Category: Commerce

MIL-Evening Report: What’s the difference between Easter egg chocolate and regular chocolate?
Source: The Conversation (Au and NZ) – By Margaret Murray, Senior Lecturer, nutrition, Swinburne University of Technology

Stefanie Mohr Photography/Shutterstock

With Easter around the corner, you’ll have seen chocolate Easter eggs on supermarket shelves. Maybe you’ve bought some already.

But is there a difference between Easter chocolate and the everyday kind? Does Easter chocolate really taste better, as some people say?

As we’ll see, any difference is less about the ingredients and more about how we experience the chocolate when we eat it.

What do they contain?

When we compared the ingredients and nutrients of Easter egg chocolate and regular chocolate from the same company, we found no major differences.

Cadbury Dairy Milk hollow easter egg and Cadbury Dairy Milk chocolate block both contain per 100 gram:
- about 2,200 kilojoules of energy
- 7g protein
- 31g fat
- 55g sugar
Both products have a minimum 24% milk solids. The egg has a marginally higher percentage of cocoa solids (28%) than the block (27%).

So if they contain pretty much the same ingredients, what else is going on?

It’s more about the taste, texture and smell

The difference between Easter chocolate and regular chocolate is more about how we experience the flavour of chocolate – via taste, texture and smell.

Taste is the recognition of simple ingredients dissolving in saliva and entering the taste pores on our tongue. In the case of chocolate, we perceive the taste as sweet (sugar), fatty (cocoa butter) and potentially bitter (caffeine and other cocoa-based compounds).

However, texture and smell make us most likely to tell the difference between Easter and regular chocolate.

The mouth is incredibly sensitive to the texture of foods. We perceive multiple physical qualities of a food, which we call “mouthfeel”.

Smoothness, creaminess and mouthcoating (for example, an oily feeling) are important components of chocolate’s mouthfeel.

Consumers also expect round-shaped chocolate to be creamier than angular-shape chocolate.

So even before we’ve taken a bite, we perceive a chocolate egg will be creamier than a block. These expectations can shape how we experience the flavour of chocolate.

However, if the chocolate egg is not as creamy as expected, this can be disappointing.

But it tastes so good!
ibragimova/Shutterstock

The temperature at which chocolate is made and stored also impacts its texture. Sometimes chocolate gets a whitish haze on its surface called chocolate bloom. This is when the fat and sugar separate from each other, forming fat or sugar crystals.

It is safe to eat chocolate with bloom, but it may taste less creamy or more gritty than chocolate without bloom.

Because the demand is so high during Easter, chocolate manufacturers sometimes use rapid-cooling techniques to produce hollow Easter eggs at a faster rate. This may make them more susceptible to chocolate bloom. Cheaper Easter chocolates using these rapid procedures may have a different texture than chocolate made the traditional way.

Finally, smell contributes the most to how we perceive flavour in foods. When chocolate starts to melt in our mouth, aromas are released. These aromas make their way through the back of the nose where we smell the complex scents and notes of chocolate. Depending on the chocolate, this could include fruity, earthy, buttery or floral aromas.

The shape of chocolate

We’ve already heard the shape of chocolate influences how creamy we think it is. But the shape of chocolate also influences other aspects of our eating experience.

Easter chocolate in the shape of an egg or an animal provides a large contact area inside the mouth meaning it will melt faster than a block. This impacts how quickly aroma compounds are released from the chocolate.

Biting into hollow chocolate, such as eggs and animals, may also require more time to chew and swallow. This results in Easter chocolate spending longer in our mouths with a greater release of aromas. This means we perceive a greater intensity or diversity of flavours compared to eating small squares.

Biting into hollow chocolate means a greater release of aromas.
wavebreakmedia/Shutterstock

Are you a sucker or a chewer?

How someone eats chocolate can also change its flavour. One study categorised people who ate chocolate as “suckers” or “chewers”.

Chewers tend to swallow chocolate more quickly and may perceive it to have a weaker flavour because of the shorter time for aromas to be released.

So how a person eats Easter chocolate may also impact whether they prefer it over regular chocolate.

Easter is only once a year

Last of all, eating Easter eggs (and hunting for them) are often part of a shared family ritual. This can make Easter chocolate seem special. No wonder we enjoy the whole Easter egg experience.

So whether you are a sucker or a chewer, Easter is a great time to slow down and celebrate with loved ones. Enjoy and savour your Easter chocolate in moderation, egg-shaped or otherwise.

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

– ref. What’s the difference between Easter egg chocolate and regular chocolate? – https://theconversation.com/whats-the-difference-between-easter-egg-chocolate-and-regular-chocolate-252026
MIL OSI Analysis – EveningReport.nz –
April 15, 2025
MIL-OSI China: Ministry of Commerce kicks off ‘Premium Exports Homebound’

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

China’s Ministry of Commerce officially launched “Premium Exports Homebound” on Sunday at the China International Consumer Products Expo in Hainan. This move responds to recent U.S. tariffs, which the Ministry of Commerce condemned as “bullying” and a threat to global stability. By leveraging China’s vast domestic market, the initiative aims to mitigate export risks and foster dual-circulation growth.

MIL OSI China News –

April 15, 2025
MIL-OSI USA: SUNDAY SHOWS: President Trump’s America First Trade Policies in Action

US Senate News:

Source: The White House
This morning, the Trump Administration’s top officials took to the Sunday shows to discuss the state of President Donald J. Trump’s reciprocal tariffs, how negotiations are progressing, and the results they’ve already delivered on behalf of American workers and businesses.
Here’s what you missed:
Secretary of Commerce Howard Lutnick on This Week
On tariffs for certain electronics: “Those products are going to be part of the semiconductor sectoral tariffs, which are coming … We need to have these things made in America.”
On the constitutionality of tariffs: “Congress has passed laws that gave the president the ability to protect our national security … If we just run gigantic trade deficits and sell our soul to the rest of the world, eventually we are going to be the worker for the rest of the world.”
On expanding market access: “Our farmers are finally going to have access to the world’s markets. Our farmers have never had the opportunity to sell corn in India — so what’s going to happen is as they sell more and more products, prices will come down.”
Senior Counselor for Trade and Manufacturing Peter Navarro on Meet the Press
On tariffs negotiations: “This is unfolding exactly like we thought it would … We have a strategy here where the President says we’re going to charge them what they charge us … knowing full well that a lot of countries would come right to us and want to bargain.”
On semiconductor tariffs: “The policy is no exemptions, no exclusions … What the Secretary of Commerce, Howard Lutnick, is going to do — and he’s doing it as we speak — is an investigation of the chips supply chain. The goal is stability and resilience.”
On inflation: “We had really good news on the inflation front — both the Producer Price Index, which is your wholesale prices, and Consumer Price Index had the lowest print since fall of 2023.”
National Economic Council Director Kevin Hassett on State of the Union
On China: “In the 15 years after China entered the WTO, real wages went down — so wages went down by more than prices as we thought these cheap goods were going to revolutionize America. In fact, it was the opposite.”
U.S. Trade Representative Ambassador Jamieson Greer on Face the Nation
On trade deal negotiations: “My goal is to get meaningful deals before 90 days — and I think we’re going to be there with several countries in the next few weeks.”
On the response to reciprocal tariffs: “President Trump has a global program to try to reshore American manufacturing and address the trade deficit. It’s a global issue. The only reason we’re really in this position right now is because China chose to retaliate.”
On tariffs exemptions: “For the national security tariffs, you have to do an investigation in order to impose the tariffs … That’s why they don’t have a tariff covered right now because you have to go through the investigation … We expect there will have to be some kind of tariff.”
Secretary of Agriculture Brooke Rollins on Fox News Sunday
On trade: “For decades, the way we have been treated in this country and especially our farmers and ranchers is absolutely stunning. We have been living under a tariff regime but it has been the regime of other countries … The President is working to fix it.”
On ethanol production: “Ethanol is a very important part of our energy independence strategy. President Trump has been unequivocal in his support for ethanol.”
Secretary of Defense Pete Hegseth on Sunday Morning Futures
On the Panama Canal: “What President Trump said in his State of the Union address is that China has too much influence over the Panama Canal and America’s going to take it back — and that’s exactly what I was charged to do … Chinese influence cannot control our own backyard.”
On Iran: “[President Trump is] dead serious that Iran cannot have a nuclear weapon … He’s also dead serious that if we can’t figure this out at the negotiating table, then there are other options.”
White House Deputy Chief of Staff Stephen Miller on Sunday Morning Futures
On tariffs: “When the President issued his reciprocal tariffs, our government at the time specifically said that chips and semiconductors, which are critical components of our national security, were going to be dealt with through a separate Commerce authority known as a 232. That was always the plan because those components are so essential to our national security. We need to have a separate process for dealing with how to reshore those essential industries … There are no exemptions.”
On President Trump’s historic actions: “History will record that the actions President Trump has taken in recent days were the beginning of saving the West from complete economic domination by another power.”

MIL OSI USA News –

April 15, 2025
MIL-OSI China: Britain suspends import tariffs on 89 products amid global trade tensions

Source: China State Council Information Office

The British government has announced a temporary suspension of import tariffs on 89 types of goods to bolster domestic businesses and ease financial burden on consumers. The measure takes immediate effect and will remain in place until July 2027.

According to an official press release updated on Monday, the suspended tariffs apply to a wide array of items, ranging from everyday essentials such as pasta, fruit juices, spices, and coconut oil, to industrial materials like plywood and plastics used in construction and manufacturing. Seasonal goods such as agave syrup – popular among cocktail makers, and plant bulbs for gardening are also included.

The authority estimates that the tariff cuts will save British businesses at least 17 million pounds (about 22.42 million U.S. dollars) annually. Officials said the savings could be passed down to consumers through lower retail prices especially ahead of the summer season.

“Free and open trade grows economies, lowers prices and helps businesses to sell to the world, which is why we’re cutting tariffs on a range of products,” said British Business and Trade Secretary Jonathan Reynolds. “From food to furniture, this will reduce the cost of everyday items for businesses, with savings hopefully passed onto consumers.”

British Chancellor of the Exchequer Rachel Reeves also stressed the policy’s potential to address cost-of-living concerns. “In a changing world, we know families are anxious about the cost of living, and businesses are uncertain about their future. That’s why we’ve announced lower prices on imports of everyday essentials – helping businesses to thrive and pass on savings to customers,” she said.

The announcement comes amid mounting external trade pressures, including recent tariff increases imposed by the United States on a variety of British exports. The U.S. measures, which have affected sectors such as steel, automotive, and food products, have raised costs for exporters and strained transatlantic trade.

Industry groups warn that the American tariffs could further weigh on Britain’s manufacturing sector, which is already grappling with high input costs and sluggish global demand. Against this backdrop, the British government’s tariff suspensions are seen as a countermeasure to reinforce domestic competitiveness and economic resilience. (1 pound = 1.32 U.S. dollar)

MIL OSI China News –

April 15, 2025
MIL-OSI China: Nation diversifying market amid global trade volatility

Source: China State Council Information Office

China will step up market diversification and reduce reliance on the United States market, as Washington’s volatile tariff policy has become a major source of global economic uncertainty, officials and exporters said on Monday.

The US’ unwarranted imposition of tariffs has trampled on the legitimate rights of many countries and disrupted normal trade flows, they said, adding that these countries are now seeking to strengthen trade ties elsewhere to reduce their exposure to US-driven volatility.

Speaking at a news conference in Beijing, Wang Lingjun, deputy head of China’s General Administration of Customs, said the country will continue working with partners such as the European Union and the Association of Southeast Asian Nations to deepen trade and economic cooperation and oppose the US’ hegemonic practices.

Lyu Daliang, director of the GAC’s department of statistics and analysis, said that despite a complex and challenging external environment, “the sky won’t fall” for China’s exports.

According to data released by the GAC on Monday, China’s foreign trade recorded a steady performance in the first quarter, with the total goods trade value growing 1.3 percent year-on-year to 10.3 trillion yuan ($1.41 trillion).

“China has made steady progress in diversifying its foreign trade market in recent years, bolstering the development of its trading partners while strengthening its own economic resilience,” Lyu said.

Data shows that China’s export and import value with countries and regions involved in the Belt and Road Initiative totaled 5.26 trillion yuan in the first quarter, up 2.2 percent year-on-year, while its trade with ASEAN member states soared 7.1 percent year-on-year to 1.71 trillion yuan.

Zhou Mi, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, said that in the face of the US’ unilateralism and protectionist practices, China has stepped forward with a clear stance and resolute actions to directly respond to and refute the flawed logic and bullying behavior of the US.

China’s actions have received support from many of its trading partners for providing greater certainty, space for enhanced international cooperation and the stabilization of global supply chains, Zhou said.

Last week, China and the EU agreed to begin negotiations on electric vehicle pricing commitments and discuss investment cooperation in the automotive industry.

The EU is ready to strengthen communication with China and promote expanded two-way market access, investment and industrial cooperation, according to the Ministry of Commerce.

To mitigate the risks caused by the US’ tariff hikes, China’s major foreign trade cities, including Dongguan and Shenzhen in Guangdong province, Suzhou in Jiangsu province and Ningbo in Zhejiang province, have introduced policies to develop emerging markets, explore opportunities in domestic sales and cope with global supply chain disruptions.

Echoing China’s efforts to enhance global industrial cooperation, Ningbo Corelead Optoelectronics Technology, an electronic equipment manufacturer in Zhejiang, has adopted a global production strategy, manufacturing core components in China and conducting further processing at its overseas plant, according to Ningbo Customs.

“Establishing a production base in Serbia has enabled us to export domestically made core components for assembly and distribute the finished products across Europe, cutting our order fulfillment time by more than 25 days,” said Yu Xiongwei, the company’s president.

Ningbo Corelead’s sales in the European market outperformed those in other regions during the first quarter, Yu added.

MIL OSI China News –

April 15, 2025
MIL-OSI USA: CONGRESSIONAL DEMOCRATS FIGHT BACK AGAINST TRUMP’S ATTACKS ON THE FTC AND INDEPENDENT AGENCIES

Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

Washington, D.C. — Today, Senate and House Democrats filed an amicus brief opposing President Donald Trump’s unlawful attempt to fire members of the Federal Trade Commission (FTC). FTC Commissioners Rebecca Slaughter and Alvaro Bedoya are duly appointed, Senate-confirmed Commissioners at an independent federal agency created by Congress. Trump’s illegal attempts to terminate them threaten the integrity of independent federal agencies and the FTC’s ability to enforce civil antitrust law and protect the public from fraudsters and monopolists.

The brief was led in the Senate by Judiciary Antitrust Subcommittee Ranking Member Cory Booker (NJ), Democratic Leader Chuck Schumer (NY), Judiciary Ranking Member Dick Durbin (IL), Commerce Ranking Member Maria Cantwell (WA), Senator Elizabeth Warren (MA), and Senator Amy Klobuchar (MN). Co-Chairs of the House Litigation and Rapid Response Task Force, Judiciary Committee Ranking Member Jamie Raskin (MD-08) and Assistant Democratic Leader Joe Neguse (CO-02), in conjunction with Democratic Leader Hakeem Jeffries (NY-08), Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (NJ-06), and Antitrust Subcommittee Ranking Member Jerry Nadler (NY-12) are leading the brief in the House of Representatives. 251 Congressional Democrats signed the amicus brief.

“Donald Trump and Elon Musk are crippling the independent Federal Trade Commission, which is entrusted with protecting American consumers and ensuring a fair and competitive marketplace. These purported firings violate the law and a century of Supreme Court precedent, but they are no mistake. The FTC has been at the frontlines of holding to account the very billionaires and Big Tech CEOs who have donated millions to Trump and sat in the front row at Trump’s inauguration,” said Ranking Member Raskin. “That’s why Democrats are joining the fight to protect the FTC which has helped all Americans by stopping junk fees, ensuring prices are fair for American consumers at the grocery store, and preventing big business from stifling competition from small business owners.”

“The unlawful firing of FTC Commissioners is yet another example of the Trump administration’s continued executive overreach, and threatens the agency’s ability to carry out its mission,” said Assistant Democratic Leader Joe Neguse. “House Democrats won’t stand for it, and will continue to defend the constitution and rule of law.”

“House Democrats are united in our overwhelming opposition to Donald Trump’s unlawful attempt to fire members of the Federal Trade Commission appointed by Democratic Presidents. Congress created this commission and required it to be bipartisan to protect consumers and we will not stand by while Donald Trump rips it apart. I thank my Senate Democratic colleagues, Rep. Raskin, Rep. Pallone, Assistant Leader Neguse and the entire Litigation Working Group and Rapid Response Task Force for leading our effort to push back on this unprecedented takeover,” said Leader Jeffries.

“Trump’s attempt to fire the two FTC Commissioners—one of whom he himself appointed—is unlawful. Commissioners Slaughter and Bedoya must be reinstated to their rightful positions, and I’m proud to stand with my colleagues in fighting to restore an independent FTC that protects consumers,” said Ranking Member Pallone.

