NewzIntel.com

Category: Commerce

  • MIL-OSI Banking: Verizon to redeem debt securities on September 3, 2025

    Source: Verizon

    Headline: Verizon to redeem debt securities on September 3, 2025

    NEW YORK – Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem, in whole, the following notes on September 3, 2025 (the “Redemption Date”):

    I.D. Number

    Title of Security

    NYSE Trading Symbol

    Principal Amount
    Outstanding

    CUSIP: 92343V BW3

    ISIN: XS1030900242

    Common Code: 103090024

    3.25% Notes due 2026 (the “Notes”)

    VZ 26

    €842,980,000

    The redemption price for the Notes will be equal to the greater of (i) 100% of the principal amount of the Notes being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes (exclusive of interest accrued to the Redemption Date), as the case may be, discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate (as defined in the Notes) plus 25 basis points (the “Redemption Price”), plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. The Redemption Price will be calculated in accordance with the terms of the Notes on the third Business Day (as defined in the Notes) preceding the Redemption Date.

    Questions relating to the notice of redemption and related materials should be directed to the paying agent: U.S. Bank Trust Company, Trust Company, National Association, 333 Thornall Street, Edison, New Jersey 08837, United States of America, or via telephone at 1-800-934-6802.

    MIL OSI Global Banks –

  • MIL-OSI USA: CPSC Anchor It! Campaign Marks 10 Years: Fewer Furniture Tip-Overs Lead to Safer American Households

    Source: US Consumer Product Safety Commission

    WASHINGTON, D.C. – The U.S. Consumer Product Safety Commission (CPSC) is marking the 10th anniversary of the Anchor It! campaign, a landmark initiative launched in 2015 to address the deadly hazard of TV and furniture tip-overs. With the help of industry advocates and several parents who lost their children to tip-overs, CPSC started the campaign to educate parents and caregivers about the dangers of falling TVs and furniture amid widespread child injuries and fatalities. Campaign efforts contributed to a nearly 50-percent decline in tip-over-related injuries and deaths in the U.S. 
    The Anchor It! campaign promoted the use of anti-tip devices through video and radio Public Service Announcements, social media, and journalism. It showed consumers that the threat of furniture tip-overs is serious, but anchoring is simple.
    One of the biggest safety improvements of the past decade has been CPSC’s federal mandatory standard, which was directed by Congress through passage of the STURDY (Stop Tip-overs of Unstable, Risky Dressers on Youth) Act. The mandatory standard, which went into effect in September 2023, requires clothing storage units such as dressers and armoires to meet key stability requirements. CPSC continues to work with manufacturers and retailers to recall unsafe dressers and to keep them out of consumers’ homes.
    “CPSC has made great strides in the past 10 years to minimize these hazards and save lives,” said Acting Chairman Peter Feldman. “I am grateful for the work of our dedicated staff, safety advocates, and the American furniture industry, without whose collaboration none of this would be possible.” 
    Kimberly Amato, co-founder of Parents Against Tip-Overs (PAT), shared that the CPSC Anchor It! campaign has been an invaluable partner for PAT over the past decade. “The parents who founded PAT came together in the wake of their personal tragedies with a simple mission: to ensure no other children were injured or killed as the result of a tip-over,” she said. “Collaborating with CPSC to educate parents, grandparents, and caregivers of young children to prevent tip-over tragedies and ensure all communities know why and how to anchor their furniture has contributed to the success of our shared goal.”
    CPSC urges Americans to take essential steps to protect themselves and their families from dangerous tip-over risks:

    Anchor TVs and furniture, such as bookcases and dressers, securely to the wall.
    When anchoring is not possible, place TVs on a sturdy, low base, push the TV back as far as possible, and keep cable cords out of reach.
    Avoid storing appealing items such as toys and remotes where kids may be tempted to climb to reach for them; store heavier items on lower shelves.

    For consumers’ peace of mind, CPSC’s Anchor It! campaign website outlines three simple steps to install an anchoring kit correctly.  
    CPSC’s Anchor It! campaign has marked its 10th anniversary by preparing video testimonials from PAT parents affected by tip-over incidents. Media can download footage of the testimonials here.
    The Anchor It! campaign’s PSA safety video includes real-life footage of children and falling furniture. Media can download the video: “Even When You’re Watching.”

    About the U.S. CPSCThe U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. Since the CPSC was established more than 50 years ago, it has worked to ensure the safety of consumer products, which has contributed to a decline in injuries associated with these products. 
    Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.
    For lifesaving information:

    MIL OSI USA News –

  • MIL-OSI USA: NASA Releases Opportunity to Boost Commercial Space Tech Development

    Source: NASA

    NASA has released a new proposal opportunity for industry to tap into agency know-how, resources, and expertise. The Announcement of Collaboration Opportunity (ACO), managed by the Space Technology Mission Directorate, enables valuable collaboration without financial exchanges between NASA and industry partners. Instead, companies leverage NASA subject matter experts, facilities, software, and hardware to accelerate their technologies and prepare them for future commercial and government use. 
    On Wednesday, NASA issued a standing ACO announcement for partnership proposals which will be available for five years and will serve as the umbrella opportunity for topic-specific appendix releases. NASA intends to issue appendices every six to 12 months to address evolving space technology needs. The 2025 ACO appendix is open for proposals until Sept. 24.  
    NASA will host an informational webinar about the opportunity and appendix at 2 p.m. EDT on Wednesday, Aug. 6. Interested proposers are encouraged to submit questions which will be answered during the webinar and will be available online after the webinar.   
    NASA teaming with industry isn’t new – decades of partnerships have resulted in ambitious missions that benefit all of humanity. But in recent years, NASA has also played a key role as a technology enabler, providing one-of-a-kind tools, resources, and infrastructure to help commercial aerospace companies achieve their goals.  
    Since 2015, NASA has collaborated with industry on approximately 80 ACO projects. Here are some ways the collaborations have advanced space technology: 

    Blue Origin and NASA worked together on several ACOs to mature the company’s lunar lander design. NASA provided technical reports and assessments and conducted tests at multiple centers to help Blue Origin advance a stacked fuel cell system for a lander’s primary power source. Other Blue Origin ACO projects evaluated high-temperature engine materials and advanced a landing navigation and guidance system. 
    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Throughout a year-long ACO, NASA and SpaceX engineers worked together to perform in-depth computational fluid analysis of proposed propellant transfer methods between two SpaceX Starship spacecraft in low-Earth orbit. The SpaceX-specific analysis utilized Starship flight data and data from previous NASA research and development to identify potential risks and help mitigate them during the early stages of commercial development. NASA also provided inputs as SpaceX developed an initial concept of operations for its orbital propellant transfer missions. 

    SpaceX used the ACO analyses to inform the design of its Starship Human Landing System, which NASA selected in 2021 to put the first Artemis astronauts on the Moon. 

    Advanced Space and NASA partnered to advance the company’s Cislunar Autonomous Positioning System – software that allows lunar spacecraft to determine their location without relying exclusively on tracking from Earth.  

    The CAPSTONE (Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment) spacecraft launched to the Moon in 2022 and continues to operate and collect critical data to refine the software. Under the ACO, Advanced Space was able to use NASA’s Lunar Reconnaissance Orbiter to conduct crosslink experiments with CAPSTONE, helping mature the navigation solution for future missions. The mission’s Cislunar Autonomous Positioning System technology was initially supported through the NASA Small Business Innovation Research program. 

    Sensuron and NASA matured a miniature, rugged fiber optic sensing system capable of taking thermal and shape measurements for multiple applications. Throughout the ACO, Sensuron benefitted from NASA’s expertise in fiber optics and electrical, mechanical, and system testing engineering to design, fabricate, and “shake and bake” its prototype laser. 

    Space missions could use the technology to monitor cryogenic propellant levels and determine a fuel tank’s structural integrity throughout an extended mission. The laser technology also has medical applications on Earth, which ultimately resulted in the Sensuron spinoff company, The Shape Sensing Company. 

    In 2023, Venturi Astrolab began work with NASA under an ACO to test its flexible lunar tire design. The company tapped into testing capabilities unique to NASA, including heat transfer to cold lunar soil, traction, and life testing. The data validated the performance of tire prototypes, helping ready the design to support future NASA missions. 
    In 2024, NASA selected three companies, including Venturi Astrolab, to advance capabilities for a lunar terrain vehicle that astronauts could use to travel around the lunar surface, conducting scientific research on the Moon and preparing for human missions to Mars. 

    The Announcement of Collaboration Opportunity (ACO) is one of many ways NASA enables commercial industry to develop, build, own, and eventually operate space systems. To learn more about these technology projects and more, visit: https://techport.nasa.gov/.

    MIL OSI USA News –

  • MIL-OSI USA: Trump tariff policy continues to cause chaos in American economy

    Source: US State of California 2

    Jul 30, 2025

    What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers. 

    SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of another lawsuit challenging the Trump administration’s illegal tariff debacle.  The tariffs continue to cause chaos in the national economy, raise prices for American families, and put California’s ongoing economic dominance under threat.

    “Trump’s illegal tariffs are stagnating our economy and hurting American families. Bragging that your unlawful policies are producing ‘BETTER THAN EXPECTED’ results while the economy slowed.  That’s like an F student bragging because they got a D-. We should all expect more from the executive branch. California will continue to stand up against Trump’s unlawful actions on behalf of all Americans.”

    Governor Gavin Newsom

    In the first six months of Trump’s presidency, the US economy slowed as a result of his policies. While Trump celebrates that his administration’s economic performance is “BETTER THAN EXPECTED,” American families continue to feel the pain from the impacts of his failed negotiations and increased prices. 

    Even Fox Business set the record straight on Fox News saying: Let’s be real clear here. Tariffs cost, they’re a tax. That tax often gets passed on to consumers.

    Consumers, retailers and the business economy are bracing for the impacts of Trump’s tariffs going into effect in August. Here’s how Trump’s failed tariff policy is impacting all Americans:

    • Fewer people are buying goods. Consumer spending is down to only a 1.4 percent annual rate in the second quarter — well below the 2.8 percent growth in spending in 2024.
    • Stockpiling in anticipation of price increases. Trump tariffs are expected to raise prices on groceries and even Trump officials have reportedly started stockpiling to prepare for price increases and shortages.
    • Prices are already increasing. Price increases due to tariffs could cost households on average an extra $2,400 in 2025, the Yale Budget Lab predicted in their most recent analysis.
       

    A one-two gut punch for California

    In addition to the national repercussions, Trump’s tariffs are having an outsized impact on California’s economy in recent months:

    • Families and workers will bear the brunt. Tariffs could cost households $25 billion and lead to a loss of over 64,000 jobs across California.
    • Businesses are also paying the price. California firms incurred $11.3 billion in tariff costs from January through May 2025, the highest of any state in the country.
    • Global supply chains will continue to be impacted, especially here at home. Recently, the Port of Los Angeles was operating at only 70% capacity due to ongoing tariffs and Southern California saw a 40% decline in job postings related to trade and logistics.

    Standing up for California 

    On April 16, Governor Newsom and Attorney General Rob Bonta filed a lawsuit arguing that President Trump lacks the authority to unilaterally impose tariffs through the International Economic Emergency Powers Act, creating immediate and irreparable harm to California, the world’s fourth largest economy, and nation’s leading manufacturing and agriculture state. Today’s amicus brief was filed as part of a separate lawsuit filed by private parties, but aligns with California’s arguments. The lawsuit is ongoing.
     

    “As the country braces for continuous chaos from President Trump’s illegal tariffs, standing united to fight for American consumers and businesses is more important than ever,” said Attorney General Bonta. “Today, I urge the U.S. Court of Appeals for the D.C. Circuit  to affirm the District Court’s decision that President Trump’s chaotic tariffs are unlawful — not one word in the International Emergency Economic Powers Act, the Trump Administration’s vehicle for these tariffs, authorizes tariffs. These illegal tariffs will affect everything from the cost of essential household items like food and toilet paper to the cost of housing. The tariff chaos is a man-made crisis, and California families and industries will pay the price.”

    Today’s brief was filed in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA) and argues that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority is unlawful. 

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    MIL OSI USA News –

  • MIL-OSI: PROS and Commerce Announce Strategic Partnership to Redefine B2B Digital Commerce

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON and AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — PROS Holdings, Inc. (NYSE: PRO), a leading provider of AI-powered SaaS pricing and selling solutions, and Commerce (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced a strategic partnership to redefine B2B digital commerce.

    Today’s B2B buyers demand accuracy, speed and transparency at every step of the purchase journey. However, the complexity of large-scale B2B operations can push the boundaries of typical ecommerce platforms. By integrating PROS enterprise-grade pricing and CPQ with Commerce’s portfolio of industry-leading applications, businesses can meet these demands head-on, resulting in fewer delays, reducing errors and accelerating time to revenue.

    “Pricing is the heartbeat of every commercial interaction, and when it’s disconnected or overly complex, it disrupts the entire buying experience,” said Jeff Cotten, President and Chief Executive Officer, PROS. “By embedding our AI-powered pricing and selling capabilities directly into the ecommerce experience, we’re enabling businesses to optimize pricing and product recommendations, streamline complex quoting and deliver real-time, market-relevant offers that build buyer confidence, accelerate decision-making and drive profitability. The future of B2B commerce is not just digital, it’s dynamic, intelligent and deeply contextualized.”

    The combined power of PROS and Commerce delivers on the promise of intelligent commerce, reshaping how companies engage buyers, drive revenue and scale in a digital-first world. This collaboration equips businesses to anticipate customer needs, respond to real-time market dynamics and deliver buying experiences that are both seamless and relevant. For B2B organizations selling with complex catalogs, global operations and diverse sales channels, it translates into faster time-to-value, higher conversion rates and a distinct competitive advantage in an increasingly dynamic market.

    “B2B companies are no longer asking whether they should go digital — they’re asking how quickly they can get there,” said Travis Hess, Chief Executive Officer, Commerce. “By partnering with PROS, we’re giving our customers, from mid-market to global enterprises, the tools to not only sell online, but to do so intelligently, competitively and at scale. And we see this impact going beyond B2B to B2C retailers managing large, dynamic catalogs across multiple channels to improve margin and drive conversion across storefronts and marketplaces. This collaboration sets a new standard for what modern commerce can achieve.”

     About PROS 
    PROS Holdings, Inc. (NYSE: PRO) is a leading provider of SaaS solutions that optimize omnichannel shopping and selling experiences, powering intelligent commerce. Leveraging leadership in revenue and pricing science, the PROS Platform combines predictive AI, real-time analytics, and powerful automation to dynamically match offers to buyers and prices to products. Businesses win more with PROS. Learn how at pros.com.  

    About Commerce
    Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

    PROS Media Contact   
    Amy Williams   
    +1 713-335-5916   
    awilliams@pros.com   

    Commerce Media Contact   
    Brad Hem 
    +1 281-543-0669 
    pr@commerce.com    

    The MIL Network –

  • MIL-OSI Russia: The CSR discussed how platform employment regulation will develop

    Translation. Region: Russian Federal

    Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

    An important disclaimer is at the bottom of this article.

    The Center for Strategic Research held a round table entitled “Platform Employment in the New Conditions: What Changes After the Law on the Platform Economy.” Together with representatives of the Ministry of Economic Development, the State Duma, the expert and academic community, as well as leading digital platforms, they discussed the adopted law on the platform economy and future regulatory detailing at the level of by-laws.

    According to the participants, the adopted law was an important step in the formation of a basic regulatory framework, but it is now that the most subtle and meaningful part of the work begins – filling this framework with tools, concepts and mechanisms.

    The moderator of the round table, CEO of the CSR Pavel Smelov noted: “Russia is one of the few countries where digital platforms have become a truly systemic part of the economy. We have not just implemented technologies, we have created our own model – and this is a serious competitive advantage. Now our task is not to lose our leadership, to take the next step – to turn the platform economy into a full-fledged export model. It is no longer just about technologies, but about a new logic of the economic structure that can be transmitted beyond the country’s borders.”

    Also, in his opinion, the key direction of the next stage is the issue of platform employment: “We are already living in a new reality: there is a platform, there is a platform economy, and we still continue to hold on to the old model of social security, as if nothing has changed. The social security system needs to be revised taking into account how the employment market is actually structured today. People are developing other principles of financial stability: investments, a safety net, additional income. Therefore, it is important not only to protect, but also to educate – to help people navigate modern work formats and make informed decisions. Especially when it comes to those for whom the platform is not their main, but additional employment.”

    The Ministry of Economic Development emphasized that the implementation of the law will require a flexible and consistent approach, especially in terms of employment. The main focus in the coming months is work on by-laws, the launch of a digital platform registry mechanism, and the preparation of clarifications.

    “Russia has made great strides in developing the platform economy: we already have our own effectively functioning models that are of interest abroad. But it is important not to stop there. Platforms are developing rapidly, and regulation should not slow down, but rather accompany this process, be flexible and targeted. We see that citizens make decisions based not only on the logic of the future, but also on current circumstances — and pensions and social guarantees are not always perceived as real values. Therefore, the platform can become a channel through which we will rethink social policy — at the level of product, convenience, and trust. We have examples when digital, platform services became a necessary tool for performers to legalize and comply with legal requirements, including the calculation and payment of taxes. Platform tools have proven their convenience and demand. In turn, this approach provides additional opportunities to ensure control by the state. Our task today is not to go to extremes, but to maintain an open dialogue, flexibility, and thoughtfulness. This is precisely the strength of the platform economy,” said Vladimir Voloshin, Director of the Department of Digital Development and Data Economy at the Ministry of Economic Development.

