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Category: CTF

  • MIL-OSI: MARA Holdings, Inc. Announces Proposed Private Offering of $850 Million of Zero Coupon Convertible Senior Notes

    Source: GlobeNewswire (MIL-OSI)

    Miami, FL, July 23, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a leading digital energy and infrastructure company, today announced that it intends to offer, subject to market conditions and other factors, $850 million aggregate principal amount of 0.00% convertible senior notes due 2032 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). MARA also expects to grant to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $150 million aggregate principal amount of the notes. The offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the offering may be completed.

    The notes will be unsecured, senior obligations of MARA. The notes are not expected to bear regular interest (other than special interest in limited circumstances) and the principal amount of the notes is not expected to accrete. Special interest, if any, on the notes will be payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026 (if and to the extent that special interest is then payable on the notes). The notes will mature on August 1, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after January 15, 2030, MARA may redeem for cash all or any portion of the notes. If MARA redeems fewer than all the outstanding notes, at least $75 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date. Holders of the notes will have the right to require MARA to repurchase for cash all or any portion of their notes on January 4, 2030, if the last reported sale price of MARA’s common stock on the second trading day immediately preceding the repurchase date is less than the conversion price. The notes will be convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election. Prior to May 1, 2032, the notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the offering. MARA expects that the reference price used to calculate the initial conversion price for the notes will be the U.S. composite volume weighted average price of MARA’s common stock from 2:00 p.m. through 4:00 p.m. Eastern Daylight Time on the date of pricing.

    MARA expects to use up to $50 million of the net proceeds from the sale of the notes to repurchase a portion of its existing 1.00% convertible senior notes due 2026 (the “1.00% 2026 convertible notes”) in privately negotiated transactions with the remainder of the net proceeds to be used to pay the cost of the capped call transactions (as described below), to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

    In connection with any repurchase of the 1.00% 2026 convertible notes, MARA expects that holders of the 1.00% 2026 convertible notes who agree to have their notes repurchased and who have hedged their equity price risk with respect to such notes (the “hedged holders”) will unwind all or part of their hedge positions by buying MARA’s common stock and/or entering into or unwinding various derivative transactions with respect to MARA’s common stock. The amount of MARA’s common stock to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of MARA’s common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of MARA’s common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. MARA cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or MARA’s common stock.

    In connection with the pricing of the notes, MARA expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions (the “option counterparties”). If the initial purchasers exercise their option to purchase additional notes, MARA expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties. The capped call transactions will cover, subject to anti-dilution adjustments, the number of shares of common stock underlying the notes sold in the offering. The capped call transactions are generally expected to reduce potential dilution to the common stock upon any conversion of notes and/or offset any cash payments MARA elects to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

    MARA has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling the common stock or other securities of MARA in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of the notes, in connection with any redemption of the notes, any fundamental change repurchase of the notes or any exercise of a holder’s optional repurchase right, and, to the extent MARA unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares of common stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

    The notes will be offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of MARA’s common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. Any offer of the notes will be made only by means of a private offering memorandum.

    This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction. Nothing in this press release shall be deemed an offer to purchase MARA’s 1.00% 2026 convertible notes.

    About MARA

    MARA (NASDAQ:MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.

    Forward-Looking Statements

    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the completion, size and timing of the offering, the anticipated use of any proceeds from the offering, and the terms of the notes and the capped call transactions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions and the completion of the offering on the anticipated terms or at all, the other factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com

    MARA Media Contact:
    Email: mara@wachsman.com

    The MIL Network –

  • MIL-OSI: Mobix Labs Accelerates Growth with Appointment of Phil Sansone as CEO as Co-Founder Fabian Battaglia Transitions to Strategic Advisor

    Source: GlobeNewswire (MIL-OSI)

    ~ Mobix enters powerful new growth phase, expanding its footprint in defense, military, aerospace, and high-speed wireless innovation ~

    ~ Leadership transition marks new phase of expansion and innovation ~

    IRVINE, Calif. , July 23, 2025 (GLOBE NEWSWIRE) — Mobix Labs, Inc. (NASDAQ: MOBX) (“Mobix” or the “Company”), a fabless semiconductor company focused on next-generation wireless and wired connectivity, today announced that Fabian Battaglia, the Company’s Chief Executive Officer and co-founder, is retiring from his role as CEO effective July 25, 2025. Phil Sansone, who has served as Interim CEO since April 2025, has been named Chief Executive Officer, effective July 25, 2025. Battaglia will remain actively involved with the Company as a senior advisor to the CEO and Board of Directors.

    “Mobix Labs was founded with a mission to transform high-performance connectivity, and I’m incredibly proud of what we’ve built together,” said Fabian Battaglia. “Taking this company from an early-stage vision to a Nasdaq-listed innovator in just a few years has been the honor of my career. I have complete confidence in Phil’s leadership and look forward to supporting him and the Board in my new advisory role. The future of Mobix has never been brighter.”

    Under Battaglia’s leadership, Mobix grew from a startup into a public company with a rapidly expanding presence in advanced communication technologies. As CEO, he spearheaded Mobix’s strategic expansion into critical sectors including defense, military, aerospace, and wireless communications, as well as rapid growth through M&A.

    “Fabian’s vision, passion, and relentless commitment laid the foundation for Mobix’s success,” said Jim Peterson, Executive Chairman of the Board. “We are grateful for his exceptional leadership and pleased that he will continue contributing to the Company in an advisory capacity. We are equally excited to welcome Phil as our new CEO — a proven leader with the insight, drive, and strategic acumen to guide Mobix into its next chapter of growth.”

    Phil Sansone brings over two decades of operational leadership experience, including his most recent role leading Mobix as interim CEO. In that time, he has accelerated customer acquisition, strengthened internal execution, and positioned the Company for scalable expansion.

    “I’m honored to take the helm as CEO of Mobix Labs at this pivotal moment,” said Phil Sansone, Chief Executive Officer. “We have extraordinary technology, world-class talent, and a clear vision. As we enter our next phase, I’m committed to delivering transformative solutions to our customers and exceptional value to our shareholders.”

    The leadership transition underscores Mobix’s commitment to long-term innovation, growth, and operational excellence as the Company continues to scale across key growth markets.

    Phil Sansone brings over 30 years of global sales and executive management experience within the semiconductor industry. Previoulsy, Sansone held senior roles at Microsemi and MaxLinear and spent nearly two decades at Avnet, ultimately serving as Senior Vice President of North American sales and engineering. He was instrumental in driving market share gains and improving operational performance. Sansone’s proven leadership in global distribution, strategic partnerships, and revenue growth strongly supports Mobix’s continuing success in dynamic, high-demand markets.

    Since joining Mobix Labs in October 2021 as Vice President of Sales, Sansone has notably expanded the company’s footprint in the military, defense, and aerospace sectors, securing key orders for technologies utilized in critical U.S. military and defense platforms.

    About Mobix Labs, Inc.

    Mobix Labs designs, develops, and supplies advanced connectivity and sensing solutions for high-growth sectors, including aerospace, defense, wireless, medical, industrial, and automotive markets. Headquartered in Irvine, California, Mobix’s offerings include mmWave RF modules, EMI filters, optical interconnects, and active optical cable systems. Founded in 2020, the company is publicly traded on Nasdaq under the ticker MOBX.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, forecasts, and projections about future events and the performance of Mobix Labs, Inc. (“Mobix,” the “Company,” “we,” or “our”), and involve risks, uncertainties, and assumptions that are difficult to predict. These statements include, but are not limited to, statements regarding the Company’s strategic growth initiatives, market expansion plans, leadership transition, expectations regarding the Company’s technology development, customer relationships, product demand, and future financial and operational performance.

    Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions, as they relate to Mobix or its management, are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict and that are, in many cases, beyond the Company’s control.

    Actual results may differ materially from those expressed or implied in forward-looking statements due to various factors, including, but not limited to: the ability of the Company to effectively execute its growth strategy; risks related to leadership transitions and management continuity; macroeconomic and geopolitical conditions; supply chain disruptions; market acceptance of new products and technologies; customer demand and procurement timing in the defense and aerospace sectors; the Company’s ability to maintain compliance with Nasdaq listing requirements; and other risks and uncertainties described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

    Mobix assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements.

    About Mobix Labs, Inc.

    Mobix Labs (Nasdaq: MOBX) is a purpose-built, 100% U.S.-based supplier of advanced connectivity solutions targeting aerospace, defense, AI, and 5G infrastructure markets. Headquartered in Irvine, California, Mobix Labs delivers performance-critical RF, optical, and electromagnetic interference (EMI) interconnect technologies through proprietary semiconductor IP, advanced packaging, and vertically integrated manufacturing. Learn more at www.mobixlabs.com.

    Investor Contact:
    Ryan Battaglia
    rbattaglia@mobixlabs.com

    Media Contact:
    Christopher Lancaster
    clancaster@mobixlabs.com

    Source: Mobix Labs, Inc.

    The MIL Network –

  • MIL-OSI: CertiK Skynet Report Ranks Leading Stablecoins: USDT, USDC, PYUSD, and RLUSD Among the Top

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — CertiK, the largest Web3 security services company, released its Skynet Stablecoin Spotlight Report for H1 2025, detailing the current state of the stablecoin market, how the Skynet Stablecoin Rating Framework provides a tailored system for evaluating a stablecoin’s security risk profile, and recent regulatory impacts on stablecoin adoption and security.

    In this report, CertiK noted that stablecoin adoption grew significantly in the first half of 2025; as of July 2025, stablecoins represent approximately 8.9% of the overall crypto market. However, as is the case with the growth of other digital assets, stablecoin expansion has brought increased scrutiny of security, risk, and regulatory compliance. This shift was one of the driving factors behind the development of CertiK’s Skynet rating system, which brings a comprehensive framework for assessing stablecoin activity from a security and risk standpoint, aiming to protect stablecoin users.

    The report paints a detailed picture of the current state of the stablecoin market. For instance, aggregate supply of stablecoins grew from $204 billion to $252 billion in the first half of 2025, and monthly settlement volumes rose by 43 percent to $1.39 trillion. Stablecoins such as USDT (Tether) and USDC (Circle) are dominating the stablecoin market, with other stablecoins seeing a steep growth trajectory.

    Additionally, CertiK noted how recent regulatory developments are changing the stablecoin landscape. In the United States, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 proposes a robust federal framework for stablecoin reserve requirements and monthly audited reserve reports, among other requirements. Concurrently, the Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025, which proposes a tiered regulatory system, allowing smaller issuers (under $10 billion in circulation) to operate under state-level oversight while mandating federal supervision for larger entities. The European Union has enforced its own similar frameworks through Markets in Crypto-Assets (MiCA).

    These frameworks are bifurcating the market into license-ready leaders and non-compliant holdouts. Banks such as Société Générale, Santander, and Bank of America, and payment networks like Visa and Stripe, accelerated stablecoin pilots, signaling that regulated USD-backed coins are moving onto traditional finance rails.

    As stablecoin adoption accelerates, security considerations will become all the more important. Thus, the focal point of CertiK’s report is its Skynet Stablecoin Rating Framework, which combines qualitative analysis with quantitative metrics across six key domains: Operational Resilience, Governance Strength, Fundamental Health, Code Security, Market Dynamic, and Community Trust. Some of the leading stablecoins evaluated by CertiK’s framework include USDT, USDC, PYUSD, and USDS.

    CertiK’s report noted that the next wave of stablecoin innovation will likely involve the growth of two main stablecoin models: RWA-backed stablecoins and yield-bearing stablecoins. According to the report, the stablecoin market is projected to exceed $300 billion by year-end. In this evolving environment, rigorous risk management, transparent operations, and a proactive compliance posture are the critical determinants of long-term viability.

    Elisa Yiting Xu
    yiting.xu@certik.com

    The MIL Network –

  • MIL-OSI: Fidelity D & D Bancorp, Inc. Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DUNMORE, Pa., July 23, 2025 (GLOBE NEWSWIRE) — Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three and six-month periods ended June 30, 2025.

    Unaudited Financial Information

    Net income for the quarter ended June 30, 2025 was $6.9 million, or $1.20 diluted earnings per share, compared to $4.9 million, or $0.86 diluted earnings per share, for the quarter ended June 30, 2024.  The $2.0 million, or 40%, increase in net income resulted primarily from a $2.8 million increase in net interest income coupled with a $0.8 million increase in non-interest income. This was partially offset by a $1.1 million increase in non-interest expense and a $0.6 million increase in the provision for income tax.

    For the six months ended June 30, 2025, net income was $12.9 million, or $2.23 diluted earnings per share, compared to $10.0 million, or $1.73 diluted earnings per share, for the six months ended June 30, 2024.  The $2.9 million, or 29%, increase in net income stemmed from the $4.9 million increase in net interest income and $1.1 million increase in non-interest income. This was partially offset by a $2.0 million increase in non-interest expense and a $1.0 million increase in the provision for income tax.

    “I am pleased to share that we delivered another strong quarter, underscoring the continued momentum of our strategy and the dedication of our entire team,” stated Daniel J. Santaniello, President and Chief Executive Officer. “Second quarter 2025 net income increased 40% over last year’s second quarter to $6.9 million, with diluted earnings per share rising to $1.20. This performance was driven by a 19% increase in net interest income—reflecting our disciplined loan portfolio expansion and enhanced yields as well as a 16% rise in non-interest income.

    Year-to-date, net income has grown 29% to $12.9 million, a clear testament to the strength of our relationship-based deposit strategy and prudent expense management. Our asset quality remains solid, and we further strengthened our capital position, with shareholders’ equity up 7% providing a strong foundation for continued growth in the second half of 2025.

    These results reflect more than financial performance—they speak to the strength of our culture, our commitment to our clients, and our deep roots in the communities we serve. I want to sincerely thank our talented and dedicated team of bankers, whose expertise and focus on service excellence drive our success every day. Together, we continue to build a stronger, more resilient financial institution—one that delivers meaningful value to our bankers, clients, shareholders, and communities.”

    Consolidated Second Quarter Operating Results Overview

    Net interest income was $17.9 million for the second quarter of 2025, a 19% increase over the $15.1 million earned for the second quarter of 2024.  The $2.8 million increase in net interest income resulted from the increase of $3.7 million in interest income primarily due to a $213.6 million increase in the average balance of interest-earning assets and a 19 basis point increase in fully-taxable equivalent (“FTE”) (non-GAAP measurement) yield. The loan portfolio had the most significant impact, producing a $2.8 million increase in FTE interest income from $124.6 million in higher quarterly average balances and an increase of 24 basis points in FTE loan yield. Additionally, the Company experienced an increase of $1.1 million in interest earned from interest-bearing deposits with other financial institutions from $102.0 million in higher average balances. Slightly offsetting the higher interest income, there was a $0.9 million increase in interest expense due to a $178.8 million quarter-over-quarter increase in average interest-bearing liability balances. The increase was due to growth of $208.3 million in average interest-bearing deposit balances. However, this deposit growth was partially offset by a $28.5 million decrease in average short-term borrowings.

