Enterprise represents one of the most significant law enforcement efforts in the history of Hawaii law enforcement, and it would not have been possible without the tremendous and dedicated work of our partners at the Honolulu Division of the Federal Bureau of Investigation, Internal Revenue Service, Homeland Security Investigations, and Environmental Protection Agency, among many others.”

    “Ms. Fabro-Miske was a key member in the Miske Enterprise fraud schemes, actively participating in defrauding the government and taxpayers,” said FBI Honolulu Special Agent in Charge David Porter. “This sentencing reflects years of collaboration between FBI Honolulu and our law enforcement partners. The FBI remains steadfast in its commitment to dismantle violent criminal enterprises, hold their members accountable, and pursue justice for victims.”

    “Our investigators follow the money because criminal organizations profit at the expense of public safety,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office. “Ms. Fabro-Miske’s racketeering conviction is a reminder that, in the end, crime really doesn’t pay.”

    “The sentencing of Ms. Fabro-Miske underscores HSI’s commitment to disrupting and dismantling criminal organizations in Hawaii,” said HSI Special Agent in Charge Lucy Cabral-DeArmas. “HSI will continue to hold accountable those who significantly harm our communities by breaking federal laws. By bringing justice to the Miske Enterprise, HSI sends the message that we will not tolerate any violent activity on our islands.”

    “By falsifying documents, defendant obstructed EPA and the state’s criminal investigation of a pesticide applicator that illegally applied restricted use pesticides,” said Benjamin Carr, Special Agent in Charge for the Environmental Protection Agency’s Criminal Investigation Division in Hawaii. “Yesterday’s sentencing reflects the seriousness of defendant’s fraudulent conduct and the importance of complying with pesticide reporting requirements so EPA and Hawaii Department of Agriculture can keep our communities safe.”

    This prosecution was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligencedriven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    This case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, Homeland Security Investigations, the Criminal Investigation Division of the Environmental Protection Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives, with assistance from the Honolulu Police Department, the Drug Enforcement Administration, the Coast Guard Investigative Service, the United States Marshals Service Fugitive Task Force, the Cybercrime Lab of the Department of Justice Criminal Division Computer Crime and Intellectual Property Section, the Hawaii Criminal Justice Data Center, the Honolulu Fire Department, the Hawaii National Guard, 93rd Civil Support Team, the Office of Investigations–Office of the Inspector General for the Social Security Administration, and the Department of Justice Office of the Inspector General.

    Assistant U.S. Attorneys Mark Inciong, Michael Nammar, KeAupuni Akina, and Aislinn Affinito prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Scrut Automation Unveils Teammates: AI-Powered GRC for Growing Companies

    Source: GlobeNewswire (MIL-OSI)

    MILPITAS, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Today, Scrut Automation, the creator of the next-gen GRC platform for fast-growing companies, announced the launch of Scrut Teammates, a system of verticalized AI agents that helps teams streamline and accelerate compliance and cyber risk management operations. This allows growing enterprises to manage both growth and risk more effectively, without having to choose between them. Built on top of the core Scrut Platform which already serves thousands of growing enterprises worldwide, Scrut Teammates helps unlock the next level of GRC automation by bringing intelligence, speed, and scale to compliance and risk workflows. With this launch, Scrut Automation becomes a pioneer in the NextGen GRC space to offer an AI agentic solution that transforms GRC workflows from a paperwork exercise to a risk-first approach. Scrut Teammates also brings forth new use cases of how businesses are able to apply Generative AI to address critical business needs.

    While traditional GRC (Governance, Risk and Compliance) automation addresses workflow orchestration and evidence collection, it still relies heavily on manual judgment to assess the adequacy of those artifacts. Until now, GRC professionals have had to take on effort-intensive tasks that involve cross-checking internal policies and procedures, manually reviewing evidence artifacts, and sifting through large sets of unstructured data to detect issues. This manual, time-consuming work in combination with being constantly prepared for complex audit checks leave little flexibility for GRC teams to design and implement strategic initiatives.  

    This gap is not merely a matter of limited bandwidth—it stems from a widening shortage of expert talent in the cybersecurity space. According to ISACA’s State of Cybersecurity 2024 report, 57% of organizations say their cybersecurity teams are understaffed, and 46% report having open roles for mid- or senior-level positions. The challenge isn’t just hiring more people—it’s accessing the specialized expertise needed to manage today’s complex risk landscape. As a result, many teams are forced to either deprioritize critical GRC initiatives or rely heavily on expensive external consultants to fill the expertise gap—both of which are unsustainable as companies scale.

    Scrut Teammates addresses this gap by introducing an intelligence layer across GRC workflows. Powered by a system of generative AI and machine learning agents built on a proprietary knowledge graph, it brings together an organization’s complex and fragmented data. By mimicking human reasoning, Scrut Teammates interprets context, evaluates resolution paths, and delivers the most relevant, actionable responses.

    “Most tools flag issues and hand you the mess. Scrut gets the workflow. I issue instructions in natural language – it builds the ticket, adds context, drafts the email, and sends it to the right team. No gaps, no bottlenecks,” explains Loris Gutic, Global CISO at Bright Security. “It doesn’t just surface problems – it helps close the loop, fast. For a security-first org, that kind of responsiveness isn’t a luxury, it’s table stakes.”

    Scrut Teammates represents a new development in the GRC space, as its system of agents connects and analyzes data from both internal and external sources. This can include policy documents, cloud configurations, risk assessments, vendor CAIQ responses, regulatory requirements, control best practices, and more. Competing solutions use AI to answer support queries or automate security questionnaire responses. Scrut Teammates proactively tackles process-heavy tasks to identify gaps in risk visibility, suggest fixes, and automate follow up actions, enabling GRC professions to focus on high-impact work. The platform adapts to each company’s unique risk context, making it suitable for organizations and teams at any stage of growth. It delivers:

    • Expert Capacity at your Fingertips – Scrut Teammates delivers both the speed and accuracy a growing company needs by efficiently managing the most urgent cyber risk priorities. By providing relevant contextual knowledge on demand for critical business infrastructure needs, it enhances GRC teams’ talent and capacity.
    • Contextual Intelligence for Any Business – Companies with modern GRC programs need knowledge baked into their workflows to maximize efficiency, but many legacy platforms with new and disparate AI can’t effectively communicate the root of risk events or the solution. Unlocking true value from AI requires context for understanding the risk to a specific environment and the intelligence to help fix it.
    • Compliance Level Trust – Growing companies cannot trust critical data to consumer-grade AI tools. Scrut Teammates was designed with privacy at its core. The data remains within the user’s tenant, ensuring that the unique risk context is only available to them. The platform brings the same focus on accuracy, security, and reliability that has been baked into the founding of the company.

    “Regulations are getting more complex and cyber criminals savvier by the day, and growing companies are increasingly finding themselves in the crosshairs. With the right tools to manage risk and compliance, the GRC teams at these companies can be more agile while aiding business continuity and growth“, says Aayush Ghosh Choudhury, co-founder and CEO at Scrut Automation. “Scrut Teammates was designed with their specific needs in mind to be especially customizable and flexible in different environments. ”

    Scrut Teammates is ISO 42001 certified and will have demos at Scrut Automation’s booth (#2333 in the South Expo Hall) at the RSA conference at the Moscone Center in San Francisco April 28-May 1, 2025. For more details, go to the Scrut Teammates page or contact sales@scrut.io.

    About Scrut Automation

    Scrut Automation, founded in 2021, enables fast-growing enterprises to manage their digital risk with confidence. Backed by Lightspeed, MassMutual Ventures, and Endiya Partners, Scrut supports thousands of organizations across more than 50 countries. Its flagship product, the Scrut Platform, helps users eliminate compliance debt with automated workflows, real-time risk visibility, and built-in expert guidance – empowering GRC teams to do more with less. Learn more at scrut.io.

    Press Contact
    scrut@karbocom.com

    An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e6179857-8857-484e-8de8-5921752aa214

    The MIL Network –

  • MIL-OSI: BigCommerce and Feedonomics Announce Winners of Americas Region Customer and Partner Awards to Honor Exceptional Contributions and Results in Ecommerce

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 21, 2025 (GLOBE NEWSWIRE) — BigCommerce (Nasdaq: BIGC), a leading provider of open, composable commerce solutions for B2C and B2B brands and retailers, today announced the winners of the 2025 BigCommerce and Feedonomics Customer and Partner Awards in the Americas region. The awards programs recognize the most innovative and inspiring customers and partners doing big things on the BigCommerce and Feedonomics platforms.

    “These awards recognize the outstanding achievements of BigCommerce customers and partners across the Americas,” said John Huntington, senior vice president of global partnerships at BigCommerce. “Our partners continue to prioritize innovation and customer success, playing a vital role in helping brands, retailers, manufacturers, and distributors thrive. We are equally proud of our customers, whose innovation and success on our platform inspire us every day.”

    “It’s incredibly rewarding to celebrate the achievements of our customers and partners,” said Sharon Gee, senior vice president and general manager of Feedonomics. “These award recipients are true innovators and industry leaders, and we’re proud to recognize their forward-thinking strategies. Our partners continue to drive meaningful digital growth by embracing cutting-edge approaches, from leveraging predictive signals in product feeds to launching local inventory ad programs and replacing outdated systems to maximize results.”

    This year’s AMER awards featured 24 categories across BigCommerce and Feedonomics customers and partners with applicants evaluated by a panel of BigCommerce and Feedonomics employees and executives. The awards recognized one winner for each category based on their accomplishments.

    2025 BigCommerce Customer Award Winners

    Achievement in Growth: Highlighting exceptional growth and success achieved with BigCommerce.

    B2B Excellence Award: Recognizing leadership in B2B ecommerce that redefines what’s possible

    Design Award: Celebrating captivating storefront designs that inspire and engage customers.

    Shopper Experience Award: Acknowledging exceptional customer and user experiences that set new standards.

    Innovation Award: Honoring cutting-edge solutions that push the boundaries of ecommerce.

    2025 Feedonomics Customer Award Winners

    Feedonomics Innovative Integration Award: Recognizing the customer who has demonstrated exceptional creativity and innovation in integrating Feedonomics into their business operations.

    Feedonomics Exemplary Efficiency Award: Honoring the customer who has achieved outstanding operational efficiency by leveraging Feedonomics.

    Feedonomics Global Expansion Award: Acknowledging the customer who has successfully utilized Feedonomics to expand their business into new international markets.

    Feedonomics Achievement in Growth: Presented to the customer who has shown exceptional growth and success with Feedonomics.

    2025 BigCommerce Agency Partner Winners

    Agency Partner of the Year: Awarded to the partner with the best overall performance across metrics and collaboration efforts in EMEA as a whole between January 1, 2024 – December 31, 2024.

    Agency B2B Excellence Award: Awarded to agency partners that have a background in B2B problem solving, efficiencies and utilize B2B-centric product features and who consistently demonstrate superiority at meeting the complex needs of BigCommerce’s B2B customers.

    Catalyst Delivery Award: Awarded to an agency partner that leveraged Catalyst to deliver custom development work blending content and experience-driven functionality, unlocking BigCommerce’s full potential.

    User Experience & Design Award: Awarded to agency partners who create world-class, visually appealing designs that enhance user experience, drive interactivity, and increase conversions.

    Creative Problem Solving Award: Awarded to agency partners who have created a world class, visually appealing design that enhances the user experience and leads to higher interactivity and conversion.

    Excellence in Delivery Award: Awarded to agency partners that consistently demonstrate the ability to successfully launch their clients’ BigCommerce storefronts on time and on budget, with high levels of customer satisfaction.

    2025 BigCommerce Technology Partner Winners

    Tech Partner of the Year Award: Awarded to technology partners whose integration features a superior user experience demonstrated by a high volume of installation and positive user reviews plus successful co-marketing activity over the last year.

    Innovative Integration Award: Awarded to technology partners that have built a new integration or feature that solves a critical need for BigCommerce customers.

    Customer Growth Award: Awarded to technology partners whose outstanding solution has generated the most revenue growth for BigCommerce customers, while aligning with BigCommerce initiatives.

    Technology B2B Excellence Award: Awarded to tech partners that have a background in B2B problem solving, efficiencies and utilize B2B-centric product features and who consistently demonstrate superiority at meeting the complex needs of BigCommerce’s B2B customers.

    Emerging Partner: Celebrates a rising tech partner with superior user experience, growing installs and excellent reviews.

    2025 Feedonomics Partner Winners

    Feedonomics Partner of the Year: Awarded to the Omnichannel Certified Agency that sourced the highest revenue for Feedonomics.

    Innovation Award: Recognizing an innovative partnership with a leading global consultative, creative, and marketing agency to disrupt and replace legacy technology with Feedonomics’ industry leading data and feed management platform.

    Emerging Partner: Celebrates a rising agency partner that has shown exceptional promise and leadership.

    To join the BigCommerce and Feedonomics ecosystem of agency and technology partners, click here.

    About BigCommerce
    BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

    About Feedonomics
    Feedonomics is the leading data management platform powering omnichannel growth for the world’s top brands and retailers. With its flexible technology and full-service support team, Feedonomics facilitates a variety of data and order management use cases across industries such as ecommerce, automotive, employment, travel, real estate, and more. Feedonomics has thousands of active customers, integrations with hundreds of ecommerce platforms and channels, and strategic partnerships with industry leaders like Amazon, Meta, Google, Microsoft and TikTok. For more information, please visit www.feedonomics.com or follow us on Twitter, LinkedIn, Instagram and Facebook.

    BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

    Media Contact:
    Brad Hem
    pr@bigcommerce.com

    The MIL Network –

  • MIL-OSI: TransUnion Appoints Brian Silver Executive Vice President of Marketing Solutions

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 21, 2025 (GLOBE NEWSWIRE) — Brian Silver joined TransUnion (NYSE: TRU) as Executive Vice President of Marketing Solutions, effective April 7, 2025. He reports to the newly appointed Chief Global Solutions Officer, Mohamed Abdelsadek.

    As Executive Vice President, Silver will drive the vision, strategy and innovation behind TransUnion’s TruAudience® products. TruAudience enables data-driven marketing and measurement with a suite of privacy-first identity resolution, data enrichment, audience targeting and advanced analytics solutions.

    “TruAudience is a leading solution suite for marketing, powered by TransUnion’s OneTru platform—giving it amazing potential for continuing innovation,” said Abdelsadek. “Brian’s deep knowledge and experience are essential in steering that innovation to address the evolving challenges marketers face in identifying audiences and measuring campaigns in a privacy-focused environment.”

    Matt Spiegel, EVP of TruAudience Growth Strategy, added, “Brian is an amazing addition for TransUnion. I look forward to working closely with him, Mohamed, and the market-facing teams to drive growth of the TruAudience portfolio.”

    Silver joins TransUnion from Oracle Advertising, where he served as Global Vice President, Strategy and Business Development. Over the past 25 years, Silver has established himself as a leader in identity-based digital marketing. His past roles include serving as President at LiveIntents; Vice President, Global Revenue Operations at Verizon Media; and Vice President, Global Business Planning and Operations, Communications Products, at Yahoo!.

    “I am thrilled to join TransUnion and lead the TruAudience team in driving forward our vision and strategy,” said Silver. “With the power of TransUnion’s OneTru platform, we are uniquely positioned to solve for the identity resolution, audience discovery, and measurement challenges required to deliver effective marketing. I look forward to leveraging my experience to help our clients achieve their goals and drive business growth for TransUnion.”

    About TransUnion (NYSE: TRU)
    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

    Contact Dave Blumberg
      TransUnion
    E-mail david.blumberg@transunion.com
    Telephone 312-972-6646

    The MIL Network –

  • MIL-OSI: Joshua Grass, John Kelly, and Lauren Daniel Join 5AM Ventures

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO and BOSTON, April 21, 2025 (GLOBE NEWSWIRE) — 5AM Ventures, a leading life science venture capital firm, is pleased to announce the addition of operational leadership and investment professionals who bring extraordinary experience to the organization. The appointments of Joshua Grass as Venture Partner, John Kelly as Partner, Chief Financial Officer and Chief Operating Officer, and Lauren Daniel as Chief Compliance Officer and Deputy General Counsel will strengthen the firm’s investment capabilities, financial and operational governance, and regulatory oversight as it continues to expand its portfolio.

    “We’re thrilled to welcome these exceptional leaders to our team,” said Andy Schwab, Managing Parter at 5AM Ventures. “Their collective expertise will be invaluable as we continue to pursue new growth opportunities for our investors and portfolio companies.”

    Joshua Grass, Venture Partner
    Joshua is a seasoned entrepreneur and investor with deep executive management, business development and operational expertise. He was most recently CEO of Escient Pharmaceuticals, a 5AM-backed biotech company developing small molecule therapeutics for neurosensory and inflammatory diseases. Escient was acquired by Incyte in 2024. Prior to Escient he was CEO of Modis Therapeutics after spending 15 years as a member of BioMarin’s senior executive management team leading Business and Corporate Development. Joshua earned a B.S. in Biology from California Polytechnic State University and an MBA in Finance and Entrepreneurship from William E. Simon School of Business at the University of Rochester.

    John Kelly, Partner, Chief Financial Officer & Chief Operating Officer
    John, a seasoned finance and operations professional with twenty-five years of experience, has joined 5AM Ventures as CFO and COO. He was previously CFO and Principal at Axonic Capital responsible for oversight of all aspects of the diverse, multi-strategy funds, management company, general partner and family office entities, including financial and tax reporting, treasury, counterparty management, cost center allocation and budgeting, payroll, and HR programs. John holds a B.S. in Accounting from Villanova School of Business.

    Lauren Daniel, JD, Chief Compliance Officer & Deputy General Counsel
    Lauren brings over fifteen years of experience in fund legal with a strong focus in regulatory compliance and risk management. Before joining 5AM, she served as Chief Compliance Officer and Counsel for Advent Global Opportunities, the public equity-focused platform of the global private equity firm Advent International. Since she joined in August, Lauren has been leading 5AM’s compliance efforts, ensuring that the firm continues to uphold the highest standards of regulatory adherence and governance practices. Lauren holds a B.A. in Political Science from Boston College and a J.D. from the Northwestern University Pritzker School of Law.

    “With Joshua, John, and Lauren onboard, we are excited to scale and refine our financial operations and enhance our ability to navigate complex legal and regulatory landscapes, while continuing to identify and nurture next-generation life science companies aimed at developing transformative therapeutics for patients,” said Kush Parmar, Managing Partner at 5AM Ventures.

    ABOUT 5AM VENTURES
    Founded in 2002, 5AM Ventures is a leading venture capital firm focused on investing in and building next-generation life science companies. Based in San Francisco, Boston, and New York City, 5AM takes a hands-on approach to investing and company building, often going beyond traditional board roles to leverage our diverse team of scientists, clinicians, drug developers and executives throughout a company’s life. With more than $2.2 billion raised since inception, 5AM has invested globally in over 140 public and private companies.

    5AM has helped guide portfolio companies to meaningful value-accretive outcomes.  Across the 5AM funds, over 30 portfolio companies have entered the public markets (e.g., through IPOs) and over 20 portfolio companies have been acquired through M&A.  A full list of portfolio companies, including those companies which have entered the public markets or been exited through M&A, are available on our website. 

    For more information, please visit www.5amventures.com.

    CONTACT
    5AM Ventures
    Michael Calore, Partner and Head of Investor Relations
    Email: ir@5amventures.com

    The MIL Network –

  • MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Highlights

    • Net income for the first quarter of 2025 was $10.6 million, compared to $10.7 million in the prior quarter and $7.9 million in the first quarter of 2024. Net income for the first quarter of 2025 represents a return on average assets of 1.74% and a return on average tangible common equity of 18.74%
    • Diluted earnings per share for the first quarter of 2025 was $1.80, compared to $1.82 in the prior quarter and $1.36 in the first quarter of 2024
    • Total deposits were $2.19 billion as of March 31, 2025, an increase of $57.7 million or 2.7% from December 31, 2024, which included a reduction in brokered deposits of $96.9 million. Total deposits increased 15.1% year over year. Core deposits were $2.05 billion as of March 31, 2025, an increase of $154.6 million or 8.2% from December 31, 2024. Core deposits increased 27.5% year over year
    • Total cost of deposits was 2.22% for the first quarter of 2025, a decrease from 2.36% in the prior quarter and 2.61% in the first quarter of 2024. The spot rate for total deposits was 2.11% as of March 31, 2025, compared to 2.29% at December 31, 2024. Total cost of funding sources was 2.29% for the first quarter of 2025, a decrease from 2.45% in the prior quarter and 2.70% in the first quarter of 2024
    • Loans held-for-investment (“HFI”) totaled $2.08 billion as of March 31, 2025, a decrease of $6.5 million or 0.3% from December 31, 2024. Loans HFI increased 9.0% year over year
    • Net interest margin was 4.61% for the first quarter of 2025, compared to 4.67% in the prior quarter and 4.31% in the first quarter of 2024
    • Provision for credit losses for the first quarter of 2025 was $0.3 million, compared to $17 thousand for the prior quarter and $0.2 million for the first quarter of 2024. The allowance for loan losses was 1.27% of loans HFI as of March 31, 2025 compared to 1.31% at December 31, 2024
    • As of March 31, 2025, criticized and classified loans totaled $40.8 million, or 1.96% of total loans, up from $24.7 million, or 1.18% of total loans, in the prior quarter
    • Tangible book value per share was $40.29 as of March 31, 2025, an increase of $1.89 since December 31, 2024 primarily as a result of strong earnings. Tangible book value per share increased 4.9% quarter-over-quarter and 20.1% year over year.

    LA JOLLA, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first fiscal quarter ended March 31, 2025. The Company reported net income of $10.6 million, or $1.80 per diluted share, for the first quarter of 2025, compared to $10.7 million, or $1.82 per diluted share, in the prior quarter, and $7.9 million, or $1.36 per diluted share, in the first quarter of 2024.