“The law is clear–the President of the United States does not have the power to fire an FTC Commissioner without cause,” said Senator Booker. “The FTC catches scammers, breaks up monopolies, protects children’s privacy online, and encourages competition to keep prices low at the grocery store, pharmacy, and gas stations. Donald Trump’s illegal attempt to fire these Commissioners for no reason is a blatant attempt to strip the agency of transparency and accountability, at great cost to Americans. His actions violate nearly a century of Supreme Court precedent and Congress’ well-established constitutional practice of providing removal protections to members of the FTC and other independent agencies like the National Labor Relations Board (NLRB) and the Federal Reserve. I’m proud to lead this effort in the Senate and be joined by over 250 of my congressional colleagues to ensure the FTC continues to work for the American people and not for Trump’s billionaire friends.”

“It is disgusting – but not surprising – that the Trump administration is working overtime to dismantle the agency that handles antitrust law and enforces consumer protections,” said Leader Schumer. “Lawlessness has been a hallmark of the first few months of this administration, and firing Senate-confirmed FTC commissioners is just one example. This reckless decision will lead to higher prices for American families by giving a green light to businesses across the country to gouge consumers. Senate Democrats will continue to fight against this corporate handout with every tool possible.”

“President Trump is yet again abusing the power of the presidency by unlawfully removing two FTC Commissioners. The law and Supreme Court precedent are crystal clear: Commissioners Slaughter and Bedoya cannot be removed without good cause,” said Senator Durbin. “I’m joining Senator Booker in filing this amicus brief to underscore that the President, whoever he may be, must follow the law.”

“The FTC for 100 years has protected consumers—from stopping predatory scams to blocking illegal mergers. You can’t just fire commissioners because you don’t like them, you can only fire them for cause. The FTC should be an independent, bipartisan consumer watchdog that puts consumers ahead of politics,” said Senator Cantwell.

“Rebecca Slaughter and Alvaro Bedoya are talented, dedicated public servants who stand up for consumers and workers against big corporations’ abuse. Their illegal firings are a gift to corporations who want a free pass to gouge and scam American families,” said Senator Warren. “We’re fighting back to make sure the Federal Trade Commission stays independent and fights for working people.”

“President Trump’s firing of Commissioners Slaughter and Bedoya was not only illegal, it also undermines the critical, bipartisan work that the FTC has carried out for over a century,” said Senator Klobuchar. “We stand with the Commissioners and urge the court to immediately reinstate them so they can continue to take on monopoly power and protect consumers from fraud, scams, and corruption.”

In Slaughter v. Trump, a case filed in the U.S. District Court for the District of Columbia challenging the unlawful attempted firings of FTC Commissioners Slaughter and Bedoya, the congressional amicus brief argues:

1. The Supreme Court’s 1935 decision in Humphrey’s Executor makes clear that Congress has the power to create independent multimember agencies like the FTC and provide removal protections for FTC Commissioners;

2. Throughout our nation’s history, Congress has created independent agencies with multimember boards or commissions whose members enjoy removal protections, like the Commissioners of the FTC, and this established practice has been consistently upheld by the Supreme Court; and

3. Constitutional text and history support Congress’ constitutional authority to temper the President’s exercise of removal.

The full brief is available here.

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MIL OSI USA News –

April 15, 2025
MIL-OSI USA: MATSUI AND SCHNEIDER LEAD EFFORT TO PROTECT ESSENTIAL MEDICAL SUPPLY CHAINS FROM TRUMP TARIFFS
Source: United States House of Representatives – Congresswoman Doris Matsui (D-CA)

WASHINGTON, D.C. – Today, Congresswoman Doris Matsui (D-CA-07) and Congressman Brad Schneider (D-IL-10) led a group of 26 lawmakers in sending a letter toUnited States Trade Representative Ambassador Jamieson Greer and U.S. Department of Commerce (DOC) Secretary Howard Lutnick. The letter raises serious concerns that the Trump Administration’s tariffs may jeopardize the fragile supply chains of generic drugs and medical devices, risking dangerous shortages of these essential medical supplies.

“We write with deep concern over your Administration’s tariff actions affecting medical supply chains,” wrote the lawmakers. “Reckless tariffs, retaliatory measures, and an escalating trade war threaten the supply of essential medicines and medical goods, risking severe shortages that could harm U.S. patients.”

The vast majority of active pharmaceutical ingredients used for generic drugs come from overseas. The same is true of crucial medical devices. Imposing tariffs on these products will lead to shortages given the low tolerability of manufacturers to take on additional economic risk. These same factors could force manufacturers overseas where critical inputs are less expensive.

“The supply disruptions of critical medical products will unavoidably hurt U.S. patients, force providers to make impossible rationing decisions, and potentially even result in death as treatments are delayed and more effective medicines and products are swapped for less effective alternatives,” the lawmakers continued.

Congresswoman Matsui has been a leader in Congress to secure medical supply chains. Last Congress, she authored the Mapping America’s Pharmaceutical Supply (MAPS) Act, a bill to help the federal government prepare for and mitigate future drug shortages by identifying pharmaceutical supply chain vulnerabilities.

Full text of the letter can be found below or HERE.

Dear Ambassador Greer and Secretary Lutnick,

We write with deep concern over your Administration’s tariff actions affecting medical supply chains. Reckless tariffs, retaliatory measures, and an escalating trade war threaten the supply of essential medicines and medical goods, risking severe shortages that could harm U.S. patients.

Critical drug supply chains are already fragile, with 271 drugs currently in shortage, down from a record 323 in early 2024 but still alarmingly high. Many of these are low-margin generic sterile injectable drugs (GSI) crucial in hospital settings, including IV saline, chemotherapy, antibiotics, and anesthetics. Often priced at $2 or less per unit, these drugs are highly vulnerable to economic disruptions.

These economic conditions discourage manufacturers from investing in reliable supply chains, leaving these drugs heavily reliant on foreign active pharmaceutical ingredients (API), particularly from China and India, which together account for 80% of registered API manufacturing sites. The Administration for Strategic Preparedness and Response estimates that 90-95% of GSI for acute critical care depend on API from these countries. This reliance threatens military readiness as well as general public health; in 2019, a Defense Health Agency official warned that disruption of Chinese supply could cause “severe shortages.”

Similarly, nearly 70% of U.S.-marketed medical devices are produced solely overseas. The Organisation for Economic Co-operation and Development (OECD) highlights the complexity of global medical device supply chains, where disruptions lead to prolonged shortages. These supply chains are characterized by varying access to inputs across the globe, specialized regional economies and production capabilities, and an incoherent international regulatory landscape. If tariffs are implemented on medical products, it would be extremely difficult to coordinate a response such that the number and duration of shortages in the U.S. does not increase.

The supply disruptions of critical medical products will unavoidably hurt U.S. patients, force providers to make impossible rationing decisions, and potentially even result in death as treatments are delayed and more effective medicines and products are swapped for less effective alternatives. We have already seen these harmful effects during chemotherapy drug shortages in the U.S. in 2023. If tariffs are implemented, clinicians would be forced to make similar decisions on a much larger scale, having devastating impacts on patient care and resource allocation across the healthcare system.

Tariffs may also backfire by driving manufacturers to cheaper foreign markets, undermining efforts to strengthen domestic and allied-country production. With generic drugmakers already operating on thin margins, cost spikes could force them to cut product lines, exacerbating shortages. For example, we aware of one large generics manufacturer that has identified 60 products that would immediately be at risk of being discontinued if the administration moved forward with tariffs as proposed. Onshoring production requires deliberate policy incentives, not blunt economic penalties.

The shared goal of bringing more of our critical medical supply chains to the U.S. and allied countries requires the deliberate attention of the Executive Branch and Congress to incentivize manufacturing. Unfortunately, without additional policy changes, the blunt instrument of tariffs will likely result in more shortages of essential medicines and medical goods, threatening public health and inadvertently increasing reliance on foreign countries for our supply of critical medical products.

To avoid devastating consequences to patients and our public health infrastructure, we urge you to consider the following in tariff decisions:
- Assess the impact of tariffs on essential medicines and medical goods and seek input from manufacturers and experts.
- Exempt or provide waivers for API, generic drugs, essential medicines, and critical medical supplies.
- If tariffs are implemented, coordinate with the FDA to expedite approval of alternative sources.
- Issue timely and clear guidance to manufacturers on tariffs, exemptions, and exclusions.
- Collaborate with Congress and international allies to build resilient medical supply chains.
Congress stands ready to work toward securing our medical product supply chains. We implore you to carefully weigh tariff decisions with respect to essential medicines and medical goods.

# # #

MIL OSI USA News –
April 15, 2025
MIL-OSI USA: Senator Markey Slams Trump Proposal to Rescind Public Broadcasting Funding

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

Boston (April 14, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee and Congress’s leading proponent for funding for public broadcasting, released the following statement today after news reports stated that the Trump administration is seeking to rescind funding for the Corporation for Public Broadcasting (CPB) as part of a larger rescission package it plans to send to Capitol Hill.

There are 170 locally-operated, locally-controlled, locally-focused public television licensees in the country, which reach almost 97 percent of Americans, including many rural and remote communities where commercial television can’t succeed. For the 22^nd year in a row, public television was ranked the most trusted institution, with 76 percent of Americans agreeing that public television provides an excellent value to communities.

“The White House’s attempt to gut funding for the Corporation for Public Broadcasting is an outrageous and reckless attack on one of our most trusted civic institutions,” said Senator Markey. “The CPB supports a public media system that keeps communities informed, educates our children, and reflects the full breadth of America. This rescission package threatens that mission — and would harm the millions of Americans, especially in rural and underserved communities, who rely on public television and radio as their only source of news, culture, and educational programming.

“From ‘PBS NewsHour’ to ‘Sesame Street,’ public television has set the gold standard for programming that empowers viewers, particularly young minds. Cutting off this lifeline is not budget discipline, it’s cultural sabotage. I will fight to ensure that the Trump administration doesn’t pull the plug on this essential public good.”

MIL OSI USA News –

April 15, 2025
MIL-OSI USA: Congressman Krishnamoorthi: Flavored Vapes like “Strawberry Strudel” and “Sour Skittles” are Endangering our Youth—and it’s Time to Act

Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

WASHINGTON – Following his pointed questioning during an April 9th Oversight Committee hearing, Congressman Raja Krishnamoorthi (D-IL) renewed his call for urgent federal action to combat the youth vaping epidemic, warning that flavored e-cigarettes continue to drive nicotine addiction among children and teens.

At the hearing, Congressman Krishnamoorthi challenged tobacco industry-backed witnesses who dismissed the ongoing crisis as “disputable,” despite over 1.6 million children still using e-cigarettes.

“I assure you that the parents of the 1.6 million youth vapers do not believe this is somehow a disputable crisis,” Congressman Krishnamoorthi said. “When companies market candy-flavored vapes like ‘Strawberry Super Strudel’ and ‘Sour Skittles,’ they are targeting our children—not adults trying to quit smoking.”

During his questioning, Congressman Krishnamoorthi underscored how tobacco companies continue to frame their products as tools for adult cessation while using kid-friendly branding to expand their market.

“There is no legitimate public health case for products like ‘Rainbow Road’ or ‘Sour Skittles,’” Congressman Krishnamoorthi said. “These products exist to hook children, and defending them as beneficial is both absurd and dangerous. I’m the father of three school-aged kids. We have a responsibility to protect this generation from another wave of addiction marketed in candy wrappers. The time to act is now.”

Congressman Krishnamoorthi has been a leading voice in the fight to end youth vaping, co-founding the bipartisan Congressional Caucus to End Youth Vaping and spearheading legislation to regulate flavored e-cigarettes. As Chairman of the Subcommittee on Economic and Consumer Policy, Congressman Krishnamoorthi launched the first Congressional investigation into the youth vaping epidemic in 2019, spearheading subsequent legislation to crack down on e-cigarette makers and to close the synthetic nicotine loophole. In December, Congressman Krishnamoorthi, through his role as Ranking Member of the Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party (CCP), announced a new investigation into illicit vaping products from China with advertising targeted at children.

The clip of the Congressman’s question line is available here.

MIL OSI USA News –

April 15, 2025
MIL-OSI: EdgePoint Announces Acquisition of Additional Warrants of TeraGo

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES

TORONTO, April 14, 2025 (GLOBE NEWSWIRE) — TeraGo Inc. (“TeraGo” or the “Issuer”) (TSX:TGO): This press release is being disseminated by EdgePoint Investment Group Inc. (“EdgePoint”) and Cymbria Corporation (“Cymbria,” and collectively with EdgePoint, the “Acquiror”), an account managed by EdgePoint, to announce the acquisition of common share purchase warrants (“Warrants”) to acquire 800,000 common shares (“Shares”) of the Issuer.

The Warrants were issued by TeraGo in connection with an amendment to a credit and guaranty agreement between TeraGo, as borrower, and CrowdOut Capital LLC (“CrowdOut”) and Cymbria, as lenders, to increase the amount of the secured debt facility from US$19 million to US$21 million, which increase was funded by Cymbria.

Each Warrant entitles Cymbria to subscribe for and purchase one Share until 5:00 p.m. (Toronto time) on March 30, 2028, at a price per Share as follows: (i) 200,000 Warrants at a price per Share of $2.50; (ii) 200,000 Warrants at a price per Share of $2.00; (iii) 200,000 Warrants at a price per Share of $1.50; and (iii) 200,000 Warrants at a price per Share of $1.06.

Prior to the acquisition of the Warrants, EdgePoint had control over, and Cymbria beneficial ownership of, 4,706,715 Shares and Warrants to acquire 54,100 Shares (representing, following exercise of the Warrants, approximately 23.7% of TeraGo’s outstanding Shares). EdgePoint now exercises control over, and Cymbria has beneficial ownership of, 4,706,715 Shares and Warrants to acquire 854,100 Shares (representing, following exercise of the Warrants, approximately 26.7% of TeraGo’s outstanding Shares).

The acquisition of securities of the Issuer was made in the ordinary course of business and for investment purposes. EdgePoint may acquire or dispose of ownership or control or direction over securities of the Issuer or may enter into derivative or other transactions with respect to such securities on behalf of accounts it manages. Cymbria may acquire or dispose of ownership or control or direction over additional securities of the Issuer or may enter into derivative or other transactions with respect to such securities. Any acquisition or disposition may be effected through market transactions, private agreements, subscriptions from treasury or otherwise.

An early warning report will be filed by the Acquiror under applicable securities laws and will be available on the Issuer’s SEDAR+ profile at www.sedarplus.ca. A copy of the early warning report may also be obtained by contacting Sayuri Childs, Chief Compliance Officer of EdgePoint at (416) 963-9353. EdgePoint’s head office is located at 150 Bloor St. West, Suite 700, Toronto, Ontario, M5S 2X9. The Issuer’s head office is located at 55 Commerce Valley Drive West, Suite 800, Thornhill, Ontario, L3T 7V9.

The MIL Network –

April 15, 2025
MIL-OSI United Kingdom: Government secures raw materials to save British Steel
Source: United Kingdom – Executive Government & Departments

Press release

Government secures raw materials to save British Steel

The Government has secured raw materials needed to save British Steel.
The Business Secretary pushes ahead with efforts to safeguard British Steel. Today [Tuesday 15 April] he will travel up to Immingham as the raw materials that have been waiting in the dock are unloaded and transported to the site, following the government settling payment for them.

The materials – which have arrived from the US – are enough to keep the blast furnaces running for the coming weeks, with officials continuing to work at pace to get a steady pipeline of materials to keep the fire burning.

A separate ship which contains yet more coking coal is on the way to the UK from Australia. This cargo was the subject of a legal dispute between British Steel and Jingye over the weekend that has now been resolved. The materials have been paid for using existing DBT budgets.

New legislation passed last weekend, in an unprecedented move, gives Government the power to direct the company’s board and workforce, ensure they get paid, and order the raw materials to keep the blast furnaces running. It also permits the Government to do these things itself if needed. The government acted to protect 37,000 jobs in supply chains and ensure we can build the infrastructure needed to deliver growth which is fundamental to the Plan for Change.

On Monday, Business and Trade Secretary Jonathan Reynolds confirmed the appointment of Allan Bell as interim Chief Executive Officer, and Lisa Coulson as interim Chief Commercial Officer, both with immediate effect – ensuring the right expertise is in place to keep the site running smoothly.

After intensive work over the weekend, the government has secured coke and iron ore pellets for the blast furnaces and is confident there will be enough materials to keep the furnaces burning.

Business and Trade Secretary Jonathan Reynolds said:

We will always act in the interest of working people and UK industry. Thanks to the work of those at British Steel, and in my department, we have moved decisively to secure the raw materials we need to help save British Steel.

Our industries depend on UK steel and – thanks to our Plan for Change – demand is set to shoot up: helping build the 1.5 million homes, railways, schools and hospitals we need to usher in a decade of national renewal.

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Published 15 April 2025
MIL OSI United Kingdom –
April 15, 2025
MIL-OSI New Zealand: Local News – Have your say on water and rates – Porirua
Source: Porirua City Council
Under Local Water Done Well, the Government has said the way we manage water services (drinking water, wastewater and stormwater) in Aotearoa needs to change.

Porirua City Council is working with Hutt City, Upper Hutt City, Wellington City and Greater Wellington Regional Council and with mana whenua partners to find the best solution for water services. Together, we’re proposing two options for the future of water services in Porirua and our region.

This is the most important decision we’ll make for our city in decades and we want to hear your views as it will have an impact on our city, your rates and the way you pay for water.

Option 1: Multi-council-owned water organisation (Council’s preferred option).