    The FTE yield on interest-earning assets was 4.77% for the second quarter of 2025, an increase of 19 basis points from the 4.58% for the second quarter of 2024. The overall cost of interest-bearing liabilities was 2.52% for the second quarter of 2025, a decrease of 6 basis points from the 2.58% for the second quarter of 2024.  The cost of funds decreased 1 basis point from 1.96% to 1.95% for the second quarters of 2024 and 2025, respectively. The Company’s FTE net interest spread was 2.25% for the second quarter of 2025, an increase of 25 basis points from 2.00% recorded for the second quarter of 2024.  FTE net interest margin increased to 2.92% for the three months ended June 30, 2025 from 2.71% for the same period of 2024 primarily due to the growth in higher yielding taxable commercial loans.

    For the three months ended June 30, 2025, the provision for credit losses on loans was $300 thousand and the provision for unfunded commitments was $20 thousand compared to a $275 thousand provision for credit losses on loans and a $140 thousand provision for credit losses on unfunded loan commitments for the three months ended June 30, 2024. For the three months ended June 30, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to $155 thousand in higher net charge-offs and a higher average total loan balance compared to the same period in 2024. For the three months ended June 30, 2025, the decrease in the provision for unfunded commitments was due to lower levels of unfunded commitments during the quarter due to increased utilization, specifically commercial construction commitments, compared to the year earlier period.

    Total non-interest income increased $0.8 million, or 16%, to $5.4 million for the second quarter of 2025 compared to $4.6 million for the second quarter of 2024. The increase in non-interest income was primarily attributed to increases of $0.2 million in trust fees, a $0.2 million BOLI death benefit, $0.2 million in loan service charges, and $0.1 million in interchange fees. 

    Non-interest expenses increased $1.1 million, or 8%, for the second quarter of 2025 to $14.7 million from $13.6 million for the same quarter of 2024. The increase in non-interest expenses was primarily due to the increases in salaries and benefits expense of $0.8 million, premises and equipment expense of $0.2 million, and advertising expense of $0.2 million. These increases were partially offset by a $0.2 million decrease in professional services for the three months ended June 30, 2025 compared to the same period of 2024.

    The provision for income taxes increased $0.6 million during the three months ended June 30, 2025 compared to the same period in 2024 primarily due to a $2.6 million increase in income before taxes.

    Consolidated Year-To-Date Operating Results Overview

    Net interest income was $35.0 million for the six months ended June 30, 2025 compared to $30.1 million for the six months ended June 30, 2024.  The $4.9 million increase in net interest income resulted from the increase of $6.4 million in interest income primarily due to a $181.0 million increase in the average balance of interest-earning assets and a 20 basis point increase in FTE yield.  On the asset side, the loan portfolio interest income growth resulted from producing $5.3 million more in interest income from an increase of 25 basis points in FTE loan yields on $120.5 million in higher average balances. Additionally, the Company experienced an increase of $1.5 million in interest earned from interest-bearing deposits with other financial institutions from $71.6 million in higher average balances. The increase in interest income was partially offset by a decrease of $0.3 million in interest earned on the investment portfolio due to decreases of 6 basis points in yield and $11.3 million in average balances. On the funding side, total interest expense increased by $1.5 million primarily due to an increase in interest expense paid on deposits of $2.5 million from a 2 basis points higher rates paid on a $194.0 million larger average balance of interest-bearing deposits, partially offset by a decrease in interest expense on borrowings of $1.0 million for the six months ended June 30, 2025 compared to the same period in 2024.

    The overall cost of interest-bearing liabilities was 2.51% for the six months ended June 30, 2025 compared to 2.54% for the six months ended June 30, 2024.  The cost of funds decreased 1 basis point to 1.94% for the six months ended June 30, 2025 from 1.95% from the same period of 2024. The FTE yield on earning assets was 4.75% for the six months ended June 30, 2025, an increase of 20 basis points from the 4.55% year-to-date June 30, 2024.  The Company’s FTE net interest spread was 2.24% for the six months ended June 30, 2025, an increase of 23 basis points from the 2.01% recorded for the same period of 2024.  FTE net interest margin increased by 21 basis points to 2.91% for the six months ended June 30, 2025 from 2.70% for the same 2024 period primarily due to the increase in yields earned on loans and leases outpacing the rates paid on interest-bearing deposits.

    For the six months ended June 30, 2025, the provision for credit losses on loans was $755 thousand and the provision for credit losses on unfunded loan commitments was a net benefit of $65 thousand compared to a $400 thousand provision for credit losses on loans and a $90 thousand provision for credit losses on unfunded commitments for the six months ended June 30, 2024. For the six months ended June 30, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to $215 thousand in higher net charge-offs and a higher average total loan balance compared to the same period in 2024. For the six months ended June 30, 2025, the decrease in the provision for unfunded commitments was due to lower growth in unfunded commitments during the period due to increased utilization, specifically commercial construction commitments, compared to the year earlier period.

    Total non-interest income for the six months ended June 30, 2025 was $10.3 million, an increase of $1.1 million, or 12%, from $9.2 million for the six months ended June 30, 2024.  The increase was primarily due to $0.3 million higher fees from trust fiduciary activities. The Company also had $0.2 million more non-interest income resulting from an increase in interchange fees, a $0.2 million BOLI death benefit, and an increase of $0.2 million in service charges on commercial loans. During the first half of 2025, gains of $0.5 million on the sale of a commercial loan and $0.3 million from the sale of a property were offset by $0.8 million in losses recognized on the sale of securities.

    Non-interest expenses increased to $29.3 million for the six months ended June 30, 2025, an increase of $2.0 million, or 7%, from $27.3 million for the six months ended June 30, 2024. Salaries and benefits expense increased $1.3 million due to an increase in bankers, group insurance costs, and banker incentives in the first half of 2025, compared to the same period in 2024. Additionally, the Company saw an increase of $0.5 million in advertising and marketing expenses primarily due to a $0.3 million increase in Neighborhood Assistance Program donations from which the Company recognized $0.2 million in additional tax credits causing a corresponding decrease in PA shares tax expense. There was also an increase of $0.5 million in premises and equipment expense primarily due to higher costs for software licenses, subscriptions, and maintenance. The increases were partially offset by $0.3 million less in professional services expense.

    The provision for income taxes increased $1.0 million during the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a $3.9 million increase in income before taxes and $0.2 million less in tax credits. 

    Consolidated Balance Sheet & Asset Quality Overview

    The Company’s total assets had a balance of $2.7 billion as of June 30, 2025, an increase of $114.0 million from December 31, 2024. The increase resulted from $82.1 million in growth in cash and cash equivalents as of June 30, 2025 compared to December 31, 2024. The loans and leases portfolio increased $37.9 million over the same period. Asset growth was offset by a decrease of $11.4 million in the investment portfolio primarily due to the sale of $17.5 million in available-for-sale securities and $11.3 million in paydowns partially offset by $14.7 million in purchases of securities.

    During the same time period, total liabilities increased $100.0 million, or 4%. Deposit growth of $94.5 million was utilized to fund loan growth and increase interest-bearing cash balances. For interest-bearing deposit accounts, the Company experienced increases of $37.2 million in money market deposits, $17.2 million in interest-bearing checking accounts, $14.4 million in time deposits, and $1.6 million in savings and clubs. The deposit growth is primarily driven by growth in existing account balances from the relationship building strategy along with targeted direct marketing campaigns driving new client acquisitions and active management of promotional and retention rates. Additionally, the Company experienced an increase of $24.1 million in non-interest-bearing checking accounts. As of June 30, 2025, the ratio of insured and collateralized deposits to total deposits was approximately 75%.

    Shareholders’ equity increased $13.9 million, or 7%, to $217.9 million at June 30, 2025 from $204.0 million at December 31, 2024. The increase was caused by $8.3 million higher retained earnings from net income of $12.9 million plus a $4.9 million, after tax, improvement in accumulated other comprehensive income from lower net unrealized losses recorded on available-for-sale securities, partially offset by $4.7 million in cash dividends paid to shareholders. An additional $0.9 million was recorded from the issuance of common stock under the Company’s stock plans and stock-based compensation expense. At June 30, 2025, there were no credit losses on available-for-sale and held-to-maturity debt securities.  Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Company remains well capitalized with Tier 1 capital at 9.16% of total average assets as of June 30, 2025.  Total risk-based capital was 14.72% of risk-weighted assets and Tier 1 risk-based capital was 13.57% of risk-weighted assets as of June 30, 2025. Tangible book value per share was $34.25 at June 30, 2025 compared to $31.98 at December 31, 2024.  Tangible common equity was 7.38% of total assets at June 30, 2025 compared to 7.16% at December 31, 2024.

    Asset Quality

    Total non-performing assets were $3.5 million, or 0.13% of total assets, at June 30, 2025, compared to $7.8 million, or 0.30% of total assets, at December 31, 2024. Past due and non-accrual loans to total loans were 0.41% at June 30, 2025 compared to 0.71% at December 31, 2024. Net charge-offs to average total loans were 0.05% at June 30, 2025 compared to 0.03% at December 31, 2024.

    About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

    Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”).  Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,960 hours of volunteer time and over $1.3 million in donations to non-profit organizations directly within the markets served throughout 2024. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

    Non-GAAP Financial Measures

    The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities.  The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures.  Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

    Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent (“FTE”), in order to calculate certain ratios within this document.  This treatment allows a uniform comparison among yields on interest-earning assets.  Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2025 and 2024.

    Forward-looking statements

    Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.  The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

    The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

      ■ local, regional and national economic conditions and changes thereto;
      ■ the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
      ■ the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
      ■ securities markets and monetary fluctuations and volatility;
      ■  disruption of credit and equity markets;
      ■ impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
      ■ governmental monetary and fiscal policies, as well as legislative and regulatory changes;
      ■ effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
      ■ the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
      ■ the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;
      ■ the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
      ■ the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
      ■ the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans;  
      ■ the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;  
      ■ technological changes;  
      ■ the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;  
      ■ acquisitions and integration of acquired businesses;  
      ■ the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;  
      ■ acts of war or terrorism; and  
      ■ the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

    The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release.  The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

    For more information please visit our investor relations web site located through www.bankatfidelity.com.

    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)    		  
    At Period End:   June 30, 2025     December 31, 2024  
    Assets                
    Cash and cash equivalents   $ 165,495     $ 83,353  
    Investment securities     545,821       557,221  
    Restricted investments in bank stock     4,240       3,961  
    Loans and leases     1,837,477       1,800,856  
    Allowance for credit losses on loans     (19,976 )     (19,666 )
    Premises and equipment, net     40,097       35,914  
    Life insurance cash surrender value     58,849       58,069  
    Goodwill and core deposit intangible     20,364       20,504  
    Other assets     46,208       44,404  
                     
    Total assets   $ 2,698,575     $ 2,584,616  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 558,074     $ 533,935  
    Interest-bearing deposits     1,877,254       1,806,885  
    Total deposits     2,435,328       2,340,820  
    Short-term borrowings     10       –  
    Secured borrowings     6,134       6,266  
    Other liabilities     39,191       33,561  
    Total liabilities     2,480,663       2,380,647  
                     
    Shareholders’ equity     217,912       203,969  
                     
    Total liabilities and shareholders’ equity   $ 2,698,575     $ 2,584,616  
    Average Year-To-Date Balances:   June 30, 2025     December 31, 2024  
    Assets                
    Cash and cash equivalents   $ 129,527     $ 55,773  
    Investment securities     551,906       557,537  
    Restricted investments in bank stock     4,066       3,960  
    Loans and leases     1,822,654       1,741,349  
    Allowance for credit losses on loans     (20,189 )     (19,391 )
    Premises and equipment, net     35,839       35,580  
    Life insurance cash surrender value     58,503       56,455  
    Goodwill and core deposit intangible     20,423       20,641  
    Other assets     42,950       41,755  
                     
    Total assets   $ 2,645,679     $ 2,493,659  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 540,320     $ 527,825  
    Interest-bearing deposits     1,852,895       1,697,529  
    Total deposits     2,393,215       2,225,354  
    Short-term borrowings     16       32,446  
    Secured borrowings     6,194       6,830  
    Other liabilities     35,497       32,471  
    Total liabilities     2,434,922       2,297,101  
                     
    Shareholders’ equity     210,757       196,558  
                     
    Total liabilities and shareholders’ equity   $ 2,645,679     $ 2,493,659  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Statements of Income
    (dollars in thousands)    		  
        Three Months Ended     Six Months Ended  
        Jun. 30, 2025     Jun. 30, 2024     Jun. 30, 2025     Jun. 30, 2024  
    Interest income                                
    Loans and leases   $ 25,328     $ 22,516     $ 49,924     $ 44,649  
    Securities and other     4,437       3,523       8,149       7,016  
                                     
    Total interest income     29,765       26,039       58,073       51,665  
                                     
    Interest expense                                
    Deposits     (11,738 )     (10,459 )     (22,925 )     (20,400 )
    Borrowings and debt     (98 )     (463 )     (186 )     (1,204 )
                                     
    Total interest expense     (11,836 )     (10,922 )     (23,111 )     (21,604 )
                                     
    Net interest income     17,929       15,117       34,962       30,061  
                                     
    Provision for credit losses on loans     (300 )     (275 )     (755 )     (400 )
    Net (provision) benefit for credit losses on unfunded loan commitments     (20 )     (140 )     65       (90 )
    Non-interest income     5,359       4,615       10,332       9,188  
    Non-interest expense     (14,710 )     (13,616 )     (29,264 )     (27,306 )
                                     
    Income before income taxes     8,258       5,701       15,340       11,453  
                                     
    Provision for income taxes     (1,337 )     (766 )     (2,428 )     (1,460 )
    Net income   $ 6,921     $ 4,935     $ 12,912     $ 9,993  
        Three Months Ended  
        Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    Interest income                                        
    Loans and leases   $ 25,328     $ 24,596     $ 24,584     $ 24,036     $ 22,516  
    Securities and other     4,437       3,712       3,475       3,263       3,523  
                                             
    Total interest income     29,765       28,308       28,059       27,299       26,039  
                                             
    Interest expense                                        
    Deposits     (11,738 )     (11,187 )     (11,468 )     (11,297 )     (10,459 )
    Borrowings and debt     (98 )     (88 )     (217 )     (571 )     (463 )
                                             
    Total interest expense     (11,836 )     (11,275 )     (11,685 )     (11,868 )     (10,922 )
                                             
    Net interest income     17,929       17,033       16,374       15,431       15,117  
                                             
    Provision for credit losses on loans     (300 )     (455 )     (250 )     (675 )     (275 )
    Net benefit (provision) for credit losses on unfunded loan commitments     (20 )     85       85       (135 )     (140 )
    Non-interest income     5,359       4,973       4,847       4,979       4,615  
    Non-interest expense     (14,710 )     (14,554 )     (14,395 )     (13,840 )     (13,616 )
                                             
    Income before income taxes     8,258       7,082       6,661       5,760       5,701  
                                             