    State Duma Deputy Stanislav Naumov reported that an expert council will be created under the Committee on Economic Policy, which will undertake in-depth study of unresolved issues.

    “In September, we are ready to move on. For me personally, there are three priorities today. The first is export orientation: platforms should help Russian businesses enter foreign markets, and not just regulate access of foreign players to ours. The second is the development of internal B2B interaction, where online platforms can become a full-fledged infrastructure for cooperation between suppliers. And the third is the use of platforms to improve the efficiency of state and municipal procurement,” he said.

    As for platform employment, according to the deputy, this is not just a regulatory issue – it is a question of filling the social fund and, as a result, a real opportunity to increase the minimum level of pensions in those regions where it is objectively insufficient today. “This is how I understand the social task of regulation,” he concluded.

    Business supported the general vector, but drew attention to the need for a differentiated approach. Industry representatives emphasized that uniform standards for platforms with fundamentally different models — from marketplaces to service aggregators — could result in risks for flexibility and employment.

    “The platform economy has already changed the market, and the self-employed regime has proven that people are ready to come out of the shadows if they are offered transparent and convenient conditions. Let’s not abolish what works, but rebuild the old – so that the economy, employment and the contribution system develop synchronously,” said Anton Danilov-Danilyan, Deputy Chairman of Delovaya Rossiya, head of the working group of transport service aggregators at the Russian Union of Industrialists and Entrepreneurs. According to Yuri Bogdanov, General Director of the Association of Digital Platforms, “it is digitalization, platform development and the tax regime on professional income that give the state a chance to oust gray practices through transparency.”

    “Platform employment is being formed to a greater extent in industries with high demand for flexible types of employment, allowing for the expansion of participation of various groups of the population in the economy. Therefore, it is important not just to offer them standard social benefits, but to understand what they really need and what they are ready to use,” noted Rimma Chichakyan, Director of Legal Affairs and Government Relations at Yandex Taxi.

    Ozon representative Alexander Vasiliev supported this position. “We are no longer living in an industrial economy, but in a post-industrial economy, and regulation should take this into account. At the same time, it is important to maintain a choice between different employment formats and not limit new models,” he noted.

    The participants of the discussion agreed that the development of the platform economy does not require strict regulation, but rather fine-tuning and careful attention to specifics. Among the priority areas, the participants highlighted the need to clarify the criteria for the integrity of platforms, the formation of mechanisms for distinguishing employment from shadow schemes, as well as work on the status of the performer and protection tools. Particular attention was paid to the creation of a sustainable format for dialogue between the state, business and experts – both on the parliamentary platform and within the framework of the implementation of the law in practice.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI: Glasswing Ventures Expands Exclusive Advisory Network to Accelerate AI-Native Portfolio Success

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, July 31, 2025 (GLOBE NEWSWIRE) — Glasswing Ventures, a first capital-in investor in startups applying AI and frontier technology to the enterprise and cybersecurity markets, today announced the appointment of 12 distinguished business and security leaders to its Connect and Protect Advisory Councils. The appointments bring the firm’s exclusive advisor count to 62, reinforcing Glasswing’s position as the definitive catalyst for founders building the next generation of intelligent enterprise and security solutions.

    The AI-Native & Vertical AI Advantage
    Glasswing Ventures invests in AI-native companies — companies that build AI into their core, leveraging proprietary models, deep workflow intelligence, and unique data access to unlock new revenue models and customer ROI that is unattainable with traditional SaaS models. Glasswing portfolio companies deliver purpose-built platforms designed to execute complex, multi-step tasks that redefine how enterprises operate across critical verticals, including supply chain orchestration, threat intelligence, procurement optimization, and data productivity acceleration.

    ABI Research projects that the AI market will surge to $467 billion by 2030. As demand for enterprise automation accelerates, vertical AI agents are emerging as critical differentiators that seamlessly integrate industry expertise with advanced automation capabilities. This convergence creates unprecedented opportunities for startups that understand both the technology and the domain-specific challenges they are solving.

    The Collective Advisor Impact
    Glasswing’s Advisory Councils are an exclusive, curated network of technologists, AI visionaries, successful entrepreneurs, and Fortune 500 executives who share strategic insight and operational expertise with the firm. Advisors include technology leaders and go-to-market executives from companies such as Google, Meta, and Salesforce, and academics from top-tier universities like the Massachusetts Institute of Technology, Harvard Business School, and the University of California, Berkeley.

    Glasswing advisors have founded 48 companies, secured 305 patents, and published 4,582 papers, culminating in an unmatched depth of intellectual property and thought leadership in AI and frontier technologies.

    “We invest in exceptional entrepreneurs who aren’t just applying AI—they are harnessing it to revolutionize enterprise and security software across vertical industries, delivering superior customer value that creates sustainable competitive advantages,” said Rudina Seseri, Founder and Managing Partner of Glasswing Ventures. “The appointment of our 12 additional Advisory Council members reinforces our commitment to maintaining a leadership position in the AI and frontier tech investment space, ensuring portfolio companies have access to the strategic guidance and industry connections necessary to transform their respective markets.”

    Beyond Capital: The Glasswing Multiplier Effect
    As prototypical end users for many of the firm’s portfolio companies, Glasswing’s advisors serve as a critical resource for accelerating the adoption of new AI and frontier tech products. They help founders prioritize the right product improvements, foster connections within the industry, and drive revenue. This hands-on approach creates a multiplier effect, where portfolio companies benefit from the combined decades of industry experience and extensive professional networks.

    “Our commitment to our companies extends beyond capital,” said Rick Grinnell, Founder and Managing Partner, Glasswing Ventures. “We aim to be our founders’ most trusted resource, fostering alignment and mutual success. Through our deep advisor relationships, we provide unparalleled access to customers, talent, and expertise, enabling our portfolio companies to achieve their full potential as they reinvent entire industries.”

    Glasswing Ventures’ Advisory Councils
    Glasswing’s advisors serve as an extension of the firm, providing tactical and nuanced guidance throughout every phase of the startup journey. They include:

    • Connect Council: Business leaders, academics, and AI pioneers providing expertise across business functions, from go-to-market strategy to breakthrough technological innovation.
    • Protect Council: Cybersecurity, regulatory compliance, and risk management leaders dedicated to leveraging frontier technology to secure enterprise organizations.

    Advisor Executive Appointments:

    • Wendy Batchelder, Senior Vice President & Chief Data Officer, Centene Corporation
    • Anand Devendran, Chief Growth Officer, Inrupt
    • Didi Dotan, Senior Director of Engineering, Cisco
    • Derya Isler, Vice President, AI Applications, Salesforce
    • Michael Israel, Chief Information & Technology Officer, The Kraft Group & Affiliates
    • Rich James, Senior Staff Software Engineer, Google
    • Jigar Kadakia, SVP, Head of Information and Data Security, GeneDx
    • Jayanthi Pillutla, SVP of Data, AI/ML, Engineering, Stitch Fix
    • Alyssa Robinson, Chief Information Security Officer, HubSpot
    • Kevin Routhier, Former Founder, President & CEO, Coretelligent
    • Dwayne Smith, Senior Vice President, Information Security and Global Chief Information Security Officer, Vensure Employer Solutions
    • Aaron Weismann, Chief Information Security Officer, Main Line Health

    “Glasswing’s advisors consistently go above and beyond in helping us navigate the complexities of our business environment, from refining our data strategies to identifying innovative solutions aligned with our goals and providing introductions to key decision-makers,” said Scott Matthews, CEO of Verusen, an AI platform purpose-built to optimize inventory spend and risk for asset-intensive manufacturers’ MRO (maintenance, repair and operations) supply chain. “Their expertise is pivotal to addressing today’s key challenges, particularly leveraging new technology and fostering meaningful partnerships that drive growth and operational excellence.”

    “The contributions from Glasswing’s Protect Council advisors have been transformative,” said Paul Paget, CEO of Black Kite, the AI-native platform for cyber risk detection and response in companies’ supply chains. “The advisors have introduced us to more than a dozen enterprises and large prospects, the majority of whom have become customers.”

    About Glasswing Ventures:
    Glasswing Ventures is a first-capital-in venture capital firm dedicated to investing in startups applying AI and frontier technology to enterprise and cybersecurity markets. The firm was founded by visionary partners with decades of experience in these markets, a disciplined investment approach, and a strong track record of industry-leading returns. Glasswing leverages its deep domain expertise and world-leading advisory councils to invest in exceptional founders who transform markets and revolutionize industries. Visit Glasswing Ventures for more information.

    PR Contact:
    Ilona Mohacsi
    PenVine for Glasswing Ventures
    ilonam@penvine.com
    +1 631 764 3729

    The MIL Network –

  • MIL-OSI: Commerce Announces Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Commerce.com, Inc. (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced financial results for its second quarter ended June 30, 2025. Earlier this morning, BigCommerce announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, the Company will change its ticker to the symbol “CMRC” on the Nasdaq Global Market effective on or about August 1, 2025.

    “The second quarter was a defining period for our company, and today we mark an important milestone as we reintroduce ourselves as Commerce,” said Travis Hess, CEO of Commerce. “The strategy, product and go-to-market engine we have built over the past year came together behind a singular focus: powering an AI-driven commerce ecosystem at scale. Our transformation phase is over. We have moved fully into execution and growth.”

    Second Quarter Financial Highlights:

    • Total revenue was $84.4 million, up 3% compared to the second quarter of 2024.
    • Total annual revenue run-rate (“ARR”) as of June 30, 2025 was $354.6 million, up 3% compared to June 30, 2024.
    • Subscription solutions revenue was $63.7 million, up 3% compared to the second quarter of 2024.
    • ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $269.3 million as of June 30, 2025, up 6% from June 30, 2024.
    • ARR from Enterprise Accounts as a percent of total ARR was 76% as of June 30, 2025, compared to 73% as of June 30, 2024.
    • GAAP gross margin was 79%, compared to 76% in the second quarter of 2024. Non-GAAP gross margin was 80%, compared to 77% in the second quarter of 2024.

    Other Key Business Metrics

    • Number of enterprise accounts was 5,803, down 3% compared to the second quarter of 2024.
    • Average revenue per account (“ARPA”) of enterprise accounts was $46,403, up 9% compared to the second quarter of 2024.
    • Revenue in the United States grew by 3% compared to the second quarter of 2024.
    • Revenue in EMEA grew by 7% and revenue in APAC declined by 4% compared to the second quarter of 2024.

    Loss from Operations and Non-GAAP Operating Income (Loss)

    • GAAP loss from operations was ($6.8) million, compared to ($13.5) million in the second quarter of 2024.
    • Included in GAAP loss from operations was a restructuring charge of $1.6 million.
    • Non-GAAP operating income was $4.8 million, compared to $1.9 million in the second quarter of 2024.

    Net Income (Loss) and Earnings Per Share

    • GAAP net loss was ($8.4) million, compared to ($11.3) million in the second quarter of 2024.
    • Non-GAAP net income was $3.2 million or 4% of revenue, compared to $4.1 million or 5% of revenue in the second quarter of 2024.
    • GAAP basic net loss per share was ($0.10) based on 80.1 million shares of common stock, compared to ($0.15) based on 77.5 million shares of common stock in the second quarter of 2024.
    • Non-GAAP basic net income per share was $0.04 based on 80.1 million shares of common stock, compared to $0.05 based on 77.5 million shares of common stock in the second quarter of 2024.

    Adjusted EBITDA

    • Adjusted EBITDA was $5.7 million, compared to $3.0 million in the second quarter of 2024.

    Cash

    • Cash, cash equivalents, restricted cash, and marketable securities totaled $135.6 million as of June 30, 2025.
    • For the three months ended June 30, 2025, net cash provided by operating activities was $13.6 million, compared to $11.7 million provided by operating activities for the same period in 2024. We reported free cash flow of $11.9 million in the three months ended June 30, 2025.

    Business Highlights:

    Corporate Highlights

    • Former Adobe Fellow and Vice President of Technology Anil Kamath joined the Company’s Board of Directors.
    • In July, BigCommerce scored 24 out of 24 total medals in the 2025 Paradigm B2B Combines for Digital Commerce Solutions (Enterprise and Midmarket Editions) for the third consecutive year. The Company advanced its rankings in five categories in both Editions and achieved more Gold medals in Midmarket than other platforms.
    • In July, BigCommerce also announced the launch of the B2B Quick Start Accelerator, a partner-led implementation program built to help mid-market B2B sellers launch faster, reduce risk and realize ROI sooner.
    • TrustRadius recognized Commerce with a 2025 Top Rated Award for ecommerce, based on the Company’s strong customer reviews.

    Customer Highlights

    • Minerva Beauty, a large salon and spa equipment showroom in the United States, launched a new storefront in partnership with Commerce agency partner Forix, featuring a custom shipping app that improves service and transparency for clients.
    • Great Star Tools, a leading manufacturer of innovative hand and power tools, used Commerce’s Multi-Storefront functionality to build B2B and B2C sites for its companies Primeline Parts and Arrow Tool Group.
    • Belami e-Commerce, a fast-growing online retailer and ecommerce services provider launched three storefronts on Catalyst and Makeswift using Commerce’s Multi-Storefront functionality and leveraging Commerce’s integration with PayPal Fastlane.
    • NanoTemper Technologies, a manufacturer of high-quality biophysical instruments and solutions that deliver reliable, precise results to customers, primarily laboratories, across Europe and the United States, launched a new storefront using Commerce’s B2B Edition.
    • Bright SG, a software company that provides cloud-based solutions for accounting, payroll, and HR to businesses across the UK and Ireland, worked with Commerce partner Brave Bison to implement a custom recurring payment solution using Stripe and Bright’s ERP system, Maxio, along with a custom WordPress integration.

    Partner Highlights

    • In June, Commerce announced their customers now have access to cutting-edge AI-powered search engine Perplexity to optimize visibility and relevance for brands in AI search results. Commerce now provides Perplexity with pre-optimized, structured product data, ensuring that the LLM understands and recognizes merchants’ products, leading to superior search results that favor the brand.
    • In July, Commerce announced a deepened partnership with Google Cloud to accelerate merchant performance using Google Cloud’s next-generation AI tools.
    • In July, Commerce announced the launch of a powerful ecommerce accelerator purpose-built for the UK building materials industry. Developed in collaboration with leading digital agency Brave Bison, Product Information Management technology provider Pimberly, and construction industry consultant The Journey, the “Branch of the Future” accelerator provides building merchants with a comprehensive toolkit to digitize operations, meet the expectations of next-generation buyers and future-proof their businesses.

    Q3 and 2025 Financial Outlook:

    For the third quarter of 2025, we currently expect:

    • Total revenue between $85 million to $87 million.
    • Non-GAAP operating income is expected to be between $2.3 million to $3.3 million.

    For the full year 2025, we currently expect:

    • Total revenue between $339.6 million and $346.6 million.
    • Non-GAAP operating income between $19 million and $25 million.

    Our third quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

    We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

    Conference Call Information

    The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from Commerce’s investor relations website at http://investors.bigcommerce.com.

    Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

    About Commerce

    Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q3 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Use of Non-GAAP Financial Measures

    We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

    Annual Revenue Run-Rate

    We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

    Enterprise Account Metrics

    To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

    Average Revenue Per Account

    We calculate average revenue per account (“ARPA”) for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of gross merchandise volume (“GMV”) processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

    Adjusted EBITDA

    We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

    Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

    Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

    Depreciation includes depreciation expenses related to the Company’s fixed assets.

    The most directly comparable GAAP measure is net loss.

    Non-GAAP Operating Income (Loss)

    We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

    Non-GAAP Net Income (Loss)

    We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

    Non-GAAP Basic and Dilutive Net Income (Loss) per Share

    We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

    Free Cash Flow

    We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

    BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

    Media Relations Contact Investor Relations Contact
    Brad Hem Tyler Duncan
    PR@Commerce.com InvestorRelations@Commerce.com
     
    Commerce.com, Inc.

    Condensed Consolidated Balance Sheets
    (in thousands)
     
        June 30,     December 31,  
        2025     2024  
        (unaudited)        
    Assets            
    Current assets            
    Cash and cash equivalents   $ 46,265     $ 88,877  
    Restricted cash     1,164       1,479  
    Marketable securities     88,190       89,283  
    Accounts receivable, net     51,767       48,117  
    Prepaid expenses and other assets, net     14,722       14,641  
    Deferred commissions     7,556       8,822  
    Total current assets     209,664       251,219  
    Property and equipment, net     8,983       9,128  
    Operating lease, right-of-use-assets     7,114       1,993  
    Prepaid expenses and other assets, net of current portion     5,797       3,146  
    Deferred commissions, net of current portion     4,143       5,559  
    Intangible assets, net     14,906       17,317  
    Goodwill     51,927       51,927  
    Total assets   $ 302,534     $ 340,289  
    Liabilities and stockholders’ equity            
    Current liabilities            
    Accounts payable   $ 8,775     $ 7,018  
    Accrued liabilities     3,464       3,194  
    Deferred revenue     55,738       46,590  
    Operating lease liabilities     1,766       2,438  
    Other liabilities     28,538       28,766  
    Total current liabilities     98,281       88,006  
    Convertible notes     157,545       216,466  
    Operating lease liabilities, net of current portion     6,709       1,680  
    Other liabilities, net of current portion     1,233       768  
    Total liabilities     263,768       306,920  
    Stockholders’ equity            
    Common stock     7       7  
    Additional paid-in capital     669,068       654,905  
    Accumulated other comprehensive income     114       145  
    Accumulated deficit     (630,423 )     (621,688 )
    Total stockholders’ equity     38,766       33,369  
    Total liabilities and stockholders’ equity   $ 302,534     $ 340,289  
     
    Commerce.com, Inc.