Option 2: Modified version of the current Wellington Water model (with a new planning, regulatory and accountability framework).

We also want your feedback on some other changes proposed in Porirua’s draft Annual Plan for 2025/26.

The services we provide – like rubbish, recycling, roads, parks, pools, libraries, and especially infrastructure – are costing more than ever, and rates in Porirua are at an all-time high (with a 17.5% increase last year and an average rates increase of 18.4% across the Wellington region).

This year, after making cuts and finding savings, we’ve managed to cut the planned rates increases for 2025/26 from a new starting point of 15% down to an average of 6.75%.

Some other ways to reduce costs include higher increases to some fees and cutting some grants or funding, and we want to hear your views on proposals to:
increase entry fees at Cannons Creek Pool

raise fees for building consents

increase paid parking by 50 cents per hour

stop the Chamber of Commerce grant and cut the Event Investment Programme funding.
Have your say before midnight 20 April. Making a submission is quick and easy, with five questions (one on water and the four proposals above), and you can also make comments.
MIL OSI New Zealand News –
April 15, 2025
MIL-OSI New Zealand: Health – Time to give physios green light to certify patients return to work, saving ACC millions

Source: Physiotherapy New Zealand

Minor law change needed to take pressure off GPs and return people to work faster

Physiotherapy patients are waiting too long to be allowed to return to work, likely costing ACC millions of dollars in compensation payments it should not be paying because of delays in getting GPs to sign return to work certificates.

Physiotherapy New Zealand (PNZ) is calling on the Government to amend the law to allow physiotherapists the same power as GPs to certify that a patient who is under ACC care is ready to return to work.

“New Zealand physiotherapists have the skills and experience to ensure people can return to work safely and with GPs under more pressure than ever, now is the time to remove the bottleneck,” said PNZ President Kirsten Davie.

“Physiotherapists write the return to work plans now for their patients which GPs sign off on so it’s just common sense to give physiotherapists the same authority. They already do this for employers who need a return-to-work certificate for workers who are not on ACC compensation to ensure they are meeting health and safety requirements.

“These days getting a timely appointment with a GP is harder than ever, especially in remote parts of New Zealand. We have heard of cases where people without a GP have been forced to wait hours in A&E to get a return-to-work certificate.

“And even if a patient can get to a GP, they may be charged for the visit.

“None of this makes sense when a simple amendment to the Accident Compensation Corporation Act giving physiotherapists the power to sign return to work certificates would get people back to work quickly and safely.

Business supports change

“Businesses agree with us – they want their staff back to work as soon as possible, as long as they are fit and healthy, and likewise patients who are fit again, want their lives to return to normal as well.”

The construction industry is keen to see physiotherapists given the authority to return workers to building sites.

“It just makes good sense,” said Chris Alderson, chief executive of Construction Health and Safety New Zealand which works to raise the standard of health, safety and wellbeing in construction.

“Many of the injuries construction workers suffer are musculoskeletal related, which physios are well placed to remedy. GPs often refer a worker to a physio who understands the treatment a worker needs and exercises that will help get them back to work fit and well.

“We know many construction workers don’t have easy access to a GP, so may end up just not getting the treatment they need until the pain is too bad or end up at emergency departments for conditions that should have been dealt with earlier. Giving physios the ability to sign off the return to work will take pressure off primary health care and get workers back to sites far more quickly. It’s just not good for anyone’s mental health and well-being to sit at home when they are ready to go back to work.”

Cost of compensation

The cost of compensation that should not be paid out by ACC when people are ready to return to work runs to millions of dollars every year. A Physiotherapy New Zealand survey of members in August 2024 showed how big the problem is. 454 members identified at least 4,400 days of delay for their patients getting a return-to-work certificate in one month alone (equivalent to 628 weeks).

ACC stipulates the minimum rate of weekly compensation payable is $740.80, based on a 40-hour week (ACC weekly compensation information here). That amounts to $4,656,457, just under half a million in weekly compensation from our member survey in one month alone.

“Cost savings for ACC in returning people to work as soon as possible are likely to be significant. Right now, ACC is under pressure to reduce costs and be sustainable, so this change makes good financial sense too. ACC weekly compensation claim payments have risen 70% within the last five years, and are projected to rise further.

“We want to take pressure off GPs and continue working together with them to get Kiwis back to work safely and well.

“This is a no-brainer – good for people’s health, good for economic growth, good for government finances.”

Patient example – Robyn, nurse

Robyn (not her real name) is a nurse in Gisborne (not her real name). She fractured her foot slipping on stairs, which prevented her from returning to work at the local hospital. She rested and after six weeks the fracture clinic discharged her and referred her to physiotherapy for a supported return to work. Robyn was able to do some temporary office work at this time.

Her physiotherapist assessed her and developed a return to work plan. In order to begin this planned return to work, Robyn needed a signed certificate from a GP. Robyn couldn’t get to see her GP for three weeks as the clinic was only taking emergency cases given how busy it is.

Without the certificate Robyn was unable to begin the return to her usual clinical duties or continue with the office work. She needed to be either given full clearance for her usual work or be certified partially fit to return to office work and begin the plan with her physiotherapist.

Since Robyn’s current certificate had expired, ACC compensation stopped.

Robyn worried she would not have any income for these three weeks, being neither on ACC compensation nor back at work. This left her in limbo until her physiotherapist intervened, called the GP clinic, explained the urgent need, and the GP clinic issued the certificate including the plan the physiotherapist had provided.

“This was really frustrating – I was facing weeks without income sitting around at home because I couldn’t get to see a GP. It shouldn’t take a call from my physio to make this happen. And we have a real shortage of nurses here so having a nurse out of action for longer than necessary just puts more pressure on the hospital when it doesn’t need to be that way. Physios should be able to do the paperwork to get people back to work as soon as they are fit and well.”

MIL OSI New Zealand News –

April 15, 2025
MIL-OSI Submissions: Australia – CBA warns small business customers to be extra vigilant this Easter: SMEs step up battle against scams – CBA

Source: Commonwealth Bank of Australia (CBA)

More businesses are taking proactive steps to protect themselves from scams but criminals are likely to ramp up their activity over Easter.

A new survey commissioned by CommBank shows the vast majority of small to medium business owners and senior managers (84 per cent) are either taking action to protect their business from scams or planning to do so, after more than one third (36 per cent) reported having experienced a scam at least once since starting their business.

CommBank Executive General Manager Small Business Banking, Rebecca Warren, said it’s encouraging to see more businesses take steps to protect themselves against scams.

“We know running a small business involves wearing many hats, and it often means you’re incredibly busy with not much time to spare. As a result, business owners may be less likely to spot some of the red flags, which can make them vulnerable to scams,” Ms Warren said.

Steps SMEs have taken to combat scams include checking bank accounts and invoices more regularly and thoroughly (58 per cent), upgrading software (50 per cent), providing additional training for staff (30 per cent) and engaging third-party suppliers such as security consultants (25 per cent).

Ms Warren said there is often a spike in scam events during busy holiday periods, calling for extra caution during the upcoming Easter break.

“While we have seen a 70 per cent reduction in customer scam losses across the bank over the past two years, scammers recognise business owners or key staff are often on holiday at this time of year and this affords them more opportunity combined with less chance of being caught,” Ms Warren said.

“It’s important to keep up with the trends as scams are constantly evolving and becoming more sophisticated, particularly with AI use being so prevalent.

“Small businesses are often affected by the same scam types as individual Australians such as phishing, investment scams, and romance scams. However, the primary scam type that impacts businesses of all sizes is the business email compromise scam.

Business email compromise scams involve obtaining unauthorised access to an email account for the purpose of intercepting and redirecting payment requests.

For example, a business will receive an email that appears to be from someone they know such as an employee, member of senior management, supplier, customer, or service provider. It will request a change of beneficiary account details for a new or upcoming payment, often including an altered invoice.

With scammers now leveraging AI to create highly sophisticated and convincing communications, making it even harder to identify fraudulent activity, Ms Warren said it is more crucial than ever to upskill on cyber safety and scams awareness.

“The more business owners and their staff are aware of the risks, the more likely they’ll be able to spot red flags. People truly are the first line of defence, and it’s encouraging to see scams protection is top of mind for so many business owners.

“Awareness, combined with robust processes and technology, will significantly reduce risk for hard-working Aussie small business owners,” Ms Warren added.

Tips to protect your small business from scams

According to Ms Warren, there are three main parts to ensuring a business is protected from scams and fraudulent activity – people, processes and technology.

People: at CBA we have seen customer scam losses decrease by 70 per cent over two years, and we know that knowing what to look out for is an important defence against fraud and scams. People are truly the first line of defence, which is why education and scams awareness is key.
Processes: call your supplier on a verified/trusted number before making an invoice payment to a new supplier or in situations where existing suppliers are updating their banking details. It is really important to make sure at least two people sign off any payments or changes in beneficiary details as this will significantly reduce the risk of falling victim to a payment redirection scam.
Technology: installing and regularly updating antivirus programs and applying multi-factor authentication for your business applications like email, and accounting software will provide a much-needed third layer of defence.

“Small business owners and their staff can sign up for a free Cyber Wardens course, which was created in partnership between CommBank, Telstra and the Council of Small Business Organisations Australia (COSBOA) and designed to upskill Australian businesses in cyber safety,” Ms Warren added.

“They have launched an updated course with a focus on AI, given scammers and cyber criminals increasingly use this technology to target unsuspecting Australians.”

How CommBank protects your business

Helping customers stay safe by improving early detection and prevention of scams is among our highest priorities, and we continue to work hard to make Australian small businesses more resilient to scams.

We are focused on delivering initiatives that help customers stay safe by improving early detection and prevention of scams, such as NameCheck, CallerCheck and CustomerCheck, as well as progressive advances in our cyber protections.

If something goes wrong and you suspect you’ve been scammed, contact your bank and law enforcement immediately.

For more on how CommBank protects your business, visit commbank.com.au/business/security

MIL OSI – Submitted News –

April 15, 2025
MIL-OSI USA: Pressley Joins Markey, Massachusetts Delegation Demanding Answers on Staff Cuts to Home Energy Program for Vulnerable Households
Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

Massachusetts has received more than 181,000 requests for heating assistance so far this fiscal year.

Critically, Massachusetts is still waiting on HHS to release the remaining estimated 10 percent of FY2025 LIHEAP funds.

Text of Letter (PDF)

WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) joins Senator Ed Markey (D-MA) and the entire Massachusetts Congressional delegation – Senator Elizabeth Warren (D-MA) and Representatives Richard Neal (MA-01), Jim McGovern (MA-02), Lori Trahan (MA-03), Jake Auchincloss (MA-04), Katherine Clark (MA-05), Seth Moulton (MA-06), Stephen Lynch (MA-08), and Bill Keating (MA-09)—in writing to Secretary of Health and Human Services (HHS) Robert F. Kennedy Jr., on the sudden termination of the federal staff responsible for administering the Low Income Home Energy Assistance Program (LIHEAP), and the impacts to Massachusetts families who depend on the program to stay safe, healthy, and housed.

Massachusetts has received more than 181,000 requests for heating assistance so far this fiscal year, with more than 110,000 households already served through March 31. First-time applicants have also surged: more than 27,000 Massachusetts households applied for LIHEAP for the first time this fiscal year, 8 percent more than last year at this point. More than 58 percent of households served so far include at least one elderly member, more than 33 percent include individuals with disabilities, more than 6,500 include a veteran or active-duty military member, and more than 11,500 include young children under age five. Critically, Massachusetts is still waiting on HHS to release the remaining estimated 10 percent of FY2025 LIHEAP funds.

In the letter, the lawmakers write, “Over the past decade, Massachusetts energy prices have risen two to three times more than the national average. This winter alone, rate increases in Massachusetts hit families hard, with some energy bills doubling over the heating season. In Boston, residents face some of the highest heating costs among cities nationwide. This means that many Massachusetts families are struggling to pay their utility bills.”

The lawmakers continue, “Although LIHEAP is structured as a block grant administered primarily by states, federal staff provide essential technical assistance—from calculating the complicated allocation formula and distributing block grant funds, to guiding new state LIHEAP directors, reviewing and approving state plans, and monitoring state program implementation. This is not red tape, it is essential governance. Despite serving more than 5 million households nationwide, the entire federal LIHEAP team consisted of only 25 staff—an example of efficient, high-impact federal support.”

The lawmakers request answers by May 1, 2025, to questions that include:
- How does HHS plan to preserve the continuity of LIHEAP operations nationwide?
- How does HHS plan to ensure that states such as Massachusetts can timely access the remaining FY2025 LIHEAP funds appropriated by Congress?
- With the termination of the LIHEAP staff, who within HHS is now responsible for the program’s operation?
- Does HHS intend to restore the terminated positions or provide an equivalent staffing structure before the 2025–2026 heating season begins?
- What measures will HHS implement to ensure communications with state program administrators on vendor enrollment, rule changes, and reporting compliance?
- Has HHS consulted — formally or informally — with state LIHEAP administrators or community action agencies about these staff terminations, either before or after they occurred?
A copy of the letter is available here.

Congresswoman Pressley has been a leading voice in Congress speaking out against Elon Musk and Donald Trump’s unprecedented assault on our democracy and federal agencies, and she has been a steadfast advocate for protecting the essential services that federal workers and agencies provide.
- On April 9, 2025, Rep. Pressley joined the Massachusetts delegation in sending a letter to HHS Secretary Robert F. Kennedy Jr. demanding answers after the abrupt shuttering of the entire HHS Regional Office in Boston.
- On April 9, 2025, Rep. Pressley led lawmakers in sending a letter to Trump’s trade official demanding he resign from holding multiple positions with clear conflicts of interest that would further harm federal workers.
- On March 28, 2025, Rep. Pressley issued a statement slamming Trump’s executive order to end collective bargaining rights for hundreds of thousands of federal employees.
- On March 21, 2025, Rep. Pressley led Massachusetts lawmakers in a letter to the Office of Personnel Management (OPM) sharply criticizing and demanding answers about the impact of the Musk-Trump Administration’s mass firings of federal workers in Massachusetts.
- On March 11, 2025, Rep. Pressley spoke out against the U.S. Department of Education’s mass layoffs of over 1,300 workers, which effectively guts the agency.
- On March 11, 2025, Rep. Pressley voted against Republicans’ shameful government budget bill, which would harm vulnerable families and provide a blank check for Elon Musk and Donald Trump to continue their unprecedented assault on our democracy. She later issued a statement condemning its final passage in the Senate.
- On March 11, 2025, Rep. Pressley joined 13 of her colleagues on a letter to the Department of Homeland Security demanding answers and the immediate release of Columbia student Mahmoud Khalil, whose illegal abduction is an attack on his constitutional right to free speech and due process.
- On March 4, 2025, Rep. Pressley walked out of the House chamber in protest during Donald Trump’s presidential joint address to Congress.
- On March 4, 2025, Rep. Pressley welcomed Claire Bergstresser, an Everett constituent, dedicated public servant, AFGE union member, and former HUD worker who was unjustly terminated as part of Musk and Trump’s assault on federal agencies as her guest to the presidential joint address to Congress.
- On February 28, 2025, Rep. Pressley led 85 lawmakers in a letter urging the Office of Special Counsel to immediate reinstate and expand protections for all unfairly fired federal workers.
- On February 28, 2025, Rep. Pressley joined over 200 Democrats in filing an amicus brief defending the Consumer Financial Protection Bureau before a U.S. District Court.
- On February 26, 2025, in a House Oversight Committee hearing, Rep. Pressley discussed what true government efficiency looks like and denounced Elon Musk and Donald Trump for utilizing DOGE to gut the essential services that keep people safe, fed, and housed.
- On February 25, 2025, in a House Oversight Committee hearing, Rep. Pressley condemned Elon Musk’s abuse of government efficiency through the fraudulent Department of Government Efficiency (DOGE).
- On February 25, 2025, Rep. Pressley delivered a floor speech in which she railed against Republicans’ cruel budget resolution that would slash Medicaid by nearly $1 trillion.
- On February 20, 2025, Rep. Pressley and her Haiti Caucus Co-Chairs issued a statement condemning the Trump Administration’s decision to end Temporary Protected Status (TPS) for Haiti.
- On February 13, 2025, in a House Financial Services Committee hearing, Rep. Pressley emphasized the critical role of the Consumer Financial Protection Bureau (CFPB) in safeguarding consumers and sharply criticized Donald Trump and Elon Musk for halting the critical work of the agency.
- On February 10, 2025, Rep. Pressley rallied with Senator Elizabeth Warren, Ranking Member Maxine Waters, and advocates to protest Donald Trump and Elon Musk’s unlawful takeover of the Consumer Financial Protection Bureau (CFPB)
- On February 11, 2025, in a House Financial Services Committee hearing, Rep. Pressley criticized the Trump-Musk administration for halting the critical work of the Consumer Financial Protection Bureau (CFPB) with crypto scams on the rise.
- On February 10, 2025, Rep. Pressley issued a statement slamming the Trump Administration’s harmful cuts to National Institutes of Health (NIH) funding to support hospitals, universities, and research institutions conducting lifesaving research.
- On February 10, 2025, as Trump and Musk threaten to dismantle the essential work of the U.S. Department of Education, Rep. Pressley delivered a powerful floor speech to affirm the role of public education in American democracy.
- On February 6, 2025, in a House Oversight Committee hearing, Rep. Pressley delivered a powerful rebuke of Republicans’ efforts to gut diversity, equity and inclusion (DEI) initiatives and eliminate essential services for vulnerable communities.
- On February 5, 2025, Rep. Pressley rallied outside the U.S. Department of Treasury to protest Elon Musk’s unlawful assault on federal agencies and our democracy.
- On January 30, 2025, Rep. Pressley slammed Donald Trump for blaming the tragic plane crash at Reagan National Airport, which killed over 60 people, including some families from Massachusetts, on diversity, equity and inclusion initiatives.
- In January 2025, Rep. Pressley issued a statement slamming Trump’s illegal freeze on federal grants and loans and its harmful impact on vulnerable communities.
- On January 23, 2025, Rep. Pressley delivered an impassioned floor speech condemning Republicans’ cruel anti-abortion bill that criminalizes providers and denies families care.
- On January 23, 2025, Rep. Pressley joined her colleagues to reintroduce the Neighbors Not Enemies Act, a bill to repeal an outdated law that has been used to target innocent immigrants without due process rights.
- On January 22, 2025, Rep. Pressley issued a statement condemning the Trump Administration’s harmful executive actions on diversity, equity, and inclusion (DEI).
###

MIL OSI USA News –
April 15, 2025
MIL-OSI USA: Read More (Steube Joins U.S. Chamber Roundtable to Discuss TCJA)

Source: United States House of Representatives – Congressman Greg Steube (FL-17)

April 14, 2025 | Press ReleasesVENICE — U.S. Representative Greg Steube (R-Fla.) today joined a U.S. Chamber Roundtable in North Venice, Florida, to discuss the importance of extending the Tax Cuts and Jobs Act (TCJA) of 2017.