    Provision for income taxes     (1,337 )     (1,091 )     (826 )     (793 )     (766 )
    Net income   $ 6,921     $ 5,991     $ 5,835     $ 4,967     $ 4,935  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)    		  
    At Period End:   Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    Assets                                        
    Cash and cash equivalents   $ 165,495     $ 211,195     $ 83,353     $ 120,169     $ 78,085  
    Investment securities     545,821       540,960       557,221       559,819       552,495  
    Restricted investments in bank stock     4,240       4,021       3,961       3,944       3,968  
    Loans and leases     1,837,477       1,817,509       1,800,856       1,795,548       1,728,509  
    Allowance for credit losses on loans     (19,976 )     (20,017 )     (19,666 )     (19,630 )     (18,975 )
    Premises and equipment, net     40,097       34,995       35,914       36,057       35,808  
    Life insurance cash surrender value     58,849       58,458       58,069       57,672       57,278  
    Goodwill and core deposit intangible     20,364       20,431       20,504       20,576       20,649  
    Other assets     46,208       43,758       44,404       41,778       42,828  
                                             
    Total assets   $ 2,698,575     $ 2,711,310     $ 2,584,616     $ 2,615,933     $ 2,500,645  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 558,074     $ 555,684     $ 533,935     $ 549,710     $ 527,572  
    Interest-bearing deposits     1,877,254       1,901,775       1,806,885       1,792,796       1,641,558  
    Total deposits     2,435,328       2,457,459       2,340,820       2,342,506       2,169,130  
    Short-term borrowings     10       10       –       25,000       98,120  
    Secured borrowings     6,134       6,190       6,266       6,323       7,237  
    Other liabilities     39,191       35,977       33,561       34,843       30,466  
    Total liabilities     2,480,663       2,499,636       2,380,647       2,408,672       2,304,953  
                                             
    Shareholders’ equity     217,912       211,674       203,969       207,261       195,692  
                                             
    Total liabilities and shareholders’ equity   $ 2,698,575     $ 2,711,310     $ 2,584,616     $ 2,615,933     $ 2,500,645  
    Average Quarterly Balances:   Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    Assets                                        
    Cash and cash equivalents   $ 161,316     $ 97,384     $ 67,882     $ 41,991     $ 58,351  
    Investment securities     546,149       557,726       560,453       554,578       551,445  
    Restricted investments in bank stock     4,158       3,973       3,957       3,965       3,983  
    Loans and leases     1,832,162       1,813,040       1,797,023       1,763,254       1,707,598  
    Allowance for credit losses on loans     (20,357 )     (20,019 )     (20,050 )     (19,323 )     (19,171 )
    Premises and equipment, net     35,954       35,722       36,065       36,219       35,433  
    Life insurance cash surrender value     58,697       58,307       57,919       57,525       55,552  
    Goodwill and core deposit intangible     20,386       20,459       20,529       20,602       20,677  
    Other assets     42,729       43,177       41,454       41,734       42,960  
                                             
    Total assets   $ 2,681,194     $ 2,609,769     $ 2,565,232     $ 2,500,545     $ 2,456,828  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 547,278     $ 533,286     $ 538,506     $ 522,827     $ 530,048  
    Interest-bearing deposits     1,878,548       1,826,957       1,769,265       1,702,187       1,670,211  
    Total deposits     2,425,826       2,360,243       2,307,771       2,225,014       2,200,259  
    Short-term borrowings     10       22       10,326       37,220       28,477  
    Secured borrowings     6,162       6,226       6,297       6,429       7,269  
    Other liabilities     36,050       34,937       34,695       31,999       30,734  
    Total liabilities     2,468,048       2,401,428       2,359,089       2,300,662       2,266,739  
                                             
    Shareholders’ equity     213,146       208,341       206,143       199,883       190,089  
                                             
    Total liabilities and shareholders’ equity   $ 2,681,194     $ 2,609,769     $ 2,565,232     $ 2,500,545     $ 2,456,828  
    FIDELITY D & D BANCORP, INC.
    Selected Financial Ratios and Other Financial Data
        Three Months Ended  
        Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    Selected returns and financial ratios                                        
    Basic earnings per share   $ 1.20     $ 1.04     $ 1.02     $ 0.87     $ 0.86  
    Diluted earnings per share   $ 1.20     $ 1.03     $ 1.01     $ 0.86     $ 0.86  
    Dividends per share   $ 0.40     $ 0.40     $ 0.40     $ 0.38     $ 0.38  
    Yield on interest-earning assets (FTE)*     4.77 %     4.73 %     4.68 %     4.68 %     4.58 %
    Cost of interest-bearing liabilities     2.52 %     2.49 %     2.60 %     2.70 %     2.58 %
    Cost of funds     1.95 %     1.93 %     2.00 %     2.08 %     1.96 %
    Net interest spread (FTE)*     2.25 %     2.24 %     2.08 %     1.98 %     2.00 %
    Net interest margin (FTE)*     2.92 %     2.89 %     2.78 %     2.70 %     2.71 %
    Return on average assets     1.04 %     0.93 %     0.90 %     0.79 %     0.81 %
    Pre-provision net revenue to average assets*     1.28 %     1.16 %     1.06 %     1.05 %     1.00 %
    Return on average equity     13.02 %     11.66 %     11.26 %     9.89 %     10.44 %
    Return on average tangible equity*     14.40 %     12.93 %     12.50 %     11.02 %     11.72 %
    Efficiency ratio (FTE)*     61.17 %     61.67 %     65.48 %     65.33 %     66.47 %
    Expense ratio     1.40 %     1.37 %     1.48 %     1.41 %     1.47 %
        Six months ended  
        Jun. 30, 2025     Jun. 30, 2024  
    Basic earnings per share   $ 2.24     $ 1.74  
    Diluted earnings per share   $ 2.23     $ 1.73  
    Dividends per share   $ 0.80     $ 0.76  
    Yield on interest-earning assets (FTE)*     4.75 %     4.55 %
    Cost of interest-bearing liabilities     2.51 %     2.54 %
    Cost of funds     1.94 %     1.95 %
    Net interest spread (FTE)*     2.24 %     2.01 %
    Net interest margin (FTE)*     2.91 %     2.70 %
    Return on average assets     0.98 %     0.82 %
    Pre-provision net revenue to average assets*     1.22 %     0.98 %
    Return on average equity     12.35 %     10.57 %
    Return on average tangible equity*     13.68 %     11.87 %
    Efficiency ratio (FTE)*     61.42 %     67.01 %
    Expense ratio     1.38 %     1.49 %
    Other financial data   At period end:  
    (dollars in thousands except per share data)   Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    Assets under management   $ 1,030,268     $ 955,647     $ 921,994     $ 942,190     $ 906,861  
    Book value per share   $ 37.78     $ 36.70     $ 35.56     $ 36.13     $ 34.12  
    Tangible book value per share*   $ 34.25     $ 33.16     $ 31.98     $ 32.55     $ 30.52  
    Equity to assets     8.08 %     7.81 %     7.89 %     7.92 %     7.83 %
    Tangible common equity ratio*     7.38 %     7.11 %     7.16 %     7.19 %     7.06 %
    Allowance for credit losses on loans to:                                        
    Total loans     1.09 %     1.10 %     1.09 %     1.09 %     1.10 %
    Non-accrual loans   6.50x     3.36x     2.68x     2.77x     2.75x  
    Non-accrual loans to total loans     0.17 %     0.33 %     0.41 %     0.39 %     0.40 %
    Non-performing assets to total assets     0.13 %     0.23 %     0.30 %     0.29 %     0.28 %
    Net charge-offs to average total loans     0.05 %     0.02 %     0.03 %     0.02 %     0.03 %
                                             
    Capital Adequacy Ratios                                        
    Total risk-based capital ratio     14.72 %     14.74 %     14.78 %     14.56 %     14.69 %
    Common equity tier 1 risk-based capital ratio     13.57 %     13.57 %     13.60 %     13.38 %     13.52 %
    Tier 1 risk-based capital ratio     13.57 %     13.57 %     13.60 %     13.38 %     13.52 %
    Leverage ratio     9.16 %     9.22 %     9.22 %     9.30 %     9.30 %

    * Non-GAAP Financial Measures – see reconciliations below

    FIDELITY D & D BANCORP, INC.
    Reconciliations of Non-GAAP Financial Measures to GAAP
    Reconciliations of Non-GAAP Measures to GAAP   Three Months Ended  
    (dollars in thousands)   Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    FTE net interest income (non-GAAP)                                        
    Interest income (GAAP)   $ 29,765     $ 28,308     $ 28,059     $ 27,299     $ 26,039  
    Adjustment to FTE     760       771       764       775       751  
    Interest income adjusted to FTE (non-GAAP)     30,525       29,079       28,823       28,074       26,790  
    Interest expense (GAAP)     11,836       11,275       11,685       11,868       10,922  
    Net interest income adjusted to FTE (non-GAAP)   $ 18,689     $ 17,804     $ 17,138     $ 16,206     $ 15,868  
                                             
    Efficiency Ratio (non-GAAP)                                        
    Non-interest expenses (GAAP)   $ 14,710     $ 14,554     $ 14,395     $ 13,840     $ 13,616  
                                             
    Net interest income (GAAP)     17,929       17,033       16,374       15,431       15,117  
    Plus: taxable equivalent adjustment     760       771       764       775       751  
    Non-interest income (GAAP)     5,359       4,973       4,847       4,979       4,615  
    Plus: Loss on sales of securities     –       822       –       –       –  
    Net interest income (FTE) plus adjusted non-interest income (non-GAAP)   $ 24,048     $ 23,599     $ 21,985     $ 21,185     $ 20,483  
    Efficiency ratio (non-GAAP) (1)     61.17 %     61.67 %     65.47 %     65.33 %     66.48 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest income.                                        
                                             
    Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)                                        
    Total assets (GAAP)   $ 2,698,575     $ 2,711,310     $ 2,584,616     $ 2,615,933     $ 2,500,645  
    Less: Intangible assets     (20,364 )     (20,431 )     (20,504 )     (20,576 )     (20,649 )
    Tangible assets     2,678,211       2,690,879       2,564,112       2,595,357       2,479,996  
    Total shareholders’ equity (GAAP)     217,912       211,674       203,969       207,261       195,692  
    Less: Intangible assets     (20,364 )     (20,431 )     (20,504 )     (20,576 )     (20,649 )
    Tangible common equity     197,548       191,243       183,465       186,685       175,043  
                                             
    Common shares outstanding, end of period     5,767,490       5,767,500       5,736,252       5,736,025       5,735,728  
    Tangible Common Book Value per Share   $ 34.25     $ 33.16     $ 31.98     $ 32.55     $ 30.52  
    Tangible Common Equity Ratio     7.38 %     7.11 %     7.16 %     7.19 %     7.06 %
                                             
    Pre-Provision Net Revenue to Average Assets                                        
    Income before taxes (GAAP)   $ 8,258     $ 7,082     $ 6,661     $ 5,760     $ 5,701  
    Plus: Provision for credit losses     320       370       165       810       415  
    Total pre-provision net revenue (non-GAAP)     8,578       7,452       6,826       6,570       6,116  
    Total (annualized) (non-GAAP)   $ 34,404     $ 30,220     $ 27,157     $ 26,423     $ 24,600  
                                             
    Average assets   $ 2,681,194     $ 2,609,769     $ 2,565,232     $ 2,500,545     $ 2,456,828  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.28 %     1.16 %     1.06 %     1.05 %     1.00 %
    Reconciliations of Non-GAAP Measures to GAAP   Six months ended  
    (dollars in thousands)   Jun. 30, 2025     Jun. 30, 2024  
    FTE net interest income (non-GAAP)                
    Interest income (GAAP)   $ 58,073     $ 51,665  
    Adjustment to FTE     1,531       1,497  
    Interest income adjusted to FTE (non-GAAP)     59,604       53,162  
    Interest expense (GAAP)     23,111       21,604  
    Net interest income adjusted to FTE (non-GAAP)   $ 36,493       31,558  
                     
    Efficiency Ratio (non-GAAP)                
    Non-interest expenses (GAAP)   $ 29,264     $ 27,306  
                     
    Net interest income (GAAP)     34,962       30,061  
    Plus: taxable equivalent adjustment     1,531       1,497  
    Non-interest income (GAAP)     10,332       9,188  
    Plus: Loss on sales of securities     822       –  
    Net interest income (FTE) plus non-interest income (non-GAAP)   $ 47,647     $ 40,746  
    Efficiency ratio (non-GAAP) (1)     61.42 %     67.01 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.                
                     
    Pre-Provision Net Revenue to Average Assets                
    Income before taxes (GAAP)   $ 15,340     $ 11,453  
    Plus: Provision for credit losses     690       490  
    Total pre-provision net revenue (non-GAAP)   $ 16,030     $ 11,943  
    Total (annualized) (non-GAAP)   $ 32,326     $ 23,951  
                     
    Average assets   $ 2,645,679     $ 2,453,998  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.22 %     0.98 %
       
    Contacts:  
    Daniel J. Santaniello Salvatore R. DeFrancesco, Jr.
    President and Chief Executive Officer Treasurer and Chief Financial Officer
    570-504-8035 570-504-8000

    The MIL Network –

  • MIL-OSI: Next Hydrogen Announces Aggregate of $1.5 million in Loans and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, July 23, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), is pleased to announce that it is entering into a loan agreement with certain existing directors and officers of the Company (the “Lenders”) providing for the advance of an unsecured loan (the “Loan”) bearing interest at 5.0% per annum in the principal amount of $530,000. The Loan shall mature on the date that is one year from the advance of the Loan (the “Maturity Date”).   In conjunction with the advance of the Loan, the Company will also pay a set-up fee of $20,000 to the Lenders.

    The advance of the Loan is expected to take place on July 23, 2025, immediately prior to the advance of a $1 million loan from an arm’s length commercial lender (the “Original Loan”) that is being negotiated between the Company and such lender. There can be no assurances that the Original Loan will be completed as proposed or at all.

    In consideration of the advance of the Loan by the Lenders, the Company shall, subject to the approval of the TSX Venture Exchange (the “TSXV”) in accordance with the policies of the TSXV, issue to the Lenders, an aggregate of 214,140 common shares of the Company (“Common Shares”) at a deemed price of $0.495 per share as bonus shares (the “Loan Bonus Shares”), representing approximately 20% of the principal amount of the Loan, subject to adjustment in accordance with the policies of the TSXV.

    In addition, subject to the approval of the TSXV in accordance with the policies of the TSXV, the Loan may be converted into Common Shares (the “Conversion Shares”) at the option of the Company, in whole or in part, on the earlier of the Maturity Date or the closing of an offering of equity securities of the Company.

    Next Hydrogen intends to use the proceeds of the Loan and the Original Loan for working capital and general corporate purposes. The Loan and the Original Loan will assist the Company in bridging its financial position in order to keep its talented team and continue operations while it evaluates longer term financial and strategic solutions.