    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
     
        For the three months ended June 30,     For the six months ended June 30,  
        2025     2024     2025     2024  
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189  
    Cost of revenue (1)     17,739       19,811       34,723       38,250  
    Gross profit     66,694       62,018       132,080       123,939  
    Operating expenses:                        
    Sales and marketing(1)     35,071       34,425       65,437       66,857  
    Research and development(1)     18,310       20,287       37,516       40,275  
    General and administrative(1)     15,855       15,436       29,499       30,365  
    Amortization of intangible assets     2,520       2,452       4,855       4,919  
    Acquisition related costs     111       334       444       667  
    Restructuring charges     1,614       2,572       3,526       2,572  
    Total operating expenses     73,481       75,506       141,277       145,655  
    Loss from operations     (6,787 )     (13,488 )     (9,197 )     (21,716 )
    Gain on convertible note extinguishment     0       0       3,931       0  
    Interest income     1,171       3,196       2,471       6,374  
    Interest expense     (2,522 )     (720 )     (5,065 )     (1,440 )
    Other expense     (23 )     (111 )     (130 )     (443 )
    Loss before provision for income taxes     (8,161 )     (11,123 )     (7,990 )     (17,225 )
    Provision for income taxes     (221 )     (132 )     (745 )     (422 )
    Net loss   $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )
    Basic net loss per share   $ (0.10 )   $ (0.15 )   $ (0.11 )   $ (0.23 )
    Shares used to compute basic net loss per share     80,122       77,456       79,482       77,041  
                         

    (1) Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

        For the three months ended June 30,     For the six months ended June 30,  
        2025     2024     2025     2024  
    Cost of revenue   $ 720     $ 1,028     $ 1,466     $ 1,684  
    Sales and marketing     1,820       3,138       3,595       5,005  
    Research and development     2,740       3,273       5,782       6,749  
    General and administrative     2,045       2,582       1,901       5,174  
     
    Commerce.com, Inc.

    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
      Three months ended June 30,     Six months ended June 30,  
      2025     2024     2025     2024  
                           
    Cash flows from operating activities                      
    Net loss $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                      
    Depreciation and amortization expense   3,845       3,512       8,126       6,998  
    Amortization of discount on convertible notes   165       497       352       994  
    Amortization of premium on convertible notes   (408 )     0       (810 )     0  
    Stock-based compensation expense   7,236       10,009       12,445       18,397  
    Provision for expected credit losses   1,598       850       2,528       1,713  
    Gain on convertible notes extinguishment   0       0       (3,931 )     0  
    Other   0       (37 )     0       (37 )
    Changes in operating assets and liabilities:                      
    Accounts receivable   (9,005 )     (6,790 )     (5,985 )     (9,378 )
    Prepaid expenses and other assets   2,159       3,935       (2,925 )     (1,025 )
    Deferred commissions   747       (402 )     2,682       (191 )
    Accounts payable   444       (356 )     1,122       (1,245 )
    Accrued and other liabilities   8,078       4,168       (59 )     (433 )
    Deferred revenue   7,080       7,607       9,148       10,175  
    Net cash provided by operating activities   13,557       11,738       13,958       8,321  
    Cash flows from investing activities:                      
    Cash paid for website domain name   0       0       (2,444 )     0  
    Cash paid for acquisition   0       (100 )     0       (100 )
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software   (1,651 )     (1,064 )     (2,476 )     (1,870 )
    Maturity of marketable securities   13,000       62,525       41,579       91,965  
    Purchase of marketable securities   (32,572 )     (1,037 )     (40,517 )     (36,602 )
    Net cash provided by (used in) investing activities   (21,223 )     60,324       (3,858 )     53,393  
    Cash flows from financing activities:                      
    Proceeds from exercise of stock options   1,973       271       3,069       1,245  
    Taxes paid related to net share settlement of stock options   (126 )     0       (1,351 )     (1,325 )
    Payment of convertible note issuance costs   0     0       (217 )   0  
    Repayment of convertible notes and financing obligation   0       (137 )     (54,528 )     (271 )
    Net cash provided by (used in) financing activities   1,847       134       (53,027 )     (351 )
    Net change in cash and cash equivalents and restricted cash   (5,819 )     72,196       (42,927 )     61,363  
    Cash and cash equivalents and restricted cash, beginning of period   53,248       62,012       90,356       72,845  
    Cash and cash equivalents and restricted cash, end of period $ 47,429     $ 134,208     $ 47,429     $ 134,208  
    Supplemental cash flow information:                      
    Cash paid for interest $ 0     $ 6     $ 5,685     $ 445  
    Cash paid for taxes $ 259     $ 42     $ 479     $ 182  
    Right-of-use asset obtained in exchange for new operating lease liability $ 0     $ 0     $ 5,516     $ 0  
    Noncash investing and financing activities:                      
    Capital additions, accrued but not paid $ 735     $ 117     $ 735     $ 117  
    Fair value of shares issued as consideration for acquisition $ 0     $ 248     $ 0     $ 248  
     
    Commerce.com, Inc.

    Disaggregation of Revenue
     
    Disaggregated Revenue:
     
        Three months ended June 30,     Six months ended June 30,  
    (in thousands)   2025     2024     2025     2024  
    Subscription solutions   $ 63,656     $ 61,796     $ 125,769     $ 122,755  
    Partner and services     20,777       20,033       41,034       39,434  
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189  
    Revenue by Geography:
     
        Three months ended June 30,     Six months ended June 30,  
    (in thousands)   2025     2024     2025     2024  
    Revenue:                        
    United States   $ 64,405     $ 62,428     $ 127,026     $ 123,567  
    EMEA     9,889       9,281       19,854       18,473  
    APAC     6,118       6,343       12,043       12,597  
    Rest of World     4,021       3,777       7,880       7,552  
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189  
     
    Commerce.com, Inc

    Reconciliation of GAAP to Non-GAAP Results
    (in thousands, except per share amounts)
    (unaudited)
     
    Reconciliation of loss from operations to Non-GAAP operating income:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Loss from operations   $ (6,787 )   $ (13,488 )   $ (9,197 )   $ (21,716 )  
    Plus:                          
    Stock-based compensation expense and associated payroll tax costs     7,325       10,021       12,744       18,612    
    Amortization of intangible assets     2,520       2,452       4,855       4,919    
    Acquisition related costs     111       334       444       667    
    Restructuring charges     1,614       2,572       3,526       2,572    
    Non-GAAP operating income   $ 4,783     $ 1,891     $ 12,372     $ 5,054    
    Non-GAAP operating income as a percentage of revenue     5.7   %   2.3   %   7.4   %   3.1   %
     
    Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Net loss   $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )  
    Plus:                          
    Stock-based compensation expense and associated payroll tax costs     7,325       10,021       12,744       18,612    
    Amortization of intangible assets     2,520       2,452       4,855       4,919    
    Acquisition related costs     111       334       444       667    
    Restructuring charges     1,614       2,572       3,526       2,572    
    Gain on convertible notes extinguishment     0       0       (3,931 )     0    
    Non-GAAP net income   $ 3,188     $ 4,124     $ 8,903     $ 9,123    
    Basic net loss per share   $ (0.10 )   $ (0.15 )   $ (0.11 )   $ (0.23 )  
    Non-GAAP basic net income per share   $ 0.04     $ 0.05     $ 0.11     $ 0.12    
    Non-GAAP diluted net income per share   $ 0.04     $ 0.05     $ 0.11     $ 0.12    
    Shares used to compute basic net loss per share and basic Non-GAAP net income per share     80,122       77,456       79,482       77,041    
    Shares used to compute diluted Non-GAAP net income per share     80,988       79,291       80,660       79,085    
    Non-GAAP net income as a percentage of revenue     3.8   %   5.0   %   5.3   %   5.6   %
     
    Reconciliation of net loss to adjusted EBITDA:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Net loss   $ (8,382 )   $ (11,255 )   $ (8,735 )   $ (17,647 )  
    Plus:                          
    Stock-based compensation expense and associated payroll tax costs     7,325       10,021       12,744       18,612    
    Amortization of intangible assets     2,520       2,452       4,855       4,919    
    Acquisition related costs     111       334       444       667    
    Restructuring charges     1,614       2,572       3,526       2,572    
    Depreciation     946       1,060       2,190       2,079    
    Gain on convertible notes extinguishment     0       0       (3,931 )     0    
    Interest income     (1,171 )     (3,196 )     (2,471 )     (6,374 )  
    Interest expense     2,522       720       5,065       1,440    
    Other expenses     23       111       130       443    
    Provision for income taxes     221       132       745       422    
    Adjusted EBITDA   $ 5,729     $ 2,951     $ 14,562     $ 7,133    
    Adjusted EBITDA as a percentage of revenue     6.8   %   3.6   %   8.7   %   4.4   %
     
    Reconciliation of Cost of revenue to Non-GAAP cost of revenue:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Cost of revenue   $ 17,739     $ 19,811     $ 34,723     $ 38,250    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     720       1,028       1,466       1,684    
    Non-GAAP cost of revenue   $ 17,019     $ 18,783     $ 33,257     $ 36,566    
    As a percentage of revenue     20.2   %   23.0   %   19.9   %   22.5   %
     
    Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Sales and marketing   $ 35,071     $ 34,425     $ 65,437     $ 66,857    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     1,820       3,138       3,595       5,005    
    Non-GAAP sales and marketing   $ 33,251     $ 31,287     $ 61,842     $ 61,852    
    As a percentage of revenue     39.4   %   38.2   %   37.1   %   38.1   %
     
    Reconciliation of Research and development expense to Non-GAAP research and development expense:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    Research and development   $ 18,310     $ 20,287     $ 37,516     $ 40,275    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     2,740       3,273       5,782       6,749    
    Non-GAAP research and development   $ 15,570     $ 17,014     $ 31,734     $ 33,526    
    As a percentage of revenue     18.4   %   20.8   %   19.0   %   20.7   %
     
    Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:
     
        Three months ended June 30,     Six months ended June 30,    
        2025     2024     2025     2024    
    (in thousands)                          
    Revenue   $ 84,433     $ 81,829     $ 166,803     $ 162,189    
                               
    General & administrative   $ 15,855     $ 15,436     $ 29,499     $ 30,365    
    Less:                          
    Stock-based compensation expense and associated payroll tax costs     2,045       2,582       1,901       5,174    
    Non-GAAP general & administrative   $ 13,810     $ 12,854     $ 27,598     $ 25,191    
    As a percentage of revenue     16.4   %   15.7   %   16.5   %   15.5   %
     
    Reconciliation of net cash provided by operating activities to free cash flow:
     
        Three months ended June 30,     Six months ended June 30,  
        2025     2024     2025     2024  
    (in thousands)                        
    Net cash provided by operating activities   $ 13,557     $ 11,738     $ 13,958     $ 8,321  
    Cash paid for website domain name     0       0       (2,444 )     0  
    Purchase of property, equipment, leasehold improvements and capitalized internal-use software     (1,651 )     (1,064 )     (2,476 )     (1,870 )
    Free cash flow   $ 11,906     $ 10,674     $ 9,038     $ 6,451  

    The MIL Network –

  • MIL-OSI Russia: China calls on EU to ensure fair, impartial and non-discriminatory business environment for Chinese companies

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 31 (Xinhua) — China calls on the European Union (EU) to provide a fair, impartial and non-discriminatory business environment for Chinese companies to invest in and trade with Europe, Ministry of Commerce spokesman He Yadong said at a press conference on Thursday.

    China, he said, hopes the EU will keep its market open, pay attention to the concerns of Chinese companies and show restraint in using restrictive trade and economic measures.

    He Yadong stressed that China will continue to expand high-level opening-up, continuously improve its own business environment, comprehensively ensure national treatment for foreign investors, and strengthen the protection of intellectual property rights to provide quality services to foreign-invested enterprises.

    China welcomes investments in its own economy from more European companies, expansion of their activities in the Chinese market and joint sharing of the country’s development opportunities, the department representative summed up. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI: New TransUnion Analysis Finds 18 Million Auto Loan Borrowers Could Save Substantial Money by Refinancing Their Loans

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 31, 2025 (GLOBE NEWSWIRE) — As inflation remains persistent and interest rates stay elevated, many consumers continue to face pressure on their household budgets—prompting a growing search for ways to improve monthly cash flow. New research from TransUnion (NYSE: TRU) reveals that auto loan refinancing may offer a meaningful path to savings for millions of consumers, while also presenting a valuable opportunity for lenders.

    Of the nearly 80 million open auto loans in the U.S., approximately 18 million are considered “in-the-money” for refinancing. This term refers to borrowers whose current loan rates exceed the prevailing average APR, making them strong candidates to benefit financially from a refinance.

    TransUnion’s analysis found that while rising interest rates have reduced the average monthly savings from auto loan refinancing—from $1071 in 2021 to $90 in 2024—these savings remain meaningful for many consumers. More than half of consumers surveyed indicated they would be motivated to refinance if they could save between $50 and $149 per month.

    “At a time when we are still feeling the effects of inflation on budgets and spending, consumers are exploring every opportunity to save money,” said Jason Laky, executive vice president and head of financial services at TransUnion. “Refinancing an auto loan can reduce monthly payments substantially and bring much needed financial relief to millions of Americans.”

    The number of consumers who are “in-the-money” for an auto loan refinance is poised to grow substantially if the Federal Reserve lowers interest rates. Currently, approximately 18 million consumers meet the criteria and can lower their APR. However, even a modest 25-basis point rate cut would increase that number to nearly 20 million. A whole percentage point (100 basis points) reduction could expand the pool by an additional 6.5 million borrowers.

    More than half of the 18 million consumers “in-the-money” for a refinance have an estimated APR of greater than 10% on their existing auto loan

    Estimated APR on outstanding auto loan < 7.0% 7.0-7.99% 8.0-8.99% 9.0-9.99% 10.0-13.99% 14.0-19.99% >=20.0%
    Percent of consumers 7 % 15 % 16 % 10 % 17 % 20 % 15 %

    Source: TransUnion U.S. Consumer Credit Database

    Refinanced Auto Loans Continue to Outperform Purchase Loans Across Credit Tiers

    A consistent trend has emerged: auto refinance loans are demonstrating stronger performance compared to original purchase loans originated during the same period. This pattern holds true across all credit tiers, with particularly notable results among near prime borrowers.

    An analysis of Q4 2023 vintage loans reveals that consumers who refinanced their auto loans were significantly less likely to be 60 or more days past due (DPD) at the 12-month mark—by a margin of 170 basis points. The performance gap was even more pronounced within the near prime segment, where refinance borrowers outperformed purchase loan borrowers by 320 basis points.

    “Many auto loan borrowers may not realize that refinancing is an option,” said Satyan Merchant, senior vice president and auto and mortgage business leader at TransUnion. “As a result, those who do refinance tend to be more financially savvy and proactive about managing their credit. At a time when other segments of the auto loan market are facing performance challenges, lenders should consider targeting qualified borrowers for refinance opportunities, which have historically shown stronger repayment behavior.”

    In addition to using traditional credit for prescreening purposes, lenders should employ tools to ensure that offers are made in accordance with their current underwriting strategies. For example, leveraging TransUnion TruVision LTV prescreens as part of the prescreen process would help find consumers who are in a specific equity position for a refinance offer. TruAudience Consumer Insights can help refine marketing content for prescreen campaigns or identify new audiences and channels for invitation-to-apply campaigns.

    1 Adjusted for inflation to 2024 dollars.

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

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

    The MIL Network –

  • MIL-OSI: TAB Bank Adds Sam Cirelli to Strengthen Northeast Lending Team

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, July 31, 2025 (GLOBE NEWSWIRE) — TAB Bank has added Sam Cirelli as Vice President, Business Development, to strengthen the Northeast lending team. Based in New York, Cirelli has spent over 30 years as a corporate lender and advisor to small and mid-sized companies. He managed, directed, and closed more than $10 billion in loan commitments across 700 transactions in multiple industries.

    “I’m excited to help TAB grow its business in the Northeast region and use my expertise to develop reliable and creative financial solutions for clients,” said Cirelli. “I’m honored to be part of the TAB Bank team and be a trusted advisor in helping businesses achieve their goals.”

    Cirelli has extensive experience in executive management, portfolio management, underwriting, loan origination and structuring. He was previously an originations manager and sales manager at Triumph, where he grew the Northeast region’s business. He has also founded and led two prominent asset-based lending startups.

    Cirelli was a founding managing partner of Northern Lights Partners, a boutique investment bank raising capital and debt and advising on mergers and acquisitions. He has also served as global loan origination director for General Motors Finance, where he was responsible for the US, UK and Canadian markets.

    Cirelli has been an adjunct professor at New York University, teaching Harvard Case Studies in corporate finance, and at Wagner College, teaching undergraduate and MBA programs in corporate finance. He received a bachelor’s degree in finance and an MBA from St. John’s University.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to building value in all we do through our innovative banking products.   Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-710-6318
    trevor.morris@tabbank.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9726fbb-6563-49b7-a042-061dab830f6a.

