Category: Economy

  • MIL-OSI USA News: WHAT THEY ARE SAYING: Senate Approves Landmark One Big Beautiful Bill

    Source: US Whitehouse

    The Senate delivered a resounding victory for American workers, farmers, and small businesses by passing President Donald J. Trump’s One Big Beautiful Bill — a transformative legislative package that locks in historic tax relief, delivers border security, reforms welfare, funds critical infrastructure, and more.

    Industry leaders and stakeholders nationwide hailed the Senate’s vote and called on the House to swiftly send the bill to President Trump’s desk:

    Airlines for America: “We are grateful that the Senate understands the urgent need to overhaul our nation’s air traffic control (ATC) system and included $12.5 billion in their reconciliation package for that cause. This is an important first step as Secretary Duffy works to implement President Trump’s vision of a brand new, state-of-the-art system. We especially appreciate Commerce Committee Chairman Ted Cruz for his long-time dedication to the safety and efficiency of our nation’s airspace. We urge the House of Representatives to quickly pass this legislation so President Trump can sign the One Big Beautiful Bill into law, begin the work of upgrading our ATC system and revitalize our airspace.”

    America’s Credit Unions President and CEO Jim Nussle: “We thank the U.S. Senate for securing the credit union not-for-profit tax status and not adding a new tax on 142 million credit union members as part of H.R. 1. Hard working Americans and their communities rely on the competitive rates and personally tailored services offered by credit unions to achieve their American Dream. By preserving the credit union tax status, it provides consumers across the country with more opportunities to achieve financial freedom.”

    American Airlines: “American Airlines strongly supports the much-needed funding to bolster and modernize our air traffic control system in the Senate reconciliation bill. In addition to staffing challenges, the U.S. air traffic control system’s technology and infrastructure have fallen behind much of the world. As President Trump and Secretary Duffy urgently work to build a state-of-the-art air traffic control system, this down payment is an essential first step in making aviation even safer and more efficient. The reconciliation bill also extends other key pro-growth tax policies that provide businesses with the necessary certainty to continue driving the economy. We urge the House to move swiftly and pass the bill.”

    American Farm Bureau Federation President Zippy Duvall: “Farm Bureau applauds the U.S. Senate for passing the reconciliation package. Farmers and ranchers are the foundation of America’s food supply chain, and they need the certainty that this legislation will provide. Improvements to farm safety net programs that reflect today’s agricultural economy and maintaining important tax provisions will directly benefit farm and ranch families … Important tax provisions will also help farmers save money that can be used to pay bills, invest in new technologies, and pass the family farm to the next generation. We now urge the House to pass the bill and get it to the president’s desk for his signature to ensure America’s farmers and ranchers can continue putting food on the table for America’s families.”

    American Federation for Children CEO Tommy Schultz: “The mission is clear: deliver school choice to every state in America. Today’s vote marks a monumental step toward that goal for the first time in history … We are eager to see President Trump sign school choice into law!”

    American Hotel & Lodging Association President and CEO Rosanna Maietta: “AHLA applauds the Senate’s swift action today to prevent major tax increases on both hotel employees and businesses. The tax provisions included in the Senate bill provide small business hotel owners with the level of certainty they need to effectively operate amidst tremendous uncertainty resulting from years of inflation, trade impacts, and a softening of demand within the broader travel sector. We commend Majority Leader Thune, Senator Crapo, and other Senate champions for securing passage. We urge Congress to swiftly get this package to the President’s desk for his signature to help put businesses back on a pro-growth footing.” 

    American Iron and Steel Institute President and CEO Kevin Dempsey: “Capital investment is crucial for economic growth and job creation in the American steel industry and the manufacturing sector as a whole. Many of the key capital cost recovery provisions of the 2017 tax law have expired or are being phased out. Restoring these provisions is essential to ensuring that many companies will be able to make new investments in steel-intensive facilities and machinery. We applaud Senate passage of this legislation which will permanently restore key provisions that have a proven record of fueling innovation and economic growth, including 100 percent bonus depreciation for business investment, immediate expensing for domestic research and development expenses and the EBITDA-based limitation on business net interest deductions. We urge the House to pass this bill and send it to President Trump this week so that he can sign it into law as soon as possible.”

    American Petroleum Institute President and CEO Mike Sommers: “We applaud the Senate for passing the One Big Beautiful Bill to bolster America’s energy advantage and support economic growth. This historic legislation will help usher in a new era of energy dominance by unlocking opportunities for investment, opening lease sales and expanding access to oil and natural gas development. We will continue to work with policymakers to get this final package to President Trump’s desk.”