Hosted at the Ajax Paving Industry complex in North Venice, the U.S. Chamber Roundtable focused on the benefits of the TCJA and the risks posed to small businesses and local industries in the Suncoast if Congress fails to renew the law.“There is a reason small business owners and entrepreneurs look to Southwest Florida to pursue the American dream. No community better represents and embraces the values of free enterprise than the Suncoast,” said Rep. Steube. “Since its passage in 2017, the Tax Cuts and Jobs Act (TCJA) has delivered unprecedented prosperity for employers and employees alike. From streamlining corporate taxation to providing a critical tax deduction for small business development, the TCJA has delivered on its promise. Failing to renew the law would be catastrophic for not only Southwest Florida but the entire nation. Extending the TCJA will ensure our businesses and local industries prosper and remain competitive in the global economy for years to come.”From the 20% deduction for qualified business income to the reduction in the corporate tax rate from 35% to 21%, the TCJA delivered a major boost to both employers and employees alike. In the first two years following the passage of the TCJA, median household income rose by nearly $7,000, the largest increase in income for working families since the late 1990s. Americans earning an adjusted gross income of $15,000 to $50,000 per year received tax relief of as much as 26% of their annual income. A recent study by the National Federation of Independent Business also estimated the TCJA’s 20% deduction for qualified business income will free up an additional $75 billion for small businesses and create one million new jobs per year over the next decade.After his remarks, Representative Steube was recognized by the National Asphalt and Paving Association. He concluded his visit with a tour of the Ajax Paving Industries’ facility followed by a meet-and-greet with employees.

MIL OSI USA News –

April 15, 2025
MIL-OSI New Zealand: New bridge to get traffic flowing

Source: New Zealand Transport Agency

There are brighter days ahead for Tairua with progress on a new 2-lane bridge on State Highway 25 (SH25), which will cull queues of holiday traffic at the single-lane Pepe Stream Bridge.

The replacement bridge project is now in the procurement phase ahead of construction starting late next year says NZ Transport Agency Waka Kotahi (NZTA).

“The business case developed by NZTA in 2022 along with engagement with iwi and stakeholders has determined that the preferred option is a 2-lane bridge with an attached shared walking and cycling path to replace the single-lane bridge and a separate pedestrian bridge,” says Regional Manager Infrastructure Delivery, Darryl Coalter.

Later this month a community information session will be held at Tairua to update the community and SH25 users on what’s ahead.

“With funding confirmed, there is a lot of work ahead to get the bridge designed and consented, but the countdown is on for construction to start by late 2026. All going well NZTA’s target is to have traffic on the new bridge by Christmas 2027.

“While NZTA engaged with the community as part of the Business Case development, we are keen to hear what’s important to people who live, work or holiday in the area,” Mr Coalter says.

The project team will be at the Tairua Community Hall on Wednesday 30 April, and people can call in any time between 3pm and 6pm.

NZTA will be seeking a design and build contract and expects to have a contractor in place later this year. Construction methodology is critical because SH25 needs to remain open during the build.

The current bridge crosses a tidal stream on SH25 south of the Tairua town centre.

The narrow 3-span Pepe Stream bridge as it is today. It opened in 1943.

The project is part of a wider bridge programme to improve safety, efficiency and resilience on the state highway around the peninsula.

Work will begin later this year at the Boundary Creek Bridge on the Thames Coast north of Te Mata. Design of a new 2-lane bridge to replace the single lane bridge Ramarama Stream Bridge on SH25, just north of Whiritoa, is also underway. 

MIL OSI New Zealand News –

April 15, 2025
MIL-OSI USA: Murphy, Blumenthal, Courtney, DeLauro Demand Corrective Action From i-Health Amid Reports Of Retaliation & Unsafe Working Conditions
US Senate News:
Source: United States Senator for Connecticut – Chris Murphy

April 14, 2025
HARTFORD—U.S. Senators Chris Murphy (D-Conn.), a member of the U.S. Senate Health, Education, Labor, and Pensions (HELP) Committee, and Richard Blumenthal (D-Conn.) and U.S. Representatives Joe Courtney (D-Conn.-02) and Rosa DeLauro (D-Conn.-03), sent a letter to the CEO of DSM-Firmenich, parent company of i-Health, following reports of unsafe working conditions and retaliation against workers at the i-Health warehouse in Enfield, Connecticut. In March 2024, employees at the Enfield warehouse exercised their legally protected right to organize and voted to form a union with Teamsters Local 671.

“Instead of upholding the rights of these employees and honoring your public commitments to their wellbeing, workers allege that DSM-Firmenich has responded with actions that are retaliatory and coercive in nature,” the members wrote.

Following the unionization of the warehouse workers, workers allege the company engaged in retaliatory and coercive activity like enforcing twelve-hour workdays and six-day workweeks, forced holiday shifts, pressure tactics, refusal to hire adequate workers, and disregard for safety concerns and injury reports. This led to at least one worker experiencing a serious shoulder injury due to mandatory overtime. The company also fired eleven full-time and one temporary employee via text message.

“To be clear – firing or otherwise retaliating against workers engaging in lawful, protected strike activity is not just unethical but is also a potential violation of U.S. labor law. American workers have long had fundamental labor rights guaranteed by the National Labor Relations Act in order to protect them from unjust situations as this one,” the members continued. “Denying your workers a voice, subjecting them to exhausting and unreasonable schedules, and attempting to counteract their unionization efforts through coercion and retaliation is a gross violation of these rights.”

The members demanded that DSM-Firmenich and i-Health begin immediate corrective actions by reinstating all employees who were wrongfully terminated, ending all coercive and retaliatory practices targeting union members, bargaining in good faith with Teamsters Local 671 on a fair contract, and ensuring full compliance with U.S. labor laws and the company’s own Code of Business Ethics to ensure a safe, secure, and fair workplace environment.

“The workers in Enfield process and distribute DSM-Firmenich products to some of the largest retailers in the country. They are invaluable contributors to your global operations and supply chain and deserve to be treated as such – not as expendable labor subject to the whims of your company. We ask that you show leadership and accountability by addressing this situation expediently and with the best interests of your employees in mind,” the members concluded.

Full text of the letter is available below.

Dear Mr. de Vreeze,

We write to express our deep concern with DSM-Firmenich’s treatment of workers at its i-Health warehouse in Enfield, Connecticut. The actions taken by your management team in response to lawful union activity may be both illegal under U.S. labor law and contradictory to the core principles laid out in DSM-Firmenich’s Code of Business Ethics.

In March 2024, employees at the Enfield warehouse exercised their legally protected right to organize and voted for form a union with Teamsters Local 671 – a vote that was certified by the National Labor Relations Board (NLRB). Instead of upholding the rights of these employees and honoring your public commitments to their wellbeing, workers allege that DSM-Firmenich has responded with actions that are retaliatory and coercive in nature. Reports from both workers and their union representatives detail the following:

Unilateral imposition of twelve-hour workdays and mandatory six-day workweeks;

Elimination of scheduling flexibility and forced holiday shifts;

Surveillance of workers and other pressure tactics designed to discourage union activity;

Refusal to hire adequate temporary workers, leaving a skeleton crew to handle warehouse operations at an extreme pace and volume;

Unlawful retaliation against striking workers by firing eleven full-time and one temporary employee via text message;

Blatant disregard for safety concerns and injury reports, leading to at least one worker experiencing a serious shoulder injury due to excessive mandatory overtime; and

Attempts to discredit and intimidate striking workers by labeling their peaceful picketing as “illegal and dangerous,” despite no evidence of wrongdoing.

If true, these practices reflect an unacceptable abuse of employer power. They run counter to the principles that DSM-Firmenich claims to stand for – indeed, your Code of Business Ethics pledges to protect human rights and promote decent work in your global supply chains, ensure the safety, health, and security of your employees, and respect fundamental labor rights including the freedom to organize and collectively bargain. And yet in Connecticut, the aforementioned patterns of behavior represent an unambiguous failure to honor these commitments.

To be clear – firing or otherwise retaliating against workers engaging in lawful, protected strike activity is not just unethical but is also a potential violation of U.S. labor law. American workers have long had fundamental labor rights guaranteed by the National Labor Relations Act in order to protect them from unjust situations as this one. Denying your workers a voice, subjecting them to exhausting and unreasonable schedules, and attempting to counteract their unionization efforts through coercion and retaliation is a gross violation of these rights.

Teamsters Local 671 has already filed a complaint with the NLRB pursuant to the protections afforded to them by law. We hope that DSM-Firmenich and i-Health can rectify the above grievances and return to bargaining in good faith with your employees before appropriate legal action is needed. That is why we strongly urge you to review the actions your company has taken against the Connecticut workers at i-Health and begin immediate corrective action in the following areas:

Reinstate all employees who were wrongfully terminated;

End all coercive and retaliatory practices targeting union members;

Bargain in good faith with Teamsters Local 671 on a fair contract; and

Ensure full compliance with U.S. labor laws and your own Code of Business Ethics to ensure a safe, secure, and fair workplace environment.

The workers in Enfield process and distribute DSM-Firmenich products to some of the largest retailers in the country. They are invaluable contributors to your global operations and supply chain and deserve to be treated as such – not as expendable labor subject to the whims of your company. We ask that you show leadership and accountability by addressing this situation expediently and with the best interests of your employees in mind.

Sincerely,
MIL OSI USA News –
April 15, 2025
MIL-Evening Report: Winter electricity prices are rising – how do we know we’re getting value for money?

Source: The Conversation (Au and NZ) – By Richard Meade, Adjunct Associate Professor, Griffith University, Centre for Applied Energy Economics and Policy Research, Griffith University

Shutterstock

Winter is coming to New Zealand and Australia, and with it come those inevitably higher power bills from heating our homes.

But even without that seasonal spike, household power bills were already set to rise by NZ$10 to $25 a month in New Zealand and up to A$9 a month in parts of Australia.

This is not, as some might assume, because electricity suppliers are acting uncompetitively. It’s because regulators are increasing charges for long-distance electricity transmission (pylons and substations) and short-distance distribution (poles and wires).

Those charges together make up around 40% of power bills on average, so the price increases matter. In New Zealand, an average 15% of household budgets is spent on electricity. The proportion going towards those infrastructure costs is higher for low-income, regional and rural households.

To put this another way, these fixed parts of our power bills can equal what a typical household spends on mobile phones, public transport or water services.

Transmission and distribution services are regulated because they are provided by monopolies. Regulators such as the Commerce Commission in New Zealand and the Australian Energy Regulator in eastern Australia try to set reasonable prices while still allowing those firms enough money to provide reliable services.

However, this old regulatory model is being challenged by changing consumer behaviour. Households are increasingly electrifying, switching to heat pumps for space and water heating, and electric vehicles (EVs) for personal transport.

Regulators want to ensure the reliability of electricity supply doesn’t significantly decline. But households that rely on electricity want greater reliability – especially with growing demand for “smart” appliances that can be damaged by outages.

Quality versus quantity

Unfortunately, history is a poor guide to how regulation should ensure these future reliability needs are met. Furthermore, electricity is an unusual “product” – the quantity we consume is often an afterthought, while the affordability and quality of supply are more top of mind.

Importantly, quality means much more to consumers than just reliability. It includes how well outages are planned and communicated, how easy it is to get help and updates when things go wrong, new connection times, and the voltage stability modern appliances require.

What constitutes good service might also include customer charters or other guarantees of minimum acceptable expectations, as well as compensation schemes.

Beyond these options, however, the very basis for regulation is being upturned as households invest in rooftop solar panels, home batteries and electric vehicles (EVs). The competition offered by these new technologies means distribution companies are no longer monopoly providers because households can get electricity in new ways.

This also means households expect new services from those providers – such as being able to sell electricity to others (including to distribution companies themselves to help them maintain reliable supply).

Smart appliances, solar power and EVs are all changing consumer expectations of the electricity market.
Shutterstock

What customers really want

Historically, electricity regulation has responded to emerging challenges like these with “bolt-on” solutions. Each one tries to address a specific issue individually, but not in a coherent and joined-up way.

Overall, how and why we regulate electricity transmission and distribution need rethinking from the ground up, not more rounds of regulatory whack-a-mole. Consumer preferences need to be more than a vague overriding objective. They need to be at the heart of regulation.

New Zealand’s Commerce Commission already exempts many distribution firms from much regulation because they are owned and governed by customers. And regulators in other English-speaking countries, including Australia, increasingly rely on consumer forums and other channels to indirectly and only partially identify consumer preferences.

But neither model obtains directly usable information about what consumers want – from those consumers themselves. Unsurprisingly, customer preferences are not widely or systematically reflected in regulation.

Besides, asking customers about quality and reliability of service assumes they can clearly articulate what they care about and what value they attach to them in ways regulators can use.

Value for money

One solution is to use a direct measure of consumer satisfaction. We developed and applied a version of this in recent research involving a survey of Swedish electricity customers.

We measured satisfaction by asking consumers to rate the “value for money” they perceived from their distribution firm, ranging from zero (lowest) to five (highest).

Perceptions of quality can vary and are inherently subjective. But value for money can be interpreted as a ratio of quality to price: higher quality means higher value for money, higher price means lower value for money. From this, we obtained an objective measure of overall customer satisfaction levels.

As might be expected, we found value for money tended to be higher for customers of distribution firms owned and controlled by those customers. But directly measuring customer satisfaction in this way could be a good basis for regulation reform in general.

We still need to better understand how customer satisfaction is affected by regulatory decisions. This has always been the case, but it is especially true now that fundamental changes are happening in the sector.

Electricity customers heading into winter might be happier with rising transmission and distribution prices if they were confident regulation genuinely improved their overall value for money.

Business as usual, on the other hand, may offer them only cold comfort.

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

– ref. Winter electricity prices are rising – how do we know we’re getting value for money? – https://theconversation.com/winter-electricity-prices-are-rising-how-do-we-know-were-getting-value-for-money-254198

MIL OSI Analysis – EveningReport.nz –

April 15, 2025
MIL-OSI USA: Griffith Meets with Community Pharmacists in Dublin

Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

U.S. Congressman Morgan Griffith (R-VA) met with members of Martin’s Pharmacy and other community pharmacists in Dublin, Virginia. Mr. William Hale, owner of Martin’s Pharmacy, invited Representative Griffith and led the discussions.

“Community pharmacies face unique challenges when serving their local populations with critical medicines and drugs. I am grateful for the dedicated workers of Martin’s Pharmacy and all community pharmacies in the region who tend to the medical needs of their community. I thank Mr. Hale, his staff and all the pharmacists in attendance for bringing to my attention issues important to them,” said Representative Griffith.

“We appreciate Representative Griffith taking the time to stop by the pharmacy and check in with us, Mr. Griffith has always been an avid supporter of independent community pharmacies. Representative Griffith’s fight to hold the Pharmacy Benefit Managers accountable for their actions and bring transparency to their tactics is essential to keep community pharmacies open and serving their communities,” said Mr. Hale.

BACKGROUND

Representative Griffith sits on the House Energy and Commerce’s Health Subcommittee, which oversees health care policy and Pharmacy Benefit Manager (PBM) reform.

The Health Subcommittee held a hearing in February on PBM reform entitled “An Examination of How Reining in PBMs Will Drive Competition and Lower Costs for Patients.”

Representative Griffith’s questions from that hearing can be found here.