    In conducting its review of financial and strategic solutions, the Company’s board and management team are committed to acting in the best interests of the Company, its shareholders and its stakeholders. There is no deadline or definitive timetable for the completion of the review of financial and strategic solutions, and the Company does not intend to comment further unless the Company’s board has approved a specific transaction or otherwise determined that disclosure is necessary or appropriate. There can be no assurances that the review will result in any specific transaction or outcome.

    This issuance of the Loan Bonus Shares and the Conversion Shares, if applicable, are subject to receipt of all required regulatory approvals, including that of the TSXV. The TSXV has in no way passed upon the merits of the Loan or the Original Loan and has neither approved nor disapproved the contents of this press release.

    All moneys quoted in this press release shall be stated and paid in the lawful money of Canada.

    The Company also advises that the last day of trading of the Common Shares on the OTCQX will be Thursday, July 24, 2025.

    The Lenders consist of Allan MacKenzie, Anthony Guglielmin, Adarsh Mehta, Jens Peter Clausen, Susan Uthayakumar and Walter Howard, each a director of the Company, Raveel Afzaal, the Chief Executive Officer and a director of the Company and Rohan Advani, the Chief Financial Officer of the Company. Each Lender is an Insider of the Company (as such term is defined under the policies of the TSXV) and the participation of Insiders in the Loan would constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(b) as the Company is not listed on a specified market and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(b), based on a determination that the fair market value of the Loan, insofar as it involves the related parties, will not exceed $2,500,000. The Company did not file a material change report 21 days prior to the expected closing date of the Loan as closing occurred on an expedited basis. An aggregate of 214,140 Loan Bonus Shares will be issued to the Lenders which in the aggregate represents less than 1.0% of the issued and outstanding Common Shares.

    About Next Hydrogen

    Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.

    Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620

    www.nexthydrogen.com

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

    Cautionary Statements

    This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes”, or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risk that the Loan and the Original Loan will not be completed as planned or at all; changes to the use of proceeds of the Loan and the Original Loan, risks associated with the pursuit of any financial or strategic transaction or the completion thereof, the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; the timing for any submissions or correspondences with applicable securities laws regulators; whether the uncertainty of estimates and projections relating to costs and expenses; failure to obtain timely necessary regulatory approvals and all required TSXV approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

    The MIL Network –

  • MIL-OSI: Bitget Partners with KOL to Drive Blockchain and AI Growth in Southeast Asia

    Source: GlobeNewswire (MIL-OSI)

    KUALA LUMPUR, Malaysia, July 23, 2025 (GLOBE NEWSWIRE) — Bitget, the world’s leading cryptocurrency exchange and Web3 company, partnered with Indian crypto thought leader Pushpendra Singh to support a landmark Blockchain & AI Summit in Southeast Asia—further strengthening its role as a global enabler of the decentralized tech ecosystem.

    The summit was organized in collaboration with the Consortium of Indian Industries in Malaysia (CIIM). It brought together builders, investors, and leaders from India, South Asia, the Middle East, Singapore, China, and beyond, establishing Malaysia as an up-and-coming regional hub for blockchain and AI collaboration. The event included keynotes, panel discussions, and interactive sessions aimed at promoting innovation and the responsible adoption of Web3 technologies.

    “Having a prominent Indian KOL like Pushpendra lead a Blockchain and AI Summit in Malaysia highlights the global and collaborative nature of this industry. At Bitget, our mission is to empower and scale these ecosystems wherever they develop,” said Jyotsna Hirdyani, South Asia Head at Bitget.

    Bitget KOL Pushpendra Singh taking the stage at the Blockchain & AI Summit

    Pushpendra expressed a similar viewpoint, emphasizing that Malaysia’s rising status as a premier destination for both technology and tourism makes it an ideal location for a globally diverse gathering. “This event wasn’t solely focused on Web3; it was also about uniting various voices under one shared vision. Malaysia is quickly becoming a hub where innovation meets opportunity, and we take pride in working to help shape that narrative,” he shared.

    The partnership shows Bitget’s continued efforts to advance inclusivity, education, and grassroots leadership in nascent cryptocurrency communities. One region, one builder, and one summit at a time, Bitget is dedicated to offering the platforms, tools, and collaborations that propel the industry forward as blockchain and AI continue to converge.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.
    Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/64aba109-89d5-46a4-a8b1-ccef7eb91ad5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/695b5285-5250-427c-9886-20d016670456

    The MIL Network –

  • MIL-Evening Report: Indonesian military set to complete Trans-Papua Highway under Prabowo’s rule

    By Julian Isaac

    The Indonesian Military (TNI) is committed to supporting the completion of the Trans-Papua Highway during President Prabowo Subianto’s term in office.

    While the military is not involved in construction, it plays a critical role in securing the project from threats posed by pro-independence Papuan resistance groups in “high-risk” regions.

    Spanning a total length of 4330 km, the Trans-Papua road project has been under development since 2014.

    However, only 3446 km of the national road network has been connected after more than a decade of construction.

    “Don’t compare Papua with Jakarta, where there are no armed groups. Papua is five times the size of Java, and not all areas are secure,” TNI spokesman Major-General Kristomei Sianturi told a media conference at the Ministry of Public Works on Monday.

    One of the currently active segments is the Jayapura–Wamena route — specifically the Mamberamo–Elim section, which stretches 50 km.

    The project is being carried out through a public-private partnership and was awarded to PT Hutama Karya, with an investment of Rp3.3 trillion (about US$202 million) and a 15-year concession. The segment is expected to be completed within two years, targeting finalisation next year.

    Security an obstacle
    General Kristomei said that one of the main obstacles was security in the vicinity of construction sites.

    Out of 50 regencies/cities in Papua, at least seven are considered high-risk zones. Since its inception, the Trans-Papua road project has claimed 17 lives, due to clashes in the region.

    In addition to security challenges, the delivery of construction materials remains difficult due to limited infrastructure.

    “Transporting goods from one point to another in Papua is extremely difficult because there are no connecting roads. We’re essentially building from scratch,” General Kristomei said.

    In May 2024, President Joko Widodo convened a limited cabinet meeting at the Merdeka Palace to discuss accelerating development in Papua. The government agreed on the urgent need to improve education, healthcare, and security in the region.

    The Minister of National Development Planning, Suharso Monoarfa, announced that the government would ramp up social welfare programmes in Papua in coordination with then Vice-President Ma’ruf Amin, who chairs the Agency for the Acceleration of Special Autonomy in Papua (BP3OKP).

    ‘Welfare based approaches’
    “We are gradually implementing welfare-based approaches, including improvements in education and health, with budgets already allocated to the relevant ministries and agencies,” Suharso said in May last year.

    As of March 2023, the Indonesian government has disbursed Rp 1,036 trillion for Papua’s development.

    This funding has supported major infrastructure initiatives such as the 3462 km Trans-Papua Highway, 1098 km of border roads, the construction of the 1.3 km Youtefa Bridge in Jayapura, and the renovation of Domine Eduard Osok Airport in Sorong.

    Republished from the Indonesia Business Post.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: ASC commissions: letters to Lord Hanson

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    ASC commissions: letters to Lord Hanson

    Letters from the Chair of the Animals in Science Committee to the Lords Minister about timescales and scope for commissioned advice.

    Documents

    Timescales for ASC commissions: letter to Lord Hanson (accessible)

    HTML

    Timescales for ASC commissions: letter to Lord Hanson

    PDF, 114 KB, 2 pages

    Refining the scope for commissioned advice: letter to Lord Hanson (accessible)

    HTML

    Refining the scope for commissioned advice: letter to Lord Hanson

    PDF, 123 KB, 2 pages

    Details

    Dr Sally Robinson, Chair of the Animals in Science Committee, wrote to David Hanson, Lords Minister, on 27 June 2025.

    She provided an update on the committee’s progress with commissioned advice and requested an extension to the deadlines for the commissions on strengthening leading practice, and strengthening the functioning of Animal Welfare and Ethical Review Bodies (AWERBs) and the Named Information Officer (NIO).

    On 8 July 2025, she followed up with proposals for the refined scope of the commission on strengthening the functioning of AWERBs and the NIO.

    Lord Hanson has agreed these changes to the timescales and scope.

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Moscow Metro Tests Neurovoice in Audio Messages

    Translation. Region: Russian Federal

    Source: Moscow Metro

    Moscow Metro Tests Neurovoice in Audio Messages

    Artificial intelligence is being gradually introduced into the capital’s transport system. For example, since the beginning of the year, the neural network has been helping the chatbot Alexander answer passengers’ questions. Now, as part of a pilot project, AI will help Moscow metro announcers in their work.


    Moscow metro tests neurovoice in audio messages.

    As Maxim Liksutov explained, audio information is one of the most important ways of communicating with passengers. Sometimes something changes in the metro: an escalator is closed for repairs or trains take a different route. An announcement must be promptly prepared for each situation. Neurovoice will help solve this problem in a matter of minutes.

    The required audio file can be created remotely. Specialists only need to: 1) prepare the text; 2) upload it to the program; 3) adjust the voice – select the timbre, intonation and length of pauses. It is noteworthy that the AI was trained on real recordings of metro announcers.

    The neurovoice testing will take place on the Sokolnicheskaya line, where there are many transfers to the Moscow Central Circle, Moscow Central Diameters, other metro lines, bus and railway stations. Komsomolskaya is also located here, the leading station in terms of the number of transport infrastructure facilities announced by the announcers.

    Voices in neural processing allow creating prompt audio announcements in the uniform style of Moscow transport. After the pilot launch of the technology on the Sokolnicheskaya line, a decision will be made on its further use in the metro and beyond. In this case, the wishes of passengers will be taken into account. The Moscow metro continues to implement the most modern digital services, as instructed by Moscow Mayor Sergei Sobyanin, noted Maxim Liksutov.

    MIL OSI Russia News –

  • MIL-OSI Russia: China-Tajikistan Joint Laboratory on Biodiversity Conservation and Sustainable Use Opens in Dushanbe

    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 23 (Xinhua) — The China-Tajikistan Joint Laboratory on Biodiversity Conservation and Sustainable Use under the Belt and Road Initiative recently opened in Dushanbe.

    The opening ceremony of the new laboratory took place on Monday in the capital of Tajikistan, the press service of the Xinjiang Institute of Ecology and Geography of the Chinese Academy of Sciences (CAS) reported. The event was attended by Deputy Minister of Science and Technology of China Chen Jiachang and President of the National Academy of Sciences of the Republic of Tajikistan (NAS RT) Kobiljon Khushvakhtzoda.

    The Chinese Ministry of Science and Technology will work with the Tajik side to promote high-quality laboratory construction by providing political support, training international research teams, and promoting the protection of biological resources and the coordinated development of the industry, Chen Jiachang said in a conversation with researchers from both sides.

    He expressed hope that the laboratory will serve as a model for scientific and technological cooperation between China and Tajikistan and give new impetus to the high-quality development of the Belt and Road.

    The project of the China-Tajikistan joint laboratory was approved on October 14, 2024. Its founders are the Xinjiang Institute of Ecology and Geography of the Academy of Sciences of the Republic of Tajikistan and the National Academy of Sciences of the Republic of Tajikistan. The work of the new institution will be aimed at expanding the capabilities of scientific and technological innovation and coordinated development in the fields of biodiversity conservation and ecological services in Central Asian countries, according to a statement published on the website of the Xinjiang Institute of Ecology and Geography. -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: Since the beginning of 2025, there has been a significant increase in air passenger traffic between Urumqi and Central Asian countries

    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

    URUMQI, July 23 (Xinhua) — The number of travelers flying between China and five Central Asian countries via the airport of Urumqi, capital of northwest China’s Xinjiang Uygur Autonomous Region, has increased 31.6 percent year on year to more than 277,000 since the beginning of 2025, according to data from the Urumqi Border Guard Service.

    According to the data, international passenger airlines have linked Urumqi Tianshan International Airport with 10 major cities in Central Asian countries after launching two new air routes this year linking it with Fergana, Uzbekistan, and Shymkent, Kazakhstan.

    During the reporting period, the incoming passenger flow to China via the Urumqi airport from Central Asian countries on a visa-free basis exceeded 30 thousand people, with the majority of air passengers coming from countries such as Kazakhstan and Uzbekistan.

    As of July 23, more than 530,000 people have entered or exited China via Tianshan Airport since the beginning of 2025, up 66 percent year-on-year, while international cargo turnover through the airport has exceeded 54,000 tons, up 635 percent year-on-year. -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: Number of visa-free entries into China to double in 2024

    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 23 (Xinhua) — The number of foreigners entering China visa-free in 2024 will reach about 20.12 million, up 112.3 percent from 2023, Vice Minister of Public Security Qi Yanjun said Wednesday at a press conference held by the State Council Information Office.

    The total flow of foreign tourists entering China last year reached nearly 32.54 million people, up 80.7 percent from the previous year, the official said. -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: 835 people detained in major security operation in Turkish capital

    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

    ISLAMABAD, July 23 (Xinhua) — Turkish police have detained 835 suspects in a major operation to ensure public security in Istanbul, the city police department said on Wednesday.

    Some 3,000 police officers took part in the operation on Tuesday evening, with air support from a police helicopter and naval forces. Authorities also carried out checks in public places.

    According to the department, among those detained were about 390 people wanted for various offenses.

    During the inspections, police seized, among other things, 22 unlicensed pistols, five rifles, 125 rounds of ammunition and 1,520 grams of drugs.

    The Istanbul Police Department regularly carries out such operations to maintain public order and ensure the safety of residents of the city of 15 million people. –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: Vitaly Savelyev got acquainted with the progress of construction of the new passenger terminal of the Kazan International Airport

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    Vitaly Savelyev got acquainted with the progress of construction of the new passenger terminal of the Kazan International Airport

    July 23, 2025

    Vitaly Savelyev got acquainted with the progress of construction of the new passenger terminal of the Kazan International Airport

    July 23, 2025

    Vitaly Savelyev got acquainted with the progress of construction of the new passenger terminal of the Kazan International Airport

    July 23, 2025

    Vitaly Savelyev got acquainted with the progress of construction of the new passenger terminal of the Kazan International Airport

    July 23, 2025

    Previous news Next news

    Vitaly Savelyev got acquainted with the progress of construction of the new passenger terminal of the Kazan International Airport

    Deputy Prime Minister Vitaly Savelyev and the Head of the Republic of Tatarstan Rustam Minnikhanov heard a report on plans to expand airport infrastructure and develop air traffic in the Republic of Tatarstan.

    Today, flights to 83 destinations are operated from Kazan International Airport named after Gabdulla Tukay: 51 on domestic routes and 32 on international routes.

    The airport is designed to receive 2.5 million passengers per year, but already in 2023 it received twice as many passengers. In 2024, 5.3 million passengers were served, an increase of 3.8% compared to the same period in 2023 (in 2023 – almost 5.2 million passengers).

    In preparation for the BRICS summit in October 2024, a new passenger platform with 51 parking spaces and an area of 160 thousand square meters was put into operation.

    The airport continues to develop, and as part of the master plan, work has begun on the design of a new passenger terminal. Its capacity will be more than 5.7 million passengers per year.