    The MIL Network –

  • MIL-OSI USA: Building Connecticut’s Shellfish Workforce and Industry Resilience

    Source: US State of Connecticut

    In the coastal waters of Long Island Sound, Connecticut’s shellfish industry is quietly thriving and evolving. A statewide effort led by Connecticut Sea Grant and UConn Extension professionals is helping prospective farmers, agriscience teachers, and environmental professionals dive into the world of aquaculture with the Foundations of Shellfish Farming course.

    Now entering its fourth year, the course has become a vital entry point for people launching or expanding their careers in the shellfish industry, and the results are rippling across the state.

    A Deep Dive into Aquaculture

    “In this business, you need to get up early and go to work even when it’s not always fun. But we try to prepare people for that reality, and for the opportunities that come with it,” says Mike Gilman, an assistant extension educator and co-instructor of the course.

    A former high school science teacher, Gilman co-owns an oyster business and has experienced firsthand the long, uncertain path from lease applications to harvesting a market-ready crop.

    Tessa Getchis, senior extension educator and aquaculture specialist, co-teaches the course with Gilman.

    “We’ve created a program that combines science, policy, and lived experience. Students walk away with a binder full of resources, a support network, and a deeper understanding of the industry,” Getchis says.

    The course was launched through a National Oceanic and Atmospheric Administration grant. Foundations of Shellfish Farming offers 12 weeks of intensive, in-person instruction each winter. Classes are held at UConn Avery Point, and the curriculum includes biology lessons, business planning, regulatory guidance, and mental and emotional preparedness for the unpredictable world of shellfish farming.

    The course enrolls around 15 participants annually, with a cap of 20 to ensure knowledge sharing and individualized attention. Students range from new farmers to conservation professionals, and entrepreneurs.

    From Classroom to Coast

    The course’s hands-on emphasis extends beyond the classroom. Each year, students have an opportunity for real-world experience through the Sharing Hands-On Understanding and Cultivating Knowledge on Shellfish (SHUCKS) internship program, a partnership with Sixpenny Oyster Farm in Noank.

    Last year’s interns were funded by the Small Business Development Fund, with preference given to Foundations students. One of the interns, Sam Tucker of Clinton, was already a seasoned shellfish worker. A music teacher by trade, Tucker recently planted his first crop of oysters after navigating a complex, years-long permitting process.

    This season, two new interns are back on the water with funding from Connecticut Sea Grant. Sixpenny co-owners Will Ceddia and Jason Hamilton oversee the interviews and day-to-day management of interns. Gilman and Getchis facilitate the program, provide orientation, and collect feedback.

    Opening the Industry Door

    The Foundations course addresses a significant barrier in the shellfish industry: access.

    “Shellfishing has traditionally been a hard industry to enter,” Gilman says. “One of our goals is to make the path clearer and more inclusive.”

    The start-up requirements and expenses involved can also be a disincentive. In some cases, the Foundations course has helped students decide a large investment in shellfish farming isn’t the right choice for them.

    “If this class helps a student realize that aquaculture isn’t for them, before they spend years in the permitting process and potentially thousands of dollars in equipment, that’s actually a win for the industry,” says Gilman.

    But for many, the course is the launchpad they need to start or expand their businesses.

    Four new farms have launched directly from the program with multiple others currently in the process of becoming established operations. Also, some former students now hire interns or share equipment.

    Participants report increased confidence with permitting, inspections, and gear management. A six-month follow-up survey shows that more than 60% of graduates are actively engaged in industry work, environmental stewardship, or continued aquaculture training.

    The course is a requirement for new licensees through the Connecticut Department of Agriculture’s Bureau of Aquaculture. Gilman and Getchis also consult regularly with the Bureau and other subject matter experts to adapt content to emerging issues, such as pests, predators, diseases, impaired water quality and climate (for example, the growing threat of rainfall-related closures).

    Sustaining the Future

    The Foundations course goes beyond shellfish biology and gear types. It includes sessions on physical and mental health, business planning, and managing risks. “Farming shellfish is isolating and physically demanding,” says Gilman. “We don’t shy away from that. We talk about how to stay safe, how to deal with closures, and how to make it through when things get tough.”

    Another recent innovation honors the legacy of former Guilford Shellfish Commissioner, Peter Charland, who passed away in 2024. In partnership with the Guilford Shellfish Commission, the team created aquaculture worker starter packs with boots, sun gear, and other essentials which were distributed during a ceremony this spring. A larger grant seeks to continue this initiative and help reduce startup costs for new entrants.

    Extreme weather and regulatory hurdles challenge the industry, making sustainable shellfish aquaculture more important than ever. Connecticut remains one of the top six shellfish-producing states, with over 50 businesses supported by its oyster and clam operations.

    The next steps for Gilman and Getchis include facilitating more pathways from coursework to water-based experience.

    “You don’t need an advanced degree to grow oysters,” says Gilman. “We need plumbers, electricians, and mechanics, people with complementary skills who can fix a pump or a boat engine and aren’t afraid to get dirty.”

    For now, the Foundations course is cultivating more than oysters; it’s growing a community.

    “Our students stay in touch. They ask questions, they call us for help, and they show up at industry meetings,” Getchis says. “It’s been incredible to watch this bubble of new energy form around Connecticut aquaculture. That’s the kind of impact you hope for in Extension.”

    The Connecticut Sea Grant College Program (CTSG) is part of the National Sea Grant College Program network, administered by the National Oceanic and Atmospheric Administration (NOAA). CTSG is based at UConn Avery Point in Groton. Several staff members have academic appointments in the College of Agriculture, Health and Natural Resources, including UConn Extension. For more than 30 years, CTSG has worked to foster the wise use and conservation of coastal and marine resources of Long Island Sound and beyond through research, outreach and education. It is science serving the coast! 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: TRA launches Trade Remedies Advisory Service

    Source: United Kingdom – Executive Government & Departments

    News story

    TRA launches Trade Remedies Advisory Service

    A new Trade Remedies Advisory Service will provide improved support for businesses navigating trade remedies investigations.

    The Trade Remedies Authority (TRA) has today (31 July) launched the Trade Remedies Advisory Service to provide support for UK businesses navigating trade remedies investigations.

    The service will build on support previously provided by the TRA’s Pre-Application Office, simplifying how businesses can bring a case to the TRA to investigate a potential trade injury. It also aims to increase engagement with small and medium enterprises. The new service will provide a simplified application and questionnaire process that makes it quicker and less onerous for new businesses who want to bring a case to TRA. It is being launched as part of the TRA’s work to make its investigations more accessible to case participants, as part of the 2025 Trade Strategy.

    TRA Chief Executives Jessica Blakely and Carmen Suarez said:

    We’re committed to ensuring that UK businesses of all sizes have the support they need to navigate trade remedies investigations effectively. The expanded Trade Remedies Advisory Service represents a significant step forward, moving to a more proactive engagement with industry throughout the entire case lifecycle. This change responds to feedback from businesses who told us they need more comprehensive guidance and ongoing support. By updating processes and expanding the specialist team, we’re committed to making it easier for companies to access support if they face unfair trading practices.

    The Trade Remedies Advisory Service increases support beyond traditional pre-application guidance. Assistance is now available from initial enquiries through to final determinations, with dedicated specialists for producers, importers and SMEs addressing sector-specific challenges. 

    Three strategic areas define the service’s enhanced capabilities:  

    • Clear guidance through webinars, factsheets and interactive workshops targeting diverse industry sectors.
    • Enhanced data monitoring to identify emerging trade concerns and industries requiring additional support.
    • Streamlined application procedures, interactive guidance tools and dedicated industry support.

    Feedback from industry stakeholders made it clear that ongoing support throughout a case’s lifecycle is vital, and this has directly influenced the redesign of the service. The expanded Trade Remedies Advisory Service team now includes additional specialists who recognise the needs of different interested parties, particularly SMEs. Regular drop-in sessions and process guidance workshops will also help stakeholders submit high-quality responses while freeing case teams to focus on core investigative functions.

    A spokesperson from a UK producer who has been involved in a TRA investigation said:

    Today’s announcement is a much-needed step to ensure every business, especially our small and medium-sized enterprises, can grow and prosper. We understand, first-hand, how daunting a TRA investigation can appear , and the enhanced function will be instrumental in guiding businesses through the process to ensure their voice is heard. We also welcome their commitment to using data to identify industries at risk and potentially requiring trade measures. This will be essential if we are to safeguard British businesses from unfair international trading practices in the future.

    This change represents a strategic shift from reactive assistance to proactive engagement with industries involved in trade remedies investigations, helping the TRA support businesses in adjusting to the current turbulent global trading picture. 

    Any UK producer that  believes they are being harmed by unfair overseas trading practices can contact the TRA for guidance and support. The TRA’s Trade Remedies Advisory Service can be contacted on:  contact@traderemedies.gov.uk.

    Background information

    • As an independent body operating at arm’s length from the Department for Business & Trade, the TRA is guided in its work by its principles of proportionality, impartiality, transparency, and efficiency.
    • The TRA welcomes applications for trade remedies investigations from any business operating in the UK. Read our online guidance to find out more about how to apply and what information to provide.
    • The TRA’s Trade Remedies Advisory Service can be contacted on: contact@traderemedies.gov.uk. Previously known as the Pre-Application Office, it will provide support not only at the pre-application stage, but throughout the life of the case to interested parties who have questions about the TRA investigation process.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Bankruptcy Filings Rise 11.5 Percent Over Previous Year

    Source: United States Courts

    Personal and business bankruptcy filings rose 11.5 percent in the twelve-month period ending June 30, 2025, compared with the previous year.

    According to statistics released by the Administrative Office of the U.S. Courts, annual bankruptcy filings totaled 542,529 in the year ending June 2025, compared with 486,613 cases in the previous year.

    Business filings rose 4.5 percent, from 22,060 to 23,043 in the year ending June 30, 2025. Non-business bankruptcy filings rose 11.8 percent to 519,486, compared with 464,553 in the previous year.

    Bankruptcy totals for the previous 12 months are reported four times annually. 

    For more than a decade, total filings fell steadily, from a high of nearly 1.6 million in September 2010 to a low of 380,634 in June 2022. Total filings have increased each quarter since then, but they remain far lower than historical highs.

    Business and Non-Business Filings, Years Ending June 30, 2021-2025
    Year Business Non-Business Total
    2025 23,043 519,486 542,529
    2024 22,060 464,553 486,613
    2023 15,724 403,000 418,724
    2022 12,748 367,886 380,634
    2021 18,511 443,798 462,309
    Total Bankruptcy Filings By Chapter, Years Ending June 30, 2021-2025
    Year Chapter
      7 11 12 13
    2025 333,321 8,408 282 200,290
    2024 284,975 8,717 181 192,421
    2023 239,125 5,986 147 173,362
    2022 239,750 4,429 201 136,169
    2021 335,886 6,871 438 118,864

    Additional statistics released today include:

    • Business and non-business bankruptcy filings for the 12-month period ending June 30, 2025 (Table F-2, 12-month),
    • A comparison of 12-month data ending June 2024 and June 2025 (Table F),
    • Filings for the most recent three months, (Table F-2, 3-month); and filings by month (Table F-2, April, May, and June),
    • Bankruptcy filings by county (Report F-5A).

    For more on bankruptcy and its chapters, view the following resources:

    MIL OSI USA News –

  • MIL-OSI: U.S. Navy Awards $202 Million Contract to SAIC to Continue Advancing Fleet Deployment Training Program

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., July 31, 2025 (GLOBE NEWSWIRE) — Science Applications International Corp. (NASDAQ: SAIC) has been awarded a $202 million contract to provide an extensive range of training solutions for the U.S. Navy, including modernized virtual and synthetic training environments, as part of the Fleet Deployment Training Program. This initiative is crucial to supporting U.S. Fleet Forces (USFF) and associated Fleet commands and activities, significantly enhancing the Navy’s readiness to operate and fight effectively across the globe.

    The renewed prime contract includes a 10-month base period of performance, four one-year options and one six-month extension option – ensuring a sustained and robust partnership to fortify the Navy’s training programs.

    “Our team is extremely proud to continue this decades-long, dedicated support for the U.S. Navy to advance their operational readiness,” said Barbara Supplee, SAIC executive vice president of Navy Business Group. “This program is integral to ensuring the Navy is thoroughly prepared to execute any mission assigned by Geographic Combatant and Forward Fleet Commanders. It directly enhances the Navy’s ability to deploy and employ all facets of the naval force on a global scale – making a critical difference in combat situations and supporting the Chief of Naval Operation’s priority of developing highly capable warfighting teams equipped for the complexities of modern combat environments.”

    Under this contract, SAIC will provide the Navy with extensive training and readiness support capabilities across 19 different headquarters and training commands. This encompasses academic instruction, live exercises, synthetic training events and policy support to ensure comprehensive pre-deployment training and certification, as well as post-deployment sustainment for fleet units and staffs.

    SAIC’s support extends to delivering advanced training scenarios through Fleet Synthetic Training and Live, Virtual, and Constructive (LVC) environments. These training methods cover the Fleet Training Continuum from Basic Phase unit-level activities to Advanced Phase certifications, culminating in high-end Integrated Phase major exercises for deployment readiness. Additionally, SAIC will provide reach-back training support to strike groups and amphibious ready groups during deployments, adapting to the evolving operational environments and emerging threats.

    This contract underscores SAIC’s long-standing commitment to enhancing the Navy’s global readiness and combat capabilities, playing a pivotal role in improving operational effectiveness and preparedness across the Navy. Our innovative training solutions have been instrumental in ensuring the Navy’s ability to swiftly adapt to evolving threats and operational environments. By equipping naval forces to face challenges and secure strategic interests worldwide, SAIC is playing a critical role in ensuring the Navy’s ability to maintain operational superiority across the globe.

    About SAIC 
    SAIC® is a premier Fortune 500 mission integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets includes secure high-end solutions in mission IT, enterprise IT, engineering services and professional services. We integrate emerging technology, rapidly and securely, into mission critical operations that modernize and enable critical national imperatives.

    We are approximately 24,000 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.5 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

    Forward-Looking Statements 
    Forward-Looking Statements Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.com or on the SEC’s website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others. 

    Media Contact: 
    Greg Hicks 
    619.961.0075 | Gregory.L.Hicks@saic.com

    The MIL Network –

  • MIL-OSI: NowVertical’s Integrated Model Drives Cross‑Market Growth in Strategic Accounts

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NowVertical” or the “Company”), a leading data and AI solutions provider, today provided an update which highlights geographic expansion in two marquee engagements that illustrate how a single operating framework converts early local wins into scales enterprise‑wide programmes.

    During the first half of 2025, NowVertical substantially deepened its work with one of the world’s largest insurers—a strategic account client that operates in more than forty countries. Leveraging the Company’s status as Google Cloud Partner of the Year, the engagement has evolved from a single‑country project into a Latin‑American data‑modernisation and AI initiative that migrates fragmented estates onto a common cloud architecture, delivers advanced analytics to business users and applies robust data governance. The approach delivered by NowVertical is a central, consistent, high-quality delivery capability providing services which can be tailored to meet the specific needs of each geography. Revenue generated from this account in the first six months of 2025 already surpasses the client’s full‑year 2024 spend with NowVertical, demonstrating both the speed and scale at which the integrated model can grow strategic relationships.

    A similar growth trajectory is underway with a global media and telecommunications group, where NowVertical’s solution has been adopted as the enterprise standard for managing and modernizing legacy data assets in preparation for AI adoption. Initially launched in the UK & Ireland market in 2024, the solution has now been implemented across eight projects within the group, including recent expansions into Italy and Germany, with additional deployments scheduled for H2 2025. By integrating legacy and modern data through standardized schemas, automated archival processes, and unified retention and compliance controls, the platform not only delivers measurable cost savings but also unlocks significant strategic value. The transformed data estate serves as a compliant, AI-ready foundation for advanced analytics and model training—supporting both regulatory requirements and long-term innovation objectives. This rollout reflects the repeatability of NowVertical’s delivery playbook, its ability to scale across complex enterprise environments, and its alignment with clients’ global data modernization and AI-readiness agendas.

    Sandeep Mendiratta, Chief Executive Officer of NowVertical, commented: “Clients are choosing to scale with NowVertical because we can help them bring one architecture, one governance model and one integrated team that can deliver quickly from country to country. These engagements prove that our ‘One Brand, One Business’ strategy is translating early successes into broad, multi‑region programmes that drive measurable value for customers and sustainable growth for NowVertical.”

    Management believes that the growing contribution from these cross‑market engagements supports the Company’s ability to grow it’s strategic account base while reinforcing NowVertical’s position as a trusted, full‑stack data and AI partner.

    About NowVertical Group Inc.

    NowVertical is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services, the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions.  

    For further details about NowVertical, please visit www.nowvertical.com. 

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    For further information, please contact:

    Andre Garber, CDO  
     IR@nowvertical.com  

    Investor Relations: Bristol Capital Ltd. 

    Stefan Eftychiou 

     stefan@bristolir.com

     +1(905)326-1888 x60  

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together “forward-looking statements“), including, with respect to the availability of funds under the Facilities, the ability of NowVertical to utilize funds under the Facilities, the effect of the Facilities on NowVertical’s operations contemplated in this press release on NowVertical’s business, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to service the Company’s debt; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2024. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI Submissions: What is personalized pricing, and how do I avoid it?

    Source: The Conversation – USA (2) – By Jay L. Zagorsky, Associate Professor Questrom School of Business, Boston University

    Recently, Delta Air Lines announced it would expand its use of artificial intelligence to provide individualized prices to customers. This move sparked concern among flyers and politicians. But Delta isn’t the only business interested in using AI this way. Personalized pricing has already spread across a range of industries, from finance to online gaming.