    Rick Sowers, President and CEO of the Company and the Bank stated, “We continue to be pleased by the Company and the Team’s performance. Strong growth in core deposits over the past year continues and we remain focused on building strong Relationships with our Clients. Loan demand was soft in Q1, as Clients and financial markets digest the current economy and prospects for future growth and stability. We remain optimistic that markets will settle, and demand will return. In the meantime, we are focused on providing the Distinctively Different Service our Clients and Prospects are seeking, getting more efficient and effective in our business through technology, continuous process improvement and building a strong Team throughout the Bank.”

    Sowers added, “The Bank was recognized throughout the last year for superior financial performance and industry leading service metrics. These recognitions highlight CalPrivate Bank’s dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value: 

    • #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets
    • #1 SBA 504 Community Bank Lender in the United States
    • #10 Best U.S. Bank by Bank Director’s RankingBanking®
    • Client Net Promoter Score of 81 (World Class)
    • Bauer 5 Star Rating
    • 2025 Best 50 OTCQX

    “As Los Angeles continues to tackle the enormous task of cleaning up after the devastating fires, CalPrivate Bank remains committed to being a partner to our Clients and the Communities we serve.”

    “As our economy transitions based on priorities of the new administration in Washington DC, and global economic uncertainties increase, management and the board are diligently assessing and acting upon potential future risks and market opportunities. The Bank continues to produce top tier financial results by seeking improved productivity through technology investments, streamlined systems and processes, and hiring top bankers in existing and potential new markets and market segments. We continue to prioritize unparalleled Client service and creative Solutions for our loyal and growing client base. We continue to support a broad range of non-profit organizations in the communities we serve, both through team member volunteering activities and financial resources. Our Team takes great pride in doing well for shareholders by doing good for clients and community,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

    STATEMENT OF INCOME

    Net Interest Income

    Net interest income for the first quarter of 2025 totaled $27.7 million, an increase of $0.3 million or 1.2% from the prior quarter and an increase of $5.0 million or 21.8% from the first quarter of 2024. The increase from the prior quarter was due to a $0.5 million decrease in interest expense, resulting from a 22 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

    Net Interest Margin

    Net interest margin for the first quarter of 2025 was 4.61%, compared to 4.67% for the prior quarter and 4.31% in the first quarter of 2024. The 6 basis point decrease in net interest margin from the prior quarter was primarily due to lower yields on interest-earning assets and a decrease in prepayment-penalty fees. The yield on interest-earning assets was 6.70% for the first quarter of 2025 compared to 6.89% for the prior quarter, and the cost of interest-bearing liabilities was 3.14% for the first quarter of 2025 compared to 3.36% in the prior quarter. The cost of total deposits was 2.22% for the first quarter of 2025 compared to 2.36% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.99% in the first quarter of 2025 compared to 2.07% in the prior quarter. The spot rate for total deposits was 2.11% as of March 31, 2025, compared to 2.29% at December 31, 2024.

    Provision for Credit Losses

    Provision expense for credit losses for the first quarter of 2025 was $0.3 million, compared to $17 thousand in the prior quarter and $0.2 million in the first quarter of 2024. The provision expense for loans HFI for the first quarter of 2025 was $0.5 million, primarily reflecting heightened macroeconomic uncertainty incorporated into our forecasts. This was offset by a $0.2 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

    Noninterest Income

    Noninterest income was $1.6 million for the first quarter of 2025, compared to $1.9 million in the prior quarter and $1.4 million in the first quarter of 2024. SBA loan sales for the first quarter of 2025 were $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand, compared with $14.9 million with a 11.45% average trade premium resulting in a net gain on sale of $932 thousand in the prior quarter.

    Noninterest Expense

    Noninterest expense was $14.1 million for the first quarter of 2025, compared to $14.2 million in the prior quarter and $12.8 million in the first quarter of 2024. The efficiency ratio was 47.90% for the first quarter of 2025 compared to 48.34% in the prior quarter and 52.84% in the first quarter of 2024. The slight decrease in the efficiency ratio from the prior quarter was due to the decrease in noninterest expense.

    The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

    Provision for Income Tax Expense

    Provision for income tax expense was $4.4 million for the first quarter of 2025, compared to $4.5 million for the prior quarter. The effective tax rate for the first quarter of 2025 was 29.5%, compared to 29.6% in the prior quarter and 29.5% in the first quarter of 2024.

    STATEMENT OF FINANCIAL CONDITION

    As of March 31, 2025, total assets were $2.48 billion, an increase of $58.9 million since December 31, 2024. The increase in assets from the prior quarter was primarily due to higher cash and due from banks and investment securities, partially offset by lower loans receivable. Our total cash and due from banks increased to $218.5 million as of March 31, 2025, an increase of $54.6 million or 33.3% since December 31, 2024, primarily due to strong growth in core deposits along with lower loan demand. Investment securities available-for-sale (“AFS”) were $156.3 million as of March 31, 2025, an increase of $11.1 million or 7.6% since December 31, 2024, primarily as a result of new securities purchased. As of March 31, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $10.1 million (pre-tax) compared to a loss of $12.1 million (pre-tax) as of December 31, 2024. The average duration of the Bank’s AFS portfolio is 3.8 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of March 31, 2025, a decrease of $6.5 million or 0.3% since December 31, 2024, reflecting lower loan production as borrowers deferred new financings amid economic and interest-rate uncertainty as well as wildfire-related disruptions in Southern California.

    Total deposits were $2.19 billion as of March 31, 2025, an increase of $57.7 million since December 31, 2024. During the quarter, core deposits increased by $154.6 million, which was driven by a $108.9 million increase in interest-bearing core deposits (including balances in the Intrafi ICS and CDARS programs) and a $45.7 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.2% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $96.9 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.1% of total deposits as of March 31, 2025.

    As of March 31, 2025, total available liquidity was $2.1 billion or 192.8% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $366 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

    Asset Quality and Allowance for Credit Losses (“ACL”)

    As of March 31, 2025, the allowance for loan losses was $26.4 million or 1.27% of loans HFI, compared to $27.3 million or 1.31% of loans HFI as of December 31, 2024. The decrease in the coverage ratio from December 31, 2024 is due primarily to a $1.1 million partial charge-off of a nonaccrual loan that previously had a specific reserve of $2.0 million. The Company continues to have strong credit metrics and its nonperforming assets are 0.63% of total assets as of March 31, 2025 compared to 0.47% as of December 31, 2024. The reserve for unfunded commitments was $1.3 million as of March 31, 2025, compared to $1.5 million as of December 31, 2024. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

    At March 31, 2025 and December 31, 2024, there were no doubtful credits and classified assets were $27.8 million and $14.9 million, respectively. Total classified assets consisted of 20 loans as of March 31, 2025, which included 17 loans totaling $24.7 million secured by real estate with a weighted average LTV of 52.7%, of which 11 loans totaling $16.4 million had SBA guarantees. The remaining three loans were $3.1 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (net of a $1.1 million partial charge off).

    The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

    Capital Ratios (2)

    The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

      March 31, 2025(2) December 31, 2024
    CalPrivate Bank    
    Tier I leverage ratio 10.35% 10.39%
    Tier I risk-based capital ratio 11.75% 11.29%
    Total risk-based capital ratio 13.00% 12.54%

    (2) March 31, 2025 capital ratios are preliminary and subject to change.

    About Private Bancorp of America, Inc. (OTCQX: PBAM)

    PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, and Beverly Hills, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs,  cross border banking, and innovative, unique technologies that drive enhanced  client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    CalPrivate Bank’s website is www.calprivate.bank.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including adjusted income before provision for income taxes, adjusted net income, adjusted diluted earnings per share (“Adjusted EPS”), efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

    Investor Relations Contacts

    Rick Sowers
    President and Chief Executive Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (424) 303-4894

    Cory Stewart
    Executive Vice President and Chief Financial Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (206) 293-3669

    Safe Harbor Paragraph

    This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED BALANCE SHEET
    (Unaudited)
    (Dollars in thousands)
     
        Mar 31, 2025     Dec 31, 2024     Mar 31, 2024  
    Assets                  
    Cash and due from banks   $ 34,720     $ 16,528     $ 13,136  
    Interest-bearing deposits in other financial institutions     16,155       10,419       34,790  
    Interest-bearing deposits at Federal Reserve Bank     167,606       136,929       93,575  
    Total cash and due from banks     218,481       163,876       141,501  
    Interest-bearing time deposits with other institutions     4,213       4,189       4,032  
    Investment debt securities available for sale     156,346       145,238       114,067  
    Loans held for sale     2,066       3,008       383  
    Loans, net of deferred fees and costs and unaccreted discounts     2,078,653       2,085,149       1,906,992  
    Allowance for loan losses     (26,437 )     (27,267 )     (24,693 )
    Loans held-for-investment, net of allowance     2,052,216       2,057,882       1,882,299  
    Federal Home Loan Bank stock, at cost     9,586       9,586       8,915  
    Operating lease right of use assets     6,383       6,819       2,765  
    Premises and equipment, net     2,432       2,335       1,804  
    Servicing assets, net     1,993       2,087       2,203  
    Accrued interest receivable     8,148       7,993       7,931  
    Other assets     21,009       20,998       21,877  
    Total assets   $ 2,482,873     $ 2,424,011     $ 2,187,777  
                       
    Liabilities and Shareholders’ Equity                  
    Liabilities                  
    Noninterest bearing   $ 599,095     $ 553,405     $ 516,294  
    Interest bearing     1,593,014       1,581,054       1,388,381  
    Total deposits     2,192,109       2,134,459       1,904,675  
    FHLB borrowings     16,000       28,000       53,000  
    Other borrowings     17,970       17,969       17,963  
    Accrued interest payable and other liabilities     21,559       20,049       18,107  
    Total liabilities     2,247,638       2,200,477       1,993,745  
                       
    Shareholders’ equity                  
    Common stock     76,156       75,377       74,105  
    Additional paid-in capital     3,712       4,393       4,108  
    Retained earnings     162,462       152,252       124,464  
    Accumulated other comprehensive (loss) income, net     (7,095 )     (8,488 )     (8,645 )
    Total shareholders’ equity     235,235       223,534       194,032  
    Total liabilities and shareholders’ equity   $ 2,482,873     $ 2,424,011     $ 2,187,777  
                             
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except per share amounts)    		  
       
        For the three months ended  
        Mar 31, 2025     Dec 31, 2024     Mar 31, 2024  
    Interest Income                  
    Loans   $ 36,565     $ 37,259     $ 33,006  
    Investment securities     1,505       1,510       979  
    Deposits in other financial institutions     2,198       1,661       1,799  
    Total interest income     40,268       40,430       35,784  
                       
    Interest Expense                  
    Deposits     11,899       12,297       12,130  
    Borrowings     637       726       886  
    Total interest expense     12,536       13,023       13,016  
                       
    Net interest income     27,732       27,407       22,768  
    Provision for credit losses     299       17       233  
    Net interest income after provision for credit losses     27,433       27,390       22,535  
                       
    Noninterest income:                  
    Service charges on deposit accounts     557       558       388  
    Net gain on sale of loans     469       932       681  
    Other noninterest income     587       456       357  
    Total noninterest income     1,613       1,946       1,426  
                       
    Noninterest expense:                  
    Compensation and employee benefits     9,748       9,539       8,861  
    Occupancy and equipment     844       847       770  
    Data processing     1,326       1,195       1,058  
    Professional services     508       573       488  
    Other expenses     1,629       2,036       1,606  
    Total noninterest expense     14,055       14,190       12,783  
    Income before provision for income taxes     14,991       15,146       11,178  
    Provision for income taxes     4,429       4,488       3,294  
    Net income   $ 10,562     $ 10,658     $ 7,884  
    Net income available to common shareholders   $ 10,482     $ 10,573     $ 7,832  
                       
    Earnings per share                  
    Basic earnings per share   $ 1.83     $ 1.85     $ 1.38  
    Diluted earnings per share   $ 1.80     $ 1.82     $ 1.36  
                       
    Average shares outstanding     5,734,688       5,716,291       5,679,843  
    Diluted average shares outstanding     5,826,229       5,813,197       5,754,937  
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)    		  
       
        For the three months ended  
        Mar 31, 2025     Dec 31, 2024     Mar 31, 2024  
        Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		  
    Interest-Earnings Assets                                                      
    Deposits in other financial institutions   $ 202,907     $ 2,198       4.39 %   $ 143,053     $ 1,661       4.62 %   $ 135,511     $ 1,799       5.34 %
    Investment securities     157,747       1,505       3.82 %     155,768       1,510       3.88 %     119,690       979       3.27 %
    Loans, including LHFS     2,078,588       36,565       7.13 %     2,036,178       37,259       7.28 %     1,868,308       33,006       7.11 %
    Total interest-earning assets     2,439,242       40,268       6.70 %     2,334,999       40,430       6.89 %     2,123,509       35,784       6.78 %
    Noninterest-earning assets     28,536                   24,951                   25,469              
    Total Assets   $ 2,467,778                 $ 2,359,950                 $ 2,148,978              
                                                           
    Interest-Bearing Liabilities                                                      
    Interest bearing DDA, excluding brokered     244,301       970       1.61 %     178,811       634       1.41 %     109,838       441       1.61 %
    Savings & MMA, excluding brokered     955,259       6,830       2.90 %     904,191       6,991       3.08 %     765,770       6,421       3.37 %
    Time deposits, excluding brokered     196,375       1,956       4.04 %     191,794       2,004       4.16 %     155,703       1,583       4.09 %
    Total deposits, excluding brokered     1,395,935       9,756       2.83 %     1,274,796       9,629       3.00 %     1,031,311       8,445       3.29 %
    Total brokered deposits     183,059       2,143       4.75 %     218,792       2,668       4.85 %     287,885       3,685       5.15 %
    Total Interest-Bearing Deposits     1,578,994       11,899       3.06 %     1,493,588       12,297       3.28 %     1,319,196       12,130       3.70 %
                                                           
    FHLB advances     24,122       272       4.57 %     29,446       343       4.63 %     49,935       614       4.95 %
    Other borrowings     17,981       365       8.23 %     17,967       383       8.48 %     17,962       272       6.09 %
    Total Interest-Bearing Liabilities     1,621,097       12,536       3.14 %     1,541,001       13,023       3.36 %     1,387,093       13,016       3.77 %
                                                           
    Noninterest-bearing deposits     594,408                   577,462                   553,541              
    Total Funding Sources     2,215,505       12,536       2.29 %     2,118,463       13,023       2.45 %     1,940,634       13,016       2.70 %
                                                           
    Noninterest-bearing liabilities     21,542                   21,524                   18,018              
    Shareholders’ equity     230,731                   219,963                   190,326              
                                                           
    Total Liabilities and Shareholders’ Equity   $ 2,467,778                 $ 2,359,950                 $ 2,148,978              
                                                           
    Net interest income/spread         $ 27,732       4.41 %         $ 27,407       4.44 %         $ 22,768       4.08 %
    Net interest margin                 4.61 %                 4.67 %                 4.31 %
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Balance Sheets
    (Unaudited)
    (Dollars in thousands, except per share amounts)    		  
       
        Mar 31, 2025     Dec 31, 2024     Sep 30, 2024     Jun 30, 2024     Mar 31, 2024  
    Assets                              
    Cash and due from banks   $ 218,481     $ 163,876     $ 207,174     $ 158,377     $ 141,501  
    Interest-bearing time deposits with other institutions     4,213       4,189       4,124       4,097       4,032  
    Investment securities     156,346       145,238       141,100       121,725       114,067  
    Loans held for sale     2,066       3,008       2,040       –       383  
    Total loans held-for-investment     2,078,653       2,085,149       2,012,457       1,979,720       1,906,992  
    Allowance for loan losses     (26,437 )     (27,267 )     (26,594 )     (26,591 )     (24,693 )
    Loans held-for-investment, net of allowance     2,052,216       2,057,882       1,985,863       1,953,129       1,882,299  
    Operating lease right of use assets     6,383       6,819       4,344       4,719       2,765  
    Premises and equipment, net     2,432       2,335       2,345       2,207       1,804  
    Other assets and interest receivable     40,736       40,664       39,383       41,430       40,926  
    Total assets   $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684     $ 2,187,777  
                                   
    Liabilities and Shareholders’ Equity                              
    Liabilities                              
    Noninterest Bearing   $ 599,095     $ 553,405     $ 584,292     $ 557,055     $ 516,294  
    Interest Bearing     1,593,014       1,581,054       1,522,839       1,444,671       1,388,381  
    Total Deposits     2,192,109       2,134,459       2,107,131       2,001,726       1,904,675  
    Borrowings     33,970       45,969       45,967       65,965       70,963  
    Accrued interest payable and other liabilities     21,559       20,049       19,062       16,551       18,107  
    Total liabilities     2,247,638       2,200,477       2,172,160       2,084,242       1,993,745  
    Shareholders’ equity                              
    Common stock     76,156       75,377       74,688       74,636       74,105  
    Additional paid-in capital     3,712       4,393       4,271       3,717       4,108  
    Retained earnings     162,462       152,252       141,623       132,179       124,464  
    Accumulated other comprehensive (loss) income     (7,095 )     (8,488 )     (6,369 )     (9,090 )     (8,645 )
    Total shareholders’ equity     235,235       223,534       214,213       201,442       194,032  
    Total liabilities and shareholders’ equity   $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684     $ 2,187,777  
                                   
    Book value per common share   $ 40.63     $ 38.76     $ 37.21     $ 35.03     $ 33.94  
    Tangible book value per common share(1)   $ 40.29     $ 38.40     $ 36.87     $ 34.65     $ 33.55  
    Shares outstanding     5,789,306       5,766,810       5,756,207       5,751,143       5,717,519  

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

       
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Statements of Income
    (Unaudited)
    (Dollars in thousands, except per share amounts)    		  
       
      For the three months ended  
      Mar 31, 2025     Dec 31, 2024     Sep 30, 2024     Jun 30, 2024     Mar 31, 2024  
    Interest income $ 40,268     $ 40,430     $ 40,018     $ 38,662     $ 35,784  
    Interest expense   12,536       13,023       14,311       13,992       13,016  
    Net interest income   27,732       27,407       25,707       24,670       22,768  
    Provision for credit losses   299       17       304       2,136       233  
    Net interest income after provision for credit losses   27,433       27,390       25,403       22,534       22,535  
                                 
    Service charges on deposit accounts   557       558       504       430       388  
    Net gain on sale of loans   469       932       587       661       681  
    Other noninterest income   587       456       343       447       357  
    Total noninterest income   1,613       1,946       1,434       1,538       1,426  
                                 
    Compensation and employee benefits   9,748       9,539       9,422       8,836       8,861  
    Occupancy and equipment   844       847       818       822       770  
    Data processing   1,326       1,195       1,238       1,183       1,058  
    Professional services   508       573       252       424       488  
    Other expenses   1,629       2,036       1,695       1,697       1,606  
    Total noninterest expense   14,055       14,190       13,425       12,962       12,783  
                                 
    Income before provision for income taxes   14,991       15,146       13,412       11,110       11,178  
    Income taxes   4,429       4,488       3,959       3,283       3,294  
    Net income $ 10,562     $ 10,658     $ 9,453     $ 7,827     $ 7,884  
    Net income available to common shareholders $ 10,482     $ 10,573     $ 9,373     $ 7,761     $ 7,832  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.83     $ 1.85     $ 1.64     $ 1.36     $ 1.38  
    Diluted earnings per share $ 1.80     $ 1.82     $ 1.63     $ 1.35     $ 1.36  
                                 
    Average shares outstanding   5,734,688       5,716,291       5,707,723       5,702,938       5,679,843  
    Diluted average shares outstanding   5,826,229       5,813,197       5,767,401       5,762,616       5,754,937  
      Performance Ratios  
      Mar 31, 2025     Dec 31, 2024     Sep 30, 2024     Jun 30, 2024     Mar 31, 2024  
    ROAA   1.74 %     1.80 %     1.62 %     1.40 %     1.48 %
    ROAE   18.56 %     19.28 %     18.00 %     15.81 %     16.66 %
    ROATCE(1)   18.74 %     19.46 %     18.18 %     15.99 %     16.86 %
    Net interest margin   4.61 %     4.67 %     4.44 %     4.48 %     4.31 %
    Net interest spread   4.41 %     4.44 %     4.20 %     4.24 %     4.08 %
    Efficiency ratio(1)   47.90 %     48.34 %     49.46 %     49.46 %     52.84 %
    Noninterest expense / average assets   2.31 %     2.39 %     2.29 %     2.32 %     2.39 %

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)    		  
       
        Selected Quarterly Average Balances  
        (Dollars in thousands)  
        For the three months ended  
        Mar 31, 2025     Dec 31, 2024     Sep 30, 2024     Jun 30, 2024     Mar 31, 2024  
    Total assets   $ 2,467,778     $ 2,359,950     $ 2,328,399     $ 2,241,860     $ 2,148,978  
    Earning assets   $ 2,439,242     $ 2,334,999     $ 2,303,537     $ 2,216,185     $ 2,123,509  
    Total loans, including loans held for sale   $ 2,078,588     $ 2,036,178     $ 1,989,748     $ 1,939,746     $ 1,868,308  
    Total deposits   $ 2,173,402     $ 2,071,050     $ 2,047,197     $ 1,961,099     $ 1,872,737  
    Total shareholders’ equity   $ 230,731     $ 219,963     $ 208,889     $ 199,088     $ 190,326  
        Loan Balances by Type  
        (Dollars in thousands)  
        Mar 31, 2025     Dec 31, 2024     Sep 30, 2024     Jun 30, 2024     Mar 31, 2024  
    Commercial Real Estate (CRE):                              
    Investor owned   $ 577,512     $ 572,659     $ 560,481     $ 566,314     $ 573,587  
    Owner occupied     228,232       223,442       221,364       216,876       216,123  
    Multifamily     163,218       162,330       175,387       177,390       175,629  
    Secured by single family     200,650       198,579       190,738       181,744       157,092  
    Land and construction     70,293       62,638       68,186       58,109       35,975  
    SBA secured by real estate     402,524       401,990       395,646       388,271       385,416  
    Total CRE     1,642,429       1,621,638       1,611,802       1,588,704       1,543,822  
    Commercial business:                              
    Commercial and industrial     417,258       441,182       383,874       378,161       352,417  
    SBA non-real estate secured     17,004       20,205       15,101       10,758       8,657  
    Total commercial business     434,262       461,387       398,975       388,919       361,074  
    Consumer     1,962       2,124       1,680       2,097       2,096  
    Total loans held for investment   $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720     $ 1,906,992  
                                             