    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: Financial news: Data on average market values of maximum yield on deposits of individuals

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    Calculation by banks of the maximum yield on attracted deposits for the purpose of submitting information on the maximum yield on attracted deposits to the Bank of Russia as part of the reporting is carried out in accordance with the Procedure for compiling and submitting reports on form 0409119 “Data on the maximum yield on deposits of individuals”, established by Appendix 1 to Bank of Russia Instruction dated 10.04.2023 No. 6406-U “On the forms, terms, procedure for compiling and submitting reports of credit institutions (banking groups) to the Central Bank of the Russian Federation, as well as on the list of information on the activities of credit institutions (banking groups)” (taking into account the changes provided for by Bank of Russia Instruction dated 10.07.2024 No. 6800-U “On Amendments to the Bank of Russia Instruction dated April 10, 2023 No. 6406-U”.

    Based on the specified information, the Bank of Russia calculates the average market value of the maximum yield on deposits of individuals by type of deposit on a monthly basis and publishes it for informational purposes in the subsection “Banking sector” of the section “Statistics”.

    The average market value of the maximum yield on deposits of individuals is determined by the Bank of Russia as the average value of the maximum yield on deposits attracted in banks that attracted, over the past calendar month, in total two-thirds of the total volume of corresponding deposits in banks of the Russian Federation.

    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 United Nations: How can we harness AI to tackle the complexity of disaster risk?

    Source: UNISDR Disaster Risk Reduction

    To say that artificial intelligence will reshape the way we live and work is to state the obvious. However, reflecting on its promise and perils for one’s own area of work is quite another matter.

    Earlier this month I had the opportunity to participate in the ITU-hosted ‘AI for Good’ summit in Geneva, where during several sessions we explored the many ways that generative, predictive and integrated AI promises a vast range of benefits for disaster risk reduction and disaster response. Later, in New York, I joined a discussion with students, academics and practitioners at Columbia University’s National Centre for Disaster Preparedness, where I was struck – and greatly encouraged – by the focus on building multidisciplinary approaches to managing increasingly complex and systemic risks.

    What stayed with me was the sense of convergence: the technological leaps in AI are rising to match the complexity of systemic risk.

    Below are five reflections on how we might use AI not only to do more, but to do better.

    One: Let’s start by asking the right questions

    The need for deeper and greater dialogue between producers of solutions and users of such solutions is nothing new – but with AI tools the stakes may be higher, and the opportunities more available.

    Problems once deemed intractable – those requiring swift analysis of vast and varied data drawn from scattered sources – are now within reach. But we need to be prudent in how we allocate our resources towards these new possibilities.

    We could use the new tools to build an AI-based epidemiological model for earthquakes that very rapidly estimates the type and quantum of search-and-rescue and medical needs after a seismic event. We may be able to develop faster ways of alerting lightning-strike-prone communities ahead of electrical storms. We could find ways to rapidly identify sources and control the spread of misinformation to avoid panic during an emergency.

    To decide how and where we employ our new AI toolkits, we must articulate the demand from both disaster risk reduction practitioners and at-risk communities, and prioritize the problems that matter most. 

    Two: We must redefine disaster risk governance for the AI era

    Our systems of risk governance were born in a simpler time, so we need to retrofit them for an AI-enabled future. Machine learning and artificial intelligence are not only going to redefine traditional professions – but also traditional institutions.

    For example, at present, the formal institutions of the state have the authority to issue alerts and ask people to evacuate in the wake of an impending cyclone. We are already beginning to see situations where competing sources of information are sometimes more agile, more nimble, and more accurate. Such developments are likely to displace the traditional state institutions that have the sole authority for actions such as evacuating people in the face of an impending hazardous event. We are going to need to find ways to ensure that decisions are streamlined, but institutional accountability remains in place.

    Authorities must still be held responsible for taking the best possible decisions – whether those decisions are made in data-constrained or data-rich environments. We need to remember that AI is no more than a tool to help us do our jobs better.

    Three: AI will become critical infrastructure

    Yes – AI holds great promise for disaster risk reduction, and for just about every other sector, in many cases being put to good use keeping complex systems flowing smoothly. 

    We need to remember that AI itself relies on infrastructure – data centres, energy infrastructure, digital connectivity infrastructure – and this too needs to be resilient to physical hazards and climate risk. AI infrastructure is growing rapidly, spanning multiple geographies across the world. As a result, it will inevitably be exposed to a range of hazards – many of them increasingly frequent and intense. 

    We must make sure that we plan, locate, design and build AI infrastructure to manage these risks – now and into the future. As we inevitably rely more on AI systems to manage disaster risks, if compromised by disasters, these systems could trigger complex cascading risks leading to potentially catastrophic systemic failure.

    This infrastructure brings sustainability challenges, and, if unmanaged, will create new risks. Data centres consume huge amounts of power and water. As demand for AI grows, we’ll need more investment in green computing and low-resource solutions – including safeguards so that the environmental costs don’t fall on those already bearing the heaviest burdens.

    Four: It’s time to rethink disaster education for an AI era

    Over the past two decades formal disaster risk reduction education has expanded rapidly. 

    In India alone more than two dozen universities or colleges offer Masters’ degrees in disaster risk management. But many of the subjects taught – like multi-sectoral policy analysis for disaster risk reduction; hazard, vulnerability and risk assessment; disaster risk reduction planning; early warning systems – are likely to increasingly be performed by AI. Such programmes will need to equip students to use new tools, and adapt further to future developments.

    These skills must be taught not only at elite institutions – to avoid knowledge inequality we must make sure that access is widespread. This is part of a much broader challenge – those communities that stand to gain the most from AI are those that are currently least served: lacking in connectivity, living in data-poor zones, and whose voices are unrepresented and ignored.

    There are emerging initiatives for public-good AI models that are trained to serve priority needs in vulnerable regions, and these must be supported and encouraged so we can fill those gaps.

    Five: We must keep risk knowledge grounded in people

    There is a deeper issue: If there is one single learning from the practice of disaster risk reduction over the last three decades, it is that disaster risk is socially constructed.

    It’s the behaviour of human beings in social, economic, political and cultural spheres that leads to accumulation of risk in a society. To date the AI use cases for disaster risk reduction are heavily loaded towards understanding, observing and predicting hazards. At best they are focused on forecasting the impacts based on the people, capital assets and economic activity in the path of hazards and how vulnerable they are. It stops well short of helping us understand why they are where they are and why they are fragile in the first place.

    If we are going to use AI to foster the agency of individuals, persons, households, communities, and local governments to take actions that reduce risk – we must target not just short term actions but also long-term development choices. AI can only work with the data it’s given, and risk is often under-represented or misrepresented in marginalized areas. This is both a technical and a social issue: we must make sure that community-generated data feeds into AI-supported solutions, and that all people are given agency to act – and not just to be analyzed.

    We must find ways to use AI to support deeper transformations in our society that lower risk and build resilience for all. If we fail to do this our efforts will be focused largely on more efficient band-aids.

    AI opens up powerful new possibilities for disaster risk reduction. But real progress won’t come from algorithms alone. It will come from asking better questions, forging stronger partnerships, and keeping justice, equity, and long-term resilience at the core of our innovation.

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: CS to attend Games’ press conference

    Source: Hong Kong Information Services

    Chief Secretary Chan Kwok-ki will depart for Beijing tomorrow afternoon to attend the press conference on preparations for the 15th National Games organised by the Information Office of the State Council on Friday.

     

    National Games Coordination Office (Hong Kong) Head Yeung Tak-keung will join the trip.

     

    Mr Chan will return to Hong Kong on Friday night. During his absence, Deputy Chief Secretary Cheuk Wing-hing will be Acting Chief Secretary.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CS to attend Games’ press conference

    Source: Hong Kong Information Services

    Chief Secretary Chan Kwok-ki will depart for Beijing tomorrow afternoon to attend the press conference on preparations for the 15th National Games organised by the Information Office of the State Council on Friday.

     

    National Games Coordination Office (Hong Kong) Head Yeung Tak-keung will join the trip.

     

    Mr Chan will return to Hong Kong on Friday night. During his absence, Deputy Chief Secretary Cheuk Wing-hing will be Acting Chief Secretary.

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: USS Pearl Harbor (LSD 52) Sailors perform daily operations [Image 3 of 3]

    Source: United States Navy (Logistics Group Western Pacific)

    Issued by: on

    PACIFIC OCEAN (July 17, 2025) U.S. Navy Gunner’s Mate Seaman Apprentice John Rafer, from Annapolis, Maryland, sorts magazine temperature reports in the armory aboard the Harpers Ferry-class amphibious dock landing ship USS Pearl Harbor (LSD 52) in the Indo-Pacific region on Jul 17, 2025. Now in its 21st iteration, the Pacific Partnership series is the largest annual multinational humanitarian assistance and disaster management preparedness mission conducted in the Indo-Pacific. Pacific Partnership works collaboratively with host and partner nations to enhance region and foster new and enduring friendships in the Indo-Pacific. (U.S. Navy photo by Mass Communication Specialist Seaman Isabel Mendoza)

    Date Taken: 07.17.2025
    Date Posted: 07.22.2025 06:56
    Photo ID: 9194909
    VIRIN: 250717-N-DM179-1025
    Resolution: 2617×2094
    Size: 649.96 KB
    Location: US
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    PUBLIC DOMAIN  

    This work, USS Pearl Harbor (LSD 52) Sailors perform daily operations [Image 3 of 3], by SN Isabel Mendoza, identified by DVIDS, must comply with the restrictions shown on https://www.dvidshub.net/about/copyright.

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  • MIL-OSI Security: Pacific Partnership Conducts Mission Stop in Lae, Papua New Guinea, July 2025 [Image 1 of 5]

    Source: United States Navy (Logistics Group Western Pacific)

    Issued by: on

    LAE, Papua New Guinea (July 23, 2025) – Capt. Levi Jackson assigned to the 72nd Medical Detachment Veterinary Service Support unit conducts a food and water risk assessment at the Christian Revival Center in Lae, Papua New Guinea, July 23, 2025. Now in its 21st iteration, Pacific Partnership series is the largest annual multinational humanitarian assistance and disaster management preparedness mission conducted in the Indo-Pacific. Pacific Partnership works collaboratively with host and partner nations to enhance regional interoperability and disaster response capabilities, increase security and stability in the region, and foster new and enduring friendships in the Indo-Pacific. (U.S. Navy photo by Mass Communication Specialist 2nd Class Jordan Jennings)

    Date Taken: 07.23.2025
    Date Posted: 07.23.2025 06:46
    Photo ID: 9197303
    VIRIN: 250723-N-YV347-1026
    Resolution: 7164×4776
    Size: 19.45 MB
    Location: LAE, PG
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  • MIL-OSI: Waldencast Acquires Novaestiq Corp. and U.S. Rights to Leading Injectable Hyaluronic Acid Gel Line, Saypha®, Under the Obagi Medical Brand

    Source: GlobeNewswire (MIL-OSI)

    Acquisition strengthens Obagi Medical’s product portfolio with proven, scientifically backed, injectable portfolio

    New products position Obagi Medical at the forefront of health, beauty and aesthetics convergence

    LONDON, July 23, 2025 (GLOBE NEWSWIRE) — Waldencast plc (NASDAQ: WALD) (“Waldencast”), a global multi-brand beauty and wellness platform, today announced that it has acquired Novaestiq Corp. (Novaestiq), a growth-oriented aesthetic and medical dermatological innovations company, as well as the U.S. rights to the Saypha® line of hyaluronic acid (HA) injectable gels. The strategic acquisition expands Obagi Medical’s offerings beyond U.S. medical-grade skincare, a market projected to be $2.2 billion by 2029, into the growing U.S. dermal filler market, projected to reach $2 billion in market size by 2029, effectively doubling its addressable market.1 The move marks a pivotal step in positioning Obagi Medical as an industry leader in integrated skincare and aesthetic solutions.

    “We are excited to further diversify Obagi Medical’s portfolio of medical-grade skincare with consumer centric, in-office injectable procedures through the introduction of the Obagi Medical Saypha® ChIQ™ and MagIQ™ lines of injectable HA gels,” said Michel Brousset, Co-Founder and CEO of Waldencast. “Adding proven products into our portfolio increases our addressable market and allows us to deliver solutions for professionals and patients seeking both skincare and aesthetic treatments, all under the trusted Obagi Medical brand.”

    Obagi Medical’s philosophy advocates for a holistic, science-driven approach where potent skincare and professional procedures work in tandem to achieve and maintain optimal skin health and a youthful appearance. These injectable products will play a pivotal role in the evolution of Obagi Medical into an end-to-end, synergistic solution that integrates medical-grade skincare with aesthetic treatments to deliver enhanced outcomes, prolonged results, and greater patient satisfaction. Beyond the two current offerings, the Novaestiq transaction provides access to a future pipeline of novel injectables in North America.

    Saypha®,2 currently undergoing U.S. Food and Drug Administration (FDA) approval, is recognized globally as a proven, safe and efficacious HA injectable with high levels of patient satisfaction. The new Obagi Medical injectable portfolio is supported by an industry-leading clinical program that reflects the brand’s commitment to science-backed innovation. Core pivotal studies are more than twice the size of typical nasolabial fold (NLF) and midface trials and include the highest representation of Fitzpatrick Skin Types I, V, and VI – underscoring Obagi Medical’s mission to provide effective solutions for all skin types and tones.

    Saypha® is distinguished by its proprietary technology delivering advanced HA treatments through a stable 3D matrix designed to provide natural-looking results with optimally balanced gel characteristics. This technology powers a portfolio of clinically proven products that lead in multiple performance categories including high HA content at injection, ideal gel distribution, and consistent injection force and swelling behavior. Saypha®, a product of Croma-Pharma GmbH, is developed and manufactured in Austria and marketed in over 80 countries, leveraging 40 years of expertise in HA-based treatments with more than 110 million syringes produced. This global reach and deep market insight allow for the delivery of trusted, personalized care to patients and professionals worldwide.

    “We believe that great results start with great skincare and are perfected with great after care,” said Dr. Suzan Obagi, Chief Medical Director at Obagi Medical. “By combining Obagi Medical skincare with injectable procedures under the guidance of a qualified professional, patients can achieve more significant, longer-lasting, and natural-looking results. This acquisition also allows our professionals to offer patients more personalized, higher quality and safer products that their customers are looking for.”

    Obagi Medical’s vision is to become the #1 Dermatological Mega Brand uniquely serving all the needs of physicians, patients and consumers globally. It is already the fastest-growing U.S. professional-skincare brand among the top ten in its category.3 This momentum is powered by a three-pronged strategy: anchoring products in dermatological science, introducing breakthrough innovations, and expanding its global reach.

    Brousset added, “We are thrilled to introduce this new offering that will strengthen Obagi Medical’s market position, drive innovation, and create new growth opportunities in our fast-evolving industry. We see an accelerating global convergence of health, beauty, and aesthetics – an intersection where Obagi Medical is uniquely positioned to lead. We also plan to leverage this acquisition to expand Obagi Medical’s footprint.”