    Customized pricing – where each customer receives a different price for the same product – is a holy grail for businesses because it boosts profits. With customized pricing, free-spending people pay more while the price-sensitive pay less. Just as clothes can be tailored to each person, custom pricing fits each person’s ability and desire to pay.

    I am a professor who teaches business school students how to set prices. My latest book, “The Power of Cash: Why Using Paper Money is Good for You and Society,” highlights problems with custom pricing. Specifically, I’m worried that AI pricing models lack transparency and could unfairly take advantage of financially unsophisticated people.

    The history of custom pricing

    For much of history, customized pricing was the normal way things happened. In the past, business owners sized up each customer and then bargained face-to-face. The price paid depended on the buyer’s and seller’s bargaining skills – and desperation.

    An old joke illustrates this process. Once, a very rich man was riding in his carriage at breakfast time. Hungry, he told his driver to stop at the next restaurant. He went inside, ordered some eggs and asked for the bill. When the owner handed him the check, the rich man was shocked at the price. “Are eggs rare in this neighborhood?” he asked. “No,” the owner said. “Eggs are plentiful, but very rich men are quite rare.”

    Custom pricing through bargaining still exists in some industries. For example, car dealerships often negotiate a different price for each vehicle they sell. Economists refer to this as “first-degree” or “perfect” price discrimination, which is “perfect” from the seller’s perspective because it allows them to charge each customer the maximum amount they’re willing to pay.

    Wanamaker’s department store in Philadelphia was a pricing pioneer.
    Hulton Archive/Getty Images

    Currently, most American shoppers don’t bargain but instead see set prices. Many scholars trace the rise of set prices to John Wanamaker’s Philadelphia department store, which opened in 1876. In his store, each item had a nonnegotiable price tag. These set prices made it simpler for customers to shop and became very popular.

    Why uniform pricing caught on

    Set prices have several advantages for businesses. For one thing, they allow stores to hire low-paid retail workers instead of employees who are experts in negotiation.

    Historically, they also made it easier for stores to decide how much to charge. Before the advent of AI pricing, many companies determined prices using a “cost-plus” rule. Cost-plus means a business adds a fixed percentage or markup to an item’s cost. The markup is the percentage added to a product’s cost that covers a company’s profits and overhead.

    The big-box retailer Costco still uses this rule. It determines prices by adding a roughly 15% maximum markup to each item on the warehouse floor. If something costs Costco $100, they sell it for about $115.

    The problem with cost-plus is that it treats all items the same. For example, Costco sells wine in many stores. People buying expensive Champagne typically are willing to pay a much higher markup than customers purchasing inexpensive boxed wine. Using AI gets around this problem by letting a computer determine the optimal markup item by item.

    What personalized pricing means for shoppers

    AI needs a lot of data to operate effectively. The shift from cash to electronic payments has enabled businesses to collect what’s been called a “gold mine” of information. For example, Mastercard says its data lets companies “determine optimal pricing strategies.”

    So much information is collected when you pay electronically that in 2024 the Federal Trade Commission issued civil subpoenas to Mastercard, JPMorgan Chase and other financial companies demanding to know “how artificial intelligence and other technological tools may allow companies to vary prices using data they collect about individual consumers’ finances and shopping habits.” Experiments at the FTC show that AI programs can even collude among themselves to raise prices without human intervention.

    To prevent customized pricing, some states have laws requiring retailers to display a single price for each product for sale. Even with these laws, it’s simple to do custom pricing by using targeted digital coupons, which vary each shopper’s discount.

    How you can outsmart AI pricing

    There are ways to get around customized pricing. All depend on denying AI programs data on past purchases and knowledge of who you are. First, when shopping in brick-and-mortar stores, use paper money. Yes, good old-fashioned cash is private and leaves no data trail that follows you online.

    Second, once online, clear your cache. Your search history and cookies provide algorithms with extensive amounts of information. Many articles say the protective power of clearing your cache is an urban myth. However, this information was based on how airlines used to price tickets. Recent analysis by the FTC shows the newest AI algorithms are changing prices based on this cached information.

    Third, many computer pricing algorithms look at your location, since location is a good proxy for income. I was once in Botswana and needed to buy a plane ticket. The price on my computer was about $200. Unfortunately, before booking I was called away to dinner. After dinner my computer showed the cost was $1,000 − five times higher. It turned out after dinner I used my university’s VPN, which told the airline I was located in a rich American neighborhood. Before dinner I was located in a poor African town. Shutting off the VPN reduced the price.

    Last, often to get a better price in face-to-face negotiations, you need to walk away. To do this online, put something in your basket and then wait before hitting purchase. I recently bought eyeglasses online. As a cash payer, I didn’t have my credit card handy. It took five minutes to find it, and the delay caused the site to offer a large discount to complete the purchase.

    The computer revolution has created the ability to create custom products cheaply. The cashless society combined with AI is setting us up for customized prices. In a custom-pricing situation, seeing a high price doesn’t mean something is higher quality. Instead, a high price simply means a business views the customer as willing to part with more money.

    Using cash more often can help defeat custom pricing. In my view, however, rapid advances in AI mean we need to start talking now about how prices are determined, before customized pricing takes over completely.

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

    – ref. What is personalized pricing, and how do I avoid it? – https://theconversation.com/what-is-personalized-pricing-and-how-do-i-avoid-it-262195

    MIL OSI –

  • MIL-OSI United Kingdom: UK Government backs Ford’s global transformation

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK Government backs Ford’s global transformation

    UK Export Finance announces a new £1 billion export guarantee, supporting Ford UK’s transition to electric vehicle production.

    • Iconic car manufacturer Ford continues global transformation as government backs new loan  

    • Financing assists Ford’s operations in developing world-leading products, including cleaner engines and electric power units while supporting thousands of jobs 

    • Latest action in the government’s Plan for Change and in support for the UK’s automotive sector as part of the Industrial Strategy 

    UK Export Finance (UKEF) is providing a £1 billion export development guarantee to Ford UK, supporting the car giant’s long-term growth ambitions around the world. 

    Ford operates various sites across the country including the UK’s largest automotive research & development (R&D) centre based in Essex and directly employs more than 5,500 workers across the country.   

    The loan will help Ford continue its global transformation, engineering and manufacturing smart, connected and electrified vehicles for customers around the world.  

    Chancellor of the Exchequer Rachel Reeves said:

    Ford has been the pride of Essex since 1911, over a century of innovation and industry. The R&D centre in Basildon employs thousands of people in well-paid, highly skilled jobs. 

    This £1 billion loan guarantee is a major boost for Britain’s auto sector. It will help develop world-leading products, open new export markets, and secure jobs. This is our Plan for Change in action – delivering growth and putting more money in people’s pockets.

    Business and Trade Secretary Jonathan Reynolds said:

    We’re proud of our historic auto sector, and the commitment that global companies like Ford have made to make cars and create jobs in the UK. 

    I’m delighted that UKEF is backing Ford in supporting the company’s ambitions for growth, helping to cement our position as a global leader for manufacturing and backing our Plan for Change. 

    This Government has taken significant action to back auto firms – including by securing landmark trade deals with the US and India to bring down tariffs for British car manufacturers and create new export opportunities, measures to lower electricity prices in our Industrial Strategy, and updating the ZEV mandate to support UK manufacturers and safeguard jobs of the future.

    In recent years, the company has invested heavily into electric vehicle development, including a £380 million transformation of its Halewood manufacturing plant from producing transmissions to electric motors for iconic vehicles like the Ford Transit van and Ford Puma. Ford has also invested £70 million in state-of-the-art testing and development labs at its R&D site in Essex.   

    This follows several significant announcements in recent months showing the government backing the UK’s automotive sector. This includes launching an Electric Car Grant to support the transition to zero emission vehicles and incentivise sustainable manufacturing, and the publication of the Advanced Manufacturing Sector Plan and Modern Industrial Strategy, which commits £2 billion capital and R&D funding to 2030, and an additional £500 million to extend the R&D support to 2035. This support is giving innovative manufacturers the confidence to pursue technological advancements needed in the automotive sector. 

    UKEF is guaranteeing 80 per cent (£800 million) of the £1 billion loan provided by Citi and a syndicate of lenders. Citi is the sole coordinator and agent on the loan to Ford. 

    This announcement forms part of the government’s Plan for Change to kickstart economic growth and raise living standards across the United Kingdom by supporting businesses to export and grow. 

    British car manufacturers now benefit from major tariff reductions when exporting to the US, thanks to the landmark trade deal secured with the US. The UK is the only country to have secured this deal with the US, which reduces car export tariffs from 27.5% to 10%, saving manufacturers hundreds of millions each year and protecting hundreds of thousands of jobs, backing the Plan for Change. 

    UKEF Chief Executive Tim Reid said:

    This is a great example of UKEF’s collaboration with the automotive industry, which is a key sector of the government’s Industrial Strategy. Our export development guarantee is a versatile product that has lasting impact on businesses. Boosting growth, securing key jobs, growing the UK’s export potential and doing so sustainably – that’s what UKEF does best. 

    Lisa Brankin, Chair, Ford Britain, said:

    Recent investments in the UK have proved crucial to our European operations and have expanded our UK export capability, on top of supporting Ford’s investment in an all-electric product line-for Europe. This new UKEF facility will play an important role in supporting our UK exporting footprint, especially amid the continued uncertainty in the trade landscape and the disconnect between electric vehicle targets and customer demand. 

    Richard Hodder, Global Head of Export and Agency Finance at Citi, said: 

    Citi is pleased to partner with Ford and UK Export Finance on this significant transaction. This third UKEF Guarantee loan under the EDG program demonstrates our dedication to supporting Ford’s global innovation and UK export operations. This transaction showcases both the cross-border expertise and local knowledge that Citi’s Services business provides clients in the UK, and around the world.

    This is the third EDG awarded by UKEF to Ford, taking total financing to almost £2.4 billion (£1.9 billion guaranteed by UKEF) since 2020: 

    • June 2022: £750 million UKEF EDG (UKEF guarantee of £600 million) supported phase two of Ford’s electric vehicle plans. The investment significantly expanding Ford’s electric power unit production line capability.  

    • June 2020: a £625 million UKEF EDG facility (UKEF guarantee on £500 million). This helped to finance Ford’s global vehicle research and development headquarters in Dunton in Essex, securing key of jobs and supporting the development of electric vehicle technologies. 

    This latest announcement follows the recent publication of UKEF’s annual report & accounts for 2024/25. 

    Over the last financial year, UKEF provided a record £14.5 billion in new financing, helping over 667 UK companies to export and grow and supported up to 70,000 jobs.

    Contact

    Media enquiries:

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: ServiceTrade Unveils 4 Keys to Unlocking Peak Valuations for Commercial Service Businesses

    Source: GlobeNewswire (MIL-OSI)

    DURHAM, N.C., July 31, 2025 (GLOBE NEWSWIRE) — ServiceTrade, an innovative software platform that optimizes commercial service business operations for growth and profit, today announced four key strategies to significantly boost business valuations and ensure successful M&A outcomes. These insights offer commercial service contractors practical strategies to build, measure, and enhance their business value using ServiceTrade. 

    The fire and life safety and mechanical service markets are experiencing a marked acceleration in consolidation activity. This trend began in 2023 and intensified through the first half of 2025, encompassing significant acquisitions exceeding $1 billion alongside numerous smaller roll-ups and consolidations. Notably, private equity deals in the mechanical and HVAC services market have surged 88%. In parallel, the fire and life safety markets maintain a robust average of 38 transactions per quarter this year. 

    “Whether you’re preparing for a future exit or building a strong, high-performing business, you need a plan to create long-term value,” said Billy Marshall, Founder of ServiceTrade. “Contractors that prioritize recurring revenue, technician productivity, operational efficiency, and customer satisfaction consistently achieve higher valuations—and have more options when it’s time to sell.”

    ServiceTrade has outlined four key areas of value creation that maximize growth, scale, and attractiveness to potential acquirers.

    1. Revenue Predictability and Quality

    Recent industry trends show recurring revenue streams command valuation premiums 3-5 times higher than one-off project revenue. Additionally, commercial service providers whose revenue primarily derives from recurring maintenance and inspection work grow at twice the rate of their peers. Prioritizing the most profitable customers and protecting margins through automation further enhances this.

    • Aim for 80% of revenue to come from long-term service contracts and committed recurring revenue. Avoid “one-and-done” project customers. 
    • Focus on the most profitable customers and minimize low-quality projects or break/fix work.

    2. Optimized for Technician Productivity

    Commercial service companies that optimize technician productivity experience significantly higher margins and improved customer satisfaction. By utilizing mobile field technology and smart workforce management, these companies eliminate administrative burdens, empowering technicians to deliver more billable work and more value to the customer, while enjoying higher work satisfaction.

    • Establish technician productivity baselines and implement tracking systems to meet or exceed industry-leading benchmarks. 
    • To attract and retain skilled technicians, eliminate unnecessary administrative tasks in the field, to overcome the ongoing skilled labor shortage.
    • Streamline communications among technicians, office staff, and customers through digital work orders and automated customer updates.

    3. Enhance Operational Efficiency with Better Technology

    Companies that leverage tailored technology to streamline operations create significant competitive advantages by maximizing productivity, employee satisfaction, and customer experiences. Modern technology solutions provide staff with real-time data and tools to manage tasks and customer interactions efficiently, fostering an engaged, high-performing workforce. 

    • Utilize purpose-built technology to optimize technician performance and operational efficiency.
    • Implement comprehensive, integrated solutions to manage workflows, digitally reduce errors, and minimize administrative tasks.
    • Leverage technology to increase employee engagement, satisfaction, and accountability.

    4. Prioritize Your Most Valuable Customers

    Creating a customer-first culture dramatically improves customer retention and satisfaction, ultimately driving sustainable business growth. Companies position themselves as trusted, customer-focused partners by leveraging digital solutions to provide transparent, timely, and comprehensive customer communications. 

    • Make retaining and expanding your most profitable customers a corporate priority.
    • Target a 90% customer retention rate through proactive and personalized customer engagement strategies. 
    • Digitize all customer communications, offering seamless access to service histories, quotes, invoices, approvals, and status updates. 
    • Develop comprehensive customer records, including detailed service histories, contractual agreements, profitability analyses, and revenue contribution insights.

    Rod DiBona, Pye-Barker Fire & Safety’s Executive Vice President of Business Development, added insight for sellers in a recent webinar with ServiceTrade on M&A readiness:

    “In today’s market, buyers are looking for more than just top-line revenue,” said DiBona, “Businesses that retain customers, are committed to their employees, grow accounts, and use technology to scale profitably are more valuable and attractive to strategic and private equity buyers.”

    Commercial service contractors can learn more about building valuation using these resources:

    Webinar: M&A Readiness with Pye-Barker: Building Your Toolkit for a Strong Exit 

    eBook: The Ultimate Guide to Building a Fire & Life Safety Business For a Successful Exit

    eBook: The Ultimate Guide to Building a Commercial HVAC Business for a Successful Exit 

    Learn how ServiceTrade can help you build a more valuable business. Book a Demo with one of our experts. 

    About ServiceTrade
    ServiceTrade, Inc., is a best-in-class field service management platform that enables commercial contractors to build efficient, profitable, and growing businesses. With a decade of innovation and 1300 customers, ServiceTrade is an end-to-end, fully integrated solution that maximizes technician performance, streamlines operations, and delivers digital-first experiences that win and delight customers. Commercial contractors can service smarter and scale faster with ServiceTrade.

    Contact
    media@ktcmarketingandpr.com

    The MIL Network –

  • MIL-OSI: Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    TEANECK, N.J., July 31, 2025 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended June 30, 2025 of $224,000, or $0.02 per basic and diluted share, compared to a net loss of $432,000, or $0.03 per basic and diluted share, for the comparable prior year period. The Company reported net income for the six months ended June 30, 2025 of $955,000, or $0.08 per basic and diluted share, compared to a net loss of $873,000, or $0.07 per basic and diluted share, for the comparable prior year period. Income for the six months ended June 30, 2025 included a one-time death benefit from the Company’s bank-owned life insurance policy related to a former employee of approximately $543,000.

    Other Financial Highlights:

    • Total assets decreased $49.7 million, or 5.1%, to $921.8 million at June 30, 2025 from $971.5 million at December 31, 2024, due largely to a decrease in cash and cash equivalents and loans.
    • Cash and cash equivalents decreased $31.9 million, or 61.1%, to $20.3 million at June 30, 2025 from $52.2 million at December 31, 2024 due as excess funds were used to pay down borrowings.
    • Securities increased $4.3 million, or 3.1%, to $144.6 million at June 30, 2025 from $140.3 million at December 31, 2024.
    • Net loans decreased $18.5 million, or 2.6%, to $693.2 million at June 30, 2025 from $711.7 million at December 31, 2024, primarily due to decreases in residential mortgages and construction loans.
    • Total deposits at June 30, 2025 were $628.2 million, decreasing $14.0 million, or 2.2%, compared to $642.2 million at December 31, 2024, due to a $11.5 million decrease in certificates of deposit, a $2.8 million decrease in NOW accounts, a $2.3 million decrease in money market accounts and a $2.0 million decrease in noninterest bearing checking accounts. The decreases were offset by a $4.6 million increase in savings accounts. The average rate on deposits decreased 16 basis points to 3.75% for the first half of 2025 from 3.91% for the first half of 2024 due to lower interest rates and a lesser percentage of deposits consisting of higher-costing certificates of deposit.
    • Federal Home Loan Bank advances decreased $36.2 million, or 21.0% to $135.9 million at June 30, 2025 from $172.2 million as of December 31, 2024. The decrease in borrowings was largely attributable to advances that matured during the six months ended June 30, 2025.