    American Soybean Association President Caleb Ragland: “ASA applauds the Senate for its support of agriculture and the farm economy in this legislation. Soybean growers have long championed comprehensive revisions to the 45Z Clean Fuel Production Credit, an improved safety net for agriculture, and increased support for research and market expansion. The modified biofuel tax credits, enhancements to crop insurance and support for MAP and FMD, among other agriculture provisions included in this legislation will support U.S. farmers and expand market opportunities domestically. ASA urges the House to maintain these key agricultural provisions that support our rural economies as they consider this legislation.”

    American Trucking Association SVP of Legislative Affairs Henry Hanscom: “The American Trucking Associations is grateful to Senate Republicans for their hard work to craft a package that will guarantee tax certainty for our nation’s trucking companies. Trucking is the backbone of our economy, employing over 8.5 million Americans in companies that range in size from one-truck operators and small family businesses to enterprise carriers.  Enacting pro-business, pro-growth tax policies will ensure that all of those companies are able to better plan for the future, invest in their workforce and equipment, and move freight safely and efficiently.  As the industry that moves 72% of America’s freight by tonnage, and that is the sole source of freight services for more than 80% of American communities, ATA looks forward to President Trump signing this measure into law as soon as possible.”

    Americans for Prosperity Chief Government Affairs Officer Brent Gardner: “We are so close to delivering a generational win to Americans by making pro-growth tax policy permanent. When we pass this bill, job creators and families will have the certainty they need to invest in their businesses and futures, reigniting the American Dream. We are encouraged by the thoughtful and productive discussions that have brought this legislation back to the House and urge members to pass it expeditiously to ensure that Americans start reaping the benefits of this transformative legislation as soon as possible … It’s time to get this bill to the Oval Office for President Trump’s signature. We’re at the goal line, it’s time to punch it in. Let’s fulfill all those campaign promises and secure this victory for hardworking American taxpayers.”

    Associated Builders and Contractors VP of Government Affairs Kristen Swearingen: “Tax certainty and pro-growth policies are not abstract policy goals for construction businesses—they are the foundation that allows ABC members to invest, grow and keep America building. We thank the Senate for passing this important legislation and urge the U.S. House of Representative to take swift action to send it to the president’s desk.”

    Associated Equipment Distributors President and CEO Brian P. McGuire: “By permanently extending and restoring pro-growth, capital investment incentivizing tax policies, the Senate is ensuring long-term tax code certainty that will benefit the equipment sector and the broader economy. AED applauds Senate Majority Leader John Thune and his team for heeding our call for tax permanence, and we urge the House to pass this legislation and send it to the president’s desk expeditiously.”

    Association of Equipment Manufacturers SVP of Government and Industry Relations Kip Eideberg: “The Association of Equipment Manufacturers applauds the U.S. Senate’s passage of the One Big Beautiful Bill (OBBB) Act — a historic bill that will strengthen U.S. manufacturing, providing the certainty in the tax code necessary for equipment manufacturers to innovate, invest, and create more family-sustaining jobs right here in America. By extending and expanding the tax reforms from 2017, the OBBB will help equipment manufacturers build more in America, while also bolstering our global competitiveness. We commend Leader Thune for his leadership and commitment to ensuring the permanence of President Trump’s pro-growth tax reforms, and applaud the lawmakers involved in driving this effort forward. We urge the U.S. House of Representatives to act swiftly and send the bill to President Trump’s desk.”

    Business Roundtable CEO Joshua Bolten: “Today’s vote puts us on the cusp of extending and strengthening tax reform. Business Roundtable applauds the Senate for passing the One Big Beautiful Bill … The House now has the opportunity to send a swift, decisive signal that America will remain a premier destination for business to invest, hire, and grow. We urge the House to act without delay and send the bill to President Trump’s desk by the Fourth of July.”

    Center for Transportation Policy Executive Director Jackson Shedelbower: “… it’s clear that lawmakers are united in an effort to modernize the country’s aging air traffic control systems. The $12.5 billion that is appropriated in both versions of the package will be a strong down payment towards ensuring that the U.S. maintains its reputation as a global leader in air travel. Lawmakers need to work out the remainder of their differences so the legislation can be swiftly pushed over the finish line.”

    CTIA—The Wireless Association President and CEO Ajit Pai: “CTIA applauds the Senate for passing the One Big Beautiful Bill, which includes a solid spectrum pipeline and smart tax provisions to support wireless investment. Along with restoring FCC auction authority, establishing a robust 800-megahertz pipeline of mid-band spectrum with a specific timeframe for action is critical to meeting growing consumer demand, securing U.S. leadership in 5G, and strengthening national and economic security.  The bill’s targeted tax incentives will accelerate private investment in next-generation networks and support infrastructure deployment, job creation, and economic growth across the country. We thank Senate leadership, including Senate Majority Leader John Thune, Senate Commerce Committee Chairman Ted Cruz, and Senator Marsha Blackburn for their commitment to securing America’s wireless future, and we urge swift action to pass this legislation so President Trump can sign it into law.”