###

MIL OSI USA News –

April 15, 2025
MIL-OSI Security: Companies Pay $1.3 Million to Resolve Allegations of False Claims Act Violations Concerning Small Business Size Representations

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, today announced that Whitcraft LLC and Berkshire Manufactured Products, Inc. (collectively the “Whitcraft Companies”), have entered into a civil settlement agreement with the United States and have paid $1,317,653.44 to resolve allegations that they violated the False Claims Act when the Whitcraft Companies improperly obtained set-aside contracts reserved for small businesses that they were ineligible to receive.

Whitcraft LLC, a limited liability company located in Eastford, Connecticut, and Berkshire Manufactured Products, Inc., a corporation located in Newburyport, Massachusetts, machine and fabricate sheet metal aerospace parts and components for commercial and military aviation applications. In April 2017, controlling interests in both companies were acquired by a private equity group.

The government contends that, after they were acquired in April 2017, the Whitcraft Companies ceased to qualify as “small business concerns” within the meaning of the Small Business Administration (“SBA”) regulations relating to government contracts due to the Whitcraft Companies’ affiliation through stock ownership with other businesses. Between April 2017 and November 2022, the Whitcraft Companies falsely certified that they were “small business concerns” and, as a result, they were awarded 71 small business set-aside contracts that they were ineligible to receive.

Government contractors are required to timely disclose to the government, in writing, whenever they have credible evidence that they have committed a violation of the False Claims Act. On December 23, 2022, in connection with due diligence performed relating to the Whitcraft Companies’ sale to another entity, the Whitcraft Companies voluntarily disclosed to the government facts concerning their potential affiliation with other businesses that the government contends made them ineligible to be awarded contracts set aside for small businesses. The Whitcraft Companies received credit in the settlement for their voluntary disclosure and cooperation with the government during its investigation.

This investigation was conducted by the Defense Criminal Investigative Service, the Defense Contract Audit Agency Operations Investigative Support Division, the SBA Office of General Counsel, and DLA Aviation Fraud Counsel. This matter was handled by Assistant U.S. Attorney Sarah Gruber.

MIL Security OSI –

April 15, 2025
MIL-OSI USA: Five Outstanding Business Leaders Inducted into the Hall of Fame
Source: US State of Connecticut

The School of Business inducted five extraordinary business leaders into its Alumni Hall of Fame on Friday night, at a joyful ceremony that included a sold-out crowd of 400 at the Hartford Marriott Downtown.

The new inductees included:
- Trisha M. Bailey, Ph.D. ’99, ’23 H, a serial entrepreneur and owner and CEO of Bailey’s Pharmacy & Medical Equipment & Supplies;
- Laurie A. Havanec ’82, ’94 JD, the retired Executive Vice President and Chief People Officer at CVS Health;
- John Hodson ’85 President of True Benefit;
- Gregory P. Lewis ’92 retired Senior Vice President and Chief Financial Officer at Honeywell International; and
- Robert J. Skinner ’93, Founding Partner & Co-CEO of IEQ Capital.
Each of the inductees, all alumni who have had remarkable careers and made significant contributions to society, shared their personal stories about their journeys, their passion for helping others and their love of UConn.

Bailey: UConn Saw the Light in Her When Others Didn’t

Bailey is a serial entrepreneur who, in addition to running her flagship company, oversees 15 other businesses. She has been named the JP Morgan Chase Woman of the Year. She made the largest single donation in history to UConn Athletics, and is involved in numerous philanthropic endeavors in the U.S. and Jamaica. Bailey, a mother of five, is also the author of the book “UNBROKEN’’ about her life’s journey and her unwavering values of compassion, excellence, and empowerment.

She told the audience that in 1990 she left behind a life of poverty of Jamaica to relocate to Hartford. A high school counselor had once told her she wasn’t “college material,’’ she recalled. “She doesn’t know what she’s talking about!’’ Bailey remembered thinking that day. The UConn audience cheered at her response. UConn, she said, saw the light in her when others didn’t, and gave her a full scholarship.

She hopes that her success inspires many other girls and women.

“Make sure your excellence is so profound it cannot be denied,’’ she said. “I want young girls across the globe to see that this honor is for you. Keep striving. You are amazing!’’

Havanec Astonished by Today’s UConn Students

Havanec, who recently retired from CVS Health, oversaw 300,000 employees in her role in talent development and acquisition, compensation and benefits, and diversity, equity and inclusion. She earned her bachelor’s degree in marketing from UConn, and six weeks after the birth of her second child, she returned to earn her JD degree from UConn Law. In 2019, she endowed a need-based scholarship to help other women attend law school. She is a two-time cancer survivor who advocates for early detection and prevention.

She returned to Storrs last week, for the first time in 20 years, and said the experience was exhilarating. She was impressed by the sophistication, real-life decision-making, and leadership she found in the students. She said the student investors at the School of Business’ Hillside Ventures are exceptional.

“When they leave UConn, they’ll be amazing sponsors for the university,’’ she said. “I know it is scary leaving college. Be courageous. Go out there and show the world what you have!’’

Havanec, a passionate UConn basketball fan, also gave a shout-out to the UConn women’s basketball team, just days after they won the national championship. “They overcame so much adversity,’’ she said. “They are role models for all of us!’’

Hodson Spoke About The Deeper Meaning of Dreams

Hodson, founded his employee benefits company, True Benefit, to foster inclusivity, ethics, and community engagement. He has worked tirelessly to improve insurance policies for the transgender community. In addition, he has created scholarships for transgender students and has supported UConn’s ‘Name, Image and Likeness’ initiatives.

In his award acceptance speech, he spoke about a recurring dream that he was on the golf course and something—a tree branch, an octogenarian, or a storm—prevents him from completing his round.

“I know it was a metaphor for ‘Am I good enough?,’” he said. As his company grew, so did his stress and the pressure to not disappoint his stakeholders. He was in his early 50s when he met his wife, who believed in him and pushed him to the next level. Now he dreams of standing on the fairway and “smoking’’ the shot. He said he wouldn’t be where he is today without help from great friends.

His message to students is one of compassion. “I think it is a lot harder to be a student today than it was when I was growing up,’’ he said. “Just be yourself, be kind to yourself, and don’t do it alone. Lean on others and you’ll be OK.’’

Lewis: Push Past Fear; Don’t Lose Your Humanity

Lewis has worked for Honeywell, a Fortune 100 company, since 2006. Most recently he was the Senior Vice President and CFO, providing leadership through corporate headquarter relocation, COVID-19, and economic and geo-political shifts. In February, he stepped down as CFO and became a special advisor to the CEO as the company separates into three.

He praised his parents for showing him the pathway to success, teaching him care and compassion, and to strive to be the best every day. He told students and young alumni that he owes his success to doing hard things and doing them well; demonstrating leadership; and always caring about others.

“Push past fear and uncertainty, say yes a lot, and don’t lose your humanity,’’ he said. “No one succeeds alone. Don’t live with regret. Struggle and failure is a step toward growth.’’

Lewis, who met his wife Barbara (Reynolds ’89) at UConn, and raised two daughters together, spoke of his love for his family and the 40 people there to support him. He is active in community organizations including serving as the Chair of the Charlotte (NC) Small Business Innovation Fund, as a member of an organization fighting homelessness, and on the Board of Medtronic.

Skinner: Play for the Name on the Front of the Jersey

Skinner’s company, IEQ Capital, merges intellectual and emotional factors in investing. He has been named one of America’s top wealth advisors by Forbes. He is active in the board of several golf charities including PGA REACH, the foundation associated with PGA of America.

Planning to become a lawyer, Skinner instead found himself in the business world and wanted to build a company.

“UConn is my family. I have great memories and great friendships from those years,’’ he said. “At UConn I found myself. I developed the grit, excellence, and the belief that I can do something really big.’’

In accepting his award, he told the audience to “play for the name on the front of the jersey, not the name on the back.’’

He praised former UConn men’s basketball head coach Jim Calhoun, who was in attendance with current coach Dan Hurley and assistant coach Luke Murray, whom he met his freshman year. “He got my fire burning, got me to believe in winning and doing things that others don’t think you can,’’ he said. “I’m beyond grateful for the recognition. Every day I think about being a Husky!’’

MIL OSI USA News –
April 15, 2025
MIL-OSI: Rygen Technologies named one of Inbound Logistics’ Top 100 Logistics and Supply Chain Technology Providers

Source: GlobeNewswire (MIL-OSI)

GREENVILLE, S.C., April 14, 2025 (GLOBE NEWSWIRE) — Inbound Logistics, a supply chain and logistics publication focused on providing education and guidance to enterprise leaders in the industry, named Rygen Technologies as one of the Top 100 Logistics and Supply Chain Technology providers of 2025. This award spotlights companies that are paving the way in the logistics and supply chain industry, from top-of-the-line Transportation Management Systems to implementing advanced technologies like Artificial Intelligence.

Rygen’s innovative solutions include Corsair Transportation Management System (TMS), X1 Integration Platform as a Service (iPaaS), and Blackbird Business Intelligence. With the user experience at top of mind, Rygen’s solutions were developed by an experienced team of supply chain experts that focus on enabling their users, rather than restricting them. They emphasize the importance of pain-free logistics management, with their users being able to efficiently manage freight, connect with partners, and uncover data insights.

Tony Winters, Rygen’s Chief Technology Officer stated, “We’re so thrilled to be selected as a Top 100 Technology Provider. Our products are modern, lightweight, nimble and scale with your business. It’s great to see that those attributes are recognized by the industry as well, it’s a huge honor. We are continuing to push the industry forward, and now with the rise of AI, I can’t wait to see what comes next!”

Inbound Logistics’ Top 100 list recognizes companies that exemplify operational efficiency, innovation, and business excellence. The list provides decision-making support to key players in industries, including manufacturing, retail, and warehouse and inventory management.

“It’s an incredible honor for Rygen to be recognized by Inbound Logistics as one of the Top 100 Technology Providers for 2025. This award reflects our commitment to building technology that truly serves our customers, helping them solve real world challenges, operate more efficiently, and create better experiences for their teams and their customers. At the end of the day, our success is driven by our customers’ success, and we’re proud to play a role in helping them move their business forward,” says Jonathan Wollschleager, Director of Partnerships and Enterprise Sales at Rygen Technologies.

To view the full list of winners, visit https://www.inboundlogistics.com/articles/top-100-logistics-it-providers/.

About Inbound Logistics
For nearly three decades, Inbound Logistics has been the hub for logistics and supply chain news and trends. Inbound Logistics coined the term 3PL and has built an audience of over 1.4 million supply chain decision makers. They were the first publication to acknowledge the important role technology plays in the logistics and supply chain industries. Priding themselves on their educational publication, their focus remains to shed light on infrastructure, education, and transportation policy issues.

About Rygen Technologies
Rygen Technologies is a leading provider of state-of-the-art supply chain solutions that empower users to quickly, easily, and efficiently execute and manage freight, connect with partners, and seamlessly integrate with other operating systems. By leveraging advanced technology, the company is creating smarter, data-driven solutions, supported by excellent customer service to deliver real value.
For more information, visit www.rygen.com.

Contact:
Jonathan Wollschleager
Director of Partnerships and Enterprise Sales
jwollschleager@rygen.com
732-546-7894

The MIL Network –

April 15, 2025

MIL-OSI: CNB Financial Corporation Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa., April 14, 2025 (GLOBE NEWSWIRE) —

CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three months ended March 31, 2025.

Executive Summary

Net income available to common shareholders (“earnings”) was $10.4 million, or $0.50 per diluted share, for the three months ended March 31, 2025. Excluding after-tax merger costs, earnings were $11.9 million, or $0.57 per diluted share, for the three months ended March 31, 2025, reflecting decreases of $2.1 million, or 14.98%, and $0.09 per diluted share, or 13.64% compared to earnings of $14.0 million, or $0.66 per diluted share, for the three months ended December 31, 2024.¹ The quarterly decrease was a result of a decrease in net interest income and non-interest income and an increase in non-interest expense, partially offset by a decrease in the provision for credit losses, as discussed in more detail below. Excluding after-tax merger costs in the first quarter 2025, earnings and diluted earnings per share when compared to earnings of $11.5 million, or $0.55 per diluted share, in the quarter ended March 31, 2024, increased $368 thousand, or 3.19%, and $0.02 per diluted share, or 3.64%, due to an increase in net interest income, partially offset by increases in non-interest expense and the provision for credit losses, coupled with a decrease in non-interest income.¹

At March 31, 2025, loans totaled $4.5 billion excluding the balances of syndicated loans. This total of $4.5 billion in loans represented a quarterly increase of $11.7 million, or 0.26% (1.05% annualized), compared to December 31, 2024, and a year-over-year increase of $188.1 million, or 4.32%, compared to March 31, 2024. The increase in loans for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 was primarily driven by growth in the BankOnBuffalo, Ridge View Bank and the legacy CNB markets. The year-over-year growth in loans as of March 31, 2025 compared to loans as of March 31, 2024 resulted primarily from growth in commercial and industrial loans in the ERIEBANK and Ridge View Bank markets, and growth in commercial real estate loans in the BankOnBuffalo market, ERIEBANK (primarily Cleveland, OH) and Ridge View Bank. Additional growth occurred in residential real estate loans in the Ridge View Bank and BankOnBuffalo markets and CNB Bank’s Private Banking division.
- At March 31, 2025, the syndicated loan portfolio totaled $69.2 million, or 1.50% of total loans, compared to $79.9 million, or 1.73% of total loans, at December 31, 2024 and $78.7 million, or 1.78% of total loans, at March 31, 2024. The decreases in syndicated lending balances of $10.7 million compared to December 31, 2024 and $9.5 million compared to March 31, 2024 were the result of scheduled paydowns or early payoffs of certain syndicated loans. The Corporation closely manages the level and composition of its syndicated loan portfolio to ensure it continues to provide a high credit quality, profitable use of excess liquidity to complement the Corporation’s loan growth from its in-market customer relationships.

At March 31, 2025, total deposits were $5.5 billion, reflecting a quarterly increase of $88.7 million, or 1.65% (6.70% annualized), compared to December 31, 2024, and a year-over-year increase of $422.5 million, or 8.39%, compared to total deposits measured as of March 31, 2024. The increase in deposit balances compared to December 31, 2024 was driven by higher retail and municipal deposits, coupled with growth in retail time deposits. Additional deposit and liquidity profile details were as follows:
- At March 31, 2025, the total estimated uninsured deposits for CNB Bank were approximately $1.6 billion, or approximately 27.94% of total CNB Bank deposits. However, when excluding $101.9 million of affiliate company deposits and $481.2 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $971.1 million, or approximately 17.46% of total CNB Bank deposits as of March 31, 2025.
  - The level of adjusted uninsured deposits at March 31, 2025 remained relatively unchanged, compared to the level at December 31, 2024, when the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 27.71% of total CNB Bank deposits. Excluding $101.9 million of affiliate company deposits and $429.0 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits were approximately $986.0 million, or approximately 18.01% of total CNB Bank deposits as of December 31, 2024.
- At March 31, 2025, the average deposit balance per account for CNB Bank was approximately $34 thousand, which has remained stable at this level for an extended period.
- At March 31, 2025, the Corporation had $447.1 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.7 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total available liquidity sources for the Corporation as of March 31, 2025 to be approximately 5.3 times the estimated amount of adjusted uninsured deposit balances discussed above.
At March 31, 2025, December 31, 2024, and March 31, 2024, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window.

At March 31, 2025, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled $61.7 million, or 9.88% of total shareholders’ equity, compared to $74.8 million, or 12.25% of total shareholders’ equity, at December 31, 2024 and $85.0 million, or 14.69% of total shareholders’ equity, at March 31, 2024. The change in unrealized losses during the first quarter 2025 was primarily due to changes in the yield curve compared to the fourth quarter of 2024 and first quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of March 31, 2025, December 31, 2024, and March 31, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation continued to maintain excess liquidity at its holding company totaling approximately $100.7 million of liquid funds at March 31, 2025, which more than covers the $61.7 million in combined available-for-sale and held-to-maturity unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary.

Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024. The decrease in nonperforming assets for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 was primarily due to paydowns to nonaccrual loans, charge-offs, and the sale of an other real estate owned property. The increase in non-performing assets at March 31, 2025 compared to March 31, 2024 was due to a commercial multifamily relationship totaling $20.3 million with a specific reserve balance of $885 thousand. Management does not believe there is a risk of significant additional loss exposure beyond the specific reserves related to this loan relationship and is actively working with the borrower and their real estate broker to facilitate the sale of the property. Other nonperforming assets contributing to the year-over-year increase include certain commercial and industrial and owner-occupied commercial real estate relationships as previously disclosed in the second quarter of 2024 and a commercial relationship (consisting of various loan types) in the third quarter of 2024. For the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024. The fourth quarter of 2024 included net loan charge-offs related to (i) an owner-occupied commercial real estate relationship with a charge-off of $750 thousand (remaining balance of approximately $3.8 million with specific reserves of $1.4 million), and (ii) a nonowner-occupied commercial real estate relationship for $625 thousand (no remaining balance).

Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $15.9 million for the three months ended March 31, 2025.¹ Excluding after-tax merger costs, PPNR was $17.4 million for the three months ended March 31, 2025, compared to $21.6 million and $16.8 million for the three months ended December 31, 2024 and March 31, 2024, respectively.¹ The first quarter 2025 PPNR, excluding after-tax merger costs, when compared to the fourth quarter of 2024, reflected decreases in net interest income, non-interest income and an increase in non-interest expense. The increase in PPNR for the three months ended March 31, 2025, compared to the three months ended March 31, 2024 was primarily attributable to higher net interest income, partially offset by an increase in non-interest expenses.