    Transaction Details
    Under the terms of the definitive agreement relating to the transaction, Waldencast has agreed to acquire Novaestiq in exchange for (1) certain amount of cash payable at closing, (2) certain additional ongoing royalties based on net sales of Saypha® products, and (3) the contingent issuance of Waldencast class A shares (equal to approximately 7% of Waldencast’s fully diluted class A shares), based on the receipt of FDA approval relating to the Saypha® products (triggering the issuance of 3,273,000 Waldencast class A shares) and the achievement of cumulative net revenue thresholds of (a) $100 million (triggering the issuance of an additional 3,273,000 Waldencast class A shares) and (b) $200 million (triggering the further issuance of 3,273,000 Waldencast class A shares), respectively, reflecting meaningful long-term commercial targets, with (a) and (b) being earnable until June 20, 2031. The details of the transaction will be summarized in more detail in a Form 6-K that Waldencast will file with the U.S. Securities and Exchange Commission (the “SEC”) following this press release.

    About Waldencast
    Founded by Michel Brousset and Hind Sebti, Waldencast’s ambition is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth purpose-driven brands. Waldencast’s vision is fundamentally underpinned by its brand-led business model that ensures proximity to its customers, business agility, and market responsiveness, while maintaining each brand’s distinct DNA. The first step in realizing its vision was the business combination with Obagi Medical and Milk Makeup. As part of the Waldencast platform, its brands will benefit from the operational scale of a multi-brand platform; the expertise in managing global beauty brands at scale; a balanced portfolio to mitigate category fluctuations; asset light efficiency; and the market responsiveness and speed of entrepreneurial indie brands. For more information please visit: https://ir.waldencast.com/.

    About Obagi Medical
    Obagi Medical is an industry-leading, advanced skincare line rooted in research and skin biology, with a legacy of 35+ years of experience. Initially known for its leadership in the treatment of hyperpigmentation with the Obagi Nu-Derm® System, Obagi Medical products are designed to address a variety of skin concerns, including premature aging, photodamage, skin discoloration, acne, and sun damage. As the fastest-growing professional skincare brand in the U.S. in 2024,3 Obagi Medical empowers individuals to achieve healthy, beautiful skin. More information about Obagi is available on the brand’s website, https://www.obagi.com.

    1In preparing for this transaction, Waldencast engaged management consulting services from a reputed global consulting firm. 2Saypha® products are not approved medical devices, and each product has a premarket approval (PMA) application under review by the FDA. 3Among the Top 10 Professional Skin Care Brands in the U.S., according to Kline’s 2024 Global Professional Skin Care Series (China, Europe and the U.S.).

    Advisors
    Holland & Knight LLP is serving as Waldencast’s legal advisor, with support from Skadden, Arps, Slate, Meagher & Flom LLP. Experium Capital Advisers is serving as Waldencast’s financial advisor.

    Forward-Looking Statements
    This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the intended benefits of the transaction with Novaestiq, the ability to obtain FDA approval for Saypha®, the contingent issuance of Waldencast class A shares, and the growth strategies of Waldencast, including Obagi Medical and Novaestiq. These forward-looking statements generally are identified by the words “estimates,” “projects,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Waldencast, Obagi Medical and Novaestiq that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: (i) the inability to recognize the anticipated benefits of the transaction; (ii) the inability to obtain FDA approval for one or both of the Saypha® products; (iii) the general impact of geopolitical events, including the impact of current wars, conflicts and other hostilities; (iv) the overall economic and market conditions, sales forecasts and other information about Waldencast’s possible or assumed future results of operations or our performance; (v) changes in general economic conditions; (vi) the impact of any international trade or foreign exchange restrictions, the imposition of new or increased tariffs, foreign currency exchange fluctuations; (vii) that the price of Waldencast’s securities may be volatile due to a variety of factors, including Waldencast’s, Obagi Medical’s or Novaestiq’s inability to implement their business plans; and (viii) the ability to implement Waldencast’s strategic initiatives and continue to innovate Obagi Medical’s existing products and anticipate and respond to market trends and changes in consumer preferences. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Waldencast’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025, or in other documents that may be filed or furnished by Waldencast from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Waldencast assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contacts

    Investors
    ICR
    investors@waldencast.com

    Media
    ICR
    waldencast@icrinc.com

    The MIL Network –

  • MIL-OSI Economics: Canada contributes CAD 250,000 for food, animal and plant health standards

    Source: WTO

    Headline: Canada contributes CAD 250,000 for food, animal and plant health standards

    WTO Director-General Ngozi Okonjo-Iweala welcomed Canada’s donation: “Compliance with international standards enhances food security in both importing and exporting countries by facilitating trade in agricultural products. The long-term impact of STDF-related programs will benefit producers, traders and governments along global and regional value chains, helping them raise export revenues, income levels and living standards. The STDF will continue to facilitate inclusive and safe trade worldwide, in close partnership with Canada.”
    Heath MacDonald, Canada’s Minister of Agriculture and Agri-Food, said: “The Government of Canada will continue to support global efforts to adopt international standards for food safety and animal and plant health. Investing in larger-scale capacity building projects, like the Standards and Trade Development Facility, will help improve food security, reduce poverty, and promote sustainable economic growth around the world.”
    Beyond participation in the STDF Working Group, Canadian officials have shared expertise to strengthen the delivery of STDF projects. This includes innovative projects to pilot the use of Codex Guidelines on voluntary third-party assurance programmes (vTPA) in Africa and Central America for more effective risk-based food safety systems. For instance, the Canadian Food Inspection Agency (CFIA) hosted a learning visit for regulators from Honduras and Belize in 2024, and co-organized webinars in March and April 2025 attended by more than 100 experts, many in Africa, to share insights from Canada’s risk-based food safety model. Additionally, the CFIA will host a learning visit for regulators from Rwanda and Uganda in September 2025, as a follow up to the April 2025 webinar and to further share information on this model.  
    This donation underscores Canada’s major and long-standing commitment to the STDF’s programme goal, bringing its total contributions to CHF 7.6 million since 2005.
    Canada has contributed over CHF 15 million to WTO trust funds over the past 23 years.
    The STDF is a global multi-stakeholder partnership that promotes safe and inclusive trade. It was established by the Food and Agriculture Organization of the United Nations (FAO), the World Bank Group, the World Health Organization (WHO), the World Organization for Animal Health (WOAH), and the WTO, which houses and manages the partnership.
    In support of the United Nations’ Sustainable Development Goals (SDGs), the STDF responds to evolving SPS needs, drives inclusive trade and contributes to sustainable economic growth, poverty reduction, food security and resilience to climate change.
    Developing economies and least developed countries are encouraged to apply to the STDF for SPS project and project preparation grants. Information on how to apply is available here.
    To date, the STDF has funded over 260 safe trade projects benefiting developing and least developed country economies.

    MIL OSI Economics –

  • MIL-OSI Economics: Moody’s Corporation Reports Results for Second Quarter 2025

    Source: Moody’s

    Headline: Moody’s Corporation Reports Results for Second Quarter 2025

    NEW YORK–(BUSINESS WIRE)– Moody’s Corporation (NYSE: MCO) today announced results for the second quarter 2025 and updated select metrics within its outlook for full year 2025.

    The Second Quarter 2025 Earnings Release and other earnings materials can be found on the Moody’s IR website at ir.moodys.com. In addition, the Earnings Release will be furnished with the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov.

    “This past quarter, Moody’s provided the insights and expertise that helped markets make sense of a complex and rapidly changing global landscape,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “We continue to innovate and invest in our business as we capitalize on the deep currents that are driving demand for our solutions, and we are strengthening the earnings engine of the company by delivering strong recurring revenue growth combined with real cost discipline.”

    Teleconference Details:

    Date and Time

    July 23, 2025, at 9:00 a.m. ET

    Webcast

    The webcast and its replay can be accessed through Moody’s Investor Relations website, ir.moodys.com within “Events & Presentations”.

    Dial In

    U.S. and Canada

    +1-888-596-4144

    Other callers

    +1-646-968-2525

    Passcode

    515 6491

    Dial In Replay

    A replay will be available immediately after the call on July 23, 2025 and until July 30, 2025.

    U.S. and Canada

    +1-800-770-2030

    Other callers

    +1-609-800-9909

    Confirmation code

    515 6491

    For further information, please contact Investor Relations at ir@moodys.com.

    ABOUT Moody’s

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.

    Source: Moody’s Corporation Investor Relations

    MIL OSI Economics –

  • MIL-OSI NGOs: Gaza: As starvation spreads, our colleagues and those we serve are wasting away – joint statement

    Source: Amnesty International –

    As the Israeli government’s siege starves the people of Gaza, aid workers are now joining the same food lines, risking being shot just to feed their families. With supplies now totally depleted, humanitarian organisations are witnessing their own colleagues and partners waste away before their eyes.

    Exactly two months since the Israeli government-controlled scheme, the Gaza Humanitarian Foundation, began operating, 109 organisations are sounding the alarm, urging governments to act: open all land crossings; restore the full flow of food, clean water, medical supplies, shelter items, and fuel through a principled, UN-led mechanism; end the siege, and agree to a ceasefire now.

    “Each morning, the same question echoes across Gaza: will I eat today?” said one agency representative. 

    Massacres at food distribution sites in Gaza are occurring near-daily. As of July 13, the UN confirmed 875 Palestinians were killed while seeking food, 201 on aid routes and the rest at distribution points. Thousands more have been injured. Meanwhile, Israeli forces have forcibly displaced nearly two million exhausted Palestinians with the most recent mass displacement order issued on July 20, confining Palestinians to less than 12 per cent of Gaza. WFP warns that current conditions make operations untenable. The starvation of civilians as a method of warfare is a war crime. 

    Just outside Gaza, in warehouses – and even within Gaza itself – tons of food, clean water, medical supplies, shelter items and fuel sit untouched with humanitarian organisations blocked from accessing or delivering them. The Government of Israel’s restrictions, delays, and fragmentation under its total siege have created chaos, starvation, and death. An aid worker providing psychosocial support spoke of the devastating impact on children: “Children tell their parents they want to go to heaven, because at least heaven has food.” 

    Doctors report record rates of acute malnutrition, especially among children and older people. Illnesses like acute watery diarrhoea are spreading, markets are empty, waste is piling up, and adults are collapsing on the streets from hunger and dehydration. Distributions in Gaza average just 28 trucks a day, far from enough for over two million people, many of whom have gone weeks without assistance.

    The UN-led humanitarian system has not failed, it has been prevented from functioning. 

    Humanitarian agencies have the capacity and supplies to respond at scale. But, with access denied, we are blocked from reaching those in need, including our own exhausted and starved teams. On July 10, the EU and Israel announced steps to scale up aid. But these promises of ‘progress’ ring hollow when there is no real change on the ground. Every day without a sustained flow means more people dying of preventable illnesses. Children starve while waiting for promises that never arrive. 

    Palestinians are trapped in a cycle of hope and heartbreak, waiting for assistance and ceasefires, only to wake up to worsening conditions. It is not just physical torment, but psychological. Survival is dangled like a mirage. The humanitarian system cannot run on false promises. Humanitarians cannot operate on shifting timelines or wait for political commitments that fail to deliver access.

    Governments must stop waiting for permission to act. We cannot continue to hope that current arrangements will work. It is time to take decisive action: demand an immediate and permanent ceasefire; lift all bureaucratic and administrative restrictions; open all land crossings; ensure access to everyone in all of Gaza; reject military-controlled distribution models; restore a principled, UN-led humanitarian response and continue to fund principled and impartial humanitarian organisations. States must pursue concrete measures to end the siege, such as halting the transfer of weapons and ammunition. 

    Piecemeal arrangements and symbolic gestures, like airdrops or flawed aid deals, serve as a smokescreen for inaction. They cannot replace states’ legal and moral obligations to protect Palestinian civilians and ensure meaningful access at scale. States can and must save lives before there are none left to save.

    Signatories: 

    1. American Friends Service Committee (AFSC)
    2. A.M. Qattan Foundation
    3. A New Policy
    4. ACT Alliance
    5. Action Against Hunger (ACF)
    6. Action for Humanity
    7. ActionAid International
    8. American Baptist Churches Palestine Justice Network
    9. Amnesty International
    10. Asamblea de Cooperación por la Paz
    11. Associazione Cooperazione e Solidarietà (ACS)
    12. Bystanders No More
    13. Campain
    14. CARE 
    15. Caritas Germany
    16. Caritas Internationalis
    17. Caritas Jerusalem
    18. Catholic Agency for Overseas Development (CAFOD)
    19. Center for Mind-Body Medicine (CMBM)
    20. CESVI Fondazione
    21. Children Not Numbers
    22. Christian Aid
    23. Churches for Middle East Peace (CMEP)
    24. CIDSE- International Family of Catholic Social Justice Organisations
    25. Cooperazione Internazionale Sud Sud (CISS)
    26. Council for Arab‑British Understanding (CAABU)
    27. DanChurchAid (DCA)
    28. Danish Refugee Council (DRC)
    29. Doctors against Genocide
    30. Episcopal Peace Fellowship
    31. EuroMed Rights
    32. Friends Committee on National Legislation (FCNL)
    33. Forum Ziviler Friedensdienst e.V.
    34. Gender Action for Peace and Security
    35. Global Legal Action Network (GLAN)
    36. Global Witness
    37. Health Workers 4 Palestine
    38. HelpAge International
    39. Humanity & Inclusion (HI)
    40. Humanity First UK
    41. Indiana Center for Middle East Peace
    42. Insight Insecurity
    43. International Media Support
    44. International NGO Safety Organisation
    45. Islamic Relief
    46. Jahalin Solidarity
    47. Japan International Volunteer Center (JVC)
    48. Kenya Association of Muslim Medical Professionals (KAMMP)
    49. Kvinna till Kvinna Foundation
    50. MedGlobal
    51. Medico International
    52. Medico International Switzerland (medico international schweiz)
    53. Medical Aid for Palestinians (MAP)
    54. Mennonite Central Committee (MCC)
    55. Médecins Sans Frontières (MSF)
    56. Médecins du Monde France
    57. Médecins du Monde Spain
    58. Médecins du Monde Switzerland
    59. Mercy Corps
    60. Middle East Children’s Alliance (MECA)
    61. Movement for Peace (MPDL)
    62. Muslim Aid
    63. National Justice and Peace Network in England and Wales
    64. Nonviolence International
    65. Norwegian Aid Committee (NORWAC)
    66. Norwegian Church Aid (NCA)
    67. Norwegian People’s Aid (NPA)
    68. Norwegian Refugee Council (NRC)
    69. Oxfam International
    70. Pax Christi England and Wales
    71. Pax Christi International
    72. Pax Christi Merseyside
    73. Pax Christi USA
    74. Pal Law Commission
    75. Palestinian American Medical Association
    76. Palestinian Children’s Relief Fund (PCRF)
    77. Palestinian Medical Relief Society (PMRS)
    78. Peace Direct
    79. Peace Winds
    80. Pediatricians for Palestine
    81. People in Need
    82. Plan International
    83. Première Urgence Internationale (PUI)
    84. Progettomondo
    85. Project HOPE
    86. Quaker Palestine Israel Network
    87. Rebuilding Alliance
    88. Saferworld
    89. Sabeel‑Kairos UK
    90. Save the Children (SCI)
    91. Scottish Catholic International Aid Fund
    92. Solidarités International
    93. Støtteforeningen Det Danske Hus i Palæstina
    94. Swiss Church Aid (HEKS/EPER)
    95. Terre des Hommes Italia
    96. Terre des Hommes Lausanne
    97. Terre des Hommes Nederland
    98. The Borgen Project
    99. The Center for Mind-Body Medicine (CMBM)
    100. The Glia Project
    101. The Global Centre for the Responsibility to Protect (GCR2P)
    102. The Institute for the Understanding of Anti‑Palestinian Racism
    103. Un Ponte Per (UPP)
    104. United Against Inhumanity (UAI)
    105. War Child Alliance
    106. War Child UK
    107. War on Want
    108. Weltfriedensdienst e.V.
    109. Welthungerhilfe (WHH)

     

    MIL OSI NGO –

  • MIL-OSI NGOs: As mass starvation spreads across Gaza, our colleagues and those we serve are wasting away

    Source: Amnesty International –

    As the Israeli government’s siege starves the people of Gaza, aid workers are now joining the same food lines, risking being shot just to feed their families. With supplies now totally depleted, humanitarian organisations are witnessing their own colleagues and partners waste away before their eyes.