    Concerned Veterans for America Executive Director John Vick: “This legislation represents a win for American families, small businesses, and veterans across the country―groups that form the backbone of a thriving and resilient nation. This is a monumental moment for Americans who believe in hard work, opportunity, and service. The One Big Beautiful Bill Act sets the stage for lasting prosperity and a stronger future for those who have sacrificed the most.”

    Global Business Alliance President and CEO Jonathan Samford: “I applaud Chairman Mike Crapo, Leader John Thune and their Senate colleagues for advancing international tax policies that keep the U.S. the top destination for global investment. These provisions will help sustain American jobs, drive innovation, and reinforce a stable tax environment that attracts cross-border capital and world-class know-how. I urge swift House action and final passage of this One Big Beautiful Bill Act in order to secure America’s competitive edge.”

    Iowa Biodiesel Board Executive Director Grant Kimberley: “These improvements to the biomass-based diesel tax incentive come at a pivotal moment for the industry, which has seen months of uncertainty, stalled production and investment hesitation. Together with EPA’s proposed increase in Renewable Fuel Standard volumes—projecting more than 2 billion additional gallons of biomass-based diesel in 2026—the tax developments point to a significant resurgence in clean fuel demand. This gives us much-needed certainty for the near future.”

    Information Technology Industry Council President and CEO Jason Oxman: “The One Big Beautiful Bill will advance President Trump’s vision of ensuring America outpaces global competitors and remains the world’s leader in technology. We’re pleased to see the Senate pass the reconciliation text with strong innovation-focused language that will empower companies to invest in America by restoring critical research and development expensing and stimulate economic growth and high-skilled job creation. We urge the House of Representatives to send this critical package to President Trump as quickly as possible.”

    Job Creators Network CEO Alfredo Ortiz: “By passing this tax cut bill, Republican Senators show once again that they are the party of Main Street. By expanding and making permanent the Tax Cuts and Jobs Act, including restoring full, immediate expensing, the Senate has delivered historic, pro-growth reform that can last for generations. These tax cuts empower small business owners to invest, hire, raise wages, and reinvest in their communities, ushering in America’s next Golden Age. On behalf of Main Street, JCN calls on the House to quickly pass this legislation and get it to President Trump’s desk by July 4, giving America the best birthday present it could ask for.”

    National Association of Home Builders Chairman Buddy Hughes: “NAHB commends the Senate for passing the One Big Beautiful Bill Act. This legislation will help spur economic growth and allow our members to invest more resources in multifamily rental construction, land development to build more single-family homes, and new equipment to expand their businesses. In turn, this will create a better business climate that allows builders to increase the nation’s housing supply, which is crucial to help ease America’s housing affordability crisis. We urge the House to move quickly to pass this bill.”

    National Association of Manufacturers President and CEO Jay Timmons: “The Senate just pushed the ball deep into the red zone. Now it’s the House’s turn to finish the drive and deliver a big win for manufacturers in America. The Senate advanced a tax package that will strengthen small businesses, family-owned operations and manufacturing workers across the country. It drives manufacturers closer to the goal line—growing businesses, creating jobs and powering stronger communities. After months of driving, months of endurance and effort, months of playing audacious offense and tenacious defense, months of partnership between manufacturers of every industry and our leaders in Congress and the administration, the House now can finish the job. We call on our partners in the House to send this bill to the president’s desk—the strongest tax bill for manufacturers we have seen in a generation. Because when Congress champions the 13 million people who make things in America, manufacturing wins—and when manufacturing wins, America wins.”

    National Business Aviation Association President and CEO Ed Bolen: “We thank the Senate for recognizing with this initial funding that a safe and efficient national airspace requires a robust, resilient ATC system that bolsters our nation’s global aviation leadership. As leading economists have found, immediate expensing helps companies and entrepreneurs relying on business aviation have access to a critical competitive asset, while strengthening America’s manufacturing base. These provisions represent an important investment in an essential American industry, and the citizens, companies and communities that depend on it. NBAA looks forward to their continued progress.”

    National Cattlemen’s Beef Association SVP of Government Affairs Ethan Lane: “The Senate version of the One Big Beautiful Bill protects family farmers and ranchers across the country from a massive tax hike at the end of the year, increases the Death Tax exemption, makes the Section 199A tax deduction permanent, increases the Section 179 tax deduction, funds foreign animal disease prevention programs, and delivers so many more wins for cattle producers … It’s time for the House to pass this bill and send it to President Trump’s desk so he can sign it into law.”