        Deposits by Type  
        (Dollars in thousands)  
        Mar 31, 2025     Dec 31, 2024     Sep 30, 2024     Jun 30, 2024     Mar 31, 2024  
    Noninterest-bearing DDA   $ 599,095     $ 553,405     $ 584,292     $ 557,055     $ 516,294  
    Interest-bearing DDA, excluding brokered     257,720       251,594       182,268       156,253       117,129  
    Savings & MMA, excluding brokered     981,491       887,740       920,219       861,508       812,841  
    Time deposits, excluding brokered     210,845       201,851       186,583       168,664       160,605  
    Total deposits, excluding brokered     2,049,151       1,894,590       1,873,362       1,743,480       1,606,869  
    Total brokered deposits     142,958       239,869       233,769       258,246       297,806  
    Total deposits   $ 2,192,109     $ 2,134,459     $ 2,107,131     $ 2,001,726     $ 1,904,675  
                                             
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)    		  
       
        Rollforward of Allowance for Credit Losses  
        (Dollars in thousands)  
        For the three months ended  
        Mar 31, 2025     Dec 31, 2024     Sep 30, 2024     Jun 30, 2024     Mar 31, 2024  
    Allowance for loan losses:                              
    Beginning balance   $ 27,267     $ 26,594     $ 26,591     $ 24,693     $ 24,476  
    Provision for loan losses     460       673       3       1,994       251  
    Net (charge-offs) recoveries     (1,290 )     –       –       (96 )     (34 )
    Ending balance     26,437       27,267       26,594       26,591       24,693  
    Reserve for unfunded commitments     1,348       1,509       2,165       1,865       1,723  
    Total allowance for credit losses   $ 27,785     $ 28,776     $ 28,759     $ 28,456     $ 26,416  
        Asset Quality  
        (Dollars in thousands)  
        Mar 31, 2025     Dec 31, 2024     Sep 30, 2024     Jun 30, 2024     Mar 31, 2024  
    Total loans held-for-investment   $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720     $ 1,906,992  
    Allowance for loan losses   $ (26,437 )   $ (27,267 )   $ (26,594 )   $ (26,591 )   $ (24,693 )
    30-89 day past due loans   $ 2,399     $ 1,952     $ –     $ –     $ –  
    90+ day past due loans   $ 13,223     $ 11,512     $ 11,512     $ 2,500     $ 3,530  
    Nonaccrual loans   $ 15,565     $ 11,512     $ 11,512     $ 2,500     $ 4,656  
    NPAs / Assets     0.63 %     0.47 %     0.48 %     0.11 %     0.21 %
    NPLs / Total loans held-for-investment & OREO     0.75 %     0.55 %     0.57 %     0.13 %     0.24 %
    Net quarterly charge-offs (recoveries)   $ 1,290     $ –     $ –     $ 96     $ 34  
    Net charge-offs (recoveries) /avg loans (annualized)     0.25 %     0.00 %     0.00 %     0.02 %     0.01 %
    Allowance for loan losses to loans HFI     1.27 %     1.31 %     1.32 %     1.34 %     1.29 %
    Allowance for loan losses to nonaccrual loans     169.85 %     236.86 %     231.01 %     1,063.64 %     530.35 %


    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

        GAAP to Non-GAAP Reconciliation  
        (Dollars in thousands)  
                                   
        For the three months ended  
        Mar 31, 2025     Dec 31, 2024     Sep 30, 2024     Jun 30, 2024     Mar 31, 2024  
    Efficiency Ratio                              
    Noninterest expense   $ 14,055     $ 14,190     $ 13,425     $ 12,962     $ 12,783  
    Net interest income     27,732       27,407       25,707       24,670       22,768  
    Noninterest income     1,613       1,946       1,434       1,538       1,426  
    Total net interest income and noninterest income     29,345       29,353       27,141       26,208       24,194  
    Efficiency ratio (non-GAAP)     47.90 %     48.34 %     49.46 %     49.46 %     52.84 %
                                   
    Pretax pre-provision net revenue                              
    Net interest income   $ 27,732     $ 27,407     $ 25,707     $ 24,670     $ 22,768  
    Noninterest income     1,613       1,946       1,434       1,538       1,426  
    Total net interest income and noninterest income     29,345       29,353       27,141       26,208       24,194  
    Less: Noninterest expense     14,055       14,190       13,425       12,962       12,783  
    Pretax pre-provision net revenue (non-GAAP)   $ 15,290     $ 15,163     $ 13,716     $ 13,246     $ 11,411  
                                   
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity                              
    Net income   $ 10,562     $ 10,658     $ 9,453     $ 7,827     $ 7,884  
    Average assets     2,467,778       2,359,950       2,328,399       2,241,860       2,148,978  
    Average shareholders’ equity     230,731       219,963       208,889       199,088       190,326  
    Less: Average intangible assets     2,098       2,028       2,051       2,163       2,208  
    Average tangible common equity (non-GAAP)     228,633       217,935       206,838       196,925       188,118  
                                   
    Return on average assets     1.74 %     1.80 %     1.62 %     1.40 %     1.48 %
    Return on average equity     18.56 %     19.28 %     18.00 %     15.81 %     16.66 %
    Return on average tangible common equity (non-GAAP)     18.74 %     19.46 %     18.18 %     15.99 %     16.86 %
                                   
    Tangible book value per share                              
    Total equity     235,235       223,534       214,213       201,442       194,032  
    Less: Total intangible assets     1,993       2,087       2,006       2,164       2,203  
    Total tangible equity     233,242       221,447       212,207       199,278       191,829  
    Shares outstanding     5,789,306       5,766,810       5,756,207       5,751,143       5,717,519  
    Tangible book value per share (non-GAAP)   $ 40.29     $ 38.40     $ 36.87     $ 34.65     $ 33.55  

    The MIL Network –

  • MIL-OSI: Capital City Bank Group, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., April 21, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.9 million, or $0.99 per diluted share, for the first quarter of 2025 compared to $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024, and $12.6 million, or $0.74 per diluted share, for the first quarter of 2024.

    QUARTER HIGHLIGHTS (1stQuarter 2025 versus 4thQuarter 2024)

    Income Statement

    • Tax-equivalent net interest income totaled $41.6 million compared to $41.2 million for the prior quarter
      • Net interest margin increased five basis points to 4.22% (earning asset yield up one basis point and total deposit cost down four basis points to 82 basis points)
    • Improved credit quality metrics – net loan charge-offs were nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.12% at March 31, 2025
    • Noninterest income increased $1.1 million, or 6.1%, and reflected a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees
    • Noninterest expense decreased $3.1 million, or 7.4%, primarily due to a $3.1 million decrease in other expense which included a higher level of gains from the sale of banking facilities, namely the sale of our operations center building in the first quarter

    Balance Sheet

    • Loan balances decreased $11.5 million, or 0.4% (average), and increased $9.2 million, or 0.4% (end of period)
    • Deposit balances increased by $65.1 million, or 1.8% (average), and increased $111.9 million, or 3.0% (end of period), largely due to the seasonal increase in our public fund balances
    • Tangible book value per diluted share (non-GAAP financial measure) increased $0.94, or 4.0%

    “I am pleased with our first quarter performance, which reflects strong core fundamentals and strategic execution driven by a 2.6% increase in revenues, solid growth in deposit balances, and improvement in credit quality metrics,” said William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO. “First quarter earnings also included a $0.17 per diluted share gain from the sale of our operations center building. Our strong balance sheet and revenue diversification provides us with the flexibility to navigate ongoing uncertainty in market and economic conditions.”

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the first quarter of 2025 totaled $41.6 million, compared to $41.2 million for the fourth quarter of 2024, and $38.4 million for the first quarter of 2024. Compared to both prior periods, the increase was driven by higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower average loan balances and interest rates. Two less calendar days also contributed to the decline in loan interest compared to the fourth quarter of 2024. Higher overnight funds interest also contributed to the increase over the first quarter of 2024 reflective of a higher level of average earning assets.

    Our net interest margin for the first quarter of 2025 was 4.22%, an increase of five basis points over the fourth quarter of 2024 and an increase of 21 basis points over the first quarter of 2024. For the month of March 2025, our net interest margin was 4.22%. The increase in net interest margin over the fourth quarter of 2024 reflected a higher yield in the investment portfolio driven by new purchases during the quarter and a lower cost of deposits, partially offset by a lower overnight funds rate. The increase over the first quarter of 2024 reflected favorable investment repricing, a lower cost of deposits, and a higher overnight funds rate, partially offset by lower average loan balances for both prior periods.   For the first quarter of 2025, our cost of funds was 84 basis points, a decrease of four basis points from the fourth quarter of 2024 and the first quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 82 basis points, 86 basis points, and 85 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $0.8 million for the first quarter of 2025 compared to $0.7 million for the fourth quarter of 2024 and $0.9 million for the first quarter of 2024. For the first quarter of 2025, we recorded a provision expense of $1.1 million for loans held for investment (“HFI”) and a provision benefit of $0.3 million for unfunded loan commitments, which was comparable to the fourth quarter of 2024. We discuss the various factors that impacted our provision expense in detail below under the heading Allowance for Credit Losses.  

    Noninterest Income and Noninterest Expense

    Noninterest income for the first quarter of 2025 totaled $19.9 million compared to $18.8 million for the fourth quarter of 2024 and $18.1 million for the first quarter of 2024. The $1.1 million, or 6.1%, increase over the fourth quarter of 2024 was primarily due to a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees, partially offset by a $0.1 million decrease in deposits fees.   The increase in mortgage revenues was driven by an increase in rate locks and a higher gain on sale margin. The increase in wealth management fees was attributable to a $0.5 million increase in insurance commission revenue.   Compared to the first quarter of 2024, the $1.8 million, or 10.0%, increase was driven by a $1.1 million increase in wealth management fees and a $0.9 million increase in mortgage banking revenues, partially offset by a $0.2 million decrease in deposit fees.   The increase in wealth management fees reflected higher retail brokerage fees of $0.6 million, insurance commission revenue of $0.3 million, and trust fees of $0.2 million. The increase in mortgage revenues was driven by an increase in loan fundings and a higher gain on sale margin.     

    Noninterest expense for the first quarter of 2025 totaled $38.7 million compared to $41.8 million for the fourth quarter of 2024 and $40.2 million for the first quarter of 2024.   The $3.1 million, or 7.4%, decrease from the fourth quarter of 2024, reflected a $3.1 million decrease in other expense, a $0.1 million decrease in occupancy expense, and a $0.1 million increase in compensation expense. The decrease in other expense was driven by a $3.5 million decrease in other real estate expense which reflected higher gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million increase in charitable contribution expense. The slight decrease in occupancy expense was due to lower maintenance/repairs for buildings and furniture/fixtures. The slight net decrease in compensation expense reflected a $0.2 million increase in salary expense offset by a $0.1 million decrease in associate benefit expense.

    Income Taxes

    We realized income tax expense of $5.1 million (effective rate of 23.3%) for the first quarter of 2025 compared to $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 and $3.5 million (effective rate of 23.0%) for the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease in our effective tax rate was primarily due to a discrete item in the first quarter of 2025 related to an excess tax benefit for stock compensation.   Absent discrete items, we expect our annual effective tax rate to approximate 24% for 2025.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $3.994 billion for the first quarter of 2025, an increase of $72.0 million, or 1.8%, over the fourth quarter of 2024, and an increase of $144.3 million, or 3.7%, over the first quarter of 2024. The increase over both prior periods was driven by higher deposit balances (see below – Deposits).   Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $67.1 million increase in investment securities and a $22.7 million increase in overnight funds sold partially offset by a $11.5 million decrease in loans HFI and a $6.3 million decrease in loans held for sale (“HFS”).   Compared to the first quarter of 2024, the change in the earning asset mix reflected a $180.5 million increase in overnight funds and a $29.1 million increase in investment securities that was partially offset by a $62.7 million decrease in loans HFI and a $2.6 million decrease in HFS.

    Average loans HFI decreased $11.5 million, or 0.4%, from the fourth quarter of 2024 and decreased $62.7 million, or 2.3%, from the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease was primarily attributable to declines in construction loans of $8.6 million, commercial loans of $5.7 million, and consumer loans of $2.1 million, partially offset by a $6.6 million increase in home equity loans.   Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $58.8 million, commercial loans of $32.9 million, and commercial real estate mortgage loans of $23.1 million, partially offset by increases in residential real estate loans of $28.9 million, construction loans of $11.5 million, and home equity loans of $10.4 million.

    Loans HFI at March 31, 2025 increased $9.2 million, or 0.3%, over December 31, 2024 and decreased $70.4 million, or 2.6%, from March 31, 2024. Compared to December 31, 2024, the increase was primarily attributable to increases in commercial real estate mortgage loans of $27.8 million and residential real estate loans of $12.1 million, consumer loans (primarily indirect auto) of $6.7 million, and home equity loans of $5.9 million, partially offset by decreases in construction loans of $27.7 million, commercial loans of $4.8 million, and other loans of $10.8 million.   Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $48.0 million, commercial loans of $33.9 million, commercial real estate mortgage loans of $16.7 million, and construction loans of $10.4 million, partially offset by increases in residential real estate loans of $27.8 million and home equity loans of $11.4 million.

    Allowance for Credit Losses

    At March 31, 2025, the allowance for credit losses for loans HFI totaled $29.7 million compared to $29.3 million at December 31, 2024 and $29.3 million at March 31, 2024. Activity within the allowance is provided on Page 9. The increase in the allowance over December 31, 2024 reflected higher loan balances and higher loan loss rates, partially offset by a lower level of net loan charge-offs.   The increase in the allowance over March 31, 2024 was primarily due to higher loss rates. Net loan charge-offs were nine basis points of average loans for the first quarter of 2025 versus 25 basis points for the fourth quarter of 2024 and 22 basis points for the first quarter of 2024. At March 31, 2025, the allowance represented 1.12% of loans HFI compared to 1.10% at December 31, 2024, and 1.07% at March 31, 2024.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $4.4 million at March 31, 2025 compared to $6.7 million at December 31, 2024 and $6.8 million at March 31, 2024. At March 31, 2025, nonperforming assets as a percent of total assets was 0.10%, compared to 0.15% at December 31, 2024 and 0.16% at March 31, 2024. Nonaccrual loans totaled $4.3 million at March 31, 2025, a $2.0 million decrease from December 31, 2024 and a $2.5 million decrease from March 31, 2024. Further, classified loans totaled $19.2 million at March 31, 2025, a $0.7 million decrease from December 31, 2024 and a $3.1 million decrease from March 31, 2024.

    Deposits

    Average total deposits were $3.665 billion for the first quarter of 2025, an increase of $65.1 million, or 1.8%, over the fourth quarter of 2024 and an increase of $89.0 million, or 2.5%, over the first quarter of 2024.   Compared to the fourth quarter of 2024, the increase was primarily attributable to higher NOW account balances largely due to the seasonal increase in our public fund balances.   The increase over the first quarter of 2024 reflected growth in NOW, money market and certificate of deposit account balances which was mainly due to a combination of balances migrating from savings and noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies.     

    At March 31, 2025, total deposits were $3.784 billion, an increase of $111.9 million, or 3.0%, over December 31, 2024, and an increase of $129.1 million, or 3.5%, over March 31, 2024.   The increase over December 31, 2024 was due to higher balances in all deposit categories. The increase over March 31, 2024 was primarily due to higher NOW account balances, largely due to the seasonal increase in public funds and increases in money market and certificates of deposit, partially offset by lower savings account balances. Total public funds balances were $648.0 million at March 31, 2025, $660.9 million at December 31, 2024, and $615.0 million at March 31, 2024.

    Liquidity

    The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $320.9 million in the first quarter of 2025 compared to $298.3 million in the fourth quarter of 2024 and $140.5 million in the first quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits (primarily seasonal public funds) and lower average loans.
        
    At March 31, 2025, we had the ability to generate approximately $1.540 billion (excludes overnight funds position of $446 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.  

    We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio.  Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities.  At March 31, 2025, the weighted-average maturity and duration of our portfolio were 2.64 years and 2.10 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.4 million.    

    Capital

    Shareowners’ equity was $512.6 million at March 31, 2025 compared to $495.3 million at December 31, 2024 and $448.3 million at March 31, 2024. For the first three months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $16.9 million, a net $3.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $2.4 million, and stock compensation accretion of $0.4 million. The net favorable change in accumulated other comprehensive loss reflected a $4.1 million decrease in the investment securities loss that was partially offset by a $0.5 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by a common stock dividend of $4.1 million ($0.24 per share) and net adjustments totaling $1.9 million related to transactions under our stock compensation plans.

    At March 31, 2025, our total risk-based capital ratio was 19.20% compared to 18.64% at December 31, 2024 and 16.84% at March 31, 2024. Our common equity tier 1 capital ratio was 16.08%, 15.54%, and 13.82%, respectively, on these dates. Our leverage ratio was 11.17%, 11.05%, and 10.45%, respectively, on these dates. At March 31, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 9.61% at March 31, 2025 compared to 9.51% and 8.53% at December 31, 2024 and March 31, 2024, respectively. If our unrealized held-to-maturity securities losses of $12.1 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.33%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.5 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    For Information Contact:

    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402. 8450

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
    Shareowners’ Equity (GAAP)   $ 512,575   $ 495,317   $ 476,499   $ 460,999   $ 448,314  
    Less: Goodwill and Other Intangibles (GAAP)     92,733     92,773     92,813     92,853     92,893  
    Tangible Shareowners’ Equity (non-GAAP) A   419,842     402,544     383,686     368,146     355,421  
    Total Assets (GAAP)     4,461,233     4,324,932     4,225,316     4,225,695     4,259,922  
    Less: Goodwill and Other Intangibles (GAAP)     92,733     92,773     92,813     92,853     92,893  
    Tangible Assets (non-GAAP) B $ 4,368,500   $ 4,232,159   $ 4,132,503   $ 4,132,842   $ 4,167,029  
    Tangible Common Equity Ratio (non-GAAP) A/B   9.61%     9.51%     9.28%     8.91%     8.53%  
    Actual Diluted Shares Outstanding (GAAP) C   17,072,330     17,018,122     16,980,686     16,970,228     16,947,204  
    Tangible Book Value per Diluted Share (non-GAAP) A/C $ 24.59   $ 23.65   $ 22.60   $ 21.69   $ 20.97  
     
    CAPITAL CITY BANK GROUP, INC.
    EARNINGS HIGHLIGHTS
    Unaudited
                   
        Three Months Ended  
    (Dollars in thousands, except per share data)   Mar 31, 2025   Dec 31, 2024   Mar 31, 2024  
    EARNINGS              
    Net Income Attributable to Common Shareowners $ 16,858 $ 13,090 $ 12,557 $
    Diluted Net Income Per Share $ 0.99 $ 0.77 $ 0.74 $
    PERFORMANCE              
    Return on Average Assets (annualized)   1.58 % 1.22 % 1.21 %
    Return on Average Equity (annualized)   13.32   10.60   11.07  
    Net Interest Margin   4.22   4.17   4.01  
    Noninterest Income as % of Operating Revenue   32.39   31.34   32.06  
    Efficiency Ratio   62.93 % 69.74 % 71.06 %
    CAPITAL ADEQUACY              
    Tier 1 Capital   18.01 % 17.46 % 15.67 %
    Total Capital   19.20   18.64   16.84  
    Leverage   11.17   11.05   10.45  
    Common Equity Tier 1   16.08   15.54   13.82  
    Tangible Common Equity (1)   9.61   9.51   8.53  
    Equity to Assets   11.49 % 11.45 % 10.52 %
    ASSET QUALITY              
    Allowance as % of Non-Performing Loans   692.10 % 464.14 % 431.46 %
    Allowance as a % of Loans HFI   1.12   1.10   1.07  
    Net Charge-Offs as % of Average Loans HFI   0.09   0.25   0.22  
    Nonperforming Assets as % of Loans HFI and OREO   0.17   0.25   0.25  
    Nonperforming Assets as % of Total Assets   0.10 % 0.15 % 0.16 %
    STOCK PERFORMANCE              
    High $ 38.27 $ 40.86 $ 31.34 $
    Low   33.00   33.00   26.59  
    Close $ 35.96 $ 36.65 $ 27.70 $
    Average Daily Trading Volume   24,486   27,484   31,023  
                   
    (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.
                   