    Kevin Pace, President and Chief Executive Officer, said, “The first half of 2025 has fallen in line with our projections. While loan demand has remained steady, we expect an uptick later this year and into early 2026. We remain dedicated to continued growth in our commercial portfolio while ensuring we limit risk to certain markets and property types. Growth in consumer and commercial deposits is another key initiative as we look to reduce cost of funds.”

    “We were able to complete our 5th stock buyback recently. Since the IPO, we have reduced our outstanding shares by 1,653,571 and improved our tangible book value per minority share from $22.04 to $29.10. We continue to focus efforts on improving shareholder value.”

    Income Statement Analysis

    Comparison of Operating Results for the Three Months Ended June 30, 2025 and June 30, 2024

    Net income increased $657,000, or 151.9%, to $224,000 for the three months ended June 30, 2025 from a net loss of $432,000 for the three months ended June 30, 2024. This increase was primarily due to an increase of $951,000 in net interest income, partially offset by a decrease of $229,000 in income tax benefit.

    Interest income increased $31,000, or 0.3%, to $10.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

    Interest income on cash and cash equivalents decreased $21,000, or 16.4%, to $106,000 for the three months ended June 30, 2025 from $127,000 for the three months ended June 30, 2024 due to a 164 basis point decrease in the average yield from 5.90% for the three months ended June 30, 2024 to 4.26% for the three months ended June 30, 2025 due to the lower interest rate environment. This was offset by a $1.3 million increase in the average balance to $9.9 million for the three months ended June 30, 2025 from $8.6 million for the three months ended June 30, 2024, reflecting loan and securities repayments, which were offset by a reduction of borrowings.

    Interest income on loans decreased $7,000, or 0.1%, as a seven basis point increase in the yield was offset by a $12.3 million decrease in the average balance of loans.

    Interest income on securities increased $86,000, or 4.6%, due to a 151 basis point increase in the average yield offset by a $44.4 million decrease in the average balance. The changes in the yield and average balance reflect that, in the fourth quarter of 2024, the Company sold approximately $66.0 million in amortized cost ($57.1 million in market value) of securities with a weighted average yield of 1.89% and reinvested $32.7 million of these proceeds into securities with a weighted average yield of 5.60%.

    Interest expense decreased $920,000, or 11.9%, from $7.7 million for the three months ended June 30, 2024 to $6.8 million for the three months ended June 30, 2025 due to lower average balances and costs on deposits and lower balances on borrowings. During the three months ended June 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $186,000. At June 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Interest expense on interest-bearing deposits decreased $730,000, or 11.7%, to $5.5 million for the three months ended June 30, 2025 from $6.3 million for the three months ended June 30, 2024. The decrease was due to a 32 basis point decrease in the average cost of deposits to 3.67% for the three months ended June 30, 2025 from 3.99% for the three months ended June 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $35.4 million to $482.5 million for the three months ended June 30, 2025 from $517.9 million for the three months ended June 30, 2024 while the average balance of NOW/money market accounts and savings accounts increased $5.6 million and $4.7 million for the three months ended June 30, 2025, respectively, compared to the three months ended June 30, 2024.

    Interest expense on Federal Home Loan Bank advances decreased $190,000, or 12.9%, from $1.5 million for the three months ended June 30, 2024 to $1.3 million for the three months ended June 30, 2025. The decrease was primarily due to a decrease in the average balance of $40.0 million to $130.3 million for the three months ended June 30, 2025 from $170.3 million for the three months ended June 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 47 basis points to 3.96% for the three months ended June 30, 2025 from 3.49% for the three months ended June 30, 2024 due to the new borrowings being shorter durations at higher rates.

    Net interest income increased $951,000, or 34.7%, to $3.7 million for the three months ended June 30, 2025 from $2.7 million for the three months ended June 30, 2024. The increase reflected a 48 basis point increase in our net interest rate spread to 1.20% for the three months ended June 30, 2025 from 0.72% for the three months ended June 30, 2024. Our net interest margin increased 53 basis points to 1.74% for the three months ended June 30, 2025 from 1.21% for the three months ended June 30, 2024.

    We did not record a provision for credit losses for the three months ended June 30, 2025 compared to a $35,000 provision for credit losses for the three-month period ended June 30, 2024.

    Non-interest income increased $29,000, or 9.4%, to $332,000 for the three months ended June 30, 2025 from $303,000 for the three months ended June 30, 2024. Bank-owned life insurance income increased $13,000, or 6.0%, due to higher balances during 2025, which was augmented by an increase in the gain on sale of loans of $9,000 and an increase in fee and service charge income of $11,000. 

    For the three months ended June 30, 2025, non-interest expense increased $129,000, or 3.5%, over the comparable 2024 period. Professional fees increased $112,000, or 43.2%, due to an increase in audit and consulting fees. Occupancy and equipment costs increased $274,000, or 74.6%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These were offset by a $83,000, or 3.9%, reduction in salaries and employee benefits, which decreased due to lower headcount, a $99,000, or 86.1%, decrease in advertising expenses and a $78,000, or 29.4%, decrease in other non-interest expense.

    Income tax expense increased $229,000, or 151.9%, to a benefit of $53,000 for the three months ended June 30, 2025 from a $281,000 benefit for the three months ended June 30, 2024. The decrease was due to an increase of $886,000 in net income. 

    Comparison of Operating Results for the Six Months Ended June 30, 2025 and June 30, 2024

    Net income increased by $1.8 million, or 209.4%, to a net income of $955,000 for the six months ended June 30, 2025 from a net loss of $873,000 for the six months ended June 30, 2024. This increase was primarily due to an increase of $1.9 million in net interest income, partially offset by an increase of $488,000 in income tax expense. Income for the six months ended June 30, 2025 included a one-time death benefit of approximately $543,000 from the Company’s bank-owned life insurance policy related to a former employee.

    Interest income increased $893,000, or 4.4%, from $20.5 million for the six months ended June 30, 2024 to $21.4 million for the six months ended June 30, 2025 due to higher yields on interest-earning assets and a decrease in the average balance of interest-earning assets. 

    Interest income on cash and cash equivalents increased $95,000, or 34.4%, to $371,000 for the six months ended June 30, 2025 from $276,000 for the six months ended June 30, 2024 due to a $4.8 million increase in the average balance to $13.3 million for the six months ended June 30, 2025 from $8.5 million for the six months ended June 30, 2024. This was partially offset by 92 basis point decrease in the average yield from 6.50% for the six months ended June 30, 2024 to 5.58% for the six months ended June 30, 2025.

    Interest income on loans increased $387,000, or 2.3%, to $16.9 million for the six months ended June 30, 2025 compared to $16.5 million for the six months ended June 30, 2024 due primarily to a 18 basis point increase in the average yield from 4.64% for the six months ended June 30, 2024 to 4.82% for the six months ended June 30, 2025, offset by a $10.3 million decrease in the average balance to $701.4 million for the six months ended June 30, 2025 from $711.7 million for the six months ended June 30, 2024.

    Interest income on securities increased $390,000, or 11.5%, to $3.8 million for the six months ended June 30, 2025 from $3.4 million for the six months ended June 30, 2024 primarily due to a 143 basis point increase in the average yield from 3.85% for the six months ended June 30, 2024 to 5.28% for the six months ended June 30, 2025, which was offset by a $32.9 million decrease in the average balance to $143.2 million for the six months ended June 30, 2025 from $176.1 million for the six months ended June 30, 2024. The decrease in the average balance and the increase in the yield was as a result of the balance sheet restructuring undertaken in the fourth quarter of 2024, where certain lower-yielding securities were sold, a portion of the proceeds were reinvested into higher-yielding securities and all remaining held to maturity securities were reclassified as available for sale.

    Interest expense decreased $1.0 million, or 6.6%, from $15.1 million for the six months ended June 30, 2024 to $14.1 million for the six months ended June 30, 2025 due to lower average balances on certificates of deposit and borrowings and a lower rate paid on certificates of deposit. During the six months ended June 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $363,000. At June 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Interest expense on interest-bearing deposits decreased $938,000, or 7.7%, to $11.3 million for the six months ended June 30, 2025 from $12.2 million for the six months ended June 30, 2024. The decrease was due to a 16 basis point decrease in the average cost of deposits to 3.75% for the six months ended June 30, 2025 from 3.91% for the six months ended June 30, 2024. The decrease in the average cost was driven by a 21 basis point decrease in the average cost of certificates of deposit to 4.13% for the six months ended June 30, 2025 from 4.34% for the six months ended June 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $33.8 million to $483.4 million for the six months ended June 30, 2025 from $517.2 million for the six months ended June 30, 2024 while average NOW/money market accounts and savings accounts increased $7.7 million and $3.6 million for the six months ended June 30, 2025, respectively, compared to the six months ended June 30, 2024.

    Interest expense on Federal Home Loan Bank advances decreased $62,000, or 2.1%. The decrease was primarily due to a decrease in the average balance of $16.2 million to $144.1 million for the six months ended June 30, 2025 from $160.3 million for the six months ended June 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 33 basis points to 3.99% for the six months ended June 30, 2025 from 3.66% for the six months ended June 30, 2024 due to the new borrowings being for shorter durations at higher rates. 

    Net interest income increased $1.9 million, or 35.1%, to $7.3 million for the six months ended June 30, 2025 from $5.4 million for the six months ended June 30, 2024. The increase reflected a 47 basis point increase in our net interest rate spread to 1.15% for the six months ended June 30, 2025 from 0.68% for the six months ended June 30, 2024. Our net interest margin increased 50 basis points to 1.70% for the six months ended June 30, 2025 from 1.20% for the six months ended June 30, 2024.

    We recorded a $80,000 recovery of credit losses for the six months ended June 30, 2025 compared to a $70,000 provision for credit losses for the six-month period ended June 30, 2024. The decrease in the allowance for credit losses was due to the decrease in loans and held-to-maturity securities.

    Non-interest income increased $619,000, or 102.7%, to $1.2 million for the six months ended June 30, 2025 from $602,000 for the six months ended June 30, 2024. Bank-owned life insurance income increased $564,000, or 132.0%, due to a death benefit related to a former employee and higher balances during 2025. In addition to the death benefit, gains on sale of loans also increased by $38,000 when compared to the comparable period in 2024.

    For the six months ended June 30, 2025, non-interest expense increased $345,000, or 4.7%, over the comparable 2024 period. Professional fees increased $114,000, or 25.0%, due to higher audit and consulting expense. Occupancy and equipment costs increased $574,000, or 77.8%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These were offset by a $162,000, or 3.8%, reduction in salaries and employee benefit, which decreased due to lower headcount, advertising expense, which decreased by $104,000, or 46.0%, and other non-interest expense, which decreased $102,000, or 20.0%.

    Income tax expense increased $488,000, or 85.8%, to a benefit of $81,000 for the six months ended June 30, 2025 from a $568,000 benefit for the six months ended June 30, 2024. The decrease was due to an increase of $2.3 million in income. 

    Balance Sheet Analysis

    Total assets were $921.8 million at June 30, 2025, representing a decrease of $49.7 million, or 5.1%, from December 31, 2024. Cash and cash equivalents decreased $31.9 million during the period primarily due to the paydown of borrowings. Net loans decreased $18.5 million, or 2.6%, due to $32.0 million in repayments, partially offset by new production of $15.5 million. This resulted in a $14.5 million decrease in the balance of residential loans and a $17.4 million decrease in construction loans, offset by a $7.3 million and $8.0 million of commercial real estate and multi-family loans, respectively. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale increased $4.3 million or 3.1%, due to new purchases of mortgage-backed securities. 

    Delinquent loans increased $6.1 million to $20.4 million, or 2.94% of total loans, at June 30, 2025, compared to $14.3 million at December 31, 2024. The increase was primarily due to one commercial real estate loan with a balance of $7.1 million, which is considered well-secured, accruing and in the process of collection. During the same timeframe, non-performing assets decreased from $14.0 million at December 31, 2024 to $13.9 million, which represented 1.50% of total assets at June 30, 2025. No loans were charged-off during the three or six months ended June 30, 2025 or June 30, 2024. The Company’s allowance for credit losses related to loans was 0.37% of total loans and 18.69% of non-performing loans at June 30, 2025 compared to 0.37% of total loans and 18.77% of non-performing loans at December 31, 2024. The Bank does not have any exposure to commercial real estate loans secured by office space. At June 30, 2025, the Company had no allowance for credit losses related to held-to-maturity securities, as the Company did not hold any held-to-maturity securities at June 30, 2025 or at December 31, 2024. 

    Total liabilities decreased $50.8 million, or 6.1%, to $783.4 million mainly due to a $13.9 million decrease in deposits and by a $36.2 million decrease in borrowings. Total deposits decreased $14.0 million, or 2.2%, to $628.2 million at June 30, 2025 from $642.2 million at December 31, 2024. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $11.5 million to $481.8 million from $493.3 million at December 31, 2024, a decrease in NOW deposit accounts, which decreased by $2.8 million to $52.6 million from $55.4 million at December 31, 2024, a decrease in money market deposit accounts, which decreased by $2.3 million to $11.7 million from $14.0 million at December 31, 2024, and by a decrease in noninterest bearing demand accounts, which decreased by $2.0 million from $32.7 million at December 31, 2024 to $30.7 million at June 30, 2025. At June 30, 2025, brokered deposits were $108.0 million or 17.2% of deposits and municipal deposits were $25.4 million or 4.1% of deposits. At June 30, 2025, uninsured deposits represented 9.1% of the Bank’s total deposits. Federal Home Loan Bank advances decreased $36.2 million, or 21.0%, due to paydown of existing borrowings. Short-term borrowings increased $10.5 million, or 35.6%, to $40.0 million at June 30, 2025 from $29.5 million at December 31, 2024, while long-term borrowings decreased $46.7 million, or 32.8%, to $95.9 million at June 30, 2025 from $142.7 million at December 31, 2024. Total borrowing capacity at the Federal Home Loan Bank is $241.3 million of which $139.0 million has been advanced.

    Total stockholders’ equity increased $1.2 million to $138.4 million, primarily due to net income of $955,000. At June 30, 2025, the Company’s ratio of average stockholders’ equity-to-total assets was 14.96%, compared to 13.99% at December 31, 2024.

    About Bogota Financial Corp.

    Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

    Forward-Looking Statements

    This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

    The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (unaudited)
                 
        As of     As of  
        June 30,
    2025    		     December 31,
    2024    		  
    Assets                
    Cash and due from banks   $ 9,471,838     $ 18,020,527  
    Interest-bearing deposits in other banks     10,861,717       34,211,681  
    Cash and cash equivalents     20,333,555       52,232,208  
    Securities available for sale, at fair value     144,602,468       140,307,447  
    Loans, net of allowance for credit losses of $2,590,950 and $2,620,949, respectively     693,211,303       711,716,236  
    Premises and equipment, net     4,561,786       4,727,302  
    Federal Home Loan Bank (FHLB) stock and other restricted securities     7,204,900       8,803,000  
    Accrued interest receivable     4,225,196       4,232,563  
    Core deposit intangibles     129,255       152,893  
    Bank-owned life insurance     31,329,401       31,859,604  
    Right of use asset     10,506,417       10,776,596  
    Other assets     5,730,379       6,682,035  
    Total Assets   $ 921,834,660     $ 971,489,884  
    Liabilities and Equity                
    Non-interest bearing deposits   $ 30,696,810     $ 32,681,963  
    Interest bearing deposits     597,532,976       609,506,079  
    Total deposits     628,229,786       642,188,042  
    FHLB advances-short term     40,000,000       29,500,000  
    FHLB advances-long term     95,944,439       142,673,182  
    Advance payments by borrowers for taxes and insurance     3,223,479       2,809,205  
    Lease liabilities     10,579,107       10,780,363  
    Other liabilities     5,418,148       6,249,932  
    Total liabilities     783,394,959       834,200,724  
                     
    Stockholders’ Equity                
    Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at June 30, 2025 and December 31, 2024     —       —  
    Common stock $0.01 par value, 30,000,000 shares authorized, 13,008,389 issued and outstanding at June 30, 2025 and 13,059,175 at December 31, 2024     130,083       130,592  
    Additional paid-in capital     55,260,550       55,269,962  
    Retained earnings     90,961,990       90,006,648  
    Unearned ESOP shares (369,670 shares at June 30, 2025 and 382,933 shares at December 31, 2024)     (4,369,992 )     (4,520,594 )
    Accumulated other comprehensive loss     (3,542,930 )     (3,597,448 )
    Total stockholders’ equity     138,439,701       137,289,160  
    Total liabilities and stockholders’ equity   $ 921,834,660     $ 971,489,884  
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
                 