    Exactly two months since the Israeli government-controlled scheme, the Gaza Humanitarian Foundation, began operating, 109 organisations are sounding the alarm, urging governments to act: open all land crossings; restore the full flow of food, clean water, medical supplies, shelter items, and fuel through a principled, UN-led mechanism; end the siege, and agree to a ceasefire now.

    “Each morning, the same question echoes across Gaza: will I eat today?” said one agency representative. 

    Each morning, the same question echoes across Gaza: will I eat today?

    Humanitarian agency representative in Gaza

    Massacres at food distribution sites in Gaza are occurring near-daily. As of July 13, the UN confirmed 875 Palestinians were killed while seeking food, 201 on aid routes and the rest at distribution points. Thousands more have been injured. Meanwhile, Israeli forces have forcibly displaced nearly two million exhausted Palestinians with the most recent mass displacement order issued on July 20, confining Palestinians to less than 12 per cent of Gaza. WFP warns that current conditions make operations untenable. The starvation of civilians as a method of warfare is a war crime. 

    Just outside Gaza, in warehouses – and even within Gaza itself – tons of food, clean water, medical supplies, shelter items and fuel sit untouched with humanitarian organisations blocked from accessing or delivering them. The Government of Israel’s restrictions, delays, and fragmentation under its total siege have created chaos, starvation, and death. An aid worker providing psychosocial support spoke of the devastating impact on children: “Children tell their parents they want to go to heaven, because at least heaven has food.” 

    Doctors report record rates of acute malnutrition, especially among children and older people. Illnesses like acute watery diarrhoea are spreading, markets are empty, waste is piling up, and adults are collapsing on the streets from hunger and dehydration. Distributions in Gaza average just 28 trucks a day, far from enough for over two million people, many of whom have gone weeks without assistance.

    The UN-led humanitarian system has not failed, it has been prevented from functioning. 

    Humanitarian agencies have the capacity and supplies to respond at scale. But, with access denied, we are blocked from reaching those in need, including our own exhausted and starved teams. On July 10, the EU and Israel announced steps to scale up aid. But these promises of ‘progress’ ring hollow when there is no real change on the ground. Every day without a sustained flow means more people dying of preventable illnesses. Children starve while waiting for promises that never arrive. 

    Palestinians are trapped in a cycle of hope and heartbreak, waiting for assistance and ceasefires, only to wake up to worsening conditions. It is not just physical torment, but psychological. Survival is dangled like a mirage. The humanitarian system cannot run on false promises. Humanitarians cannot operate on shifting timelines or wait for political commitments that fail to deliver access.

    Governments must stop waiting for permission to act. We cannot continue to hope that current arrangements will work. It is time to take decisive action: demand an immediate and permanent ceasefire; lift all bureaucratic and administrative restrictions; open all land crossings; ensure access to everyone in all of Gaza; reject military-controlled distribution models; restore a principled, UN-led humanitarian response and continue to fund principled and impartial humanitarian organisations. States must pursue concrete measures to end the siege, such as halting the transfer of weapons and ammunition. 

    Piecemeal arrangements and symbolic gestures, like airdrops or flawed aid deals, serve as a smokescreen for inaction. They cannot replace states’ legal and moral obligations to protect Palestinian civilians and ensure meaningful access at scale. States can and must save lives before there are none left to save.

    Signatories: 

    1. American Friends Service Committee (AFSC)
    2. A.M. Qattan Foundation
    3. A New Policy
    4. ACT Alliance
    5. Action Against Hunger (ACF)
    6. Action for Humanity
    7. ActionAid International
    8. American Baptist Churches Palestine Justice Network
    9. Amnesty International
    10. Asamblea de Cooperación por la Paz
    11. Associazione Cooperazione e Solidarietà (ACS)
    12. Bystanders No More
    13. Campain
    14. CARE 
    15. Caritas Germany
    16. Caritas Internationalis
    17. Caritas Jerusalem
    18. Catholic Agency for Overseas Development (CAFOD)
    19. Center for Mind-Body Medicine (CMBM)
    20. CESVI Fondazione
    21. Children Not Numbers
    22. Christian Aid
    23. Churches for Middle East Peace (CMEP)
    24. CIDSE- International Family of Catholic Social Justice Organisations
    25. Cooperazione Internazionale Sud Sud (CISS)
    26. Council for Arab‑British Understanding (CAABU)
    27. DanChurchAid (DCA)
    28. Danish Refugee Council (DRC)
    29. Doctors against Genocide
    30. Episcopal Peace Fellowship
    31. EuroMed Rights
    32. Friends Committee on National Legislation (FCNL)
    33. Forum Ziviler Friedensdienst e.V.
    34. Gender Action for Peace and Security
    35. Global Legal Action Network (GLAN)
    36. Global Witness
    37. Health Workers 4 Palestine
    38. HelpAge International
    39. Humanity & Inclusion (HI)
    40. Humanity First UK
    41. Indiana Center for Middle East Peace
    42. Insight Insecurity
    43. International Media Support
    44. International NGO Safety Organisation
    45. Islamic Relief
    46. Jahalin Solidarity
    47. Japan International Volunteer Center (JVC)
    48. Kenya Association of Muslim Medical Professionals (KAMMP)
    49. Kvinna till Kvinna Foundation
    50. MedGlobal
    51. Medico International
    52. Medico International Switzerland (medico international schweiz)
    53. Medical Aid for Palestinians (MAP)
    54. Mennonite Central Committee (MCC)
    55. Médecins Sans Frontières (MSF)
    56. Médecins du Monde France
    57. Médecins du Monde Spain
    58. Médecins du Monde Switzerland
    59. Mercy Corps
    60. Middle East Children’s Alliance (MECA)
    61. Movement for Peace (MPDL)
    62. Muslim Aid
    63. National Justice and Peace Network in England and Wales
    64. Nonviolence International
    65. Norwegian Aid Committee (NORWAC)
    66. Norwegian Church Aid (NCA)
    67. Norwegian People’s Aid (NPA)
    68. Norwegian Refugee Council (NRC)
    69. Oxfam International
    70. Pax Christi England and Wales
    71. Pax Christi International
    72. Pax Christi Merseyside
    73. Pax Christi USA
    74. Pal Law Commission
    75. Palestinian American Medical Association
    76. Palestinian Children’s Relief Fund (PCRF)
    77. Palestinian Medical Relief Society (PMRS)
    78. Peace Direct
    79. Peace Winds
    80. Pediatricians for Palestine
    81. People in Need
    82. Plan International
    83. Première Urgence Internationale (PUI)
    84. Progettomondo
    85. Project HOPE
    86. Quaker Palestine Israel Network
    87. Rebuilding Alliance
    88. Saferworld
    89. Sabeel‑Kairos UK
    90. Save the Children (SCI)
    91. Scottish Catholic International Aid Fund
    92. Solidarités International
    93. Støtteforeningen Det Danske Hus i Palæstina
    94. Swiss Church Aid (HEKS/EPER)
    95. Terre des Hommes Italia
    96. Terre des Hommes Lausanne
    97. Terre des Hommes Nederland
    98. The Borgen Project
    99. The Center for Mind-Body Medicine (CMBM)
    100. The Glia Project
    101. The Global Centre for the Responsibility to Protect (GCR2P)
    102. The Institute for the Understanding of Anti‑Palestinian Racism
    103. Un Ponte Per (UPP)
    104. United Against Inhumanity (UAI)
    105. War Child Alliance
    106. War Child UK
    107. War on Want
    108. Weltfriedensdienst e.V.
    109. Welthungerhilfe (WHH)

    MIL OSI NGO –

  • MIL-OSI Analysis: Calling university postgrad and undergrad students – apply to showcase your big ideas in Dubai

    Source: The Conversation – UK – By Matt Warren, Managing Director, Universal Impact, The Conversation

    Share your thoughts. Shutterstock

    We believe in the power of research to change the world for the better. But we also understand that research needs to be shared – effectively and accessibly – if it is to have its greatest impact.

    As the Conversation UK’s specialist communications subsidiary, Universal Impact’s mission is to enable researchers to communicate their work, in a targeted way, to a wide range of different audiences. Which is why we’re currently working with Prototypes for Humanity. This Dubai-based academic forum and event promotes innovative scientific solutions and enables international research collaboration.

    In April, we blogged about how the forum was seeking applicants for its Professors’ Programme. But applications to join this year’s Prototypes for Humanity annual gathering are now open to current university students on any undergraduate or postgraduate course – as well as graduates who completed their qualifications within the past two years.

    The key is that your work potentially offers a tangible solution to a real world problem.

    That’s you? Apply now…

    Participation is free and successful applicants will showcase their innovative solutions at the Jumeirah Emirates Towers, Dubai, from November 17 to 20, 2025. Flight and accommodation costs are covered by the organiser.

    There is also a US$100,000 prize fund to help the best projects roll out in the real world – and the opportunity to connect with a wide range of potential partners, funders and collaborators.

    The evaluation criteria are threefold, stating that the successful applicants will be able to show:

    Positive impact on people, communities or the planet: Whether addressing social issues, environmental concerns, or community development, demonstrating the project’s potential positive impact will be a crucial factor.

    Rigour of academic research: We are seeking projects that demonstrate a deep understanding of the challenges addressed, and the students’ ability to propose meaningful and innovative solutions through structured research.

    Application of technology: Innovative and effective use of technology (High-tech or Low-tech) is key, whether incorporating cutting-edge advancements or utilising simple yet efficient solutions.

    More than 2,700 entries landed in The Prototypes for Humanity programme’s inbox last year. And researchers from 800 universities, many members of The Conversation’s international network, applied.



    Read more:
    Prototypes for Humanity showcases solutions-based projects from universities around the world – in Dubai

    More than 100 projects were chosen to present at that event – and a similar number will be selected for this November’s showcase. The Conversation UK’s editor, Stephen Khan was at the 2024 event and blogged afterwards:

    For The Conversation, it was an introduction to some projects that I expect you’ll hear and read more about in our content in the months to come.

    While we rightly assess and explain events as they happen, delivering information about new research, and particularly innovative solutions that are born in the labs, studios and seminars of our partner universities is also a central element of our mission as we strive to be the comprehensive conveyor of academic knowledge.

    Indeed, two researchers who presented their work – on sustainable batteries – at the 2024 event recently featured on The Conversation Weekly’s award-winning podcast. We expect many more to write about their work for The Conversation down the line.



    Read more:
    What will batteries of the future be made of? Four scientists discuss the options – podcast

    You can submit research projects as an individual or group, or ask your professor to submit on your behalf. You can find the application link here and more information on the programme here. The deadline is July 31, 2025.

    Good luck.

    Universal Impact is a commercial subsidiary of The Conversation UK, offering specialist training, mentoring and research communication services and donating profits back to our parent charity. If you’re a researcher or research institution and you’re interested in working together, please get in touch – or subscribe to our weekly newsletter to find out more.

    – ref. Calling university postgrad and undergrad students – apply to showcase your big ideas in Dubai – https://theconversation.com/calling-university-postgrad-and-undergrad-students-apply-to-showcase-your-big-ideas-in-dubai-261706

    MIL OSI Analysis –

  • MIL-OSI United Kingdom: CMA proposes action to drive more competition on mobile platforms

    Source: United Kingdom – Government Statements

    Press release

    CMA proposes action to drive more competition on mobile platforms

    Measures designed to boost the UK’s app economy, unlocking global success and ensuring UK consumers aren’t left behind.

    The Competition and Markets Authority (CMA) is today proposing to designate Apple and Google with ‘strategic market status’ (SMS) in each of their mobile platforms and has published separate roadmaps of potential actions to improve competition.

    The UK app economy

    The UK has a vibrant app developer community, representing Europe’s largest app economy by revenue and app developer count. In total, the UK app economy generates an estimated 1.5% of the UK’s GDP and supports around 400,000 jobs here. App-led innovation has powered the success of strategically important sectors for the UK, like financial services and gaming. Fintech stands out, attracting over £18 billion in inward investment over the past 3 years. Meanwhile, gaming contributes £6 billion to the UK economy, with mobile gaming alone bringing in nearly £2 billion a year. UK developers are also behind many of the apps that make modern life work – helping millions of people work, shop, bank, travel, game, consume content and stay connected.

    UK mobile platforms

    Apple and Google’s mobile platforms hold an effective duopoly, with around 90 – 100% of UK mobile devices running on Apple or Google’s mobile platform. The CMA’s investigation has heard concerns affecting businesses and consumers in the UK. These differ across Apple and Google but include:

    • inconsistent and unpredictable app review processes can create uncertainty for developers, meaning delayed or failed launches
    • inconsistent app store search rankings may favour apps owned by the firms
    • up to 30% commission on some in-app purchases, as well as restrictions on developers ‘steering’ customers outside of their app stores, for example towards other ways to pay or subscribe, which could make some business models unviable, reduce consumer choice, and chill innovation
    • restrictions on developers’ access to features and functionality including between smartphones and wearable technology (such as smart watches) may be impeding innovation
    • ‘Choice architecture’ (like default settings, pre-installation, prominence, prompts, and friction) may favour the firms’ own services, limiting competition and genuine choice for users.

    It is essential the digital economy works well to power the success of businesses across the UK economy. More competition and choice will unlock opportunities for UK businesses to invest, innovate and grow, as well as allowing UK consumers to benefit from the latest innovations, high quality experiences and more choice.