    CAPITAL CITY BANK GROUP, INC.
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
    Unaudited
                         
      2025     2024  
    (Dollars in thousands) First Quarter   Fourth Quarter   Third Quarter   Second Quarter   First Quarter
    ASSETS                    
    Cash and Due From Banks $ 78,521   $ 70,543   $ 83,431   $ 75,304   $ 73,642  
    Funds Sold and Interest Bearing Deposits   446,042     321,311     261,779     272,675     231,047  
    Total Cash and Cash Equivalents   524,563     391,854     345,210     347,979     304,689  
                         
    Investment Securities Available for Sale   461,224     403,345     336,187     310,941     327,338  
    Investment Securities Held to Maturity   517,176     567,155     561,480     582,984     603,386  
    Other Equity Securities   2,315     2,399     6,976     2,537     3,445  
    Total Investment Securities   980,715     972,899     904,643     896,462     934,169  
                         
    Loans Held for Sale (“HFS”):   21,441     28,672     31,251     24,022     24,705  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   184,393     189,208     194,625     204,990     218,298  
    Real Estate – Construction   192,282     219,994     218,899     200,754     202,692  
    Real Estate – Commercial   806,942     779,095     819,955     823,122     823,690  
    Real Estate – Residential   1,040,594     1,028,498     1,023,485     1,012,541     1,012,791  
    Real Estate – Home Equity   225,987     220,064     210,988     211,126     214,617  
    Consumer   206,191     199,479     213,305     234,212     254,168  
    Other Loans   3,227     14,006     461     2,286     3,789  
    Overdrafts   1,154     1,206     1,378     1,192     1,127  
    Total Loans Held for Investment   2,660,770     2,651,550     2,683,096     2,690,223     2,731,172  
    Allowance for Credit Losses   (29,734 )   (29,251 )   (29,836 )   (29,219 )   (29,329 )
    Loans Held for Investment, Net   2,631,036     2,622,299     2,653,260     2,661,004     2,701,843  
                         
    Premises and Equipment, Net   80,043     81,952     81,876     81,414     81,452  
    Goodwill and Other Intangibles   92,733     92,773     92,813     92,853     92,893  
    Other Real Estate Owned   132     367     650     650     1  
    Other Assets   130,570     134,116     115,613     121,311     120,170  
    Total Other Assets   303,478     309,208     290,952     296,228     294,516  
    Total Assets $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695   $ 4,259,922  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,363,739   $ 1,306,254   $ 1,330,715   $ 1,343,606   $ 1,361,939  
    NOW Accounts   1,292,654     1,285,281     1,174,585     1,177,180     1,212,452  
    Money Market Accounts   445,999     404,396     401,272     413,594     398,308  
    Savings Accounts   511,265     506,766     507,604     514,560     530,782  
    Certificates of Deposit   170,233     169,280     164,901     159,624     151,320  
    Total Deposits   3,783,890     3,671,977     3,579,077     3,608,564     3,654,801  
                         
    Repurchase Agreements   22,799     26,240     29,339     22,463     23,477  
    Other Short-Term Borrowings   14,401     2,064     7,929     3,307     8,409  
    Subordinated Notes Payable   52,887     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   794     794     794     1,009     265  
    Other Liabilities   73,887     75,653     71,974     69,987     65,181  
    Total Liabilities   3,948,658     3,829,615     3,742,000     3,758,217     3,805,020  
                         
    Temporary Equity   –     –     6,817     6,479     6,588  
    SHAREOWNERS’ EQUITY                    
    Common Stock   171     170     169     169     169  
    Additional Paid-In Capital   38,576     37,684     36,070     35,547     34,861  
    Retained Earnings   476,715     463,949     454,342     445,959     435,364  
    Accumulated Other Comprehensive Loss, Net of Tax   (2,887 )   (6,486 )   (14,082 )   (20,676 )   (22,080 )
    Total Shareowners’ Equity   512,575     495,317     476,499     460,999     448,314  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695   $ 4,259,922  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 4,108,969   $ 3,974,431   $ 3,880,769   $ 3,883,382   $ 3,921,093  
    Interest Bearing Liabilities   2,511,032     2,447,708     2,339,311     2,344,624     2,377,900  
    Book Value Per Diluted Share $ 30.02   $ 29.11   $ 28.06   $ 27.17   $ 26.45  
    Tangible Book Value Per Diluted Share(1)   24.59     23.65     22.60     21.69     20.97  
    Actual Basic Shares Outstanding   17,055     16,975     16,944     16,942     16,929  
    Actual Diluted Shares Outstanding   17,072     17,018     16,981     16,970     16,947  
     
    (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.
     
    CAPITAL CITY BANK GROUP, INC.
    CONSOLIDATED STATEMENT OF OPERATIONS
    Unaudited                    
                         
        2025   2024
    (Dollars in thousands, except per share data)   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   First Quarter
    INTEREST INCOME                    
    Loans, including Fees $ 40,478 $ 41,453   $ 41,659 $ 41,138 $ 40,683
    Investment Securities   5,808   4,694     4,155   4,004   4,244
    Federal Funds Sold and Interest Bearing Deposits   3,496   3,596     3,514   3,624   1,893
    Total Interest Income   49,782   49,743     49,328   48,766   46,820
    INTEREST EXPENSE                    
    Deposits   7,383   7,766     8,223   8,579   7,594
    Repurchase Agreements   164   199     221   217   201
    Other Short-Term Borrowings   117   83     52   68   39
    Subordinated Notes Payable   560   581     610   630   628
    Other Long-Term Borrowings   11   11     11   3   3
    Total Interest Expense   8,235   8,640     9,117   9,497   8,465
    Net Interest Income   41,547   41,103     40,211   39,269   38,355
    Provision for Credit Losses   768   701     1,206   1,204   920
    Net Interest Income after Provision for Credit Losses   40,779   40,402     39,005   38,065   37,435
    NONINTEREST INCOME                    
    Deposit Fees   5,061   5,207     5,512   5,377   5,250
    Bank Card Fees   3,514   3,697     3,624   3,766   3,620
    Wealth Management Fees   5,763   5,222     4,770   4,439   4,682
    Mortgage Banking Revenues   3,820   3,118     3,966   4,381   2,878
    Other   1,749   1,516     1,641   1,643   1,667
    Total Noninterest Income   19,907   18,760     19,513   19,606   18,097
    NONINTEREST EXPENSE                    
    Compensation   26,248   26,108     25,800   24,406   24,407
    Occupancy, Net   6,793   6,893     7,098   6,997   6,994
    Other   5,660   8,781     10,023   9,038   8,770
    Total Noninterest Expense   38,701   41,782     42,921   40,441   40,171
    OPERATING PROFIT   21,985   17,380     15,597   17,230   15,361
    Income Tax Expense   5,127   4,219     2,980   3,189   3,536
    Net Income   16,858   13,161     12,617   14,041   11,825
    Pre-Tax (Income) Loss Attributable to Noncontrolling Interest   –   (71 )   501   109   732
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS    		 $ 16,858 $ 13,090   $ 13,118 $ 14,150 $ 12,557
    PER COMMON SHARE                    
    Basic Net Income $ 0.99 $ 0.77   $ 0.77 $ 0.84 $ 0.74
    Diluted Net Income   0.99   0.77     0.77   0.83   0.74
    Cash Dividend $ 0.24 $ 0.23   $ 0.23 $ 0.21 $ 0.21
    AVERAGE SHARES                    
    Basic   17,027   16,946     16,943   16,931   16,951
    Diluted   17,044   16,990     16,979   16,960   16,969
     
    CAPITAL CITY BANK GROUP, INC.
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)
    AND CREDIT QUALITY
    Unaudited                    
                         
        2025     2024  
    (Dollars in thousands, except per share data)   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   First Quarter
    ACL – HELD FOR INVESTMENT LOANS                    
    Balance at Beginning of Period $ 29,251   $ 29,836   $ 29,219   $ 29,329   $ 29,941  
    Transfer from Other (Assets) Liabilities   –     –     –     –     (50 )
    Provision for Credit Losses   1,083     1,085     1,879     1,129     932  
    Net Charge-Offs (Recoveries)   600     1,670     1,262     1,239     1,494  
    Balance at End of Period $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,329  
    As a % of Loans HFI   1.12 %   1.10 %   1.11 %   1.09 %   1.07 %
    As a % of Nonperforming Loans   692.10 %   464.14 %   452.64 %   529.79 %   431.46 %
    ACL – UNFUNDED COMMITMENTS                    
    Balance at Beginning of Period   2,155   $ 2,522   $ 3,139   $ 3,121   $ 3,191  
    Provision for Credit Losses   (323 )   (367 )   (617 )   18     (70 )
    Balance at End of Period(1)   1,832     2,155     2,522     3,139     3,121  
    ACL – DEBT SECURITIES                    
    Provision for Credit Losses $ 8   $ (17 ) $ (56 ) $ 57   $ 58  
    CHARGE-OFFS                    
    Commercial, Financial and Agricultural $ 168   $ 499   $ 331   $ 400   $ 282  
    Real Estate – Construction   –     47     –     –     –  
    Real Estate – Commercial   –     –     3     –     –  
    Real Estate – Residential   8     44     –     –     17  
    Real Estate – Home Equity   –     33     23     –     76  
    Consumer   865     1,307     1,315     1,061     1,550  
    Overdrafts   570     574     611     571     638  
    Total Charge-Offs $ 1,611   $ 2,504   $ 2,283   $ 2,032   $ 2,563  
    RECOVERIES                    
    Commercial, Financial and Agricultural $ 75   $ 103   $ 176   $ 59   $ 41  
    Real Estate – Construction   –     3     –     –     –  
    Real Estate – Commercial   3     33     5     19     204  
    Real Estate – Residential   119     28     88     23     37  
    Real Estate – Home Equity   9     17     59     37     24  
    Consumer   481     352     405     313     410  
    Overdrafts   324     298     288     342     353  
    Total Recoveries $ 1,011   $ 834   $ 1,021   $ 793   $ 1,069  
    NET CHARGE-OFFS (RECOVERIES) $ 600   $ 1,670   $ 1,262   $ 1,239   $ 1,494  
    Net Charge-Offs as a % of Average Loans HFI(2)   0.09 %   0.25 %   0.19 %   0.18 %   0.22 %
    CREDIT QUALITY                    
    Nonaccruing Loans $ 4,296   $ 6,302   $ 6,592   $ 5,515   $ 6,798  
    Other Real Estate Owned   132     367     650     650     1  
    Total Nonperforming Assets (“NPAs”) $ 4,428   $ 6,669   $ 7,242   $ 6,165   $ 6,799  
                         
    Past Due Loans 30-89 Days $ 3,735   $ 4,311   $ 9,388   $ 5,672   $ 5,392  
    Classified Loans   19,194     19,896     25,501     25,566     22,305  
                         
    Nonperforming Loans as a % of Loans HFI   0.16 %   0.24 %   0.25 %   0.21 %   0.25 %
    NPAs as a % of Loans HFI and Other Real Estate   0.17 %   0.25 %   0.27 %   0.23 %   0.25 %
    NPAs as a % of Total Assets   0.10 %   0.15 %   0.17 %   0.15 %   0.16 %
                         
    (1)Recorded in other liabilities
    (2)Annualized
                         
    CAPITAL CITY BANK GROUP, INC.
    AVERAGE BALANCE AND INTEREST RATES
    Unaudited
                                                                           
        First Quarter 2025     Fourth Quarter 2024     Third Quarter 2024     Second Quarter 2024     First Quarter 2024  
    (Dollars in thousands)   Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		  
    ASSETS:                                                                      
    Loans Held for Sale $ 24,726   $ 490   8.04 % $ 31,047   $ 976   7.89 % $ 24,570   $ 720   7.49 % $ 26,281     517   5.26 % $ 27,314   $ 563   5.99 %
    Loans Held for Investment(1)   2,665,910     40,029   6.09     2,677,396     40,521   6.07     2,693,533     40,985   6.09     2,726,748     40,683   6.03     2,728,629     40,196   5.95  
                                                                           
    Investment Securities                                                                      
    Taxable Investment Securities   981,485     5,802   2.38     914,353     4,688   2.04     907,610     4,148   1.82     918,989     3,998   1.74     952,328     4,238   1.78  
    Tax-Exempt Investment Securities(1)   845     9   4.32     849     9   4.31     846     10   4.33     843     9   4.36     856     10   4.34  
                                                                           
    Total Investment Securities   982,330     5,811   2.38     915,202     4,697   2.04     908,456     4,158   1.82     919,832     4,007   1.74     953,184     4,248   1.78  
                                                                           
    Federal Funds Sold and Interest Bearing Deposits   320,948     3,496   4.42     298,255     3,596   4.80     256,855     3,514   5.44     262,419     3,624   5.56     140,488     1,893   5.42  
                                                                           
    Total Earning Assets   3,993,914   $ 49,826   5.06 %   3,921,900   $ 49,790   5.05 %   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %   3,849,615   $ 46,900   4.90 %
                                                                           
    Cash and Due From Banks   73,467               73,992               70,994               74,803               75,763            
    Allowance for Credit Losses   (30,008 )             (30,107 )             (29,905 )             (29,564 )             (30,030 )          
    Other Assets   297,660               293,884               291,359               291,669               295,275            
                                                                           
    Total Assets $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623            
                                                                           
    LIABILITIES:                                                                      
    Noninterest Bearing Deposits $ 1,317,425             $ 1,323,556             $ 1,332,305             $ 1,346,546             $ 1,344,188            
    NOW Accounts   1,249,955   $ 3,854   1.25 %   1,182,073   $ 3,826   1.29 %   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %   1,201,032   $ 4,497   1.51 %
    Money Market Accounts   420,059     2,187   2.11     422,615     2,526   2.38     418,625     2,694   2.56     407,387     2,752   2.72     353,591     1,985   2.26  
    Savings Accounts   507,676     176   0.14     504,859     179   0.14     512,098     180   0.14     519,374     176   0.14     539,374     188   0.14  
    Time Deposits   170,367     1,166   2.78     167,321     1,235   2.94     163,462     1,262   3.07     160,078     1,226   3.08     138,328     924   2.69  
    Total Interest Bearing Deposits   2,348,057     7,383   1.28     2,276,868     7,766   1.36     2,239,729     8,223   1.46     2,294,482     8,579   1.50     2,232,325     7,594   1.37  
    Total Deposits   3,665,482     7,383   0.82     3,600,424     7,766   0.86     3,572,034     8,223   0.92     3,641,028     8,579   0.95     3,576,513     7,594   0.85  
    Repurchase Agreements   29,821     164   2.23     28,018     199   2.82     27,126     221   3.24     26,999     217   3.24     25,725     201   3.14  
    Other Short-Term Borrowings   7,437     117   6.39     6,510     83   5.06     2,673     52   7.63     6,592     68   4.16     3,758     39   4.16  
    Subordinated Notes Payable   52,887     560   4.23     52,887     581   4.30     52,887     610   4.52     52,887     630   4.71     52,887     628   4.70  
    Other Long-Term Borrowings   794     11   5.68     794     11   5.57     795     11   5.55     258     3   4.31     281     3   4.80  
    Total Interest Bearing Liabilities   2,438,996   $ 8,235   1.37 %   2,365,077   $ 8,640   1.45 %   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %   2,314,976   $ 8,465   1.47 %
                                                                           
    Other Liabilities   65,211               73,130               73,767               72,634               68,295            
                                                                           
    Total Liabilities   3,821,632               3,761,763               3,729,282               3,800,398               3,727,459            
    Temporary Equity   –               6,763               6,443               6,493               7,150            
                                                                           
    SHAREOWNERS’ EQUITY:   513,401               491,143               480,137               465,297               456,014            
                                                                           
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623            
                                                                           
    Interest Rate Spread     $ 41,591   3.69 %     $ 41,150   3.59 %     $ 40,260   3.49 %     $ 39,334   3.38 %     $ 38,435   3.43 %
                                                                           
    Interest Income and Rate Earned(1)       49,826   5.06         49,790   5.05         49,377   5.06         48,831   4.99         46,900   4.90  
    Interest Expense and Rate Paid(2)       8,235   0.84         8,640   0.88         9,117   0.93         9,497   0.97         8,465   0.88  
                                                                           
    Net Interest Margin     $ 41,591   4.22 %     $ 41,150   4.17 %     $ 40,260   4.12 %     $ 39,334   4.02 %     $ 38,435   4.01 %
                                                                           
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
    (2)Rate calculated based on average earning assets.

    The MIL Network –

  • MIL-OSI Australia: Joint doorstop interview, Macquarie Park

    Source: Australian Parliamentary Secretary to the Minister for Industry

    JEROME LAXALE:

    I’m Jerome Laxale, the Member for Bennelong. It’s so great to welcome the Minister for Housing and the Minister for Climate Change and Energy, the Assistant Minister Jenny McAllister. It’s so great to be here at a small business in Bennelong. These energy efficiency upgrades will make a difference. I’ve run a small business my whole life. And I know that each and every day you’re looking to make savings, you’re looking to reinvest in the business. To get a better outcome for the bottom line, but also for your customers. Investing in these energy efficiency upgrades will help small businesses right across the country. Round 2 being announced today builds on the back of Round 1, which was announced last year. And we had a great example, in Bennelong where a supermarket used these energy efficiency grants to install controllers on their refrigerants, which has reduced their power prices by 20 per cent to 30 per cent. By the government providing these grants, it gives small businesses incentives, to do the homework, and to invest in upgrades to their energy efficiency, reduces emissions and reduces power bills. This is exactly what this Albanese government was elected to deliver. And it’s so great that we have another business here in Bennelong that has applied, that has been successful. They’ll see the power prices go down; they’ll see their emissions go down – all from this incentive by the federal government. It gives me great pleasure to invite Minister McAllister, to talk about it a lot more. It’s a very exciting program and one that I’m proud to have been an advocate for.

    SENATOR MCALLISTER:

    Thanks very much, Jerome, for your warm welcome and for your tireless advocacy for the people of Bennelong. It’s a pleasure to be here with my friend and colleague, Minister Collins. And today to announce the second round of the Energy Efficiency Grants for Small and Medium Enterprises. Now, we know that over the last 10 years, electricity has literally been leaking out the doors and windows of Australian homes and businesses because too little government attention was paid to the opportunities afforded by energy efficiency. Small improvements to businesses can make a big difference in an ongoing way to the energy demands. Now here at The Governor in Jerome’s electorate of Bennelong, they understand that changes to the energy performance of this operation will help them with their overall business performance. They’ve already made the decision to put solar on the roof, but in addition to that, they are now seeking to install monitoring equipment on the refrigeration, switch over their hot water from gas to a much more efficient electric system, and do an overall energy audit, so that can also understand the future opportunities to improvements right here. Our grants will allow these kinds of activities to happen right across the country. So from Darwin down to Hobart, Sydney to Perth, we will assist more than 1,700 Australian small and medium sized businesses to improve their energy performance. Lighting, refrigeration, heating and cooling, all of these things can make a lasting and enduring difference to the bills paid by small businesses and help these businesses to thrive. There’s a lot of work to do. This area of policy was characterised by a decade of neglect. But we are up for this task, and it is my very great pleasure to announce these grants today. I might introduce the Small Business Minister, Minister Collins, to make a few additional remarks, about the work that we are doing [inaudible] to support the small business sector.

    JULIE COLLINS:

    Thanks, Jenny. It’s terrific to be here at The Governor Hotel, and I thank them for having us today and for their success in this energy efficiency grant. It’s also terrific, obviously, to be with my friend and local Member, Jerome. It’s terrific to visit Jerome’s electorate. And again, as my colleague said, he’s a terrific advocate for people in Bennelong here in New South Wales. And of course, my other friend and colleague, Minister McAllister, who’s doing a terrific job when it comes to climate and energy, and particularly in terms of helping small businesses improve their energy efficiency and put downward pressure on their energy bills. That is what we have been doing as a government supporting small businesses with targeted support in ways to support small businesses, but also put downward pressure on inflation. These grants are a prime example of the government supporting and investing with small businesses in their business so that they get the returns not just today, but over the long term. As we’ve heard from Minister McAllister and indeed from the local member, Jerome, these grants are incredibly popular because what they do is they get small businesses to think about their energy efficiency, and they’ve put downward pressure on their energy bills over the long term. They are, of course, from our government, supporting small businesses, as we’ve heard, the second round over $40 million going to 1,700 small businesses and medium‑sized enterprises across the country. We, of course, are supporting small businesses in other ways. What we saw in our last budget was our Small Business Budget Statement, which has got over $640 million in targeted support for small businesses.

    Because we know while many small businesses are thriving, some small businesses are doing it tough, and we’re providing that targeted support. For things like our direct energy bill relief, up to $325 for around 1 million small businesses across the country. Our instant asset write‑off $20,000, for each asset for small businesses has been extended for this financial year as well as last. We have of course extended important programs to provide mental health and wellbeing for small businesses. To make sure that if they want to expand and grow their business or if they’re having some issues with their small businesses, they can get that targeted personal support for their business through financial counselling and advice. We, of course, are also leveling the playing field. We have got through the parliament legislation in relation to improving payment times for small businesses, again, to help small businesses with their cash flow. We’re reforming the franchising system to make sure that we have as a level playing field as we can get so that small businesses can compete with big businesses. We want to stay small businesses thrive in Australia, and that is what our small business target of support is all about. Labor is the party of supporting small businesses, and I look forward to continuing to work with colleagues like Minister McAllister to ensure that small businesses thrive right across the country.

    JOURNALIST:

    AEMO has flagged drops in energy supply for renewables throughout winter, with more gas needed to fill the gap. What is the plan if renewable output doesn’t improve?

    COLLINS:

    Look what we know is that renewables are the cheapest form of energy. AEMO supports what Labor is doing in terms of more renewables into the grid. What we also know is, is that the Liberal and National plan for nuclear will be too slow and too expensive when it comes to energy in Australia. What we’re doing here today is supporting small businesses to put downward pressure on their energy and to help them with their energy bills. And I’m happy to hand over to Minister McAllister to talk more about energy more generally. What I would say is that the alternative plan coming from Peter Dutton to go nuclear is too slow and too expensive, and our plan is being supported by AEMO to get more renewables into the system. Can I say, as a proud Tasmanian, we have a lot of renewables in Tasmania. We’ve been successfully net zero now for 8 out of the 9 last years. So it can be done.

    MCALLISTER:

    Thanks very much, Julie. Today we’ve received 2 reports from the market bodies indicating that renewables remain the lowest cost form of generation and are making an increasingly important contribution to the grid. Now, the reports also confirm the information that has been provided to successive governments over a very long period of time now – which is that more investment is required in generation capability to replace the aging coal‑fired power fleet that is coming to the end of its life.

    Unfortunately, during the period of the last government under the Liberals, these warnings were ignored. Twenty-four coal fired power stations announced or brought forward their closure dates, and the response to this was zero from the previous government. We are acting and taking steps now to bring on the new, reliable renewables that are necessary to develop – to deliver affordable energy for Australians. Now Peter Dutton’s plan is in no way responsive to the information that’s in front of us.

    Mr Dutton’s plan, apparently, is to have a conversation over the next term about nuclear with some communities, and then to wait until 2040 to deliver new generation capacity. We can’t wait that long. We need to get on with the job delivering the technologies that the experts tell us, are necessary to deliver an affordable and reliable power grid.

    JOURNALIST:

    The government has approved gas exploration licenses around Victoria and Tassie. How quickly do we need to get gas – that gas into the grid?