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Interest income                                
    Loans, including fees   $ 8,291,923     $ 8,299,404     $ 16,895,052     $ 16,506,796  
    Securities                                
    Taxable     1,943,360       1,846,717       3,773,754       3,363,060  
    Tax-exempt     2,894       13,124       5,789       26,272  
    Other interest-earning assets     266,987       314,964       754,158       639,268  
    Total interest income     10,505,164       10,474,209       21,428,753       20,535,396  
    Interest expense                                
    Deposits     5,524,138       6,253,895       11,286,462       12,223,776  
    FHLB advances     1,286,421       1,476,600       2,854,448       2,916,669  
    Total interest expense     6,810,559       7,730,495       14,140,910       15,140,445  
    Net interest income     3,694,605       2,743,714       7,287,843       5,394,951  
    (Recovery) provision for credit losses     —       35,000       (80,000 )     70,000  
    Net interest income after (recovery) provision for credit losses     3,694,605       2,708,714       7,367,843       5,324,951  
    Non-interest income                                
    Fees and service charges     59,755       49,203       115,574       107,790  
    Gain on sale of loans     8,768       —       37,830       —  
    Bank-owned life insurance     228,392       215,056       990,623       427,015  
    Other     34,795       38,945       77,055       67,477  
    Total non-interest income     331,710       303,204       1,221,082       602,282  
    Non-interest expense                                
    Salaries and employee benefits     2,059,942       2,143,388       4,140,141       4,301,953  
    Occupancy and equipment     640,444       366,908       1,311,913       738,025  
    FDIC insurance assessment     103,934       106,716       210,520       207,313  
    Data processing     305,034       318,520       620,731       622,125  
    Advertising     16,000       115,100       121,500       225,200  
    Director fees     170,812       151,549       330,256       307,249  
    Professional fees     372,364       260,112       571,094       456,897  
    Other     185,972       263,490       408,017       510,112  
    Total non-interest expense     3,854,502       3,725,783       7,714,172       7,368,874  
    Income (loss) before income taxes     171,813       (713,865 )     874,753       (1,441,641 )
    Income tax benefit     (52,582 )     (281,386 )     (80,589 )     (568,182 )
    Net income (loss)   $ 224,395     $ (432,479 )   $ 955,342     $ (873,459 )
    Earnings (loss) per Share – basic   $ 0.02     $ (0.03 )   $ 0.08     $ (0.07 )
    Earnings (loss) per Share – diluted   $ 0.02     $ (0.03 )   $ 0.08     $ (0.07 )
    Weighted average shares outstanding – basic     12,635,990       12,803,925       12,642,744       12,828,428  
    Weighted average shares outstanding – diluted     12,641,179       12,803,925       12,644,701       12,828,428  
    BOGOTA FINANCIAL CORP.
    SELECTED RATIOS
    (unaudited)
                 
        At or For the Three Months     At or for the Six Months  
        Ended June 30,     Ended June 30,  
        2025     2024     2025     2024  
    Performance Ratios (1):                                
    Return (loss) on average assets (2)     0.02 %     (0.18 )%     0.10 %     (0.18 )%
    Return (loss) on average equity (3)     0.16 %     (1.32 )%     0.10 %     (1.32 )%
    Interest rate spread (4)     1.20 %     0.72 %     1.15 %     0.68 %
    Net interest margin (5)     1.74 %     1.21 %     1.70 %     1.20 %
    Efficiency ratio (6)     95.73 %     122.28 %     90.66 %     122.87 %
    Average interest-earning assets to average interest-bearing liabilities     116.49 %     114.12 %     115.24 %     114.56 %
    Net loans to deposits     110.34 %     109.02 %     110.34 %     109.02 %
    Average equity to average assets (7)     15.02 %     13.48 %     14.88 %     14.71 %
    Capital Ratios:                                
    Tier 1 capital to average assets                     15.32 %     13.52 %
    Asset Quality Ratios:                                
    Allowance for credit losses as a percent of total loans                     0.37 %     0.39 %
    Allowance for credit losses as a percent of non-performing loans                     18.69 %     21.20 %
    Net charge-offs to average outstanding loans during the period                     0.00 %     0.00 %
    Non-performing loans as a percent of total loans                     2.00 %     1.82 %
    Non-performing assets as a percent of total assets                     1.50 %     1.33 %
    (1 ) Certain performance ratios for the three and six months ended June 30, 2025 and 2024 are annualized.
    (2 ) Represents net income (loss) divided by average total assets.
    (3 ) Represents net income (loss) divided by average stockholders’ equity.
    (4 ) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2025 and 2024.
    (5 ) Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2025 and 2024.
    (6 ) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
    (7 ) Represents average stockholders’ equity divided by average total assets.


    LOANS

    Loans are summarized as follows at June 30, 2025 and December 31, 2024:

        June 30,     December 31,  
        2025     2024  
        (unaudited)  
    Real estate:                
    Residential First Mortgage   $ 458,212,962     $ 472,747,542  
    Commercial Real Estate     125,349,129       118,008,866  
    Multi-Family Real Estate     82,118,178       74,152,418  
    Construction     25,766,387       43,183,657  
    Commercial and Industrial     4,282,269       6,163,747  
    Consumer     73,328       80,955  
    Total loans     695,802,253       714,337,185  
    Allowance for credit losses     (2,590,950 )     (2,620,949 )
    Net loans   $ 693,211,303     $ 711,716,236  

    The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:

        At June 30,     At December 31,  
        2025     2024  
        Amount     Percent     Average Rate     Amount     Percent     Average Rate  
                                                     
        (unaudited)  
    Noninterest bearing demand accounts   $ 30,696,810       4.89 %     — %   $ 32,681,963       5.09 %     — %
    NOW accounts     52,611,377       8.37 %     2.64       55,378,051       8.62 %     2.53  
    Money market accounts     11,677,716       1.86 %     0.48       13,996,460       2.18 %     0.58  
    Savings accounts     51,419,664       8.18 %     2.02       46,851,793       7.30 %     1.90  
    Certificates of deposit     481,824,219       76.70 %     3.88       493,279,775       76.81 %     4.37  
    Total   $ 628,229,786       100.00 %     3.37 %   $ 642,188,042       100.00 %     3.42 %


    Average Balance Sheets and Related Yields and Rates

    The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

        Three Months Ended June 30,  
        2025     2024  
        Average Balance     Interest and Dividends     Yield/ Cost     Average Balance     Interest and Dividends     Yield/ Cost  
        (Dollars in thousands)  
    Assets:   (unaudited)  
    Cash and cash equivalents   $ 9,976     $ 106       4.26 %   $ 8,644     $ 127       5.90 %
    Loans     697,792       8,292       4.77 %     710,058       8,299       4.70 %
    Securities     141,141       1,946       5.52 %     185,497       1,860       4.01 %
    Other interest-earning assets     7,085       161       9.09 %     8,689       188       8.66 %
    Total interest-earning assets     855,994       10,505       4.92 %     912,888       10,474       4.61 %
                                                     
    Non-interest-earning assets     65,094                       58,933                  
    Total assets   $ 921,088                     $ 971,821                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 73,261     $ 447       2.44 %   $ 67,687     $ 329       1.96 %
    Savings accounts     48,751       249       2.05 %     44,093       205       1.87 %
    Certificates of deposit (1)     482,516       4,828       4.01 %     517,882       5,720       4.44 %
    Total interest-bearing deposits     604,528       5,524       3.67 %     629,662       6,254       3.99 %
                                                     
    Federal Home Loan Bank advances (1)     130,277       1,286       3.96 %     170,295       1,476       3.49 %
    Total interest-bearing liabilities     734,805       6,810       3.72 %     799,957       7,730       3.89 %
    Non-interest-bearing deposits     32,076                       39,162                  
    Other non-interest-bearing liabilities     15,894                       1,654                  
    Total liabilities     782,775                       840,773                  
                                                     
    Total equity     138,313                       131,048                  
    Total liabilities and equity   $ 921,088                     $ 971,821                  
    Net interest income           $ 3,695                     $ 2,744          
    Interest rate spread (2)                     1.20 %                     0.72 %
    Net interest margin (3)                     1.74 %                     1.21 %
    Average interest-earning assets to average interest-bearing liabilities     116.49 %                     114.12 %                
    1. Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended June 30, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $186,000 and $461,000, respectively.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
        Six Months Ended June 30,  
        2025     2024  
        Average Balance     Interest and Dividends     Yield/ Cost     Average Balance     Interest and Dividends     Yield/ Cost  
        (Dollars in thousands)  
    Assets:                                                
    Cash and cash equivalents   $ 13,270     $ 371       5.58 %   $ 8,505     $ 276       6.50 %
    Loans     701,423       16,894       4.82 %     711,744       16,507       4.64 %
    Securities     143,199       3,779       5.28 %     176,081       3,389       3.85 %
    Other interest-earning assets     7,692       384       9.97 %     8,395       363       8.65 %
    Total interest-earning assets     865,584       21,428       4.95 %     904,725       20,535       4.54 %
    Non-interest-earning assets     61,323                       59,313                  
    Total assets   $ 926,907                     $ 964,038                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 76,313     $ 904       2.39 %   $ 68,569     $ 664       1.95 %
    Savings accounts     47,299       475       2.02 %     43,720       403       1.85 %
    Certificates of deposit (1)     483,380       9,907       4.13 %     517,189       11,157       4.34 %
    Total interest-bearing deposits     606,992       11,286       3.75 %     629,478       12,224       3.91 %
    Federal Home Loan Bank advances (1)     144,120       2,854       3.99 %     160,282       2,916       3.66 %
    Total interest-bearing liabilities     751,112       14,140       3.80 %     789,760       15,140       3.86 %
    Non-interest-bearing deposits     32,425                       38,425                  
    Other non-interest-bearing liabilities     5,420                       2,763                  
    Total liabilities     788,957                       830,948                  
    Total equity     137,950                       133,090                  
    Total liabilities and equity   $ 926,907                     $ 964,038                  
    Net interest income           $ 7,288                     $ 5,395          
    Interest rate spread (2)                     1.15 %                     0.68 %
    Net interest margin (3)                     1.70 %                     1.20 %
    Average interest-earning assets to average interest-bearing liabilities     115.24 %                     114.56 %                
    1. Cash flow hedges are used to manage interest rate risk. During the six months ended June 30, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $363,000 and $749,000, respectively.
       
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
       
    3. Net interest margin represents net interest income divided by average total interest-earning assets


    Rate/Volume Analysis

    The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

        Three Months Ended June 30, 2025     Six Months Ended June 30, 2025  
        Compared to     Compared to  
        Three Months Ended June 30, 2024     Six Months Ended June 30, 2024  
        Increase (Decrease) Due to     Increase (Decrease) Due to  
        Volume     Rate     Net     Volume     Rate     Net  
        (In thousands)  
    Interest income:   (unaudited)  
    Cash and cash equivalents   $ 94     $ (114 )   $ (21 )   $ 201     $ (106 )   $ 95  
    Loans receivable     (534 )     526       (7 )     (592 )     979       387  
    Securities     (2,142 )     2,228       86       (1,554 )     1,944       390  
    Other interest earning assets     (80 )     53       (27 )     (71 )     92       21  
    Total interest-earning assets     (2,662 )     2,693       31       (2,017 )     2,910       893  
                                                     
    Interest expense:                                                
    NOW and money market accounts     29       89       118       79       161       240  
    Savings accounts     23       21       44       34       38       72  
    Certificates of deposit     (368 )     (524 )     (892 )     (718 )     (532 )     (1,250 )
    Federal Home Loan Bank advances     (1,138 )     948       (190 )     (591 )     529       (62 )
    Total interest-bearing liabilities     (1,454 )     534       (920 )     (1,197 )     197       (1,000 )
    Net (decrease) increase in net interest income   $ (1,208 )   $ 2,159     $ 951     $ (820 )   $ 2,713     $ 1,893  

    Contacts
    Kevin Pace – President & CEO, 201-862-0660 ext. 1110

    The MIL Network –

  • MIL-OSI: Epiq Billing Services Transforms Legal Billing Process at Am Law 100 Firm

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Epiq announced today a new partnership with an Am Law 100 firm to provide Epiq Billing Solutions — the premier, reliable, secure solution to stabilize cash flow, reduce costs, and improve overall efficiency.

    Epiq delivers end-to-end billing solutions designed specifically for the complex needs of law firms to enhance financial operations and accelerate cash flow. By leveraging deep expertise across major billing platforms, such as 3E/Elite, Aderant, BillBlast, LawPay, InTapp Billstream, Collaborati, eBilllingHub, CounselLink, and Tymetrix, Epiq is able to proactively resolve invoice rejections, streamline workflows, and deliver measurable results.

    “Partnering with Epiq underscores our dedication to legal innovation so that we can elevate efficiency and output while maintaining the high standards our clients expect,” said the firm’s Chief Financial Officer. “Epiq has a proven track record in driving process improvement in the legal billing space. The support provided by Epiq is strengthening our ability to overcome challenges in tracking billable hours while boosting productivity and ensuring compliance with complex billing guidelines.”

    Leveraging Epiq subject matter experts well-versed in common law firm applications and supported technological processes, including AI, law firms are now able to realize faster turnaround times, quicker invoice generation, reduced invoice errors, and improved cash flow. Epiq Billing Solutions is a proprietary billing solution where Epiq clients can expect to expedite:

    • AP/AR tasks
    • Time entry
    • Invoicing 
    • Expense reporting 
    • Pre-billing
    • Rejected invoice management 
    • Outside Counsel Guidelines (OCG) billing process 

    Services are provided by talented billing experts in Epiq Global Resource Centers, which provide 24/7/365 administrative and middle office support to some of the largest global organizations across the legal, financial, and corporate sectors.

    “Our highly skilled billing specialists don’t just respond to errors, they proactively identify patterns and streamline processes across all major legal billing systems,” said Michelle Connolly, Senior Vice President of the Global Business Transformation Solutions business at Epiq. “Firms can now maximize realization rates, invoice faster, and reduce errors and lengthy appeals, ultimately leading to improved efficiency and profitability.”

    Epiq uncovered that the average law firm experiences an 18 percent realization loss due to billing challenges. “This means that nearly one-fifth of billable work is not converted into revenue, negatively impacting a firm’s profitability,” Connolly said. “Even more, 81 percent of firms report having issues with a significant portion of invoices remaining unpaid or delayed, creating real cash flow challenges. These problems – coupled with resource constraints and the need for continuous training – highlight the importance of streamlining billing operations.”

    Epiq routinely works with the top law firms in the world to provide technical expertise and best practices so they can focus on core competencies and more strategic activities. By outsourcing business transformation services, such as billing, marketing and creative services, administrative support, office services, and records and information governance, law firms are able to increase efficiency, improve cost-effectiveness, centralize processes, add scalability, and standardize outputs. 

    About Epiq  
    Epiq, a technology and services leader, takes on large-scale and complex tasks for corporate legal departments, law firms, and business professionals by integrating people, process, technology, and data. Clients rely on Epiq to streamline legal and compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 18 countries, our values define who we are and how we partner with clients and communities. Learn how the approximately 6,100 Epiq people worldwide create meaningful change at www.epiqglobal.com.    

    Press Contact  
    Carrie Trent  
    Epiq, Senior Director of Corporate Communications and Public Relations  
    Carrie.Trent@epiqglobal.com 

    The MIL Network –

  • MIL-Evening Report: The company tax regime is a roadblock to business investment. Here’s what needs to change

    Source: The Conversation (Au and NZ) – By Alex Robson, Deputy Chair, Productivity Commission, and Adjunct Professor, Queensland University of Technology

    Erman Gunes/Shutterstock

    Productivity growth is a key driver of improvements in living standards. But in Australia over the last decade, output per hour worked grew by less than a quarter of its 60-year average.

    We urgently need to turn this around.

    That’s why the government has asked the Productivity Commission – where I am deputy chair – to conduct five inquiries and identify priority reforms.

    As a first step to boost productivity growth, we need business to expand and invest in the tools and technology that help us get the most out of our work.

    Unfortunately, some of our most important policy settings are holding us back.

    Business investment has slumped

    Capital expenditure by all non-mining firms is down 3.2 percentage points as a share of the economy since the end of the global financial crisis in 2009.

    And the ever-growing thicket of rules and regulations faced by business is a significant handbrake on growth.

    The Productivity Commission’s first interim report, Creating a more dynamic and resilient economy, focuses on two big policy levers: tax and regulation.

    Lower company tax rates are likely to attract more overseas firms to invest in Australia and help people start and grow businesses. They may strengthen the ability of smaller firms, which contribute the bulk of capital investment, to compete with larger ones.

    Our draft recommendations include:

    • Cutting the company tax rate to 20% from 25% or 30% for businesses with revenue under A$1 billion – the vast majority of companies

    • Introducing a new 5% net cash-flow tax on all firms. This supports companies’ capital expenditure by allowing them to immediately deduct the full value of their investments.

    The company tax rate would remain at 30% for firms earning over $1 billion. This would affect about 500 companies.

    In line with other developed nations

    The reduction in Australia’s headline company tax rate would move Australia from having one of the highest to one of the lowest rates for small and medium-sized firms among developed economies.

    And if the net cashflow tax is effective, it could be expanded over time and fund broader reductions in company income tax.

    Our modelling indicates these two changes would increase investment in the economy by $8 billion and boost Australia’s GDP by $14 billion, with no net cost to the budget over the medium term.

    An abundance of red tape

    The interim report also notes regulation can enhance productivity and protect against harms. But too much, or inappropriate, regulation can disproportionately inhibit economic dynamism and resilience.

    Australia’s regulatory burden has grown. Businesses report spending more and more on regulatory compliance.

    Regulators and policymakers have a broad mandate to further the public interest. But they can face incentives to be overly risk-averse and to downplay the burden that regulations place on businesses. They may pursue narrow goals at the expense of broader economy-wide goals.

    There are many practical examples that illustrate the problem.