¹ This release contains references to certain financial measures that are not defined by U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.

Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, “Our first quarter performance reflects sound growth in both deposits and loans since year-end 2024. The net amount of loan growth was somewhat muted by some large unscheduled commercial loan payoffs that occurred early in the quarter and impacted our net interest income. This was evidenced by the quarterly average balance of total loans being less than both the quarter’s beginning and ending total loan balances. Favorably, we saw continued commercial loan growth and demand as we ended the quarter with both existing relationships and new prospects. Also, during the quarter, we continued to realize deposit growth based primarily in expanded Treasury Management relationships, as evidenced by favorable growth in our noninterest-bearing deposits. Concurrently, we reduced our cost of interest-bearing liabilities by 10 basis points to now being below three percent, as we continue to implement strategic reductions in deposit rates across our footprint. These fundamentals of well-priced and steadily growing loans and deposits position us well in our primary spread management business moving forward. Though we had some cyclical increases in noninterest elements, including base salaries and certain technology expenses with annual contract cost increases, and as we will have some additional non-recurring merger related costs as we pursue the regulatory and shareholder approval processes associated with our intended acquisition of ESSA Bancorp, Inc. and its subsidiary, ESSA Bank and Trust, we continue to focus on tightly managing the Corporation’s core overhead as we look to realize both positive operating leverage and improved efficiencies from economies of scale as we continue to expand the franchise. Additionally, we remain focused on growing our assets under management to realize more steady and sustainable growth in fee-based revenues from our wealth and asset management businesses.”

Other Balance Sheet Highlights

Book value per common share was $27.01 at March 31, 2025. Excluding after-tax merger costs, book value per common share was $27.08, reflecting an increase from $26.34 at December 31, 2024 and $24.77 at March 31, 2024.¹ Tangible book value per common share, a non-GAAP measure, was $24.91 as of March 31, 2025. Excluding after-tax merger costs, tangible book value per common share, a non-GAAP measure, was $24.98, reflecting an increase of $0.74, or 12.38% (annualized) from $24.24 as of December 31, 2024 and a year-over-year increase of $2.31, or 10.19%, from $22.67 as of March 31, 2024.¹ The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from December 31, 2024 to March 31, 2025 were primarily due to a $8.1 million increase in retained earnings, coupled with a $7.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the first quarter of 2025. The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from March 31, 2024 to March 31, 2025 were primarily due to a $35.6 million increase in retained earnings over the twelve months ended March 31, 2025 coupled with a $10.7 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.

Loan Portfolio Profile

As part of its lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and to identify any concentration risk issues that could lead to additional credit loss exposure. An important and recurring part of this process involves the Corporation’s continued measurement and evaluation of its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality standards for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At March 31, 2025, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:
- Commercial office loans:
  - There were 112 outstanding loans, totaling $109.2 million, or 2.37% of total Corporation loans outstanding;
  - There were no nonaccrual commercial office loans;
  - There were two past due commercial office loans that totaled $216 thousand, or 0.20% of total commercial office loans outstanding; and
  - The average outstanding balance per commercial office loan was $975 thousand.
- Commercial hospitality loans:
  - There were 162 outstanding loans, totaling $323.1 million, or 7.01% of total Corporation loans outstanding;
  - There were no nonaccrual commercial hospitality loans;
  - There was one past due commercial hospitality loan that totaled $157 thousand, or 0.05% of total commercial hospitality loans outstanding; and
  - The average outstanding balance per commercial hospitality loan was $2.0 million.
- Commercial multifamily loans:
  - There were 227 outstanding loans, totaling $373.4 million, or 8.10% of total Corporation loans outstanding;
  - There were two nonaccrual commercial multifamily loans that totaled $20.5 million, or 5.50% of total multifamily loans outstanding. As previously discussed, one customer relationship did have a specific reserve of $885 thousand, while the other customer relationship did not have a related specific loss reserve;
  - There were two past due commercial multifamily loans that totaled $20.5 million, or 5.50% of total commercial multifamily loans outstanding (included in nonaccrual loans disclosed above); and
  - The average outstanding balance per commercial multifamily loan was $1.6 million.

The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be high volatility commercial real estate (“HVCRE”) credits.

Performance Ratios

Annualized return on average equity was 7.52% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average equity was 8.49% for the three months ended March 31, 2025, compared to 9.79% and 8.79% for the three months ended December 31, 2024 and March 31, 2024, respectively.¹

Annualized return on average tangible common equity, a non-GAAP measure, was 8.15% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average tangible common equity was 9.32% for the three months ended March 31, 2025, compared to 10.90% and 9.77% for the three months ended December 31, 2024 and March 31, 2024, respectively.¹

The Corporation’s efficiency ratio was 72.07% for the three months ended March 31, 2025, and 71.28% on a fully tax-equivalent basis, a non-GAAP measure.¹ Excluding merger costs, the efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 68.62%, compared to 63.02% and 68.29% for the three months ended December 31, 2024 and March 31, 2024, respectively.¹ The quarter-over-quarter increase was primarily driven by lower net interest income and non-interest income and increased non-interest expense, as further discussed below. The year-over-year increase was primarily driven by higher non-interest expense, partially offset by an increase in net interest income.

Revenue

Total revenue (net interest income plus non-interest income) was $56.9 million for the three months ended March 31, 2025, an increase when compared to $59.4 million and $54.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively.
- Net interest income was $48.4 million for the three months ended March 31, 2025, compared to $49.0 million and $45.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively. When comparing the first quarter of 2025 to the fourth quarter of 2024, the decrease in net interest income of $613 thousand, or 1.25% (5.07% annualized), was primarily due to lower loan yields on variable and floating-rate loans following the three Federal Reserve rate decreases totaling 100 basis points since mid-September 2024, coupled with changes in the yield curve, partially offset by targeted interest-bearing deposit rate decreases.
- Net interest margin was 3.38%, 3.44% and 3.40% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.37%, 3.43% and 3.38% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.¹
  - The yield on earning assets of 5.73% for the three months ended March 31, 2025 decreased 11 basis points from December 31, 2024 and 8 basis points from March 31, 2024. The decrease in yield compared to December 31, 2024 was attributable to the net impact of declining interest rates on variable and floating-rate loans as a result of the Federal Reserve decreases since mid-September 2024, coupled with changes in the yield curve.
  - The cost of interest-bearing liabilities was 2.93% for the three months ended March 31, 2025, representing a decrease of 10 basis points from both December 31, 2024 and March 31, 2024. The decrease in the cost of interest-bearing liabilities is primarily the result of the Corporation’s targeted interest-bearing deposit rate decreases in response to the Federal Reserve rate decreases since mid-September 2024.
Total non-interest income was $8.5 million for the three months ended March 31, 2025 compared to $10.3 million and $9.0 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The quarter-over-quarter decrease was primarily attributable to lower pass-through income from small business investment companies (“SBICs”), increases in unrealized losses on equity securities, and a decrease in wealth and asset management fees. The decrease year-over-year in non-interest income was primarily due to increases in unrealized losses on equity securities and lower mortgage banking income, partially offset by higher pass-through income from SBICs.

Non-Interest Expense

For the three months ended March 31, 2025 total non-interest expense was $41.0 million. Excluding merger costs, total non-interest expense was $39.5 million, compared to $37.8 million and $37.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively. Excluding merger costs, the increase of $1.7 million, or 4.51%, from the three months ended December 31, 2024, was primarily driven by an increase in salaries and benefits, due to higher incentive compensation accruals, coupled with the timing of retirement plan contribution accruals, and higher supplemental executive retirement plan (“SERP”) accruals. Notably, SERP expenses were lower in the fourth quarter due to a reduction related to the departure of an executive, as previously disclosed. Excluding merger costs, the $2.1 million increase in non-interest expense compared to the three months ended March 31, 2024 was primarily driven by higher salaries and benefits, reflecting increased incentive compensation accruals and higher health insurance costs. Additionally, technology expense increased, primarily due to higher core processing charges associated with growth. These increases were partially offset by a decline in legal expenses.

Income Taxes

Income tax expense for the three months ended March 31, 2025 was $2.9 million, representing a 19.96% effective tax rate, compared to $3.6 million, representing a 19.14% effective tax rate, for the three months ended December 31, 2024 and $2.8 million, representing an 18.36% effective tax rate, for the three months ended March 31, 2024. The effective tax rate for the first quarter of 2025 was impacted by non-deductible merger costs totaling $1.3 million.

Asset Quality

Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024, as discussed in more detail above.

The allowance for credit losses measured as a percentage of total loans was 1.03% as of March 31, 2025, compared to 1.03% remaining consistent with the allowance for credit losses as a percentage of total loans as of as of December 31, 2024, and 1.03% as of March 31, 2024. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 87.57% as of March 31, 2025, compared to 84.08% and 159.41% as of December 31, 2024 and March 31, 2024, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed in more detail above.

The provision for credit losses was $1.6 million for the three months ended March 31, 2025, compared to $2.9 million and $1.3 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The $1.4 million decrease in the provision expense for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily a result of decreased net loan charge-offs in the first quarter of 2025. The $236 thousand increase in the provision expense for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to higher net loan charge-offs in the first quarter of 2025 compared to the first quarter of 2024, coupled with an additional reserve for unfunded commitments.

As discussed in more detail above, for the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024.

Capital

As of March 31, 2025, the Corporation’s total shareholders’ equity was $624.5 million, representing an increase of $13.8 million, or 2.26% (9.17% annualized), from December 31, 2024 and an increase of $45.9 million, or 7.93%, from March 31, 2024. The changes resulted from an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio.

Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of March 31, 2025, consistent with prior periods.

As of March 31, 2025, the Corporation’s ratio of common shareholders’ equity to total assets was 9.00% compared to 8.93% at December 31, 2024 and 8.98% at March 31, 2024. As of March 31, 2025, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.36%. Excluding after-tax merger costs, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.38% compared to 8.28% at December 31, 2024 and 8.28% at March 31, 2024.¹ The increase in the March 31, 2025 ratio of tangible common equity to tangible assets compared to December 31, 2024 was primarily the result of a decrease in accumulated other comprehensive loss, coupled with an increase in retained earnings, as discussed above.¹

Recent Events

On January 10, 2025, the Corporation announced that the Corporation and CNB Bank entered into a definitive merger agreement (the “Merger Agreement”) with with ESSA Bancorp, Inc. (“ESSA”) and ESSA Bank and Trust in an all-stock transaction. Under the terms of the Merger Agreement, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of the Corporation’s common stock. The transaction is currently expected to close in the third quarter of 2025, subject to customary closing conditions, including the receipt of regulatory approvals, and approval by the shareholders of ESSA and the Corporation.

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.3 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, one drive-up office, one mobile office, and 56 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) governmental approvals of the Corporation’s pending merger with ESSA may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (viii) the Corporation’s shareholders and/or the shareholders of ESSA may fail to approve the merger; (ix) higher than expected costs or other difficulties related to integration of combined or merged businesses; (x) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (xi) changes in the quality or composition of our loan and investment portfolios; (xii) adequacy of loan loss reserves; (xiii) increased competition; (xiv) loss of certain key officers; (xv) deposit attrition; (xvi) rapidly changing technology; (xvii) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xviii) changes in the cost of funds, demand for loan products or demand for financial services; and (xix) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Income Statement
Interest and fees on loans	$	72,379		$	74,164		$	71,513
Interest and dividends on securities and cash and cash equivalents		10,000			9,514			6,392
Interest expense		(33,948	)		(34,634	)		(32,683	)
Net interest income		48,431			49,044			45,222
Provision for credit losses		1,556			2,930			1,320
Net interest income after provision for credit losses		46,875			46,114			43,902
Non-interest income
Wealth and asset management fees		1,796			1,976			1,802
Service charges on deposit accounts		1,714			1,712			1,694
Other service charges and fees		510			770			695
Net realized gains on available-for-sale securities		—			83			—
Net realized and unrealized gains (losses) on equity securities		(249	)		(13	)		191
Mortgage banking		96			93			196
Bank owned life insurance		760			784			767
Card processing and interchange income		2,107			2,222			2,016
Other non-interest income		1,773			2,694			1,594
Total non-interest income		8,507			10,321			8,955
Non-interest expenses
Salaries and benefits		20,564			18,501			18,787
Net occupancy expense of premises		4,038			3,816			3,640
Technology expense		5,378			5,743			5,072
Advertising expense		514			684			685
State and local taxes		1,292			1,090			1,143
Legal, professional, and examination fees		849			986			1,172
FDIC insurance premiums		985			864			990
Card processing and interchange expenses		1,160			1,325			1,179
Merger costs		1,529			—			—
Other non-interest expense		4,729			4,796			4,756
Total non-interest expenses		41,038			37,805			37,424
Income before income taxes		14,344			18,630			15,433
Income tax expense		2,863			3,566			2,833
Net income		11,481			15,064			12,600
Preferred stock dividends		1,075			1,076			1,075
Net income available to common shareholders	$	10,406		$	13,988		$	11,525

Ending shares outstanding		20,980,245			20,987,992			21,024,695
Average diluted common shares outstanding		20,925,388			20,929,885			20,887,088
Diluted earnings per common share	$	0.50		$	0.66		$	0.55
Adjusted diluted earnings per common share, net of merger costs (non-GAAP) ⁽¹⁾	$	0.57		$	0.66		$	0.55
Cash dividends per common share	$	0.180		$	0.180		$	0.175
Dividend payout ratio		36	%		27	%		32	%
Adjusted dividend payout ratio, net of merger costs (non-GAAP) ⁽¹⁾		32	%		27	%		32	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Average Balances
Total loans and loans held for sale	$	4,591,395		$	4,556,770		$	4,428,751
Investment securities		798,427			744,149			731,366
Total earning assets		5,803,526			5,674,794			5,350,126
Total assets		6,220,575			6,085,277			5,729,779
Noninterest-bearing deposits		814,441			832,168			736,965
Interest-bearing deposits		4,574,700			4,442,150			4,229,135
Shareholders’ equity		619,409			612,184			576,528
Tangible common shareholders’ equity (non-GAAP) ⁽¹⁾		517,550			510,308			474,596

Average Yields (annualized)
Total loans and loans held for sale		6.41	%		6.50	%		6.51	%
Investment securities		2.75	%		2.40	%		2.01	%
Total earning assets		5.73	%		5.84	%		5.81	%
Interest-bearing deposits		2.89	%		3.00	%		3.00	%
Interest-bearing liabilities		2.93	%		3.03	%		3.03	%

Performance Ratios (annualized)
Return on average assets		0.75	%		0.98	%		0.88	%
Adjusted return on average assets, net of merger costs (non-GAAP) ⁽¹⁾		0.85	%		0.98	%		0.88	%
Return on average equity		7.52	%		9.79	%		8.79	%
Adjusted return on average equity, net of merger costs (non-GAAP) ⁽¹⁾		8.49	%		9.79	%		8.79	%
Return on average tangible common equity (non-GAAP) ⁽¹⁾		8.15	%		10.90	%		9.77	%
Adjusted return on average tangible common equity (non-GAAP) ⁽¹⁾		9.32	%		10.90	%		9.77	%
Net interest margin, fully tax equivalent basis (non-GAAP) ⁽¹⁾		3.37	%		3.43	%		3.38	%
Efficiency ratio, fully tax equivalent basis (non-GAAP) ⁽¹⁾		71.28	%		63.02	%		68.29	%
Adjusted efficiency ratio, fully tax equivalent basis (non-GAAP) ⁽¹⁾		68.62	%		63.02	%		68.29	%

Net Loan Charge-Offs
CNB Bank net loan charge-offs	$	926		$	1,719		$	878
Holiday Financial net loan charge-offs		513			425			466
Total Corporation net loan charge-offs	$	1,439		$	2,144		$	1,344
Annualized net loan charge-offs / average total loans and loans held for sale		0.13	%		0.19	%		0.12	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	March 31, 2025			December 31, 2024			March 31, 2024
Ending Balance Sheet
Cash and due from banks	$	68,745		$	63,771		$	38,953
Interest-bearing deposits with Federal Reserve		447,053			375,009			259,464
Interest-bearing deposits with other financial institutions		4,359			4,255			3,036
Total cash and cash equivalents		520,157			443,035			301,453
Debt securities available-for-sale, at fair value		516,412			468,546			348,565
Debt securities held-to-maturity, at amortized cost		282,159			306,081			381,706
Equity securities		10,293			10,456			9,581
Loans held for sale		860			762			1,010
Loans receivable
Syndicated loans		69,189			79,882			78,685
Loans		4,540,820			4,529,074			4,352,713
Total loans receivable		4,610,009			4,608,956			4,431,398
Less: allowance for credit losses		(47,357	)		(47,357	)		(45,832	)
Net loans receivable		4,562,652			4,561,599			4,385,566
Goodwill and other intangibles		43,874			43,874			43,874
Core deposit intangible		190			206			260
Other assets		358,911			357,451			329,397
Total Assets	$	6,295,508		$	6,192,010		$	5,801,412