    MCALLISTER:

    We understand that the future of the Australian electricity market will be built on a range of technologies: renewables, like wind, solar, batteries, pumped hydro and of course, gas for those occasions when we need it as a backup. And what AEMO tells us is that looking to the future, we will see gas used less and less frequently, but when it’s used, it will be really important. It’s on that basis that we built the Future Gas Strategy. It’s important for Australians to think about where we are going to get the gas that we will need out ‘til 2050, but at the same time we retain focus on our core purpose, which is building out the new generation capability that is necessary to replace the aging coal‑fired generation. This is a task that has been completely ignored by the previous government, and it appears that in opposition they have not learned the lessons from the past. The current plan is to do something, perhaps in 2040. What happens between now and then is a complete mystery. And it’s time for Mr Dutton to front up and explain to Australians what the plan is between now and 2040, to meet the energy demands that the Australian economy requires.

    MIL OSI News –

  • MIL-OSI Russia: “How I’ll Spend This Summer”: Schools for Gifted Children “Grow with Vyshkoy” Open Enrollment

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    HSE University invites students in grades 8–11 to spend their holidays usefully in a community of like-minded people who are passionate about economics, linguistics, entrepreneurship, philology or law. Applications can be submitted to five subject schools as early as April: FEN Economic School – “Voronovo”, Summer multidisciplinary school “Facets of Entrepreneurship”, Summer linguistic school, Summer Law School, Summer Historical and Philological School.

    Schools for gifted children “Grow up with Vyshka” introduce children to modern trends in the development of science and technology, and provide an idea of the skills that are most in demand on the labor market. This is a meeting place for high school students, students, and teachers at the HSE, as well as representatives of large organizations and companies from the business sector.

    To become a participant in any of the five summer schools, you need to pass a competitive selection: submit a motivation letter and an electronic portfolio, including certificates and diplomas of Olympiads that correspond to the profile of the school. The criteria for competitive selection are different in each school, but they are united by the main thing – the presence of a high school student’s motivation to study something new within the framework of the chosen subject area.

    Participation in all schools is fee-based, prices will be published towards the end of April.

    Economic School FEN – “Voronovo”

    The school introduces the basics of macroeconomics and macroeconomic policy. It is held for the first time within the city limits of Moscow. Senior students will meet with invited speakers involved in the development and implementation of fiscal and monetary policy, and lectures by HSE professors. The school’s mentors are the best students of the Faculty of Economic Sciences.

    Dates: June 18–22, 2025.

    Venue: HSE Voronovo training center.

    Participants: schoolchildren in grades 8–11 who are interested in economics and want to obtain an economics degree in the future.

    Online applications for participation in the competitive selection will be accepted from 21.04.2025 to 21.05.2025.

    Summarizing the results of the competitive selection: no later than 05/29/2025.

    Ask the organizers a question: economicsschool@hse.ru.

    Go to the school website

    Summer multidisciplinary school “Facets of Entrepreneurship”

    During the ten days of the school, each participant will discover new facets of creativity, creation and management, and will understand in which area of entrepreneurship they would like to develop their project. The guys will have a busy program: meetings with representatives of large companies, lectures by teachers of the Higher School of Business, analysis and solution of business cases, teamwork, practice and experiments in product development, sports, creativity and, of course, just relaxing in nature. At the end of the program, everyone will be able to present their projects to investors and experts from partner companies.

    Dates: July 1–11, 2025.

    Location: Buran sanatorium, Moscow region.

    Participants: schoolchildren who have completed grades 8–10.

    Electronic portfolio submission period: from 21.04.2025 to 23.05.2025.

    Publication of the results of the competitive selection: 03.06.2025.

    Ask the organizers a question: estrukova@hse.ru.

    Go to the school website

    Summer linguistic school

    A project for high school students interested in linguistics — the science of how language works. LLS participants will learn how to process language data using a computer, where linguistic expeditions go and how experiments with language are conducted, they will solve linguistic problems and discuss how language differs among different social groups. There will also be many intellectual games and warm-up conversations.

    Dates: July 17–27, 2025.

    Venue: HSE Voronovo training center.

    Participants: schoolchildren who have completed 8th–10th grade and are interested in linguistics.

    Acceptance of online applications from schoolchildren to participate in the competitive selection: from 01.04.2025 to 05.05.2025.

    Summarizing the results of the competitive selection and announcement of candidates for participation: no later than 11.05.2025.

    Ask the organizers a question: llsh-org@yandex.ru.

    Go to the school website

    Summer Law School

    One of the largest HSE visiting schools for high school students. For one week in the summer, the kids will find themselves in the very center of the jurisprudence universe. They will hear lectures from practicing lawyers of large companies and leading HSE professors, have informal conversations with students of the Faculty of Law, and, of course, make many new friends.

    Dates: August 1–8, 2025.

    Venue: HSE Voronovo training center.

    Participants: schoolchildren who have completed 8th–10th grades, who are interested in law or want to become lawyers.

    Acceptance of online applications from schoolchildren to participate in the competitive selection: from 12.04.2025 to 31.05.2025.

    Summarizing the results of the competitive selection and announcement of candidates for participation: no later than 12.06.2025.

    Go to the school website

    Summer Historical and Philological School

    LIFSH is a chance for high school students to temporarily find themselves in a dense environment of like-minded people interested in deep and attentive immersion in the humanities, in expanding their knowledge of history, philology and art history, in finding their interests. The experience gained in lectures and seminars will not only help in conducting their own scientific research, but will also be useful in Olympiads and other intellectual competitions.

    Dates: August 12–19, 2025.

    Venue: HSE Voronovo training center.

    Participants: schoolchildren in grades 8–11 interested in history, art history, philology, cultural studies and related disciplines.

    Acceptance of online applications from schoolchildren to participate in the competitive selection: from 10.03.2025 to 12.05.2025.

    Summarizing the results of the competitive selection and announcement of candidates for participation: no later than 15.06.2025.

    All information is published in the TG group LIFSH info and in the group in VKYou can also ask questions to the organizers there.

    Go to the school website

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: SPbPU became the driver of discussions at the international economic congress

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The 10th St. Petersburg International Economic Congress was held. The main topic was “Labor and the Transformation of Society: Knowledge, Creativity, Noonomics.” The event was organized by the S. Yu. Witte Institute for New Industrial Development together with the Free Economic Society of Russia with the participation of the Economics Section of the Social Sciences Department of the Russian Academy of Sciences, the Department of Global Problems and International Relations of the Russian Academy of Sciences, and the assistance of the World Association of Political Economy and the International Union of Economists. This significant event brought together more than a thousand leading scientists, experts, and representatives of the business community from Russia and 12 countries, including China, India, Greece, Great Britain, Canada, Turkey, Austria, Hungary, and others.

    At the plenary session, the Director of the Witte Institute of Industrial Development and the President of the Free Economic Society of Russia Sergei Bodrunov noted that over 10 years of work, SPEC has achieved significant results – both theoretical and practical, and has become a provider of scientific thought into practice. SPEC-2025 received numerous greetings from scientists, public and government figures: the President of the Russian Academy of Sciences Gennady Krasnikov, the Governor of St. Petersburg Alexander Beglov, the head of the UN group in Russia Vladimir Kuznetsov, the President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin. They all emphasized the high importance of such events for uniting the country’s intellectual potential and expert discussion of fundamental problems of economic science, the development of practical mechanisms for solving pressing problems.

    In his greeting to the participants of SPEC-2025, the rector of SPbPU and chairman of the St. Petersburg branch of the Russian Academy of Sciences Andrey Rudskoy pointed out the importance of consolidating the efforts of the scientific and expert community to solve the problems of Russia’s socio-economic development.

    “Traditionally, the congress brings together researchers from various fields – economists, sociologists, philosophers, lawyers, historians, education specialists and representatives of the exact sciences. Key issues of the global economy, social structure and problems of strategic development of Russia are discussed here. Today, the country faces difficult geopolitical tasks. The system of international relations and the structure of world economies are undergoing significant changes. In these conditions, it is especially important to develop theoretical and practical proposals for the transformation of national institutions, to consolidate the efforts of scientific communities in order to ensure the implementation of national development goals of the country,” Andrei Ivanovich noted.

    The congress was attended by Abel Aganbegyan (Corresponding Member of the British Academy, Honorary Member of the National Academy of Sciences of the Republic of Armenia, Vice President of the Russian Economic Society), Sergey Glazyev (current member of the Board for Integration and Macroeconomics of the Eurasian Economic Commission), Vladimir Okrepilov (member of the Presidium of the Union of Industrialists and Entrepreneurs of St. Petersburg) and other renowned economists.

    The forum participants discussed key challenges of our time — from personnel shortages and digital transformation to technological sovereignty and the development of the creative economy. Plenary sessions and round tables featured reports on innovations in the agricultural and industrial sectors, the prospects of artificial intelligence, strategic planning, and new approaches to macroeconomic modeling.

    Polytechnic University was represented at the congress by the IPMET delegation consisting of representatives of the institute’s structural divisions. Our colleagues took an active part in the work of the forum. Some moderated sections, some made reports, and students had a unique opportunity to get acquainted with the latest research and discuss current issues with leading experts.

    Director of the Higher School of Business Engineering Igor Ilyin not only acted as a moderator of the section “Structural, Technological and Digital Transformation of Industry in Russia”, but also presented a report on the implementation of digital technologies in the process architecture of enterprises and organizations. As part of SPEC-2025, Igor Vasilyevich headed the section, which brought together leading experts, representatives of industrial companies and scientists. The main focus of the section was on discussing current trends, challenges and prospects for digital transformation in Russian industry.

    “Digital transformation is not just the introduction of new technologies, it is a change in the entire business logic, processes and approaches to management. And successful transformation requires a comprehensive approach, including both technological and organizational changes,” Igor Vasilyevich emphasized.

    In his report, Igor Vasilyevich presented an analysis of modern digital technologies and their impact on the process architecture of enterprises. He focused in detail on such relevant areas as artificial intelligence, blockchain, digital twins, the Internet of Things (IoT) and confidential cloud computing. The practical examples presented in the report included cases from the medical and energy industries, which are being worked on within the framework of close cooperation between the Higher School of Business and the Laboratory of Interdisciplinary Research and Education on Technological and Economic Problems of Energy Transition (CIRETEC-GT) headed by Igor Vasilyevich and business partners of the Institute of Mechanics and Electronics and Telecommunications.

    Teachers and students of the Higher School of Industrial Management also took an active part in the forum. Associate Professor Olga Ergunova and Senior Lecturer Andrey Somov made presentations. Also, student reports were presented by HSPM Master’s students Maria Belova and Diana Yakimenko, who demonstrated a high level of research training. The reports were presented in specialized sections devoted to the digitalization of the economy, intellectual work and the transformation of production and social practices.

    The report by Marina Yanenko, professor at the Higher School of Service and Trade, presented an analysis of the impact of artificial intelligence on the process of market transformation, changes in business requirements for the knowledge and skills of specialists, and the emergence of new needs for the content of labor. Marina Borisovna noted that the growing availability of artificial intelligence makes it a key tool in a wide variety of economic sectors and formulated recommendations for improving competitive strategies in the labor market in the context of the development of artificial intelligence.

    The Higher School of Engineering and Economics was represented by the Head of the Research Laboratory “Digital Economy of Industry” Professor Alexander Babkin, Professor Irina Rudskaya, Associate Professor Lyudmila Guzikova and Associate Professor Nikolai Dmitriev. Lyudmila Aleksandrovna participated as a moderator of the seminar “New and Old Challenges of the Russian Labor Market: Adaptation Strategies of Various Socio-Demographic Groups”, and also spoke at this seminar with a report on the topic “Implementation of the Principles of Noonomics in a Unified Interregional System of the Labor Market for Specialists with Higher Education”. Alexander Vasilyevich took part in the plenary session and also made a report on the topic: “Strategizing the Digital Transformation of the Intelligent Cyber-Social Industrial Ecosystem Based on Industry 6.0”, noting that in modern conditions, issues of developing strategic approaches to the integration of advanced technologies and the creation of sustainable, human-oriented production systems are relevant.

    This year, representatives of the Department of Economic Theory of the IPMEiT took an active part in the work of the congress: Associate Professor Elena Milskaya, Associate Professor Anna Strizhak, Associate Professor Ekaterina Afonichkina, Associate Professor Olga Naumova, as well as 47 students in the areas of “Economic Security”, “Economic Statistics”, “Customs”.

    “We really enjoyed the event, we learned a lot of new things, the ideas and topics of the speakers inspired us to study individual economic issues in detail. It was great that we could choose the literature ourselves and take it for study. I would also like to emphasize the relevance of each problem raised at the congress, this is what aroused special interest. It was interesting to listen to the reasoning of professors and prominent figures in economics. We thank the organizers and want to say a huge thank you to Elena Andreevna Milskaya, who gave us a chance to become participants in the congress. It is great that our educational program in macroeconomics goes beyond the university!” – noted student of group 3753801/40002 Yulia Arteyeva.

    SPEC-2025 has once again confirmed its importance as a leading platform for discussing strategic challenges and opportunities in the knowledge economy. The participation of IPMET representatives in such a large-scale scientific event emphasizes the university’s sustainable aspiration for scientific leadership, integration into the expert community and the development of young scientists.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI USA: What they are saying: Governor Newsom’s lawsuit to end Trump tariffs good for consumers, businesses and families

    Source: US State of California 2

    Apr 19, 2025

    What you need to know: Leaders across the nation, from elected officials to representatives from the business community, are praising California’s efforts to challenge President Trump’s authority to unilaterally enact tariffs.

    SACRAMENTO – This week, Governor Gavin Newsom and California Attorney General Rob Bonta announced a joint lawsuit against the Trump administration. The lawsuit seeks to end President Trump’s tariff chaos, which has created havoc on the economy, destabilized the stock and bond markets and caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses. These harms will only continue to grow, as President Trump’s tariffs are projected to shrink the U.S. economy by $100 billion annually.

    State leaders

    Senate President pro Tempore Mike McGuire: “President Trump’s last trade war cost America’s ag industry $27 billion. This time around, California’s farmers and families across the state are getting hit even harder. The Golden State is the nation’s largest importer and second largest exporter, the largest manufacturing state, and the 5th largest economy in the world. Republicans in Congress are simply sitting on their hands as the President burns the economy down. Too much is at stake, which is why the Governor and the Attorney General’s action is so important.”

    Assembly Speaker Robert Rivas: “Trump’s tariffs are the single largest tax increase in our lifetime, and they’re jamming Californians with higher prices on groceries, medicine and cars. This is why we enacted a legal defense fund: to fight Republican policies that harm taxpayers. We’re protecting our residents — and all American families — from unlawful economic chaos.”
     

    Retail and business leaders

    Jennifer Barrera, President and CEO of the California Chamber of Commerce: “CalChamber has long supported a free trade agenda that fosters economic growth and job creation, including advocacy on lowering or eliminating tariff and non-tariff barriers for businesses. Protectionist measures, such as tariffs, disrupt global supply chains and raise costs on businesses, which are ultimately reflected through higher consumer prices or limited choices on products.  As Californians grapple with rising costs and worry about daily pocketbook issues, additional tariffs will only further exacerbate the affordability crisis that millions are facing and will have dire consequences on the California economy.”
     

    Rachel Michelin, President and CEO of the California Retailers Association: “Retailers across California—large and small—are navigating an unprecedented level of uncertainty due to these tariffs. For small businesses in particular, the volatility is devastating. Many neighborhood retailers simply do not have the resources to absorb these additional costs or quickly pivot supply chains forcing them to either raise prices or risk going out of business altogether. This is not sustainable for our communities or California’s economy and the current environment makes it nearly impossible to plan for the future. While we recognize the federal government’s goal of strengthening American industry, we urge all leaders to consider the real-world impact on our state’s businesses and families. California’s retailers stand ready to work with the Governor and Attorney General to find solutions that support growth, stability, and prosperity for all Californians.”

    Rodney Fong, CEO of the San Francisco Chamber of Commerce: “These tariffs are having a devastating downstream impact on San Francisco’s economy — especially our small businesses that rely on global supply chains and export markets to survive. From rising costs on imported goods to sudden disruptions in inventory and operations, our local entrepreneurs are bearing the brunt of an unpredictable trade policy. We support the state’s efforts to restore certainty and stability to the economic environment our businesses depend on.”

    Jason Pagiou, President and CEO of the Asian Business Association of San Diego: “As President and CEO of the Asian Business Association, we want to thank Governor Newsom and Attorney General Bonta for their continued leadership in protecting working families and small businesses across California. Our latest survey shows that economic pressure isn’t just theoretical — it’s showing up in rent, grocery bills, and the rising costs of essentials.”
     

    Shipping and logistics leaders

    Martha Miller, Executive Director of the California Association of Port Authorities (CAPA): “California is home to the most productive goods movement system in the Nation, moving cargo to every corner of the country and supporting millions of jobs.  As the primary trade gateway with Asia, our state’s ports are among the first to experience the impacts that tariffs, retaliatory tariffs, and trade uncertainty creates across the global supply chain.  We support the Governor’s leadership to mitigate the impacts of these tariffs on American consumers, workers, and businesses.” 

    Mike Jacob, President of the Pacific Merchant Shipping Association (PMSA): “No state has more private and public dollars invested in their seaports, logistics infrastructure, and freight transportation sector than California, and, as a result, no state has more jobs, more economic activity, more public financing, and more state and local tax revenues at risk of being a casualty in a global trade war than California. We applaud the leadership of the Governor and Attorney General to defend our private and public investments in the largest, most productive, and most environmentally advanced maritime gateways in the Western Hemisphere.” 

    City leaders

    Rex Richardson, Mayor of Long Beach: “Governor Newsom’s announcement of California’s lawsuit represents a critical opportunity to pause and evaluate the real-world impacts of these sweeping tariff changes. Here in Long Beach—home to the nation’s busiest container port—we’re already projecting a 20% drop in cargo volume in the second half of the year. That’s not just a local issue. Trade through the Port of Long Beach supports 2.6 million jobs across the country. Sudden shifts in trade policy, without robust dialogue or congressional oversight, risk long-term harm to our economy and to working families nationwide. It’s time for a more thoughtful and inclusive approach to shaping U.S. trade policy.”

    Victor Gordo, Mayor of Pasadena: “In Pasadena, we’re focused on building back a strong, resilient economy. We’re investing in our small businesses, we’re encouraging job development, and we’re laying the groundwork for long-term growth. But these federal tariffs  jeopardize all of that. They drive up costs, create uncertainty, and threaten the progress we’ve worked so hard to achieve. That’s why I stand with Governor Newsom in challenging these policies—because cities like ours can’t afford to pay the price for decisions that are short-sighted and out of step with our local needs.”

    Larry Agran, Mayor of Irvine: “I appreciate the leadership that Governor Newsom and Attorney General Bonta are providing in challenging the legality of the Trump Tariffs. Other states need to follow California’s lead. If these tariffs are fully implemented, the effects will be devastating here in Irvine – many thousands of jobs lost, and sharp rises in prices of food, clothing, cars and other goods and services. Evictions and worsening homelessness will inevitably follow. We simply can’t let any of this happen. – Larry Agran, Mayor of Irvine.”

    Kevin Jenkins, Interim Mayor of Oakland: “Oakland is grateful for the steadfast leadership of Governor Gavin Newsom and Attorney General Rob Bonta in standing up to the Trump administration’s sweeping tariff proposals. These actions pose a serious threat to California’s economy, including the Port of Oakland and our small businesses, and jeopardize thousands of jobs tied to trade and commerce.”

    Matt Mahan, Mayor of San Jose: “Silicon Valley’s success story is built on the free movement of people, ideas, and goods as well as laws that protect those freedoms from arbitrary restrictions. Our companies and communities succeed when we can export their innovative and essential products all over the world.”

    Raj Salwan, Mayor of Fremont: “Fremont is the advanced manufacturing capital of Silicon Valley. With the largest manufacturing base in California, we are home to over 900 manufacturers powering industries from semiconductors and artificial intelligence to American-made electric vehicles. Tariffs threaten the global supply chains that sustain our local economy and jeopardize tens of thousands of local jobs. We are hearing directly from our manufacturers that untenable cost increases for key components and growing policy uncertainty around tariffs are leading them to re-evaluate their expansion plans or US operations entirely.  Fremont is a shining example of re-shoring U.S. manufacturing and indiscriminate tariffs run completely counter to this stated policy goal.  We are deeply concerned for our collective prosperity if these taxes being levied against our businesses and families are not reversed.”

    Anna Velazquez, Mayor of Soledad: “The Trump administration tariffs will have a devastating impact to our working families.  Soledad is a working class community and our residents will have to endure paying more for everyday household goods, groceries, fruits and vegetables as a result of tariffs that do not address our current inflation and fail to provide an economic plan that supports our working class community.  We need a viable economic plan that provides relief to families that are already working hard to stretch their dollars.”

    County leaders 

    Leticia Perez, Chair of the Kern County Board of Supervisors: “Tariffs will cause harmful impacts to Kern County families and small businesses. Families are already dealing with rising costs- they do not deserve this additional strain and uncertainty.  I commend Governor Newsom and Attorney General Bonta for standing up to protect working families and small businesses across California.” 

    Doug Chaffee, Chair of Orange County Board of Supervisors: “Orange County is home to one of the most dynamic and diverse economies in the nation — from advanced manufacturing and biomedical innovation to world-class tourism and global trade. The Trump administration’s harmful tariff policies will disrupt supply chains, drive up costs, and put local jobs at risk. I fully support Governor Newsom and Attorney General Bonta’s efforts to defend California’s economy and protect the hardworking businesses and families that keep Orange County thriving.”

    Mani Grewal, Stanislaus County Supervisor: “As a farmer and businessman, I understand the critical role that agriculture and trade play in our region’s economy. In Stanislaus County, where agriculture is a cornerstone of our livelihood, the uncertainty and financial strain caused by these tariffs hit particularly hard. Farmers and businesses need certainty and a sense of finality to operate best for their customers and the larger community. We must work to strengthen our agricultural community with policies that support economic wellbeing, not hinder it.”