    A proportionate, pro-innovation approach

    The UK’s new digital markets competition regime can help unlock opportunities for innovation and growth, by promoting competition in digital markets while protecting UK consumers and businesses from unfair or harmful practices. To support pace and provide greater predictability for Apple and Google and other market participants, the CMA has published roadmaps outlining how it would prioritise actions taken during the first half of any designation period. Measures outlined in the roadmaps focus on areas including:

    App stores

    • Ensuring a fair and transparent app review process and app store rankings to give UK app developers certainty
    • Allowing the ability to ‘steer’ users out of app stores, for example to make purchases. Potentially driving innovation and financial savings for developers

    Interoperability

    • Ensuring UK app developers have interoperable access to key Apple functionality to create innovative products and services
    • Addressing Apple restrictions on digital wallets to ensure UK FinTech can compete, and enabling connected devices like smartwatches and gaming headsets to seamlessly connect with smartphones

    Consumer choice

    • Ensuring consumers have a genuine choice over the services they use on their devices

    AI services

    • Exploring the factors likely to be important for the development of AI services like voice assistants on mobile devices to ensure a level playing field in this rapidly advancing sector

    Sarah Cardell, Chief Executive of the CMA, said:

    Apple and Google’s mobile platforms are both critical to the UK economy – playing an important role in all our lives, from banking and shopping to entertainment and education. But our investigation so far has identified opportunities for more innovation and choice.

    The targeted and proportionate actions we have set out today would enable UK app developers to remain at the forefront of global innovation while ensuring UK consumers receive a world-class experience. Time is of the essence: as competition agencies and courts globally take action in these markets, it’s essential the UK doesn’t fall behind.

    The CMA welcomes views on its proposed designation decisions and accompanying roadmaps. A final decision on both SMS designations will be made by 22 October 2025.

    More information about these investigations is available on the Apple and Google case pages.

    Read more on today’s announcement in this blog.

    Notes to editors

    1. On 23 January 2025 the CMA launched two separate SMS investigations – one into Apple and another into Google – to assess these firms’ position in their respective ‘mobile ecosystems.’ The investigations are exploring the impact on people who use mobile devices and the businesses developing services or content for these devices. The CMA is today publishing proposed decision reports and roadmaps as part of these parallel investigations.
    2. The CMA will be consulting with affected businesses and consumer groups widely over the coming months. The CMA expects to begin consulting on a first set of priority interventions from shortly after any designation decision and will publish an updated roadmap addressing our approach to the more complex issues the CMA has identified in the first half of 2026.
    3. The issues covered by the proposed designations are being scrutinised around the world and the CMA recognises that any proposed action taken must fit with decisions being taken elsewhere.
    4. In line with the CMA’s prioritisation principles and the strategic steer from government, the CMA’s roadmaps consider targeted measures where it can make a difference in the UK, and which fit with steps taken, or proposed, in other jurisdictions such as the EU and US.
    5. A finding that Google/Apple has SMS does not imply that it has acted anti-competitively. If the CMA designates Google and/or Apple as having SMS, it would then be able (subject to a legal framework that includes further public consultation and showing that measures are proportionate) to introduce interventions (including as set out in the roadmap) to unlock competition, increase innovation, and protect consumers.
    6. FinTech figures from: Innovate Finance FinTech Investment Landscape reports
    7. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.

    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Jobs unlocked as first wave of hydrogen projects sign contracts

    Source: United Kingdom – Government Statements

    Press release

    Jobs unlocked as first wave of hydrogen projects sign contracts

    10 projects from the first phase of the government’s flagship hydrogen programme can begin construction.

    • Spades in the ground as 10 of the UK’s first commercial-scale green hydrogen projects sign contracts, boosting growth as part of Plan for Change
    • homegrown, green hydrogen to fuel range of British business and industry with clean power, from tissue manufacturing and waste disposal to breweries and bus services
    • projects to unlock more than 700 good jobs across Britain in the clean energy industries of the future, while delivering on clean energy mission and industrial strategy

    Skilled jobs will be created in Britain’s industrial heartlands, as the first commercial-scale green hydrogen projects in the country sign long-term contracts to fuel heavy industry with clean, homegrown energy. 

    In an update to the hydrogen market, the government has confirmed that 10 projects from the first phase of its flagship hydrogen programme – Hydrogen Allocation Round (HAR1) – can begin construction, supporting the government’s mission to become a clean energy superpower.   

    This means spades can now enter the ground across the country in a major boost to the UK’s hydrogen industry, creating highly skilled jobs in industrial cities and regions such as South Wales, Bradford (North West), North Scotland and Teesside (North East).  

    These projects will support British industry to move away from using fossil fuels towards domestically-produced low-carbon hydrogen, reducing emissions heavy industry – such as steel, glass and heavy transport – ensuring decarbonisation is a route to reindustrialisation. 

    The HyMarnham project in Newark, Nottinghamshire has already started construction. The project is transforming the old High Marnham coal-fired power station into a clean energy hub by using hydrogen to decarbonise waste disposal operations.  

    Cromarty Hydrogen Project in Northeast Scotland is another of the 10 projects. The project’s 3 5MW electrolysers – which use electricity to split water into hydrogen and oxygen – will power local industrial users, including distilleries. 

    Taken together, the projects are expected to create over 700 jobs, including roles for apprentices, graduates, pipefitters and engineers. They are also expected to bring in over £400 million of private capital investment which has been committed between 2024 and 2026 – driving economic growth and British innovation through the Plan for Change. 

    The update comes as Andrex and Kleenex producer Kimberly-Clark announces that it will be the first major consumer goods company in the UK to make a significant commitment to green hydrogen. Kimberly-Clark, together with energy partners HYRO, Carlton Power, and Schroders Greencoat, will invest a combined £125 million into HAR1 projects at two plants in Barrow-in-Furness, Cumbria and Northfleet, Kent.

    Minister for Industry, Sarah Jones, said: 

    This government is rolling out hydrogen out at scale for the first time, with 10 of the first projects now shovel-ready to start powering businesses with clean, homegrown energy from Teesside to Devon.  

    Hydrogen will help us cut industrial emissions and support Britain’s industrial renewal by creating thousands of jobs in our industrial heartlands as part of the Plan for Change. 

    Neil McDermott, Chief Executive of Low Carbon Contracts Company (LCCC), said: 

    LCCC is proud to have signed the UK’s first Low Carbon Hydrogen Agreements, supporting the development of projects under the Hydrogen Production Business Model.  

    These agreements provide revenue stability for producers, and a clear signal that low-carbon hydrogen has a key role to play in the UK’s future energy system.  

    We look forward to working closely with project developers to bring these projects into operation.

    Dan Howell, Managing Director at Kimberly-Clark UK & Ireland said:  

    We are delighted to be the first UK consumer goods manufacturer to really embrace green hydrogen, showing that manufacturing industries can take the lead and overcome the technical challenge and adopt green hydrogen at scale. This initiative builds on the investments and progress we’ve already made with innovative technologies for our business, our consumers and our customers.

    Today’s announcement follows the Spending Review which saw an extra £500 million confirmed for the first ever hydrogen transport and storage network as part of Britain’s industrial renewal, connecting hydrogen producers with vital end users, including power stations and industry for the first time. 

    The government has also announced that it will consult on transmission-level hydrogen blending – assessing the economic and technical feasibility for hydrogen to be blended into the networks that are the backbone of Britain’s gas system, before it is safely transported into homes and businesses. 

    Hydrogen transmission blending has the potential to reduce costs for hydrogen production projects and the wider energy system, and the consultation will also gather evidence to assess whether hydrogen blending could lower consumers’ energy bills. 

    Clare Jackson, CEO of Hydrogen UK, said:  

    Signing these contracts demonstrates the confidence and commitment of both the government and industry in building a sustainable hydrogen sector.   

    Our members are at the forefront of this transition, and their projects will play a vital role in meeting the UK’s net-zero targets while driving economic growth and job creation.

    Dr Emma Guthrie, CEO of the Hydrogen Energy Association, said:  

    This announcement marks a significant and encouraging milestone for the UK’s hydrogen sector.   

    The signing of contracts for 10 projects under HAR1 provides vital momentum and confidence for industry and investors alike.   

    We look forward to seeing these projects move into the next phase, helping to scale up the UK’s low carbon hydrogen economy.

    Pierre de Raphélis-Soissan, CEO of Hynamics UK who are developing the Tees Green Hydrogen project, said:  

    We are delighted that Tees Green Hydrogen has successfully signed a contract as part of the Hydrogen Allocation Round.   

    We are committed to advancing low carbon hydrogen solutions that not only support the UK’s energy transition but also contribute to a sustainable future for our communities.   

    This achievement marks a significant milestone in the journey towards industrial decarbonisation within the Tees Valley region.

    Gareth Mills and Kevin Selleslags, on behalf of Bradford Low Carbon Hydrogen (BLCH) said: 

    Signing our contract to take the largest HAR 1 project forward is a significant step.  

    Thanks to the government’s investment, we’re able to continue to progress our plans to transform Birkshall from a former fossil fuel gas site powering Bradford’s homes and businesses to a flagship low carbon hydrogen production facility and fuelling station.  

    The scheme will not only help the area decarbonise with cleaner fuel but will vitally create around £120 million and support 125 jobs in the regional economy.

    Alistair Collins, Director at HyMarnham Power, said:   

    As one of the first HAR1 projects now commissioning electrolyser systems, we’re proud to demonstrate what government support can unlock, real infrastructure, green hydrogen production and a tangible contribution to the UK’s net zero and energy security goals.

    Lucy Whitford, RES’ Managing Director, UK&I, said:  

    Green hydrogen, created using British low carbon energy, will revolutionise how we power industry, helping the UK to build a globally competitive, zero carbon economy in the process.  

    We are proud of the success of HYRO’s Northfleet project, which will show how we can make green hydrogen a reality.

    Notes to editors

    HAR1 projects are expected to access over £2 billion over 15 years in revenue support from the Hydrogen Production Business Model and over £90 million in capital expenditure support via the Net Zero Hydrogen Fund. 

    Further details of the 10 projects which have signed to HAR1 are detailed in the table below, with contracts available on the LCCC registry. 

    Government is working collaboratively with the project developer of the final HAR1 project to ensure they are ready to sign the Low Carbon Hydrogen Agreement as soon as possible. 

    See the transmission blending consultation.

    Project name Developer Constituency Summary
    Cromarty Hydrogen Project Scottish Power & Storegga Caithness, Sutherland and Easter Ross Cromarty Green Hydrogen Project is located in northeast Scotland and is being developed by Scottish Power and Storegga. The project will use electricity from nearby wind farms produce hydrogen that could be sold to local industrial offtakers, including distilleries.
    Bradford Low Carbon Hygen Bradford East Bradford Low Carbon Hydrogen is located within the city centre of Bradford, Yorkshire and is being developed by Hygen in partnership with Ryze. The project will use renewable electricity to produce hydrogen for use in a range of offtakers in the mobility sector. JCB and Wrightbus are key potential customers.
    West Wales Hydrogen Project Morgen & Trafigura Mid and South Pembrokeshire West Wales Hydrogen Project is located in Milford Haven, West Wales, and is being developed by MorGen and Trafigura. The project will produce hydrogen could be sold to local industrial offtakers including Natural Gas facilities to decarbonise their operations.
    High Marnham JG Pears & GeoPura Newark HyMarnham is located on the site of an old coal power station in the East Midlands and is being developed by JG Pears and GeoPura. Hydrogen produced is expected to be used by GeoPura to supply their remote power generation units and by JG Pears as part of their waste disposal operations.
    Whitelee Green Hydrogen Scottish Power Kilmarnock and Loudoun Whitelee Green Hydrogen is located in central Scotland, 14 miles south of Glasgow and is being developed by Scottish Power. The project will use electricity from Whitelee Wind Farm to produce hydrogen to be sold to local distilleries and transportation companies to decarbonise their operations.
    Green Hydrogen 3 HYRO Gravesham Green Hydrogen 3 is located in Northfleet, South east, and is developed by HYRO. Electricity will be sourced through a renewable Power Purchase Agreement and aims to be used to produce hydrogen for use in a paper mill to power industrial boilers.
    Trafford Carlton Power Stretford and Urmston (Greater Manchester) Trafford Hydrogen Project is located in Trafford, Manchester and is being developed by Carlton Power. The project will produce hydrogen to be sold to a range of local industrial offtakers.
    Barrow   Barrow-in-Furness (Cumbria) Barrow Hydrogen is located in Cumbria and is being developed by Carlton Power. The project could provide low carbon hydrogen to the neighbouring Kimberly Clark tissue manufacturing site.
    Langage   South West Devon (Plymouth) Langage green hydrogen is located in Plymouth and is being developed by Carlton Power. The project will supply hydrogen to companies located in Langage Energy Park which could utilise Hydrogen in place of gas in industrial processes such as minerals processing.
    Tees Green EDF/Hynamics Redcar (Teesside) The Tees Green hydrogen project is located in Teeside. Low carbon hydrogen will be produced from electricity generated in the Teesside Offshore Wind Farm for use in the production of Sustainable Aviation Fuel, helping decarbonise the aviation industry in the future.

    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Moscow Metro – Time for new technologies! Testing neural voice in audio messages in the Moscow metro.

    Source: Moscow Metro

    Time for new technologies! Testing neural voice in audio messages in the Moscow metro.

    Time for new technologies! Testing neural voice in audio messages in the Moscow metro. – Московское метро тестирует нейроголос в аудиосообщениях.

    We are gradually introducing artificial intelligence into the capital’s transport system. For example, since the beginning of the year, a neural network has been helping Alexandera’s chatbot answer your questions. Now, as part of a pilot project, AI will assist announcers in the Moscow metro.

    As Maksim Liksutov explained, audio announcements are one of the most important ways to communicate with passengers. Sometimes something changes in metro operations: an escalator is closed for repair or trains follow a different route. Each situation requires a prompt announcement. Neural voice will help solve this task in minutes.

    Moreover, the required audio file can be created remotely. Specialists only need to:

    Prepare the text.

    Upload it to the program.

    Adjust the voice — choose the timbre, intonation, and pause length. By the way, AI was trained on real recordings of metro announcers.

    We will test neural voice on the Line 1, which has many transfers to the MCC, MCD, other metro lines, car and railway stations. Also, Komsomolskaya station is located here — the leader in the number of transport infrastructure objects announced by announcers.

    «Voices in neural processing allow creating prompt audio announcements in the unified style of Moscow Transport. After the pilot launch of the technology on the Line 1, we will decide on its further use in the metro and beyond. We will also consider passengers’ wishes. We continue to implement the most modern digital services, as instructed by Moscow Mayor Sergey Sobyanin», — said Maksim Liksutov.

    MIL OSI Russia News –

  • MIL-OSI Europe: Press statement by President António Costa following the 30th EU–Japan summit 2025

    Source: Council of the European Union

    European Council President António Costa took part in to the 30th EU–Japan summit 2025. In his press statement following the plenary session, he emphasised the importance of strengthening EU-Japan relations, in particular in security and defence, multilateralism, and in trade and economic security.

    MIL OSI Europe News –