Noninterest-bearing demand deposits	$	842,398		$	819,680		$	749,178
Interest-bearing demand deposits		719,460			706,796			719,781
Savings		3,160,618			3,122,028			3,035,823
Certificates of deposit		737,602			722,860			532,771
Total deposits		5,460,078			5,371,364			5,037,553
Subordinated debentures		20,620			20,620			20,620
Subordinated notes, net of issuance costs		84,646			84,570			84,343
Other liabilities		105,656			104,761			80,256
Total liabilities		5,671,000			5,581,315			5,222,772
Common stock		—			—			—
Preferred stock		57,785			57,785			57,785
Additional paid in capital		220,254			219,876			218,224
Retained earnings		387,925			381,296			353,780
Treasury stock		(4,944	)		(4,689	)		(3,946	)
Accumulated other comprehensive loss		(36,512	)		(43,573	)		(47,203	)
Total shareholders’ equity		624,508			610,695			578,640
Total liabilities and shareholders’ equity	$	6,295,508		$	6,192,010		$	5,801,412

Book value per common share	$	27.01		$	26.34		$	24.77
Adjusted book value per common share (non-GAAP) ⁽¹⁾	$	27.08		$	26.34		$	24.77
Tangible book value per common share (non-GAAP) ⁽¹⁾	$	24.91		$	24.24		$	22.67
Adjusted tangible book value per common share (non-GAAP) ⁽¹⁾	$	24.98		$	24.24		$	22.67

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	March 31, 2025			December 31, 2024			March 31, 2024
Capital Ratios
Tangible common equity / tangible assets (non-GAAP) ⁽¹⁾		8.36	%		8.28	%		8.28	%
Adjusted tangible common equity / tangible assets (non-GAAP) ⁽¹⁾		8.38	%		8.28	%		8.28	%
Tier 1 leverage ratio ⁽²⁾		10.27	%		10.43	%		10.64	%
Common equity tier 1 ratio ⁽²⁾		11.85	%		11.76	%		11.70	%
Tier 1 risk-based ratio ⁽²⁾		13.50	%		13.41	%		13.43	%
Total risk-based ratio ⁽²⁾		16.30	%		16.16	%		16.27	%

Asset Quality Detail
Nonaccrual loans	$	54,079		$	56,323		$	28,751
Loans 90+ days past due and accruing		308			653			49
Total nonperforming loans		54,387			56,976			28,800
Other real estate owned		1,664			2,509			1,864
Total nonperforming assets	$	56,051		$	59,485		$	30,664

Asset Quality Ratios
Nonperforming assets / Total loans + OREO		1.22	%		1.29	%		0.69	%
Nonperforming assets / Total assets		0.89	%		0.96	%		0.53	%
Ratio of allowance for credit losses on loans to nonaccrual loans		87.57	%		84.08	%		159.41	%
Allowance for credit losses / Total loans		1.03	%		1.03	%		1.03	%


Consolidated Financial Data Notes:
⁽¹⁾ Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
⁽²⁾ Capital ratios as of March 31, 2025 are estimated pending final regulatory filings.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
	Three Months Ended,
	March 31, 2025								December 31, 2024								March 31, 2024
	Average Balance			Annual Rate			Interest Inc./Exp.		Average Balance			Annual Rate			Interest Inc./Exp.		Average Balance			Annual Rate			Interest Inc./Exp.
ASSETS:
Securities:
Taxable ^{(1) (4)}	$	765,654			2.73	%	$	5,461	$	711,286			2.36	%	$	4,487	$	696,851			1.96	%	$	3,651
Tax-exempt ^{(1) (2) (4)}		25,345			2.69			181		25,489			2.67			184		27,743			2.59			191
Equity securities ^{(1) (2)}		7,428			5.84			107		7,374			5.77			107		6,772			5.64			95
Total securities ⁽⁴⁾		798,427			2.75			5,749		744,149			2.40			4,778		731,366			2.01			3,937
Loans receivable:
Commercial ^{(2) (3)}		1,466,323			6.74			24,369		1,458,902			6.77			24,824		1,429,718			6.90			24,519
Mortgage and loans held for sale ^{(2) (3)}		3,001,317			6.02			44,572		2,965,914			6.12			45,633		2,870,175			6.08			43,403
Consumer ⁽³⁾		123,755			12.01			3,665		131,954			11.93			3,956		128,858			11.79			3,778
Total loans receivable ⁽³⁾		4,591,395			6.41			72,606		4,556,770			6.50			74,413		4,428,751			6.51			71,700
Interest-bearing deposits with the Federal Reserve and other financial institutions		413,704			4.20			4,284		373,875			5.08			4,771		190,009			5.26			2,485
Total earning assets		5,803,526			5.73		$	82,639		5,674,794			5.84		$	83,962		5,350,126			5.81		$	78,122
Noninterest-bearing assets:
Cash and due from banks		58,152								59,445								53,523
Premises and equipment		129,188								124,398								110,038
Other assets		277,051								273,326								261,863
Allowance for credit losses		(47,342	)							(46,686	)							(45,771	)
Total non interest-bearing assets		417,049								410,483								379,653
TOTAL ASSETS	$	6,220,575							$	6,085,277							$	5,729,779
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Demand—interest-bearing	$	704,874			0.88	%	$	1,527	$	686,359			0.83	%	$	1,437	$	739,931			0.65	%	$	1,195
Savings		3,131,697			3.09			23,840		3,068,451			3.26			25,139		2,965,279			3.47			25,611
Time		738,129			3.99			7,267		687,340			4.02			6,953		523,925			3.64			4,742
Total interest-bearing deposits		4,574,700			2.89			32,634		4,442,150			3.00			33,529		4,229,135			3.00			31,548
Short-term borrowings		—			0.00			—		—			0.00			—		—			0.00			—
Finance lease liabilities		15,143			6.32			236		212			3.75			2		282			4.28			3
Subordinated notes and debentures		105,228			4.15			1,078		105,153			4.17			1,103		104,925			4.34			1,132
Total interest-bearing liabilities		4,695,071			2.93		$	33,948		4,547,515			3.03		$	34,634		4,334,342			3.03		$	32,683
Demand—noninterest-bearing		814,441								832,168								736,965
Other liabilities		91,654								93,410								81,944
Total Liabilities		5,601,166								5,473,093								5,153,251
Shareholders’ equity		619,409								612,184								576,528
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,220,575							$	6,085,277							$	5,729,779
Interest income/Earning assets					5.73	%	$	82,639					5.84	%	$	83,962					5.81	%	$	78,122
Interest expense/Interest-bearing liabilities					2.93			33,948					3.03			34,634					3.03			32,683
Net interest spread					2.80	%	$	48,691					2.81	%	$	49,328					2.78	%	$	45,439
Interest income/Earning assets					5.73	%		82,639					5.84	%		83,962					5.81	%		78,122
Interest expense/Earning assets					2.36			33,948					2.41			34,634					2.43			32,683
Net interest margin (fully tax-equivalent)					3.37	%	$	48,691					3.43	%	$	49,328					3.38	%	$	45,439

⁽¹⁾ Includes unamortized discounts and premiums.
⁽²⁾ Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $260 thousand, $284 thousand and $217 thousand, respectively.
⁽³⁾ Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees.
⁽⁴⁾ Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $(48.1) million, $(47.0) million and $(55.1) million, respectively.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of merger costs, net of tax (non-GAAP):
Merger costs – non deductible	$	1,327		$	—		$	—

Merger costs – deductible		202			—			—
Statutory federal tax rate		21	%		21	%		21	%
Tax benefit of merger costs (non-GAAP)		42			—			—
Merger costs – deductible, net of tax		160			—			—

Merger costs, net of tax (non-GAAP)	$	1,487		$	—		$	—

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Calculation of net income available to common (GAAP):
Net income	$	11,481	$	15,064	$	12,600
Less: preferred stock dividends		1,075		1,076		1,075
Net income available to common shareholders	$	10,406	$	13,988	$	11,525

Adjusted calculation of net income available to common (non-GAAP):
Net income available to common shareholders	$	10,406	$	13,988	$	11,525
Add: Merger costs, net of tax (non-GAAP)		1,487		—		—
Adjusted net income available to common shareholders (non-GAAP)	$	11,893	$	13,988	$	11,525

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Calculation of PPNR (non-GAAP): ⁽¹⁾
Net interest income	$	48,431	$	49,044	$	45,222
Add: Non-interest income		8,507		10,321		8,955
Less: Non-interest expense		41,038		37,805		37,424
PPNR (non-GAAP)	$	15,900	$	21,560	$	16,753

Adjusted calculation of PPNR (non-GAAP): ⁽¹⁾
Net interest income	$	48,431	$	49,044	$	45,222
Add: Non-interest income		8,507		10,321		8,955
Less: Non-interest expense		41,038		37,805		37,424
Add: Merger costs		1,529		—		—
Adjusted PPNR (non-GAAP)	$	17,429	$	21,560	$	16,753

⁽¹⁾ Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Basic earnings per common share computation:
Net income available to common shareholders	$	10,406	$	13,988	$	11,525
Less: net income available to common shareholders allocated to participating securities		57		98		92
Net income available to common shareholders allocated to common stock	$	10,349	$	13,890	$	11,433

Weighted average common shares outstanding, including shares considered participating securities		20,981		20,992		20,979
Less: Average participating securities		114		135		155
Weighted average shares		20,867		20,857		20,824
Basic earnings per common share	$	0.50	$	0.67	$	0.55

Diluted earnings per common share computation:
Net income available to common shareholders allocated to common stock	$	10,349	$	13,890	$	11,433

Weighted average common shares outstanding for basic earnings per common share		20,867		20,857		20,824
Add: Dilutive effect of stock compensation		58		73		63
Weighted average shares and dilutive potential common shares		20,925		20,930		20,887
Diluted earnings per common share	$	0.50	$	0.66	$	0.55

Adjusted basic earnings per common share computation (non-GAAP):
Net income available to common shareholders	$	10,406	$	13,988	$	11,525
Add: Merger costs, net of tax (non-GAAP)		1,487		—		—
Less: net income available to common shareholders allocated to participating securities		57		98		92
Less: Adjustment to net income available to common shareholders allocated to participating securities for merger cost impact, net of tax (non-GAAP)		8		—		—
Adjusted net income available to common shareholders allocated to common stock (non-GAAP)	$	11,828	$	13,890	$	11,433

Weighted average common shares outstanding, including shares considered participating securities		20,981		20,992		20,979
Less: Average participating securities		114		135		155
Weighted average shares		20,867		20,857		20,824
Adjusted basic earnings per common share (non-GAAP)	$	0.57	$	0.67	$	0.55

Adjusted diluted earnings per common share computation (non-GAAP):
Adjusted net income available to common shareholders allocated to common stock (non-GAAP)	$	11,828	$	13,890	$	11,433

Weighted average common shares outstanding for basic earnings per common share		20,867		20,857		20,824
Add: Dilutive effect of stock compensation		58		73		63
Weighted average shares and dilutive potential common shares		20,925		20,930		20,887
Adjusted diluted earnings per common share (non-GAAP)	$	0.57	$	0.66	$	0.55

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of dividend payout ratio:
Cash dividends per common share	$	0.180		$	0.180		$	0.175
Diluted earnings per common share		0.50			0.66			0.55
Dividend payout ratio		36	%		27	%		32	%

Adjusted calculation of dividend payout ratio (non-GAAP):
Cash dividends per common share	$	0.180		$	0.180		$	0.175
Adjusted diluted earnings per common share (non-GAAP)		0.57			0.66			0.55
Adjusted dividend payout ratio (non-GAAP)		32	%		27	%		32	%

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of net interest margin:
Interest income	$	82,379		$	83,678		$	77,905
Interest expense		33,948			34,634			32,683
Net interest income	$	48,431		$	49,044		$	45,222

Average total earning assets	$	5,803,526		$	5,674,794		$	5,350,126

Net interest margin (GAAP) (annualized)		3.38	%		3.44	%		3.40	%

Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):
Interest income	$	82,379		$	83,678		$	77,905
Tax equivalent adjustment (non-GAAP)		260			284			217
Adjusted interest income (fully tax equivalent basis) (non-GAAP)		82,639			83,962			78,122
Interest expense		33,948			34,634			32,683
Net interest income (fully tax equivalent basis) (non-GAAP)	$	48,691		$	49,328		$	45,439

Average total earning assets	$	5,803,526		$	5,674,794		$	5,350,126
Less: average mark to market adjustment on investments (non-GAAP)		(48,070	)		(46,988	)		(55,146	)
Adjusted average total earning assets, net of mark to market (non-GAAP)	$	5,851,596		$	5,721,782		$	5,405,272

Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)		3.37	%		3.43	%		3.38	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of tangible book value per common share and tangible common equity / tangible assets (non-GAAP):
Shareholders’ equity	$	624,508		$	610,695		$	578,640
Less: preferred equity		57,785			57,785			57,785
Common shareholders’ equity		566,723			552,910			520,855
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		190			206			260
Tangible common equity (non-GAAP)	$	522,659		$	508,830		$	476,721

Total assets	$	6,295,508		$	6,192,010		$	5,801,412
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		190			206			260
Tangible assets (non-GAAP)	$	6,251,444		$	6,147,930		$	5,757,278

Ending shares outstanding		20,980,245			20,987,992			21,024,695

Book value per common share (GAAP)	$	27.01		$	26.34		$	24.77
Tangible book value per common share (non-GAAP)	$	24.91		$	24.24		$	22.67

Common shareholders’ equity / Total assets (GAAP)		9.00	%		8.93	%		8.98	%
Tangible common equity / Tangible assets (non-GAAP)		8.36	%		8.28	%		8.28	%

Adjusted calculation of book value per common share (non-GAAP):
Common shareholders’ equity	$	566,723		$	552,910		$	520,855
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted common shareholders’ equity (non-GAAP)	$	568,210		$	552,910		$	520,855

Ending shares outstanding		20,980,245			20,987,992			21,024,695

Adjusted book value per common share (non-GAAP)	$	27.08		$	26.34		$	24.77

Adjusted calculation of tangible book value per common share (non-GAAP):
Tangible common equity (non-GAAP)	$	522,659		$	508,830		$	476,721
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted tangible common equity (non-GAAP)	$	524,146		$	508,830		$	476,721

Ending shares outstanding		20,980,245			20,987,992			21,024,695

Adjusted tangible book value per common share (non-GAAP)	$	24.98		$	24.24		$	22.67

Adjusted calculation of tangible common equity / tangible assets (non-GAAP):
Adjusted common shareholders’ equity (non-GAAP)	$	524,146		$	508,830		$	476,721

Tangible assets (non-GAAP)	$	6,251,444		$	6,147,930		$	5,757,278
Add: Merger costs, net of tax (non-GAAP)		1,529			—			—
Adjusted tangible assets (non-GAAP)	$	6,252,973		$	6,147,930		$	5,757,278

Adjusted tangible common equity / Adjusted tangible assets (non-GAAP)		8.38	%		8.28	%		8.28	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of efficiency ratio:
Non-interest expense	$	41,038		$	37,805		$	37,424

Non-interest income	$	8,507		$	10,321		$	8,955
Net interest income		48,431			49,044			45,222
Total revenue	$	56,938		$	59,365		$	54,177
Efficiency ratio		72.07	%		63.68	%		69.08	%

Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Non-interest expense	$	41,038		$	37,805		$	37,424
Less: core deposit intangible amortization		17			16			20
Adjusted non-interest expense (non-GAAP)	$	41,021		$	37,789		$	37,404

Non-interest income	$	8,507		$	10,321		$	8,955

Net interest income	$	48,431		$	49,044		$	45,222
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)		1,464			1,508			1,337
Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)		2,076			2,111			1,932
Adjusted net interest income (fully tax equivalent basis) (non-GAAP)		49,043			49,647			45,817
Adjusted net revenue (fully tax equivalent basis) (non-GAAP)	$	57,550		$	59,968		$	54,772

Efficiency ratio (fully tax equivalent basis) (non-GAAP)		71.28	%		63.02	%		68.29	%

Adjusted calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Adjusted non-interest expense (non-GAAP)	$	41,021		$	37,789		$	37,404
Less: Merger costs (non-GAAP)		1,529			—			—
Adjusted non-interest expense (non-GAAP)	$	39,492		$	37,789		$	37,404

Adjusted net revenue (fully tax equivalent basis) (non-GAAP)	$	57,550		$	59,968		$	54,772

Adjusted efficiency ratio (fully tax equivalent basis) (non-GAAP)		68.62	%		63.02	%		68.29	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of return on average assets:
Net income	$	11,481		$	15,064		$	12,600
Average total assets	$	6,220,575		$	6,085,277		$	5,729,779

Return on average assets (GAAP) (annualized)		0.75	%		0.98	%		0.88	%

Adjusted calculation of return on average assets (non-GAAP):
Net income	$	11,481		$	15,064		$	12,600
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted net income	$	12,968		$	15,064		$	12,600

Average total assets	$	6,220,575		$	6,085,277		$	5,729,779

Adjusted return on average assets (non-GAAP) (annualized)		0.85	%		0.98	%		0.88	%

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of return on average tangible common equity (non-GAAP):
Net income	$	11,481		$	15,064		$	12,600
Less: preferred stock dividends		1,075			1,076			1,075
Net income available to common shareholders	$	10,406		$	13,988		$	11,525

Average shareholders’ equity	$	619,409		$	612,184		$	576,528
Less: average goodwill & intangibles		44,074			44,091			44,147
Less: average preferred equity		57,785			57,785			57,785
Average tangible common shareholders’ equity (non-GAAP)	$	517,550		$	510,308		$	474,596

Return on average equity (GAAP) (annualized)		7.52	%		9.79	%		8.79	%
Return on average common equity (GAAP) (annualized)		7.51	%		10.04	%		8.94	%
Return on average tangible common equity (non-GAAP) (annualized)		8.15	%		10.90	%		9.77	%

Adjusted calculation of return on average equity (non-GAAP):
Net income	$	11,481		$	15,064		$	12,600
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted net income (non-GAAP)	$	12,968		$	15,064		$	12,600

Average shareholders’ equity	$	619,409		$	612,184		$	576,528

Adjusted return on average equity (non-GAAP) (annualized)		8.49	%		9.79	%		8.79	%

Adjusted calculation of return on average tangible common equity (non-GAAP):
Net income available to common shareholders	$	10,406		$	13,988		$	11,525
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted net income available to common shareholders	$	11,893		$	13,988		$	11,525

Average tangible common shareholders’ equity (non-GAAP)	$	517,550		$	510,308		$	474,596

Adjusted return on average tangible common equity (non-GAAP) (annualized)		9.32	%		10.90	%		9.77	%

The MIL Network –

April 15, 2025

MIL-OSI USA: Ernst Names Small Business of the Week, Mike Molstead Motors

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

Published: April 14, 2025

Throughout this Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.

RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Small Business Committee, today announced her Small Business of the Week: Mike Molstead Motors of Floyd County. Throughout the 119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
“Mike Molstead built a successful family-owned and operated business by keeping his community in the driver’s seat,” said Chair Ernst. “Today, under the leadership of Mike’s four sons, Molstead Motors continues to fuel folks in north Iowa one vehicle at a time by focusing on personalized financing, real-time market pricing, and top-tier auto repair and detail servicing. As Mike continues his 25-year battle with lung cancer, my thoughts and prayers are with him and the entire Molstead family.”
In 1982, while attending the University of Northern Iowa and playing football, Mike Molstead began selling cars at a local dealership in Cedar Falls. He worked his way up to general sales manager before deciding to start his own dealership. In 1995, Mike opened Mike Molstead Motors in Charles City. Over the years, the business has expanded from selling primarily General Motors vehicles to a full-service dealership that sells, services, and details Chrysler, Dodge, Jeep, Ram, GMC, and Ford vehicles across two locations. Today, Mike and his four boys, Josh, Jordan, Jackson, and Jared, along with many other family members, work together to run the company. This month, Mike Molstead Motors will celebrate its 30th anniversary.
Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

MIL OSI USA News –

April 15, 2025
MIL-OSI USA: 04.14.2025 Sen. Cruz Resolution Rescinding Biden-Harris Appliance Regulation Passes Senate, Proceeds to President Trump

US Senate News:

Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) issued a statement after the Senate passed his Congressional Review Act (CRA) resolution to rescind an appliance regulation on water heaters, which was imposed by the Biden-Harris administration in December 2024, and which if left in place would have increased costs and limited the consumer choice of everyday Texans and Americans across the country.
Sen. Cruz said, “The Biden-Harris administration knew they were increasing costs on Americans and they didn’t care. Their rule would have forced Americans to either pay hundreds of dollars more for efficient water heaters or purchase less efficient models. I applaud Congress for passing my resolution rescinding this rule, and when the President signs it in the coming days it will restore fairness, consumer choice, and affordability to the American people.”
This bill is endorsed by National Federation of Independent Business and the American Public Gas Association.
Adam Temple, NFIB Senior Vice President for Advocacy said, “Small businesses believe that consumers and business owners should have the freedom to decide which product works best for their specific needs, no matter what fuel source the product uses. Unfortunately, DOE finalized a rule that would set new arbitrary energy efficiency standards for natural gas-fired water heaters that would effectively ban more affordable appliance options for consumers and small businesses, such as tankless water heaters. As small businesses continue to list inflation as a significant problem, regulations restricting or banning common household appliances will only increase costs for small businesses.”
Dave Schryver, President and CEO for the American Public Gas Association said, “The American Public Gas Association (APGA) commends Senator Cruz and colleagues for taking decisive action to challenge a deeply flawed rulemaking dating back to the Biden Administration, which imposes new minimum efficiency standards for Gas Instantaneous Water Heaters. This rule would have effectively eliminated an entire class of affordable, reliable, and efficient appliances from the market, driving unnecessary and costly fuel switching. APGA believes that Americans should have the freedom to choose the appliances that best meet their household needs and budgets.”
BACKGROUND
Industry experts estimate that the Biden-Harris rule would have added $450-$665 to the cost of each affected water heater, and that beyond the initial increased cost, forty percent of Americans directly affected by the rule would have also seen a net cost increase over the life of the appliance. Sen. Cruz introduced this CRA to repeal the rule in January.

MIL OSI USA News –

April 15, 2025
MIL-OSI USA: Oregon Delegation Urges Fishery Disaster Declaration

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)
April 14, 2025
Washington, D.C. – Today, U.S. Senator Jeff Merkley led his Democratic colleagues in the Oregon delegation—Senator Ron Wyden and U.S. Representatives Suzanne Bonamici (OR-01), Val Hoyle (OR-04), Andrea Salinas (OR-06), Maxine Dexter (OR-03), and Janelle Bynum (OR-05)—in urging the U.S. Department of Commerce to declare a federal fishery resource disaster for the 2024 Oregon troll salmon fishery.
“This declaration is critical to provide economic relief to Oregon’s fisheries and coastal communities in addition to protecting the sustainability of wild salmon populations,” said the lawmakers.
In 2024, Oregon’s troll salmon fishery struggled amid worsening effects of climate change, increased drought, shifting ocean conditions, and other impacts leading to poor salmon returns. Facing these significant challenges, the Oregon Department of Fish and Wildlife (ODFW) estimates that 2024 Chinook salmon population levels were below forecasts, with 2025 Chinook salmon populations likely “not high enough to allow for target summer Chinook fisheries.”
The impact salmon loss has on Oregon’s economy cannot be understated, as the state’s?commercial?fishing industry generates more than $640 million in economic activity each year, equivalent to 9,200 jobs.
“Despite best efforts from our local fishermen and state and local partners, the economic consequences of this crisis threaten both salmon fishermen and the broader economy of Oregon’s coastal communities which rely on the fishery,” continued the lawmakers.
As the Pacific Fisheries Management Council (PFMC) undergoes the process to finalize its 2025 salmon season management recommendations, the Oregon delegation is pushing for U.S. Commerce Secretary Howard Lutnick to quickly grant Governor Tina Kotek’s request for a federal fishery disaster under the Magnuson-Stevens Fishery Conservation and Management Act. The action is critical to access federal funding needed to ease the economic uncertainty for Oregon’s commercial troll salmon fishery, while recognizing the immense role salmon hold in the cultural heritage of Pacific Northwest Tribes, recreation, and as a treasured natural resource across the state.
The Oregon delegation has been essential in securing past federal fishery disaster declarations in the state through a series of actions, which led to the Commerce Department sending Oregon?a total of $7,050,722 for the fishery disaster declared for 2018, 2019, and 2020?Oregon?Chinook salmon?ocean commercial?fisheries. The lawmakers will keep pushing for federal support for this critical industry while local, state, and federal partners continue work on long-term solutions.
“We urge you to direct your attention to Governor Kotek’s request for a fishery resource disaster declaration. We look forward to your timely response, and our offices stand ready to work with you to recover and sustain Oregon’s commercial fisheries,” the Oregon delegation closed.
Full text of the letter can be found HERE.

MIL OSI USA News –

April 15, 2025
MIL-OSI USA: Crapo, Risch and Cassidy Introduce Bill to Protect Energy Permitting Process from Frivolous Lawsuits

US Senate News:

Source: United States Senator for Idaho Mike Crapo

WASHINGTON, D.C.—U.S. Senators Mike Crapo (R-Idaho), Jim Risch (R-Idaho) and Bill Cassidy (R-Louisiana) introduced the Revising and Enhancing Project Authorizations Impacted by Review (REPAIR) Act that would protect the permitting process for U.S. energy, manufacturing and critical infrastructure projects from frivolous litigation.
“Off-shore energy projects face stiff headwinds in America,” said Crapo. “As we move toward greater American energy independence, the REPAIR Act would reduce the threat of frivolous lawsuits during the permitting and review process for new projects that can tie up proposals for years. Advancing this bill is an important step in furthering President Trump’s domestic energy agenda.”
“Critical domestic energy, natural resource and manufacturing projects have been blocked by activist litigation for far too long, forcing the U.S. to rely on countries like China for resources available in our own backyard,” said Risch. “The REPAIR Act would close judicial loopholes and eliminate years of unnecessary litigation that have hindered our ability to harness our own natural resources.”
“Green activist groups have a pattern. They manipulate the legal system to keep infrastructure and energy projects in legal purgatory,” said Cassidy. “Let’s end this and get the project moving again. It’s the only way to unleash American energy!”
The REPAIR Act would make many vital changes to the judicial review of an approved permit by ensuring all laws related to permitting have the same review process, scope of adjudication, rules for standing and statute of limitations. The bill would remove the ability to file a suit based on the National Environmental Policy Act, instead focusing lawsuits on the statute for which the permit was issued. In the case of a judicial remand or other court action, the REPAIR Act would establish a mediation process that allows the project developer and the permit-issuing agency to directly address the challenge and enable the project to move forward. Additionally, the bill would increase transparency in ongoing court challenges to permits to highlight the unnecessary delays caused by the judicial process.
The legislation is supported by the U.S. Chamber of Commerce, American Petroleum Institute, ClearPath, the National Mining Association and Citizens for Responsible Energy Solutions (CRES).

MIL OSI USA News –

April 15, 2025
MIL-OSI Asia-Pac: HKMA and Consumer Council jointly launch virtual reality simulation games (with photos)

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

To strengthen self-protection capabilities of students with special educational needs and senior citizens, the Consumer Council and the Hong Kong Monetary Authority (HKMA) have joined hands in launching a series of new virtual reality (VR) simulation games designed to foster proper attitude towards consumption with the use of credit cards, while raising the participant’s awareness of fraud prevention through a gamified learning experience.

The VR simulation games feature two key themes: “Be a Smart Credit Card User”, covering basic knowledge of credit card usage and concepts of rational consumption, and “Beware of Credit Card Fraud”, simulating the scenarios of fraudsters using phishing links and fraudulent calls purporting to be from bank staff. Through the four simulated scenarios (see Annex (Chinese only)) – “Credit card ABC”, “Responsible use of credit cards”, “Beware of phishing links”, and “Beware of fraudulent calls” – the games offer an immersive and interactive experience with vivid decision-making prompts, real-life role play, and simple yet entertaining mini-games with over a hundred interactive options, equipping persons with special needs and senior citizens with the knowledge and skill to use credit cards responsibly and identify scams. Participants can use the VR headsets and handheld controllers for an immersive first-person experience.

The Council and the HKMA recently organised an event at Fortress Hill Methodist Secondary School for students to try out the games for the first time. The Chief Executive of the Consumer Council, Ms Gilly Wong, said, “Consumers with special needs and some senior consumers often have limited knowledge of credit cards. The Council is delighted to collaborate with the HKMA in developing this innovative VR simulation game, allowing them to experience overspending and fraud scenarios firsthand while learning how to respond accordingly. Since credit cards serve both as a payment tool and a loan instrument, it is crucial for consumers to establish proper values and knowledge about responsible usage early on. This VR game will be distributed to social welfare organisations and special schools across Hong Kong, to be used in consumer education workshops and activities for promoting responsible credit card usage and fraud prevention.”

Deputy Chief Executive of the HKMA Mr Arthur Yuen, said, “Credit card payments are a common means of transaction, yet they are often exploited by fraudsters as a tool for deception. Members of the public who are not vigilant may fall into the trap of scams. We hope to use interactive games to convey the messages on the proper use of credit cards, as well as the importance of guarding against credit card scams in a simple and vivid way, thereby assisting members of the public to use credit cards with peace of mind and enhancing their awareness of anti-scam measures.”

The HKMA launched the Anti-Scam Consumer Protection Charter 2.0 (the Charter 2.0) in collaboration with the Hong Kong Association of Banks last year, to assist the public in guarding against credit card scams and other digital frauds. The Council remains committed to consumer education and safeguarding consumer rights. As a supporting organisation of the Charter 2.0, it will continue to enhance public awareness of fraud prevention and self-protection ability.

Since late 2020, the Council has been running the Support Programme for Persons with Special Needs, aimed at promoting consumer education among persons with special needs, including those with autism spectrum disorder, mild intellectual disability, and common mental disorder, in identifying unscrupulous trade practices and scams. The Programme provides a range of educational resources for frontline social workers, teachers and caregivers, including training handbooks, game cards, case study videos and posters, and easy-to-read guides. In 2023, the Programme also piloted its first VR educational tool focusing on the unscrupulous sales tactics of beauty and fitness centres. To date, the Programme has organised more than 180 consumer education sessions for over 4 600 participants from 80 social welfare organisations, self-help groups and special schools.

A desktop version of the credit card VR simulation games is also available. Members of the public may visit the websites of the Consumer Council and the HKMA for relevant information.

MIL OSI Asia Pacific News –

April 15, 2025
MIL-OSI Asia-Pac: World Internet Conference Asia-Pacific Summit explores future of AI and digital technologies (with photos)

Source: Hong Kong Government special administrative region

World Internet Conference Asia-Pacific Summit explores future of AI and digital technologies
The WIC designated Hong Kong to host the Asia-Pacific Summit for the first time, affirming Hong Kong’s pivotal role as an important bridge and two-way platform connecting our country and the world. At the opening ceremony of the Summit this morning, the Vice-Chairman of the National Committee of the Chinese People’s Political Consultative Conference, Mr Wang Yong, and the Chief Executive, Mr John Lee, delivered their remarks, while the Minister of the Cyberspace Administration of China and Chairman of the WIC, Mr Zhuang Rongwen, gave a keynote speech. The Director of the Liaison Office of the Central People’s Government in the HKSAR, Mr Zheng Yanxiong; the CEO of GSMA Ltd., Mr John Hoffman; the Chair of ZTE Corporation, Mr Fang Rong; the “father of the Internet in Africa”, Mr Nii Narku Quaynor, and other distinguished guests, also spoke at the opening ceremony, sharing their valuable insights on building an open and cooperative community with a shared future in cyberspace.

After the opening ceremony, a government-enterprise dialogue session was co-hosted by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, and the Secretary General of the WIC, Mr Ren Xianliang. The session brought together ministerial officials and senior representatives of industry corporations from countries and regions such as Algeria, Tanzania and Oman, as well as business leaders from Intel, Alibaba Cloud, Ping An Group and many more to conduct in-depth exchanges on ways to harness I&T to drive economic development, support enterprises’ overseas expansion, inject new impetus for economic growth, and actively building practical cooperation platforms. The Commissioner for Digital Policy, Mr Tony Wong, also attended the session and delivered a speech, introducing the latest development of Hong Kong’s digital government.

The focus of the Summit in the afternoon was the main forum on the digital intelligence future which covered three key thematic sections: “Building robust foundations for a digital future”, “AI applications across industries” and “Security and governance in the digital era”. The forum had a stellar lineup of speakers, including the Financial Secretary, Mr Paul Chan; Professor Sun Dong, alongside Co-Founder and CTO of Manycore Tech, Mr Zhu Hao, from Hangzhou’s “Six Little Dragons” tech cluster; the CEO of Arm China, Mr Chen Feng; the General Manager of IBM Asia Pacific, Mr Hans Dekkers, and other representatives from renowned organisations and corporations. Additionally, the Summit hosted a briefing on Practice Cases and Awards for Pioneering Science and Technology and a workshop on AI governance and sustainable development to further promote exchange and collaboration in related fields.

The Summit will present three sub-forums tomorrow (April 15) morning where internationally renowned speakers will conduct a deep discussion and exchange on “Large Artificial Intelligence Models”, “Digital Finance” and “Digital Government and Smart Life” to explore future development and potential across various domains in digital technology. The Commissioner for Digital Policy, Mr Tony Wong, will deliver a speech at the sub-forum on “Large Artificial Intelligence Models” and publish the “Hong Kong Generative Artificial Intelligence Technical and Application Guideline”, showcasing Hong Kong’s leading role in the field of AI governance. Meanwhile, a series of affiliated activities including a cybersecurity emergency response advanced training programme and a “Workshop on AI & Cybersecurity: Strategies for Attack and Defence in the Intelligent Era” will also be held. Details of the Summit are available on the event website wicinternet.org/WICAsiaPacificSummit.html
Furthermore, Hong Kong’s annual I&T mega event, the Business of Innovation and Technology Week (BIT Week), takes place concurrently in April, featuring a series of exciting I&T activities, including the InnoEX, Hong Kong World Youth Science Conference, Xiangjiang Nobel Forum, and more, further elevating Hong Kong’s I&T atmosphere to new heights and accelerating its development into an international I&T centre.
Issued at HKT 18:30

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MIL OSI Asia Pacific News –

April 15, 2025

Category: Commerce

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