    Terra Lawson-Remer, Acting Chair of San Diego County Board of Supervisors: “These tariffs aren’t just a political talking point—they’re a direct hit on working families here in San Diego. They raise the cost of everyday goods, threaten local jobs, and destabilize the very industries that sustain our economy and fund critical County services. I’m proud to stand with Governor Newsom and Attorney General Bonta as California becomes the first state to take legal action against this reckless overreach. We need trade policies that lift up American businesses and workers—not ones that punch holes in family budgets and County revenues alike.”

    Recent news

    Apr 18, 2025

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    Apr 18, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Brian Kaplun, of San Francisco, has been appointed Deputy Secretary for Policy and Strategic Planning at the Health and Human Services Agency. Kaplun held several roles at the United…

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    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses 17th Civil Services Day

    Source: Government of India

    Prime Minister Shri Narendra Modi addresses 17th Civil Services Day

    The policies we are working on today, the decisions we are making, are going to shape the future of the next thousand years: PM

    India’s aspirational society – youth, farmers, women – their dreams are soaring to unprecedented heights,To fulfil these extraordinary aspirations, extraordinary speed is essential: PM

    Real progress does not mean small changes but full-scale impact; Clean water in every home, quality education for every child, financial access for every entrepreneur and benefits of digital economy for every village, this is Holistic Development: PM

    Quality in governance is determined by how deeply schemes reach the people and their real impact on the ground: PM

    In the past 10 years, India has moved beyond incremental change to witness impactful transformation: PM

    India is setting new benchmarks in governance, transparency and innovation: PM

    The approach of ‘Janbhagidari’ turned the G20 into a people’s movement and the world acknowledged,India is not just participating, it is leading: PM

    In the age of technology, governance is not about managing systems, it is about multiplying possibilities: PM

    We have to increase the competence of civil servants so that we can prepare a future-ready civil service; That is why I consider both Mission Karmayogi and Civil Service Capacity Building Programme very important: PM

    Posted On: 21 APR 2025 1:14PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi addressed Civil Servants on the occasion of 17th Civil Services Day at Vigyan Bhawan in New Delhi today. He also conferred the Prime Minister’s Awards for Excellence in Public Administration. Addressing the gathering, the Prime Minister congratulated everyone on the occasion of Civil Services Day and highlighted the significance of this year’s celebration, as it marks the 75th year of the Constitution and the 150th birth anniversary of Sardar Vallabhbhai Patel. Recounting Sardar Patel’s iconic statement on April 21, 1947, where he referred to civil servants as the ‘Steel Frame of India’, Shri Modi emphasized Patel’s vision of a bureaucracy that upholds discipline, honesty, and democratic values, serving the nation with utmost dedication. He underscored the relevance of Sardar Patel’s ideals in the context of India’s resolve to become a Viksit Bharat and paid a heartfelt tribute to Sardar Patel’s vision and legacy.

    Reflecting on his earlier statement from the Red Fort, emphasizing the need to strengthen the foundation of India for the next thousand years, Shri Modi noted that 25 years have already passed in this millennium, marking the 25th year of the new century and the new millennium. “The policies we are working on today, the decisions we are making, are going to shape the future of the next thousand years”, he highlighted. Quoting ancient scriptures, he said just as a chariot cannot move with a single wheel, success cannot be achieved solely by relying on fate without effort. Underscoring the importance of collective effort and determination in achieving the goal of a developed India, he urged everyone to work tirelessly, every day and every moment, towards this shared vision.

    Mentioning the rapid changes occurring globally, noting how even within families, interactions with younger generations can make one feel outdated due to the fast pace of change, the Prime Minister highlighted the swift evolution of gadgets every two to three years and how children are growing up amidst these transformations. He emphasized that India’s bureaucracy, work processes, and policymaking cannot operate on outdated frameworks. He remarked on the significant transformation initiated in 2014, describing it as a grand endeavor to adapt to the fast-paced changes. He highlighted the aspirations of India’s society, youth, farmers, and women, stating that their dreams have reached unprecedented heights and stressed the need for extraordinary speed to fulfill these extraordinary aspirations. The Prime Minister outlined India’s ambitious goals for the coming years, including energy security, clean energy, advancements in sports, and achievements in space exploration, emphasizing the importance of raising India’s flag high in every sector. Underscoring the immense responsibility on civil servants to ensure that India becomes the world’s third-largest economy at the earliest, he urged them to prevent any delays in achieving this critical objective.

    Expressing happiness over the theme of this year’s Civil Services Day, ‘Holistic Development of India’, Shri Modi emphasized that this is not just a theme but a commitment and a promise to the people of the nation. “Holistic development of India means ensuring that no village, no family, and no citizen is left behind”, he stressed, remarking that true progress is not about small changes but about achieving a full-scale impact. He outlined the vision of holistic development, which includes clean water for every household, quality education for every child, financial access for every entrepreneur, and the benefits of the digital economy for every village. He highlighted that quality in governance is not determined by the mere launch of schemes but by how deeply these schemes reach the people and their real impact. The Prime Minister noted the visible impact in districts like Rajkot, Gomati, Tinsukia, Koraput, and Kupwara, where significant progress has been made, from increasing school attendance to adopting solar power. He congratulated the districts and individuals associated with these initiatives, acknowledging their excellent work and the awards received by several districts.

    Highlighting that over the past 10 years, India has progressed from incremental change to impactful transformation, the Prime Minister emphasized that the country’s governance model is now focused on Next Generation Reforms, leveraging technology and innovative practices to bridge the gap between the government and citizens. He noted that the impact of these reforms is evident in rural, urban, and remote areas alike. He remarked on the success of Aspirational Districts and emphasized the equally remarkable achievements of Aspirational Blocks. He recalled that the program was launched in January 2023 and has shown unprecedented results in just two years, highlighting significant progress in indicators such as health, nutrition, social development, and basic infrastructure across these blocks. Citing examples of transformational changes, he said that in the Peeplu Block of Tonk district, Rajasthan, measurement efficiency for children in Anganwadi centers increased from 20% to over 99%, while in the Jagdishpur Block of Bhagalpur, Bihar, registration of pregnant women during the first trimester surged from 25% to over 90%. He further added that in the Marwah Block of Jammu & Kashmir, institutional deliveries rose from 30% to 100% and in the Gurdih Block of Jharkhand, tap water connections grew from 18% to 100%. He emphasized that these are not just statistics but evidence of the government’s resolve for last-mile delivery. “With the right intent, planning, and execution, transformation is possible even in remote areas”, he added.

    Underlining India’s achievements over the past decade, emphasizing transformative changes and the nation’s attainment of new heights, Shri Modi remarked, “India is now recognized not merely for its growth but for setting new benchmarks in governance, transparency, and innovation”. He identified India’s G20 Presidency as a significant example of these advancements, noting that, for the first time in G20’s history, over 200 meetings were held across more than 60 cities, creating a broad and inclusive footprint. He underscored how the approach of public participation transformed the G20 into a people’s movement. “The world has acknowledged India’s leadership; India is not just participating, it is leading”, he affirmed.

    The Prime Minister highlighted the growing discussions around government efficiency, emphasizing that India is 10-11 years ahead of other nations in this regard. He remarked on the efforts made over the past 11 years to eliminate delays, introduce new processes, and reduce turnaround time through technology. He noted that over 40,000 compliances have been removed, and more than 3,400 legal provisions have been decriminalized to promote ease of business. He recalled the resistance faced during these reforms, with critics questioning the need for such changes. However, he emphasized that the government did not succumb to pressure, asserting that new approaches are essential for achieving new results. He further highlighted the improvement in India’s Ease of Doing Business Rankings as a result of these efforts and noted the global enthusiasm for investing in India. The Prime Minister urged the need to capitalize on this opportunity by eliminating red tape at the state, district, and block levels to achieve set goals effectively.

    “The successes of the past 10-11 years have laid a strong foundation for a developed India”, said Shri Modi, remarking that the nation is now beginning to construct the grand edifice of a developed India on this solid base but acknowledged the significant challenges ahead. He noted that India has become the most populous country in the world, emphasizing the prioritization of saturation in basic amenities. He urged a strong focus on last-mile delivery to ensure inclusivity in development. He highlighted the evolving needs and aspirations of the citizens, remarking that the Civil Service must adapt to contemporary challenges to remain relevant. Shri Modi stressed the need for setting new benchmarks, moving beyond comparisons with previous benchmarks. He urged measuring progress against the vision for a developed India by 2047, examining whether the current pace of achieving goals in every sector is adequate, and accelerating efforts wherever necessary. He underscored the advancements in technology available today and called for leveraging its power. Highlighting the accomplishments of the past decade, Shri Modi mentioned the construction of 4 crore houses for the poor, with a target of building 3 crore more, connecting over 12 crore rural households to tap water within 5-6 years, with the aim of ensuring every village household has a tap connection soon. He further mentioned the building of over 11 crore toilets for the underprivileged in the past 10 years, while targeting new goals in waste management and providing free treatment up to ₹5 lakh for millions of underprivileged individuals. Shri Modi emphasized the need for renewed commitments to improve nutrition for citizens and declared that the ultimate goal must be 100% coverage and 100% impact. He highlighted that this approach has lifted 25 crore people out of poverty in the past decade and expressed confidence that it will lead to a poverty-free India.

    Reflecting on the past role of bureaucracy as a regulator that controlled the pace of industrialization and entrepreneurship, the Prime Minister emphasized that the nation has moved beyond this mindset and is now fostering an environment that promotes enterprise among citizens and helps them overcome barriers. “Civil Services must transform into an enabler, expanding its role from merely being the keeper of rule books to becoming a facilitator of growth”, he said. Citing the example of the MSME sector, he highlighted the importance of Mission Manufacturing and how the success of this mission is heavily reliant on MSMEs. The Prime Minister pointed out that amidst global changes, MSMEs, startups, and young entrepreneurs in India have an unprecedented opportunity. He stressed the necessity of becoming more competitive in the global supply chain and noted that MSMEs face competition not just from smaller entrepreneurs but also globally. He remarked that if a small country provides better ease of compliances to its industries, it could outpace Indian startups. Thus, he emphasized the need for India to continuously evaluate its position in global best practices. The Prime Minister asserted that while the goal of Indian industries is to create globally best products, the goal of India’s bureaucracy must be to provide the world’s best ease of compliance environment.

    Emphasising the need for civil servants to acquire skills that not only help them understand technology but also enable its use for smart and inclusive governance, Shri Modi remarked, “In the age of technology, governance is not about managing systems; it is about multiplying possibilities.” He stressed the importance of becoming tech-savvy to make policies and schemes more efficient and accessible through technology. He highlighted the need for expertise in data-driven decision-making to ensure accurate policy design and implementation. Observing the rapid advancements in Artificial Intelligence and Quantum Physics, predicting a forthcoming revolution in technology that will surpass the digital and information age, Shri Modi urged civil servants to prepare for this technological revolution to deliver the best services and fulfill citizens’ aspirations. Underscoring the importance of enhancing the capabilities of civil servants to build a future-ready civil service, he highlighted the significance of Mission Karmayogi and the Civil Service Capacity Building Program in achieving this goal.

    The Prime Minister stressed the need to closely monitor global challenges in rapidly changing times, highlighting that food, water, and energy security remain major issues, particularly for the Global South, where ongoing conflicts are exacerbating difficulties, impacting daily lives and livelihoods. He further stressed the importance of understanding the growing interconnection between domestic and external factors. He identified climate change, natural disasters, pandemics, and cybercrime threats as critical areas requiring proactive action, urging India to stay ten steps ahead in addressing these challenges. He underlined the need to develop localized strategies and build resilience to effectively tackle these emerging global issues.

    Reiterating the concept of “Panch Pran” introduced from the Red Fort, emphasizing the resolve for a developed India, liberation from the mindset of servitude, pride in heritage, the power of unity, and the honest fulfillment of duties, Shri Modi remarked that civil servants are the key carriers of these principles. He stated, “Every time you prioritize integrity over convenience, innovation over inertia, or service over status, you propel the nation forward.” He expressed his complete trust in the civil servants. Addressing young officers embarking on their professional journeys, he highlighted the societal contributions to individual success. He remarked that everyone seeks to give back to society in their own capacity. He emphasized the privilege civil servants have in being able to contribute significantly to society, urging them to make the most of this opportunity provided by the nation and its people.

    The Prime Minister emphasized the need to reimagine reforms for civil servants, calling for an accelerated pace and expanded scale of reforms across sectors. He highlighted key areas such as infrastructure, renewable energy goals, internal security, terminating corruption, social welfare schemes, and targets related to sports and the Olympics, urging the implementation of new reforms in every domain. He remarked that the achievements so far must be surpassed manifold, setting higher benchmarks for progress. The Prime Minister stressed the importance of human judgment in a technology-driven world, urging civil servants to remain sensitive, listen to the voices of the underprivileged, understand their struggles, and prioritize resolving their issues. Concluding his address, he invoked the principle of “Nagrik Devo Bhava,” likening it to the ethos of “Atithi Devo Bhava,” and called on civil servants to see themselves not just as administrators but as architects of a developed India, fulfilling their responsibilities with dedication and compassion.

    Union Minister of State for Ministry of Personnel, Public Grievances and Pensions, Dr Jitendra Singh, Principal Secretary – 2 to Prime Minister, Shri Shaktikanta Das, Cabinet Secretary, Shri T V Somanathan and Secretary, Department of Administrative Reforms & Public Grievances, Shri V Srinivas were present on the occasion. 

    Background

    Prime Minister has always encouraged Civil Servants across India to dedicate themselves to the cause of citizens, be committed to public service and strive towards excellence in their work. This year, 16 awards were given by the Prime Minister in the categories of Holistic Development of Districts, Aspirational Blocks Programme and Innovation to civil servants. They were recognised for work done for the welfare of common citizens through this.

     

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Entry into Force of the Second Protocol to Amend the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA)

    Source: ASEAN

    JAKARTA, 21 April 2025 – The Second Protocol to Amend the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) (Second Protocol) has entered-into-force today, marking a pivotal moment in the continued economic collaboration in deepening economic integration between ASEAN, Australia, and New Zealand.
     
    At a time of great challenge for the global trading system, AANZFTA’s continued relevance underscores the benefits of cooperation to uphold commitments to the principles of open, predictable and transparent rules-based multilateral trade, as well as the importance of cooperative, collective and regional efforts to liberalise markets and expand the benefits of trade.
     
    Building on the foundation laid by the original AANZFTA, signed in 2009 and effective since 2010, the Second Protocol features substantial enhancements to 13 existing chapters, including areas such as Rules of Origin, Customs Procedures and Trade Facilitation, Competition, and Electronic Commerce. Moreover, it introduces new chapters on trade and sustainable development, micro, small, and medium enterprises, and government procurement, reflecting a commitment to modernising and broadening the scope of regional trade. These improvements are designed to create a more seamless, resilient, and business-friendly environment across the region, ensuring that the agreement remains relevant in an evolving global trade landscape.
     
    “The entry-into-force of the Second Protocol underscores our collective dedication to ensuring AANZFTA remains commercially relevant and beneficial for businesses across the region, while maintaining the region’s resilience and driving sustainable economic growth, particularly amidst global uncertainties,” stated Dr. Kao Kim Hourn, Secretary-General of ASEAN.
     
    With parties encompassing a combined GDP of over USD 5.6 trillion and a population of 703 million, the AANZFTA continues to be a cornerstone for strengthening economic ties and promoting inclusive growth. The entry into force of the Second Protocol is expected to generate new trade and investment opportunities, benefitting from streamlined trade facilitation measures that will reduce transaction costs, enhance supply chain resilience, promote the adoption of digital technologies, and foster cooperation on trade and sustainable development.
     
    ASEAN, Australia, and New Zealand remain committed to the effective implementation of the Second Protocol, working closely with businesses and stakeholders to ensure the full realisation of its benefits and drive sustainable economic growth across the region.
     
    ASEAN, Australia and New Zealand continue to value the support for implementation of AANZFTA and the Regional Comprehensive Economic Partnership (RCEP) provided through the AUD$48.7 million Regional Trade for Development (RT4D) initiative. RT4D projects respond to ASEAN’s trade policy priorities to maximise the
    benefits these agreements have for our communities.
     
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    The post Entry into Force of the Second Protocol to Amend the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI China: China firmly opposes any deal at expense of its interests

    Source: China State Council Information Office

    China firmly opposes any deal between the United States and its trading partners at the expense of Chinese interests, a spokesperson for the Ministry of Commerce said on Monday.

    If such a situation arises, China will not accept it and will resolutely take corresponding countermeasures, said the spokesperson in a statement, adding that the country has both the resolve and the capability to safeguard its legitimate rights and interests.

    The spokesperson made the remarks when responding to reports that the United States is preparing to pressure other countries to restrict trade ties with China in exchange for tariff exemptions.

    Under the guise of so-called “reciprocity,” the United States has been recently arbitrarily imposing tariffs on all its trading partners while pressuring them to engage in so-called “reciprocal tariff” negotiations, said the spokesperson.

    “This is essentially using the banner of ‘reciprocity’ as a pretext to pursue hegemonic politics and unilateral bullying in the field of international economy and trade,” the spokesperson said. 

    MIL OSI China News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 21, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on April 21, 2025.

    A secret mathematical rule has shaped the beaks of birds and other dinosaurs for 200 million years
    Source: The Conversation (Au and NZ) – By Kathleen Garland, PhD Candidate, School of Biological Sciences, Monash University The faces of living and extinct theropod dinosaurs. Left: Riya Bidaye; right: Indian Roller model (NHMUK S1987) from TEMPO bird project – MorphoSource. Bird beaks come in almost every shape and size – from the straw-like beak

    Curious Kids: if heat rises, why does it get colder in the mountains?
    Source: The Conversation (Au and NZ) – By James Renwick, Professor, Physical Geography (Climate Science), Te Herenga Waka — Victoria University of Wellington Shutterstock/EvaL Miko If heat rises, why does it get colder as you climb up mountains? – Ollie, 8, Christchurch, New Zealand That is an excellent and thoughtful question Ollie – why indeed?

    From the doable to the downright impossible: your guide to making sense of election promises
    Source: The Conversation (Au and NZ) – By Frank Rindert Algra-Maschio, PhD Candidate, Social and Political Sciences, Monash University Three weeks into the federal election campaign and both major parties have already pledged to spend billions in taxpayer dollars if elected on May 3. But with so many policies announced — and surely more to

    Security without submarines: the military strategy Australia should pursue instead of AUKUS
    Source: The Conversation (Au and NZ) – By Albert Palazzo, Adjunct Professor in the School of Humanities and Social Sciences at UNSW Canberra, UNSW Sydney For more than a century, Australia has followed the same defence policy: dependence on a great power. This was first the United Kingdom and then the United States. Without properly

    Prison needle programs could save double what they cost – our new modelling shows how
    Source: The Conversation (Au and NZ) – By Farah Houdroge, Mathematical Modeller, Burnet Institute ChameleonsEye/Shutterstock Needle and syringe programs are a proven public health intervention that provide free, sterile injecting equipment to people who use drugs. By reducing needle sharing, these programs help prevent the spread of blood-borne viruses such as hepatitis C and HIV

    ‘Puppy blues’: how to cope with the exhaustion and stress of raising a puppy
    Source: The Conversation (Au and NZ) – By Susan Hazel, Associate Professor, School of Animal and Veterinary Science, University of Adelaide Lucigerma/Shutterstock Caring for a new puppy can be wonderful, but it can also bring feelings of depression, extreme stress and exhaustion. This is sometimes referred to as “the puppy blues”, and can begin anytime

    A survey of Australian uni students suggests more than half are worried about food or don’t have enough to eat
    Source: The Conversation (Au and NZ) – By Katherine Kent, Senior Lecturer in Nutrition and Dietetics, University of Wollongong StoryTime Studio/ Shutterstock Being a university student has long been associated with eating instant noodles, taking advantage of pub meal deals and generally living frugally. But for several years, researchers have been tracking how students are

    Low effort, high visibility: what bumper stickers say about our values and identity
    Source: The Conversation (Au and NZ) – By Paul Harrison, Director, Master of Business Administration Program (MBA); Co-Director, Better Consumption Lab, Deakin University Justin Sullivan/Getty You may have seen them around town or in the news. Bumper stickers on Teslas broadcasting to anyone who looks: “I bought this before we knew Elon was crazy.” You

    How a new ‘Fishheart’ project is combining science, community and Indigenous art to restore life in the Baaka-Darling River
    Source: The Conversation (Au and NZ) – By Claire Hooker, Senior Lecturer and Coordinator, Health and Medical Humanities, University of Sydney A new state-of-the-art tube fishway technology called the “Fishheart” has been launched at Menindee Lakes, located on the Baaka-Darling River, New South Wales. The technology – part of the NSW government’s Restoring the Darling-Baaka

    Election Diary: Coalition makes ‘law-and-order’ pitch, with plan to invest proceeds of drug crime into communities
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra As it seeks to gain some momentum for its campaign, the Coalition on Monday will focus on law and order, announcing $355 million for a National Drug Enforcement and Organised Crime Strike Team to fight the illicit drug trade. A

    Newspoll steady as both leaders’ ratings fall; Labor surging in poll of marginal seats
    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne With less than two weeks to go now until the federal election, the polls continue to favour the government being returned. Newspoll was steady at 52–48 to

    Caitlin Johnstone: ‘I want a death that the world will hear’  –  journalist assassinated by Israel for telling the truth
    Report by Dr David Robie – Café Pacific. – COMMENTARY: By Caitlin Johnstone Israel assassinated a photojournalist in Gaza in an airstrike targeting her family’s home on Wednesday, the day after it was announced that a documentary she appears in would premier in Cannes next month. Her name was Fatima Hassouna. Nine members of her

    Indicators of alien life may have been found – astrophysicist explains what the new research means
    Source: The Conversation (Au and NZ) – By Ian Whittaker, Senior Lecturer in Physics, Nottingham Trent University Darryl Fonseka/Shutterstocl What do you think of when it comes to extra terrestrial life? Most popular sci-fi books and TV shows suggest humanoid beings could live on other planets. But when astronomers are searching for extra-terrestrial life, it

    ER Report: A Roundup of Significant Articles on EveningReport.nz for April 20, 2025
    ER Report: Here is a summary of significant articles published on EveningReport.nz on April 20, 2025.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: China’s FDI inflow rises 13.2% in March

    Source: China State Council Information Office 3

    China’s foreign direct investment (FDI) inflow saw marginal recovery in March, in contrast to a decline seen in the first three months, official data showed Friday.