    In the Australian Capital Territory, for example, the average time a house builder must wait for a planning decision is nearly six months. In New South Wales, it takes an average of nine years to get approval to build a wind farm.

    This kind of unnecessary and costly over-regulation ultimately benefits nobody.

    More scrutiny needed

    Simply put: Australia’s regulatory culture needs to change. And cultural change starts at the top.

    As a first step, the government needs to make a clear, whole-of-government public commitment to reducing regulatory burdens, and ensure new regulatory proposals face greater cabinet and parliamentary scrutiny.

    Regulators need to look for ways to promote economic growth, while continuing to ensure Australians are protected against avoidable harms.

    Ministers could issue statements of expectations to regulators and regulatory policymakers that clearly indicate how much risk they should tolerate in pursuit of business dynamism.

    To improve the evaluation of cumulative regulatory burdens, the Productivity Commission should be tasked with a regular and systematic stream of reviews. These would focus on sectors or regulatory systems where complex and enduring thickets of regulation have emerged.

    The draft recommendations on tax and regulation set out in the interim report are clear, actionable and ambitious reforms. They will support governments in delivering a meaningful and measurable boost to Australia’s lagging productivity.

    Alex Robson is deputy chair of the Productivity Commission.

    – ref. The company tax regime is a roadblock to business investment. Here’s what needs to change – https://theconversation.com/the-company-tax-regime-is-a-roadblock-to-business-investment-heres-what-needs-to-change-261652

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Thematic presentation and business meeting on Russian projects held in Daqing

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 31 (Xinhua) — A thematic presentation of “Open Heilongjiang, Innovative Daqing” and a business meeting on Russian projects were held in Daqing, Heilongjiang Province, northeast China, on July 29.

    According to the news portal sohu.com, Liu Xiuli, an official of the Daqing municipal government, warmly welcomed the participants in her welcoming speech. She expressed hope that the event would strengthen the ties and contacts between Daqing and its partners, creating a long-term platform for local enterprises to cooperate in trade with Russia.

    At the business meeting, the Foreign Affairs Office of Daqing City presented the achievements and prospective plans for cooperation with the Russian Federation. Representatives of the city’s specialized companies held project presentations.

    Cheng Xiang, director of the Heilongjiang Provincial Center for Trade and Economic Cooperation with Russia, said the center will fully play a role as a link, providing Daqing enterprises with a range of services, including policy clarification, market analysis, vocational training, etc.

    Following the event, the delegation of the Center for Trade and Economic Cooperation with Russia in Heilongjiang Province held a working meeting with the Daqing City Commerce Department. The parties agreed to organize training for the city’s enterprises engaged in trade with Russia. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Thematic presentation and business meeting on Russian projects held in Daqing

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 31 (Xinhua) — A thematic presentation of “Open Heilongjiang, Innovative Daqing” and a business meeting on Russian projects were held in Daqing, Heilongjiang Province, northeast China, on July 29.

    According to the news portal sohu.com, Liu Xiuli, an official of the Daqing municipal government, warmly welcomed the participants in her welcoming speech. She expressed hope that the event would strengthen the ties and contacts between Daqing and its partners, creating a long-term platform for local enterprises to cooperate in trade with Russia.

    At the business meeting, the Foreign Affairs Office of Daqing City presented the achievements and prospective plans for cooperation with the Russian Federation. Representatives of the city’s specialized companies held project presentations.

    Cheng Xiang, director of the Heilongjiang Provincial Center for Trade and Economic Cooperation with Russia, said the center will fully play a role as a link, providing Daqing enterprises with a range of services, including policy clarification, market analysis, vocational training, etc.

    Following the event, the delegation of the Center for Trade and Economic Cooperation with Russia in Heilongjiang Province held a working meeting with the Daqing City Commerce Department. The parties agreed to organize training for the city’s enterprises engaged in trade with Russia. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Canada: FCAC calls on banks to improve handling of consumer complaints

    Source: Government of Canada News (2)

    July 31, 2025 
    Ottawa, Ontario

    Today, the Financial Consumer Agency of Canada (FCAC) published the findings of a report on the complaint-handling procedures of small and medium-sized banks in its Supervisory Highlight: Thematic Review on Complaint Handling. 

    While the small and medium-sized banks that were assessed in FCAC’s review took steps towards meeting the new requirements for complaint handling under the Financial Consumer Protection Framework (the Framework), FCAC found several areas for improvement. 

    For example, the banks reviewed did not treat all expressions of dissatisfaction from consumers as complaints. FCAC also found that the banks did not always deal with complaints within the prescribed period of 56 calendar days after the day on which the complaint was received. In addition, complaint records submitted by the banks to FCAC often lacked required information. 

    Each of the banks involved in the review has been informed of the findings specific to their institution and is required to take corrective actions. FCAC will monitor their response to make sure that they comply with the complaint handling requirements.

    FCAC expects all federally regulated banks to review their complaint-handling procedures to assess their own compliance with the requirements and address any issues or deficiencies in a timely manner. 

    Consumers have the right to file a complaint if they have a problem with their bank. In 2022, the federal government strengthened the rules around complaint handling under the Framework to make the process more effective, timely and accessible for consumers. This includes introducing a 56-day timeline for banks to deal with complaints and establishing that banks must treat all expressions of dissatisfaction with a bank product or service as a complaint.

    FCAC supervises banks’ compliance with their complaint handling obligations. The Agency focused its most recent review on small and medium-sized banks because they were identified as being at a higher risk of having issues with implementing the new complaint handling measures under the Framework. 

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: Strategic Enterprise KN Group Expands Hong Kong International Business Headquarters, Driving Corporate Globalisation and Economic Innovation (with photos)

    Source: Hong Kong Government special administrative region

    Strategic Enterprise KN Group Expands Hong Kong International Business Headquarters, Driving Corporate Globalisation and Economic Innovation  
    The General Manager of KN Group Hong Kong and Global Head of Treasury at KN Group, Mr Lucas Kong stated that the collaboration reflects the company’s decade-long cultivation in AI financial technology and marks a significant milestone in bridging traditional finance services with global capital markets through digital pathways. He added that through the tokenisation of financial assets, KN Group aims to enhance service efficiency and transparency while continuing to drive innovation in the financial sector.
     
         The Executive Director of OASES, Mr Bryan Peng said, “KN Group’s business expansion and innovative development reflect the enterprise’s strong confidence in Hong Kong’s business environment. As outlined in the “Report on Hong Kong’s Business Environment: Unique strength under ‘One Country, Two Systems’” released by the Hong Kong Special Adminitrative Region (HKSAR) Government yesterday, the city is an ideal base for enterprises seeking global growth, and continues to demonstrate robust potential in emerging sectors such as fintech, Web3, artificial intelligence, and green finance. Earlier, the Securities and Futures Commission introduced the newly formulated ‘ASPIRe’ roadmap, and in June, the HKSAR Government issued Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, providing a clear regulatory and development framework for the sector. These initiatives offer a solid foundation for KN Group and AlloyX to advance innovation in the digital asset space.”
     
    OASES is committed to providing one-stop facilitation services for strategic enterprises, facilitating their successful establishment in Hong Kong and fostering deep integration with the local innovation and business ecosystem.
    Issued at HKT 21:10

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Canada: FCAC calls on banks to improve handling of consumer complaints

    Source: Government of Canada News (2)

    July 31, 2025 
    Ottawa, Ontario

    Today, the Financial Consumer Agency of Canada (FCAC) published the findings of a report on the complaint-handling procedures of small and medium-sized banks in its Supervisory Highlight: Thematic Review on Complaint Handling. 

    While the small and medium-sized banks that were assessed in FCAC’s review took steps towards meeting the new requirements for complaint handling under the Financial Consumer Protection Framework (the Framework), FCAC found several areas for improvement. 

    For example, the banks reviewed did not treat all expressions of dissatisfaction from consumers as complaints. FCAC also found that the banks did not always deal with complaints within the prescribed period of 56 calendar days after the day on which the complaint was received. In addition, complaint records submitted by the banks to FCAC often lacked required information. 

    Each of the banks involved in the review has been informed of the findings specific to their institution and is required to take corrective actions. FCAC will monitor their response to make sure that they comply with the complaint handling requirements.

    FCAC expects all federally regulated banks to review their complaint-handling procedures to assess their own compliance with the requirements and address any issues or deficiencies in a timely manner. 

    Consumers have the right to file a complaint if they have a problem with their bank. In 2022, the federal government strengthened the rules around complaint handling under the Framework to make the process more effective, timely and accessible for consumers. This includes introducing a 56-day timeline for banks to deal with complaints and establishing that banks must treat all expressions of dissatisfaction with a bank product or service as a complaint.

    FCAC supervises banks’ compliance with their complaint handling obligations. The Agency focused its most recent review on small and medium-sized banks because they were identified as being at a higher risk of having issues with implementing the new complaint handling measures under the Framework. 

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: Strategic Enterprise KN Group Expands Hong Kong International Business Headquarters, Driving Corporate Globalisation and Economic Innovation (with photos)

    Source: Hong Kong Government special administrative region

    Strategic Enterprise KN Group Expands Hong Kong International Business Headquarters, Driving Corporate Globalisation and Economic Innovation  
    The General Manager of KN Group Hong Kong and Global Head of Treasury at KN Group, Mr Lucas Kong stated that the collaboration reflects the company’s decade-long cultivation in AI financial technology and marks a significant milestone in bridging traditional finance services with global capital markets through digital pathways. He added that through the tokenisation of financial assets, KN Group aims to enhance service efficiency and transparency while continuing to drive innovation in the financial sector.
     
         The Executive Director of OASES, Mr Bryan Peng said, “KN Group’s business expansion and innovative development reflect the enterprise’s strong confidence in Hong Kong’s business environment. As outlined in the “Report on Hong Kong’s Business Environment: Unique strength under ‘One Country, Two Systems’” released by the Hong Kong Special Adminitrative Region (HKSAR) Government yesterday, the city is an ideal base for enterprises seeking global growth, and continues to demonstrate robust potential in emerging sectors such as fintech, Web3, artificial intelligence, and green finance. Earlier, the Securities and Futures Commission introduced the newly formulated ‘ASPIRe’ roadmap, and in June, the HKSAR Government issued Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, providing a clear regulatory and development framework for the sector. These initiatives offer a solid foundation for KN Group and AlloyX to advance innovation in the digital asset space.”
     
    OASES is committed to providing one-stop facilitation services for strategic enterprises, facilitating their successful establishment in Hong Kong and fostering deep integration with the local innovation and business ecosystem.
    Issued at HKT 21:10

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu Attends the Opening Ceremony of O-Bank’s Sydney Representative Office

    Source: Republic of China Taiwan

    irector General David Cheng-Wei Wu was honoured to attend the opening ceremony of O-Bank’s Sydney Representative Office, alongside distinguished guests including the Hon. Anthony Roberts MP, the Hon. Rod Roberts MLC, Dr. Hugh McDermott MP, President of the Australia-Taiwan Business Council John Toigo, President of the Taiwanese Chamber of Commerce in Australia Peter Huang, as well as leaders from the Taiwanese banking, business, and community sectors.
    O-Bank President Elton Lee envisions the Sydney Representative Office as a pivotal hub in the bank’s roadmap for global expansion. The bank aims not only to upgrade the office to a full branch but also to establish additional locations across Australia. By collaborating with fellow Taiwanese financial institutions in Australia, O-Bank seeks to deepen financial, trade, and cultural ties between Taiwan and Australia.
    Director General Wu began his remarks by thanking the three members of the New South Wales Parliament for their presence, which demonstrated bipartisan support for the Taiwanese community, the Representative Office, and O-Bank. He noted that, as Taiwan’s first native digital bank, O-Bank’s presence marks the ninth Taiwanese bank in Sydney and the twelfth in Australia — a clear indication of growing financial ties between Taiwan and New South Wales. He further emphasized Taiwan’s active pursuit of membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with the support of Australia. Taiwan’s inclusion would strengthen supply chain integration among like-minded democracies and generate concrete economic benefits at both bilateral and multilateral levels. In short, the CPTPP will be stronger with Taiwan on board.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China’s high-level opening up is powering global growth

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

    An aerial drone photo taken on May 29, 2025 shows cargo ships berthing at a container dock of Qingdao Port in Qingdao, east China’s Shandong province. [Photo/Xinhua]

    China’s approach to substantive, high-quality opening up is proving to be a critical endeavour for a safe and mutually progressive future. This can clearly be seen in a series of high-profile exhibitions and trade fairs held in recent weeks, such as the 3rd China International Supply Chain Expo (CISCE) and the 9th China-South Asia Expo (CSAE). Both events attracted dozens of trade contracts, economic agreements and cutting-edge technology innovations that have produced significant potential for robust global engagement. 

    “China’s policy of attracting foreign investment will not change and the door to openness will only open wider,” said Chinese Commerce Minister Wang Wentao in a recent meeting with Nvidia CEO Jensen Huang. 

    Factor in visa-free entries and multisector offerings for investors, and it is clear that the path to embracing high-quality growth and modernization is promising. Here is how.

    First, the 3rd CISCE is proof that China is bringing proponents of global innovation together. After all, breakthrough innovations spanning industry-specific technologies, new robotics and clean energy applications send a powerful signal that China is willingly opening up more sectors for foreign investors and exhibitors alike. Innovative measures such as a “Debut Zone” at the CISCE provided a melting pot for over 100 internationally competitive products to feature in a market that has a track-record of easing market access – both within and beyond the region. 

    These measures reflect a conscious push from China to create an environment for trading partners conducive to weathering the tide of protectionism, and generating enduring business-to-business linkages. It shows in the rampant increase in investments from major enterprises in China’s cutting-edge technology sector, where the benefit of secure supply chains, firm and dependable government support, strong resilience against external shocks and deep R&D indigenization, affords vital strategic advantages. With heads of notable foreign enterprises making exactly this case this month, and new quality productive forces creating new inroads, it is clear that China is offering to share the dividends of long-term modernization.

    The Regional Comprehensive Economic Partnership (RCEP), long viewed as a fixture of future trade advancement and trade liberalization in the Asia-Pacific, also merits significant confidence. China’s own contribution to bringing together the motivations of RCEP partner countries makes that point clear: The 9th CSAE saw nearly 1.4 billion yuan in new economic agreements, a vital value addition on the back of China’s 4th RCEP Regional (Shandong) Import Commodity Expo. China’s ability to convene a broad range of stakeholders, including the heads of major multinationals, partner group governments, budding entrepreneurs and international suppliers, demonstrates a forward-looking approach to high-standard opening up, and one where the policies undergirding high quality opening – cross-border data governance, streamlined financial support for foreign firms, and robust multisector investments in domestic R&D sectors – are conducive to the future demands of developing and developed economies alike. 

    As China looks to further evolve new quality productive forces and elevate its reforms of management frameworks, these are powerful endorsements of an innovation-focused development model and evidence of China’s stronger global economic integration. 

    China’s visa-free entry measures have also played a meaningful role in propelling trade and travel connectivity when it matters most. The country’s visa-free access now spans dozens of countries, indicating a conscious investment in foreign exposure that has seen foreign entries soar beyond 13.6 million so far this year. Growing overseas receptivity to China creates fresh incentives for spending, in turn revitalizing core consumer industries at home, and enabling domestic and foreign firms to exercise healthy competition for cost-effective and high-quality product offerings. 

    The move also helps bring down transaction costs and generates pathways to setting up new small and medium-sized enterprises through easier market access. It has also helped business participation soar in major trade expos, from the Canton Fair to the CSAE and CISCE. The China-Malaysia mutual visa free agreement, and new pacts spanning Latin American states, further demonstrate China’s deepening collaboration with the Global South – a vital indication to bring down trade barriers and prepare the ground for more inclusive, and growth-receptive economic architecture. 

    Glimmers of that architecture can be seen in China and Latin America’s regular convenings on a shared future, including ministerial level convenings of the China-Community of Latin American and Caribbean States (CELAC) Forum. This is important because major sectors such as renewable energy and digital technology are fast altering the productivity and manufacturing heft of many Latin American states, helping to empower local industries from the ground up. As China deepens its opening up with an eye on bolstering people-to-people exchanges, prospects of future business integration, public-private partnerships and deeper unity within the Global South merit considerable optimism. 

    China plans to enhance its pilot free trade zones by promoting innovative reforms and integrated development, aiming to elevate them into advanced platforms for higher-level openness and stronger reform momentum. Such efforts underline a commitment to bolstering mechanisms for high-quality cooperation under the Belt and Road Initiative, a consolidating factor for many countries taking part in major Chinese expos and trade fairs this year. 

    The China-South Asia Expo – which traces its origins back to 2013, the year of the launch of the Belt and Road Initiative (BRI) – is a case in point. Participating exhibitors can view trade exhibitions as major avenues to promote BRI-linked market access, as the initiative provides a framework for infrastructure financing and allows partner states to promote specialty products, and consider deeper integration into regional supply chains. China’s active promotion of key BRI corridors, including the China-Pakistan Economic Corridor, sends a powerful message that the path to high-standard opening up is driven by a desire to extend modernization benefits to BRI partners overseas. 

    China’s large and open market provides shared opportunities worldwide, and will keep fueling global economic expansion and dynamism. Using new productive forces to inject further resilience, vitality and international outreach in this market is therefore a critical indicator that China is supportive of mutual collaborations and an equitable, growth-friendly future for all.

    Hannan Hussain is co-founder and senior expert at Initiate Futures, an Islamabad-based policy think tank.

    Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.

    MIL OSI China News –