    FDI in the Chinese mainland in actual use climbed by 13.2 percent year on year last month, the Ministry of Commerce said in a statement. In the first three months, FDI inflow totaled 269.2 billion yuan (about 37.35 billion U.S. dollars), down 10.8 percent year on year.

    During the January-March period, 12,603 new foreign-invested enterprises were established nationwide, representing a year-on-year growth of 4.3 percent, the ministry said.

    In breakdown, actual use of FDI in the manufacturing and services industries during the three-month period stood at 71.51 billion yuan and 193.33 billion yuan, respectively.

    Meanwhile, actual use of FDI in high-tech sectors reached 78.61 billion yuan, with FDI in the e-commerce services sector, bio-pharmaceutical manufacturing sector, aerospace equipment manufacturing sector and medical instrument manufacturing sector growing by 100.5 percent, 63.8 percent, 42.5 percent and 12.4 percent, respectively.

    Investments from the Association of Southeast Asian Nations (ASEAN) countries jumped by 56.2 percent during the period, while those from the European Union increased by 11.7 percent, the data showed. Investments from Switzerland, the United Kingdom, Japan, and the Republic of Korea grew by 76.8 percent, 60.5 percent, 29.1 percent, and 12.9 percent, respectively.

    MIL OSI China News –

  • MIL-OSI China: 5th CICPE sees 92B yuan in intended deals

    Source: China State Council Information Office

    The 5th China International Consumer Products Expo (CICPE) attracted the participation of a record-breaking 1,767 companies and 4,209 consumer brands from 71 countries and regions this year, according to a press briefing on Friday.

    Events targeting global brands, e-commerce and country-specific suppliers led to 52 intended cooperation agreements, the value of which amounted to approximately 92 billion yuan (about 12.6 billion U.S. dollars), said Zeng Rong, chief economist at Hainan provincial bureau of international economic development.

    Countries including Slovakia, Singapore, Brazil, Armenia and Kazakhstan debuted their national pavilions at this year’s CICPE in south China’s Hainan Province. The United Kingdom, as the 2025 guest country of honor, occupied an exhibition area of over 1,300 square meters, showcasing 53 brands across the fashion, beauty, homeware, health and jewelry industries, doubling its 2024 presence.

    More than 60,000 professional purchasers attended — representing a 10 percent increase from last year. In tandem with the expo, the Ministry of Commerce also launched the “Shopping in China” campaign to stimulate domestic consumption, and introduced a dedicated exhibition to facilitate cooperation between foreign trade firms and domestic purchasers.

    Preparations for the 6th CICPE are underway, with hundreds of companies already registered or signed on to participate in the next edition of this event.

    MIL OSI China News –

  • MIL-OSI China: Policy focus on consumption to drive growth

    Source: China State Council Information Office

    China’s pro-consumption initiatives — a top priority of the country’s policy agenda for this year — are expected to shore up consumer confidence and unleash the potential of domestic demand to stimulate economic growth, while hedging the impact of the United States’ tariff hikes, said officials, economists and executives.

    They noted that China has demonstrated firm determination to further vitalize the consumer market and address prominent constraints on consumption by bolstering people’s well-being amid rising trade protectionism and external uncertainties, with a particular focus on stabilizing jobs, increasing household income and alleviating financial burdens.

    A comprehensive policy package to boost consumption will accelerate the country’s shift toward a consumption-driven growth model from an export- and investment-led growth model, they said. The economists and executives also projected a robust recovery for China’s consumer market this year, with concrete measures aimed at strengthening consumers’ ability and willingness to spend gradually taking effect.

    President Xi Jinping has emphasized efforts to expand domestic demand, as well as establish and improve a long-term mechanism for expanding residents’ consumption, so that residents can consume with the help of stable income, dare to consume without worries, and are willing to consume due to the excellent consumption environment and strong sense of gain. Xi, who is also general secretary of the Communist Party of China Central Committee, made the remarks when attending the second group study session of the Political Bureau of the 20th CPC Central Committee in January 2023.

    According to the Central Economic Work Conference held in December last year, the foremost priority for policymakers in 2025 is to vigorously boost consumption, improve investment efficiency and expand domestic demand on all fronts. This year’s Government Work Report also listed boosting consumption as a top priority among major tasks for 2025.

    China will make expanding domestic demand a long-term strategy, while solid measures should be taken to stabilize employment, boost incomes and create demand with high-quality supply, Premier Li Qiang said earlier this month when chairing a symposium on the economic situation.

    The fifth China International Consumer Products Expo, which was held last week in Haikou, Hainan province, is a strong testimony to the vitality and resilience of the nation’s consumer market. The event attracted more than 60,000 professional purchasers, a 10 percent increase from last year, with the value of intended deals reaching around 92 billion yuan ($12.6 billion).

    To stimulate domestic demand and solve key challenges weighing on consumer sentiment, the general offices of the CPC Central Committee and the State Council, China’s Cabinet, recently issued a special action plan for boosting consumption.

    Li Chunlin, deputy head of the National Development and Reform Commission, said that unlike past policies that primarily targeted the supply side, the new plan places great emphasis on stepping up policy support on the demand side by raising people’s income and reducing financial burdens.

    The plan calls for promoting wage growth by strengthening employment support and raising minimum wage standards in a scientific and reasonable manner, and it includes stabilizing the stock market to expand property income channels, he said, adding that these measures will give consumers more stable expectations and greater confidence in their spending power.

    He said that dedicated efforts have been outlined in the plan to integrate consumption growth with improving people’s livelihoods, such as easing household burdens in areas like child care, education, healthcare and old-age insurance.

    The country is drafting a child care subsidy plan and will expand financial assistance for basic medical insurance.

    “China’s efforts to boost domestic demand can offset the impact of US tariff hikes,” said Sun Xuegong, director of the department of policy study and consultation at the Chinese Academy of Macroeconomic Research, an NDRC think tank, while emphasizing that the nation’s economic fundamentals are sound, with a strong manufacturing sector and great market potential.

    Sun highlighted the need for a comprehensive policy mix to spur consumption, including short-term moves such as issuing consumption coupons, as well as long-term spending on strengthening the social security network.

    Pan Helin, a member of the Ministry of Industry and Information Technology’s Expert Committee for Information and Communication Economy, said that expanding domestic demand by boosting consumption could effectively help buffer external headwinds and prop up economic vibrancy.

    The consumer-centered stimulus measures will reduce China’s reliance on exports and investment for growth and facilitate its transition to a more consumption-led economy in the face of an increasingly complicated international situation and sluggish global recovery, Pan said.

    Driving force

    Consumption has become the main driving force behind China’s economic growth. Last year, the final consumption expenditure contributed 44.5 percent to the nation’s GDP growth, surpassing investment and exports, and drove a 2.2 percentage point increase in GDP, according to data released by the National Bureau of Statistics. Robin Xing, chief China economist at Morgan Stanley, said it would be “a brilliant idea” for China to take bigger reform steps to transfer more State-owned capital to the social security system, in order to enhance migrant workers’ benefits as a key means to driving consumption growth.

    “China is trying something new — a more proactive fiscal policy with a greater focus on consumption,” he said, adding that about one-fourth of this year’s increment in augmented fiscal deficit, worth around 2 trillion yuan, will be spent on consumption-related areas such as subsidizing an expanded consumer goods trade-in program and boosting social welfare.

    Xing said that apart from short-term consumption subsidies, the more fundamental solution lies in social security reforms, such as offering easier access to public housing and healthcare for migrant workers, which will reduce their precautionary saving habits and unleash huge consumption potential.

    According to the 2025 Government Work Report, China will double its ultra-long-term special treasury bonds earmarked for expansion of the consumer goods trade-in program to 300 billion yuan this year, amid a broader drive to boost domestic demand and spur economic growth.

    Data from the NDRC shows that under the trade-in program, retail sales of new energy passenger vehicles nationwide reached around 1.34 million units in the first two months, up 26 percent year-on-year, while sales of home appliances featuring the highest level of energy efficiency surged 36 percent year-on-year to 24.1 billion yuan during the same period.

    Jia Shaoqian, chairman of Chinese home appliance manufacturer Hisense Group, said the country’s trade-in program has not only stimulated the consumer market and bolstered consumption upgrades, but has also significantly promoted the green transformation of the home appliance industry, while improving people’s quality of life.

    Purchasing appetite

    In order to further stimulate the purchasing appetite of consumers, Li Gang, director of the department of market operation and consumption promotion at the Ministry of Commerce, underscored that more efforts will be made to accelerate the development of service-based consumption.

    Efforts will also be made to nurture diversified purchasing scenarios and new types of consumption in the digital, green and intelligent fields, Li added.

    Zou Yunhan, deputy director of the Macroeconomic Research Office at the State Information Center’s Department of Economic Forecasting, said that China’s consumption market is poised for steady growth this year fueled by a series of supportive measures.

    Zou highlighted that new business forms and new models related to consumption can better meet people’s demand for consumption, upgrading and motivating their purchasing enthusiasm, which in turn will provide fresh momentum and robust support for the sustained growth of the consumer market.

    Hideki Ozawa, executive vice-president of Japanese tech company Canon, said, “We are confident that with the support of national consumption promotion policies, we can return to the golden era of the camera market.”

    China’s focus on consumption-led growth serves as a powerful driver of economic stability and will contribute to the country’s overall economic recovery, Ozawa added.

    MIL OSI China News –

  • MIL-Evening Report: Low effort, high visibility: what bumper stickers say about our values and identity

    Source: The Conversation (Au and NZ) – By Paul Harrison, Director, Master of Business Administration Program (MBA); Co-Director, Better Consumption Lab, Deakin University

    Justin Sullivan/Getty

    You may have seen them around town or in the news. Bumper stickers on Teslas broadcasting to anyone who looks: “I bought this before we knew Elon was crazy.”

    You might assume it’s there to prevent someone from keying the car or as an attempt to defuse potential hostility in a hyper-politicised landscape. But while it may signal disapproval to like-minded passersby, a sticker is unlikely to dissuade someone already intent on committing a crime (which keying is).

    What it does offer, though, is a form of symbolic insurance. You might call it a way to clarify identity in a hostile political environment.

    Equal parts apology, protest and cultural timestamp, the message can say more in eight words than a full-blown op-ed. But it’s not just about a car. It’s also about values, identity management and the evolving politics of consumption.

    A signal to others

    At their core, car bumper stickers function as a vehicle (literally and metaphorically) for identity projection. They are symbols of what psychologists call “low-cost identity displays”, used to project who we are or perhaps more accurately, how we want to be seen.

    Buying a Tesla may once have signalled innovation, environmental consciousness, or social progressivism. But Musk’s increasingly polarising public behaviour and political commentary have altered the cultural meaning of the brand.

    This creates a sense of cognitive dissonance for those consumers whose values no longer align with what the brand’s owner now represents. Enter the bumper sticker.

    Sales of Tesla have fallen sharply this year as Elon Musk has become more political.
    Shutterstock

    In an increasingly fragmented society, where people are eager to differentiate themselves, even a sticker can be a subtle form of moral positioning. But more than anything, it’s often a way to signal to the groups that matter most to us, “please like me”.

    Social identity theory suggests people derive part of their self-concept from their perceived membership in social groups. Bumper stickers make these group affiliations visible, projecting values, ideologies, affiliations, or even contrarian attitudes to the outside world.

    My tiny fading Richmond Tigers sticker on my car may not be performative in the same way a bold political slogan might be. But it still signals a form of identity and belonging.

    Bumper stickers can make affiliation with social groups visible.
    Shutterstock

    The North Face jacket

    Bumper stickers act as a form of “peacocking”. It’s similar to wearing branded clothing, like Dan Andrews’ The North Face jacket during COVID that made him appear more approachable than he would have in a formal suit. Or like even curating a bio on LinkedIn. This is a behavioural strategy where people communicate their traits to others without words.

    In marketing, this links closely to the theory of conspicuous consumption, which can include symbolic consumption, where we buy and display products not just for utility, but for what they say about us.

    Bumper stickers are a literal version of this. They are symbolic, declarative and public. They’re low-effort, high-visibility communicators of group affiliation, virtue, humour, rebellion or outrage.

    The intention might be to inform or persuade, but their actual influence is more complicated.

    Marketing class 101

    In introductory marketing classes, taught at pretty much every university, awareness is often presented as the first stage of the hierarchy of effects model. The model suggests consumer action progresses from awareness to knowledge, liking, preference, conviction, and finally, purchase.

    Stickers are unlikely to influence behaviour.
    Shutterstock

    But in practice, this progression is significantly more complicated. Bumper stickers may generate awareness, but there’s little evidence they influence behaviour – especially when considered in isolation.

    This is particularly relevant in areas such as tourism promotion. For example, an unofficial, but nevertheless provocative tourism slogan like the “CU in the NT” ad campaign might spark conversation and recognition, but recognition does not equate to conversion.

    Despite the hope that underpins the millions of dollars spent on slogans and taglines, awareness is necessary but not sufficient for behavioural change.

    Most marketing efforts fail not because people are unaware of the brand, but because they have no reason, opportunity, or inclination to act – that is, to buy the product or change behaviour.

    Culture has fragmented

    Contemporary consumer culture is increasingly tribal and fragmented. Social media algorithms reinforce echo chambers, while physical signals such as car stickers or even political corflute signs signal belonging and in-group and out-group boundaries.

    As a result, bumper stickers probably reinforce identity for the already converted, but are unlikely to persuade those outside the tribe.

    Visible preferences, however, can serve as a form of shorthand for identity, especially when they align with the symbols and language of the in-group. Although their direct influence on behaviour is limited, these signals, when repeated and reinforced within a receptive community, can shape and shift social norms over time.

    In the end, bumper stickers rarely change behaviour. But they do something more subtle. They allow people to express, perform and affirm identity. They act as signals to others, markers of tribe, values, humour or defiance. They help us say this is who I am, or maybe, this is what I am not.

    Paul Harrison has received research funding from Consumer Action Law Centre, Australian Securities and Investment Commission, the Australian Competition and Consumer Commission, and the Victorian Health Association.

    – ref. Low effort, high visibility: what bumper stickers say about our values and identity – https://theconversation.com/low-effort-high-visibility-what-bumper-stickers-say-about-our-values-and-identity-254581

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Curious Kids: if heat rises, why does it get colder in the mountains?

    Source: The Conversation (Au and NZ) – By James Renwick, Professor, Physical Geography (Climate Science), Te Herenga Waka — Victoria University of Wellington

    Shutterstock/EvaL Miko

    If heat rises, why does it get colder as you climb up mountains?

    – Ollie, 8, Christchurch, New Zealand

    That is an excellent and thoughtful question Ollie – why indeed?

    You’re right, when air is warmed, it rises. This is what gives us the “thermals” gliders can use to soar upwards and large birds of prey like the South American condors use to help them stay aloft for hours at a time.

    But there are lots of other things influencing air temperature. When air rises, it expands because air pressure decreases with height. The energy in the air gets spread out over greater volumes and its temperature goes down.

    This effect wins out over warm air rising. The warm air in a thermal will cool as it rises, until it reaches the temperature of the air around it and is no longer buoyant.

    But why do we have rising air at all?

    That’s because the air around us is heated from below, from Earth’s surface.

    When the Sun is shining, it doesn’t heat the air in the lowest few kilometres of the atmosphere (the troposphere) as there are very few gases in that air to absorb sunlight.

    The Sun’s rays heat Earth, not the air. The air is then warmed from below, from the ground, just as water in a pot on a stove is warmed from the bottom of the pot.

    Earth’s greenhouse

    Earth mostly sends energy back to space in the form of heat or infrared radiation (with wavelengths longer than visible light but shorter than microwaves), and there are plenty of gases in the air that are good at absorbing this kind of radiation, even if they don’t feel the sun’s energy.

    These are what we call greenhouse gases – water vapour, carbon dioxide, methane and so on. Because we have these in the air, the absorption of infrared energy is the main way the air is warmed.

    Again, air near the ground is warmed the most by this absorption of energy.
    The warm air near Earth is buoyant so it often “bubbles up” into the atmosphere, just like the water in a pot on a stove.

    But in the atmosphere, the decrease of pressure with height dictates that temperatures decrease as you go up. This is what’s known in weather jargon as the “lapse rate” – how fast temperatures decrease with height. In dry air (no water vapour), that rate is just under 10°C per kilometre, or a little under 1°C cooler per 100 metres upwards.

    As warm and wet air cools as it rises, water vapour condenses to form clouds.
    Shutterstock/Klanarong Chitmung

    When we have water vapour in the air, it’s a different story. As the air rises and cools, it can’t hold so much water vapour, so some of the vapour has to condense back into liquid water. As it does that, it releases the energy it took to evaporate it in the first place.

    That heat warms the air and reduces the “lapse rate”. How big this effect is depends on how much moisture was in the air to start with. On average, the temperature decrease of about 10°C per kilometre goes down to around 6.5°C per kilometre.

    And what happens to that liquid water in the air? If forms tiny droplets that make clouds. If enough of those drops stick together and become heavy enough, they’ll fall back to Earth as rain.

    Clouds, rain and lightning

    We have clouds and rain because temperatures decrease with height. The clouds that form this way, through buoyant air rising in thermals, are known as cumulus clouds.

    Cumulus always have lumpy tops, looking a bit like a cauliflower. That’s because different parts of the rising air have different amounts out water vapour in them. So different amounts of energy are released, giving the air different buoyancy in different places. The moistest, most buoyant air rises the highest, while drier less buoyant air doesn’t make it so far up.

    If there is lots of moisture available, we can get a thunderstorm cloud, with thunder and lightning as well as plenty of rain. Not just rain either, but often hail (frozen rain).

    That happens because the temperature in the upper parts of such deep clouds is well below freezing, so it is made up of ice crystals rather than water drops. Those ice crystals can stick together to form hail, or snow.

    Lightning forms because of positive electrical charges at the top of clouds and negative charges at the bottom.
    Shutterstock/Athapet Piruksa

    Curiously, it’s the collisions between ice crystals and water drops as they go up and down in a deep cumulus cloud that gives rise to lightning, with a build-up of positive electrical charges at the top of the cloud and negative charges at the bottom.

    Getting back to your original question, why is it colder in the mountains? That’s because as we climb a mountain, we are moving into cooler layers of the atmosphere. We are getting above the surface layers of the atmosphere, going to lower pressures, and that causes the temperature to drop.

    Warm air can still rise from a mountaintop, but it’ll be cooler to start with than air down at sea level, just because it’s at a lower pressure. Climbers who tackle really high mountains, like Mount Everest, usually take oxygen cylinders with them as the air is so thin near the top of such high peaks.

    That’s also why snow and ice linger on mountain tops, as that’s where it is cold enough year-round to keep the ice frozen.

    Hello curious kids! Do you have a question you’d like an expert to answer? Ask an adult to send your question to curiouskids@theconversation.edu.au. Please tell us your name, age and the city where you live.

    James Renwick receives funding from the Ministry of Business, Innovation and Employment (MBIE). He is a member of the Green Party.

    – ref. Curious Kids: if heat rises, why does it get colder in the mountains? – https://theconversation.com/curious-kids-if-heat-rises-why-does-it-get-colder-in-the-mountains-252911

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Instant tax refunds give wings to China Travel

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

    BEIJING, April 20 — At a bustling department store in Guangzhou, south China, a Singaporean surnamed Lee picked up more than just premium Chinese tea for friends and family — he also walked away with a tax refund, pocketed instantly at the point of purchase.

    “Super convenient,” said the tech entrepreneur, who was in town for a tech fair, applauding China’s new refund policy that spares international travelers the long queues at airports and puts money back in their accounts then and there.

    China is expanding the coverage of instant tax refunds to improve the experience for international travelers. In Shanghai, the service has been available in about half of the city’s tax refund partner stores.

    The policy, extended nationwide on April 8, builds on a slew of recent efforts by China to boost global exchanges and mobility, such as easing its visa policies, enhancing payment accessibility, and streamlining customs clearance.

    These shifts have made exploring the country easier than ever, fueling a surge in “China Travel” content on social media platforms. For example, U.S. content creator IShowSpeed documented his kung fu journey at the famous Shaolin Temple in central China, captivating global audiences.

    In 2024, China recorded 64.88 million border crossings by foreign nationals, an 82.9 percent increase year on year. In the first quarter of 2025, this number stood at 17.44 million, up 33.4 percent compared to the same period in 2024.

    During Lee’s ten-day stay in China, he zipped through industrial parks, financial centers, and high-tech hubs across the industrial powerhouse, bringing home not just souvenirs but also promising partnerships.

    Analysts believe that the recent expansion of the tax refund policy will increase spending by inbound travelers, spur growth in China’s tourism sector, and draw more visitors eager to explore the country.

    On the ground, the effects are already visible. At the Grand Pacific, a shopping mall in downtown Beijing, staff reported long queues at tax refund counters. “It’s now routine to see waves of foreign tourists lining up. Some leave with a few items, others with entire hauls,” one employee said.

    Qin Yi, manager of a porcelain shop in Shanghai, noted that foreign tourists who receive instant tax refunds in cash often make additional purchases on the spot — a trend that has helped drive up the store’s overall sales.

    Inbound consumption in China is expected to exceed 1.5 trillion yuan (around 205 billion U.S. dollars) over the next five years, said economist Hong Tao at Beijing Technology and Business University. In 2024, inbound travelers spent over 94.2 billion dollars in China, according to the National Bureau of Statistics.

    As U.S. tariffs inflate the cost of Chinese imports, traveling to China makes more economic sense for savvy American shoppers.

    Thanks to the new transit policy for citizens from 54 countries, including the United States, Americans can now stay in the country for up to 240 hours without a visa. Pair that with the freshly expanded refund-upon-purchase policy, and travelers would get a compelling formula: travel, shop, save — and repeat.

    “There’s no middleman taking a cut,” as many put it. And the math checks out: with an 11 percent refund rate, spending 10,000 yuan gets people 1,100 yuan back. Though a service fee is charged, luxury goods, electronics, and other high-value items still look a lot more attractive.

    Far from dimming their allure, U.S. tariffs have thrown a new spotlight on Chinese products, long prized for both quality and affordability.

    “If the high U.S. tariffs persist, we may see the rise of a ‘daigou’ trade,” said Wang Huayu, an associate professor of fiscal and tax law at Shanghai Jiao Tong University, referring to a practice that Americans pay intermediaries to shop in China on their behalf.

    However, delivering a premium shopping experience to attract inbound travelers requires more than policy changes, said experts.

    It is important to bring more shops and a wider range of goods into the refund-upon-purchase program, said Hong.

    Wang Peng, a researcher at Beijing Academy of Social Sciences, pointed to the power of digital contracts to slash the tax refund process down to mere seconds.

    He also highlighted how artificial intelligence could step in to ease peak-hour pressure, standardize shopping services, and close infrastructure gaps across regions.

    In Guangzhou, where Singaporean visitor Lee explored, a commentary carried by a local newspaper on April 10 has called for more efforts to identify choke points to make shopping in China more enjoyable.

    “I’ll visit China again — and next time, I’m bringing my family and friends along,” said Lee.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to leave tonight for an official visit to USA and Peru from 20th to 30th April 2025

    Source: Government of India

    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to leave tonight for an official visit to USA and Peru from 20th to 30th April 2025

    Union Finance Minister to attend Spring Meetings of the IMF-World Bank

    FM will also take part in G20 Finance Ministers & Central Bank Governors (FMCBG) meetings besides bilateral meetings with many countries and organisations

    Smt. Sitharaman will participate in multilateral dialogues on various fora to showcase India’s economic dynamism

    Posted On: 19 APR 2025 5:11PM by PIB Delhi

    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will embark on an official visit to USA and Peru beginning 20th April, 2025. During the visit to the USA, the Union Finance Minister will visit San Francisco and Washington D.C. from 20th to 25th April, 2025.

    In the course of her two-day visit to San Francisco beginning 20th April 2025, the Union Finance Minister will deliver a keynote address at the Hoover Institution at the Stanford University, San Francisco, on ‘Laying the foundations of Viksit Bharat 2047’ followed by a fireside chat session.

    Smt. Sitharaman will also interact with top CEOs from prominent fund management firms during a Roundtable meeting with investors, besides holding bilateral meetings with CEOs from top information technology (IT) firms based in San Francisco. Smt. Sitharaman will also participate in an event featuring Indian diaspora in San Francisco and interact with the Indian community settled there.

    During her visit to Washington D.C., USA, from 22nd to 25th April 2025, Smt. Sitharaman will participate in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank, the 2ndG20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, Development Committee Plenary, IMFC Plenary, and Global Sovereign Debt Roundtable (GSDR) meeting.

    On the sidelines of the Spring Meetings in Washington D.C., Smt. Sitharaman will hold bilateral meetings with her counterparts from several countries, including Argentina, Bahrain, Germany, France, Luxembourg, Saudi Arabia, United Kingdom, and USA; besides meeting EU Commissioner for Financial Services; President, Asian Development Bank (ADB); President, Asian Infrastructure Investment Bank (AIIB); United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA); and First Deputy Managing Director of the International Monetary Fund (IMF).

    During her maiden visit to Peru from 26th to 30th April 2025, the Union Finance Minister will lead an Indian delegation of officials from the Ministry of Finance and business leaders, highlighting the strengthening bilateral economic and trade relations between the two nations.

    Beginning her visit in Lima, Union Finance Minister Smt. Sitharaman is expected to call on the President of Peru, H.E. Ms. Dina Boluarte, and Prime Minister of Peru, H.E. Mr. Gustavo Adrianzén, besides holding bilateral meetings with the Peruvian Ministers of Finance and Economy; Defence; Energy and Mines; and also holding interaction with local public representatives.

    In the course of her visit to Peru, the Union Finance Minister will chair the India-Peru Business Forum meeting with prominent business representatives in attendance from both India and Peru. Smt. Sitharaman will also hold an interaction with the Indian investors & businesses currently operating in Peru, as well as the Indian Business delegation visiting Peru.

    Given Peru’s importance in the global supply chain of critical minerals and precious metals, discussions during these engagements are also expected to explore avenues for greater collaboration in the mining sector, particularly to strengthen India’s resource security and facilitate value-chain linkages between the two economies.

    The Union Finance Minister will also participate in a community event at Lima, where she will interact with the Indian diaspora living in Peru.

     

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    NB/KMN

    (Release ID: 2122913) Visitor Counter : 70

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: WAVES Cosplay Championship Wildcard Showdown in Mumbai a Massive Hit as Over 50 Cosplayers Set the Stage on Fire

    Source: Government of India

    WAVES Cosplay Championship Wildcard Showdown in Mumbai a Massive Hit as Over 50 Cosplayers Set the Stage on Fire

    30 Finalists Selected for Grand Finale at Jio World Centre

    Posted On: 19 APR 2025 9:02PM by PIB Mumbai

    Mumbai, 19 April 2025:

    The city of dreams turned into a galaxy of fandoms as Mumbai hosted the explosive WAVES Cosplay Championship Wildcard Showdown, presented by Creators Street, the Indian Comics Association (ICA), and the Media & Entertainment Association of India (MEAI), and powered by Epiko Con, India’s next big pop culture festival, at Thakur Collage of Science and Commerce today, April 19th, 2025.

    Held as a spectacular prelude to the WAVES Cosplay Championship grand finale, this blockbuster pre-event saw over 50 top-tier cosplayers from across the region lighting up the stage with high-octane performances, screen-accurate costumes, and electrifying fandom energy.

    Out of the cosplayers participated, the Jury comprising Mr Venkatesh, Founder and CEO of Wharf Street Studios, Ajay Krishna of Forbidden Verse, and Anadi Abhilash, Secretary, Indian Comics Association, selected 30 wild card entries who will now meet at the grand finale which will be held at WAVES at Jio World Centre, Mumbai during May 1st to 4th, 2025.

    A majestic portrayal of Lord Narasimha, bringing to life the power and divinity of India’s rich cultural heritage and appearances from celebrity guests, creators, and influencers within India’s growing cosplay community were the highlights of the event. A fan-fueled celebration packed with photo ops, spontaneous performances, and viral social media moments also added colour to the event.

    The high-energy meetup wasn’t just a qualifier—it was a cultural phenomenon. Every moment at the venue captured the sheer power of community, creativity, and youth expression in India’s rising cosplay revolution. The Wildcard Showdown was a breakout success, setting the tone for what is being called India’s biggest cosplay movement to date. From incredible craftsmanship to compelling performances, the Mumbai showdown was a reminder that cosplay in India is not just growing—it’s booming.

    “This event just proves how powerful the cosplay movement is becoming in India,” said one jury member. “The energy, the effort, the love for characters—it’s all real, and it’s growing bigger every year,” he said.

    The grand finale will feature top cosplayers from across India and the winners will be awarded with cash prizes and exclusive showcases. The jury will have members top studios in animation, film, and gaming. The highlight of the championship is the collaborations with ICA, Forbidden Verse, TVAGA, MEAI, Creator Street, and the powerhouse of pop culture – Epiko Con.

     

    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  

    Stay updated with the latest announcements from PIB Team WAVES

    Come, Sail with us! Register for WAVES now

    ***

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    सोशल मिडियावर आम्हाला फॉलो करा:  @PIBMumbai    /PIBMumbai     /pibmumbai   pibmumbai[at]gmail[dot]com

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CE leads delegation to visit Zhejiang

    Source: Hong Kong Government special administrative region

    The Chief Executive, Mr John Lee, will lead a delegation to visit Zhejiang on April 22 (Tuesday) to attend the High-Level Meeting cum First Plenary Session of the Hong Kong/Zhejiang Co-operation Conference in Hangzhou, and the Hong Kong Investment Promotion Conference – Zhejiang (Ningbo) Forum cum Ningbo-Hong Kong Economic Co-operation Forum in Ningbo. He will return to Hong Kong on April 25.

    Mr Lee said that Hong Kong and Zhejiang have long maintained frequent exchanges, keeping close ties in economic affairs and trade, cultural exchanges and youth engagement. Under the overall blueprint of the country, both places play important and unique roles. A specific co-operation mechanism between the two places will be established through this visit, further strengthening collaboration, achieving complementarity and mutual benefits, and making greater contributions to the country’s high-quality development.

    Officials including the Chief Secretary for Administration, Mr Chan Kwok-ki; the Deputy Financial Secretary, Mr Michael Wong; the Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai; the Secretary for Commerce and Economic Development, Mr Algernon Yau; the Secretary for Housing, Ms Winnie Ho; the Secretary for Innovation, Technology and Industry, Professor Sun Dong; and the Secretary for Home and Youth Affairs, Miss Alice Mak, will join parts of the trip. The Director of the Chief Executive’s Office, Ms Carol Yip, will also accompany Mr Lee on the trip.

    During the visit, Mr Lee and the delegation will meet with leaders from Zhejiang Province, Hangzhou and Ningbo, and will visit local facilities and projects in areas including innovation and technology, and healthcare.

    Mr Chan will depart on April 23 and return to Hong Kong on April 24. He will be the Acting Chief Executive from the afternoon of April 22 to noon on April 23, and from the evening of April 24 to April 25. The Secretary for Justice, Mr Paul Lam, SC, will be the Acting Chief Executive during Mr Chan’s absence.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: InvestHK visits India to promote Hong Kong’s business advantages and opportunities (with photo)

    Source: Hong Kong Government special administrative region

         ​Associate Director-General of Investment Promotion at Invest Hong Kong (InvestHK) Mr Charles Ng will commence his duty visit to Mumbai and New Delhi in India today (April 20), highlighting Hong Kong’s unrivalled role as a gateway for Indian companies to expand into Mainland China and across North Asia and Southeast Asia.

         A highlight of the visit is the event Gateway to Growth: Exploring Business & Investment Opportunities in and via Hong Kong, jointly organised by InvestHK, the Hong Kong Economic and Trade Office in Singapore, and the Hong Kong Trade Development Council. As a keynote speaker, Mr Ng will update the participants on the latest developments in Hong Kong’s business landscape, as well as the strategic advantages of establishing operations in Hong Kong for Indian companies.

         Mr Ng said, “As one of the fastest-growing economies in the world, India is not only a major start-up base but also is home to numerous high-net-worth individuals and wealthy families seeking diversified investment opportunities. Hong Kong is uniquely positioned to meet these needs. Our vibrant start-up ecosystem, boasting nearly 4 700 ventures in AI, healthtech, fintech, Web3 and other cutting-edge fields offers exceptional opportunities for Indian start-ups and investors alike. Moreover, our New Capital Investment Entrant Scheme offers an attractive pathway for Indian wealthy families looking to combine investment with the option of living in the city.”

         Mr Ng’s visit includes high-level discussions with prominent Indian firms and investors focusing on establishing a presence in Hong Kong to capitalise on its strategic advantages for global growth. Hong Kong’s business-friendly environment, characterised by clear and transparent regulations, a simple and low tax regime, robust capital markets and free capital flows, positions the city as the ideal platform for Indian companies exploring expansion opportunities.

         Mr Ng added, “With its unique position at the heart of Asia, world-class financial infrastructure, and deep connectivity with Mainland China and global markets, Hong Kong can empower Indian businesses to scale regionally and compete globally. This visit underscores InvestHK’s commitment to strengthening Hong Kong–India ties by fostering greater investment and innovation between the two places.”

         The economic synergy between Hong Kong and India is profound. In 2024, India ranked as Hong Kong’s ninth-largest trading partner, with bilateral trade amounting to approximately US$26 billion. Hong Kong is home to a vibrant and long-standing Indian community of over 42 000 people. Bilateral ties have been further reinforced by the Comprehensive Avoidance of Double Taxation Agreement, signed in March 2018 and enhanced through a protocol in November 2018, which provides a robust framework for cross-border trade and investment.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Agricultural and Processed Food Products Export Development Authority (APEDA) facilitates First Commercial Sea shipment of Indian pomegranates from Maharashtra to USA

    Source: Government of India

    Agricultural and Processed Food Products Export Development Authority (APEDA) facilitates First Commercial Sea shipment of Indian pomegranates from Maharashtra to USA

    14 Tons of Indian pomegranates exported from Ahilyanagar in Maharashtra to New York, USA

    Posted On: 19 APR 2025 9:39AM by PIB Delhi

    In a historic initiative towards introducing Indian Pomegranates to distant markets, a landmark commercial sea shipment of the prized Indian Bhagwa variety of Pomegranate has successfully arrived in New York, marking a significant milestone for India’s Fresh Fruits exports. With growing international demand for premium quality of Fresh Fruits, the arrival of this shipment heralds the potential of Indian Pomegranates becoming a preferred choice in the competitive U.S. market.

    The Pomegranate season, which traditionally saw air freight as the primary mode of transportation, shifted gears in recent weeks to embrace the cost-effective and sustainable sea freight mode.

    After India had been granted market access by USA for Pomegranates, during the season in 2023, the Agricultural and Processed Food Products Export Development Authority (APEDA) in collaboration with United States Department of Agriculture’s Animal and Plant Health Inspection Service (USDA APHIS), National Plant Protection Organization (NPPO – India) and National Research Centre for Pomegranate, Solapur (NRCP) successfully conducted the trial shipment of Pomegranate to USA by air.  

    Owing to the success of the static trial to enhance the shelf life of Pomegranates for up to 60 days by APEDA in collaboration with ICAR-National Research Centre for Pomegranate, India had successfully flagged off its first trial commercial sea shipment of Pomegranates comprising of 4200 boxes i.e. 12.6 tons to the U.S. in collaboration with InI Farms from Irradiation Facility Center (IFC), Maharashtra State Agricultural Marketing Board (MSAMB), Vashi, Navi Mumbai in February, 2024.

    APEDA facilitated the USDA pre-clearance program for Pomegranates in December, 2024 which played a pivotal role in easing the logistical and regulatory hurdles for Indian agriculture exporters and enabled them to enter the U.S. market. APEDA’s proactive approach in inviting the USDA inspectors for the pre-clearance process three months in advance ensured the smooth and timely arrival of the shipment

    The inaugural sea shipment of 4,620 boxes of Indian Pomegranates, weighing approximately 14 tons reached the U.S. East Coast in the second week of March, well within five weeks of the point of departure. The shipment was met with exceptional enthusiasm in New York. The arrival quality was reported as “excellent” and customers were captivated by the remarkable visual appeal and the superior eating quality of the Indian Bhagwa variety of Pomegranates.

    Chairman, APEDA, Shri Abhishek Dev remarked, “Government of India has been at the forefront in promoting Indian fresh fruits for the global market. APEDA has been supporting the export of Indian fruits like Mangoes and Pomegranates to USA by funding the pre-clearance program. Indian farmers will achieve better realisation when their fruit gets exported to premium international markets like USA. Indian mangoes have already reached annual exports of around 3500 tons and we hope that Pomegranates will also reach such strong numbers in the years to come”.

    This consignment was sent by Kay Bee Exports, a leading exporter of fruits and vegetables from Mumbai and a registered exporter with APEDA. The Pomegranates in this consignment were directly sourced from the farms of Kay Bee Exports, ensuring that the benefits of this export reach Indian farmers at the grassroots level.

    “We are thankful to APEDA for facilitating exports of Indian Pomegranates to USA. APEDA’s efforts have ranged from securing market access to setting up export protocols, co-ordinating with multiple stake-holders and organising the pre-clearance program in conjunction with USDA. Kay Bee is specialised in Pomegranates and hope to offer the best fruit that India has to offer. Our customers expect the best fruit quality and we always strive to do so” said Mr. Kaushal Khakhar, CEO, Kay Bee Exports on the successful shipment.

    “While Indian Pomegranates have always been recognized for their taste, this shipment has proven that with the right quality and consistency, Indian fresh fruits can meet the discerning tastes of the American consumer,” said a representative from the Indian export consortium. “We are delighted with the reception in the market and are confident that this successful arrival will pave the way for an increase in volumes in the coming seasons.”

    Looking ahead, the industry is optimistic that with continued marketing efforts and strategic promotional campaigns, Indian Pomegranates can carve a niche for themselves in the premium U.S. market. In light of the growing success, industry stakeholders sought APEDA’s continued support in launching promotional campaigns for the Indian Pomegranate in the coming year, with the aim of educating U.S. consumers on the fruit’s exceptional eating quality and diverse culinary applications.

    India, being the second-largest producer of horticulture crops, sees major Pomegranate production in states like Maharashtra, Gujarat, Karnataka, Rajasthan and Andhra Pradesh. APEDA has established Export Promotion Forums (EPF) specifically for Pomegranates, aimed at boosting exports and removing supply chain bottlenecks. These EPF forums include representatives from the Department of Commerce, Department of Agriculture, state governments, national referral laboratories and the top ten leading exporters, ensuring a collaborative effort in promoting Pomegranate exports.

    In the financial year 2023-24, India exported 72,011 metric tons of Pomegranates worth USD 69.08 million. This year, there has been a significant growth in Pomegranate exports from India registering a growth of 21% with a value of USD 59.76 million in the period April – January, 2024-2025. Key export destinations include the United Arab Emirates (UAE), Bangladesh, Nepal, Netherlands, Saudi Arabia, Sri Lanka, Thailand, Bahrain, Oman and USA.

    Indian Pomegranates, particularly the Bhagwa variety, are renowned for their rich flavour, deep red colour and high nutritional value. These Pomegranates are packed with antioxidants and vital nutrients, making them a popular choice among health-conscious consumers worldwide.

    The Government of India’s commitment to promoting the export of fresh fruits and vegetables, despite their perishable nature, is evident in their development of sea protocols to retain product attributes when exporting to long-distance destinations. This initiative not only reinforces India’s position in global markets but also directly supports Indian farmers by creating sustainable export opportunities.

    The steady supply of high-quality fruit, coupled with continued marketing initiatives, will undoubtedly position Indian Pomegranates as a desirable choice for American consumers, ensuring their place on the U.S. retail shelves in years to come.

     

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    Abhishek Dayal/Nihi Sharma

    (Release ID: 2122827) Visitor Counter : 38

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Data Users Conference on insights of latest survey results and key initiatives in macro-economic indicators:

    Source: Government of India

    Data Users Conference on insights of latest survey results and key initiatives in macro-economic indicators:

    Fostering Dialogue Between Data Producers and Data Users

    Posted On: 19 APR 2025 11:12AM by PIB Delhi

    The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), Government of India, in line with its continued efforts to strengthen engagement with data users and other stakeholders, is organizing a Data Users Conference in collaboration with the Indira Gandhi Institute of Development Research (IGIDR), Mumbai, on the 21st April 2025 at the IGIDR campus, Goregaon (East), Mumbai.

    The Ministry of Statistics and Programme Implementation (MoSPI) conducts large-scale sample surveys to generate key economic indicators in critical areas such as employment and unemployment, consumption expenditure, and industrial statistics. It also produces essential macroeconomic indicators, including National Accounts and Price Indices. These data sets form the foundation for evidence-based policy formulation and effective governance in India.

    The conference is being organized to promote dialogue between data producers and data users, fostering knowledge exchange and discussions on the latest developments in the field. The conference will focus on the following key areas:

    • Sampling methodologies adopted in surveys
    • Insights to the latest results of Household Consumption Expenditure Survey (HCES 2023-24)
    • Recent changes in Periodic Labour Force Survey (PLFS)
    • GDP compilation and base revision
    • Key initiatives of CPI base updation

    The Data Users Conference will be chaired by Dr. Saurabh Garg, IAS, Secretary, Ministry of Statistics and Programme Implementation. Distinguished dignitaries, including Dr. Neelkanth Mishra, Member, EAC to PM & Chairman, UIDAI, Prof. Basanta Kumar Pradhan, Director, IGIDR, Ms. Geeta Singh Rathore, Director General, National Sample Survey (NSS) and Shri. N.K. Santoshi, Director General, Central Statistics (CS) will grace the occasion and share their insights.

    The event will host approximately 250 participants, comprising researchers, academicians, Economists, industrial associations, policymakers, representatives from international organizations, private survey agencies, as well as esteemed institutions from academia and the media. Experts and members of the National Statistical Commission (NSC) and technical committees will also be present.

    The technical sessions on National Sample Surveys will provide an overview of the sampling design, computation of multipliers, and estimation of parameters in NSS household surveys. The sessions will also highlight key lessons from the conduct of the Household Consumption Expenditure Surveys (HCES) for 2022–23 and 2023–24, with insights drawn from the latest data releases. A panel discussion will follow to further explore the same. In addition, recent changes in the Periodic Labour Force Survey (PLFS) methodology will be presented to enhance users’ understanding and ensure clarity in interpretation.

    In the second half, technical sessions on key Macro-economic indicators will be presented on the following topics and each presentation will be followed by a Panel Discussion:

    • Measurement of GDP and GDP Base Revision — Data Sources, Methodology for compilation of GDP. Sectoral Databases, Measurement Issues, Methodological Improvements proposed in base revision.
    • Key initiatives on the Consumer Price Index (CPI) Base updation.

    The Panel Discussions organised will be chaired by distinguished experts, providing a platform for critical review and discussion of the presented topics. The panels will include a diverse group of experts from the Reserve Bank of India (RBI), National Stock Exchange, private survey agencies and academic institutions including IGIDR, IIPS, among others. Post-panel discussions, the floor will be opened for open discussions, offering participants the opportunity to directly engage with the speakers and panelists, thus facilitating dynamic exchange between data users and data producers. To streamline the interactive sessions, participants will be encouraged to submit questions via the Mentimeter platform, ensuring that discussions remain focused and engaging.

    The conference aims to foster dialogue on emerging methodologies, survey practices, and the relevance of official statistics in policymaking and research, reaffirming MoSPI’s commitment to improving the statistical ecosystem of the country.

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    Samrat

    (Release ID: 2122834) Visitor Counter : 36

    MIL OSI Asia Pacific News –