    National Corn Growers Association President Kenneth Hartman, Jr.: “NCGA has worked closely with members of Congress as they drafted and voted on this legislation. We are particularly pleased to see the permanent extension of certain tax provisions, which will provide more certainty to corn farmers around the country as they plan for the future of their businesses.”

    National Cotton Council Chairman Patrick Johnson: “The NCC appreciates the momentous effort that has gone into crafting and passing the One Big Beautiful Bill. We are grateful for the Senate’s commitment to delivering meaningful enhancements to the cotton safety net, which is absolutely critical for the stability and future of our industry.”

    National Council of Farmer Cooperatives President and CEO Chuck Conner: “We commend the Senate for advancing permanent tax relief through the extension of Section 199A, a key priority for farmer co-ops that ensures they are not penalized for doing business together. Equally important are the provisions extending Section 179 expensing and the clean fuel production credit under Section 45Z, which provide producers and co-ops with the incentives and tools they need to innovate, invest, and lead the transition to a more sustainable agricultural future. We also appreciate the Senate’s attention to the needs of production agriculture by updating reference prices and commodity title support to reflect today’s economic realities. Combined with a significant increase in funding for market development programs, these provisions will help producers reach new markets and stay competitive amid global uncertainty. Now, it’s time for the House of Representatives to act. We urge lawmakers to take up the Senate package without delay and send it to the president’s desk before the July 4th recess. America’s farmers can’t afford to wait.”

    National Council of Textile Organizations President and CEO Kim Glas: “On behalf of the U.S. textile industry, I would like to commend Senate leaders for including an important provision in the broader budget reconciliation bill that would permanently end de minimis for commercial shipments from all countries, effective July 2027. The Senate language mirrors a provision included in the House reconciliation package passed earlier in May … We are also grateful that the Trump administration has already used executive authorities to end de minimis access for Chinese goods—which represent approximately two-thirds of all de minimis shipments—while also laying the groundwork to close de minimis to commercial shipments from all countries.”

    National Foreign Trade Council VP for International Tax Policy Anne Gordon: “We welcome Senate passage of the One Big Beautiful Bill … We welcome the Senate’s decision to retain core international and business provisions of the Tax Cuts and Jobs Act in its version of the bill, as well as including permanent immediate expensing of research and development and reinstating depreciation and amortization in the interest deduction limitation. We are also pleased to see the Senate make permanent the look-through for controlled foreign corporations and provide other long-needed international tax fixes for U.S. corporations. As the House considers the revised bill, we encourage swift consideration and passage of tax legislation that incentivizes investment, innovation, and global opportunity for America’s job creators.”

    National Milk Producers Federation President Gregg Doud: “Dairy farmers are grateful for legislation that will create several key opportunities for dairy. Following last month’s successful vote in the House, we are excited that the Senate’s legislation also positions these investments to benefit dairy farmers and the cooperatives they own. We hope they are enacted into law as swiftly as possible.”

    National Mining Association President and CEO Rich Nolan: “We urge the House to quickly pass this bill, which increases the competitiveness of the American mining industry and provides vital incentives, including funding to counter China’s mineral dominance. The bill also makes improperly withdrawn lands available for energy production, which is key to supplying a reliable electric grid capable of powering our nation’s future. Through these measures, the bill will directly support U.S. economic growth and security. Mining feeds and fuels virtually every American supply chain; a strong mining industry creates an equally strong foundation for every industry that depends on the products and energy we provide. More can be done, and the NMA will continue to advocate with Congress and the administration on ways to support additional domestic mining, and mineral production and processing.”

    National Pork Producers Council President Duane Stateler: “We appreciate the efforts of Agriculture Chair John Boozman and other Senate leadership to ensure key animal health provisions were included in the bill, along with tax and other measures important to agriculture. Foreign animal diseases (FADs) threaten not only the livelihoods of pork producers but also our food supply chain at large. We thank our congressional leaders for these important steps to help keep our pork supplies safe, secure, and affordable for American families.”

    National Restaurant Association EVP for Public Affairs Sean Kennedy: “This bill includes the most important pro-growth tax policies restaurant operators need to continue to power the national economy. The inclusion of permanent policies for 199A qualified business income deduction, full expensing of capital investments, and the return of depreciation and amortization in the calculation of business interest expense will give restaurant operators working capital to invest in their businesses and employees. We are also pleased to see the inclusion of policies like No Tax on Tips and Overtime that will benefit our workforce. We appreciate the work that has gone into getting this bill through the Senate and encourage the House to quickly pass it, sending it to the President for signature.”

    National Roofing Contractors Association CEO McKay Daniels: “This legislation is critical to providing certainty for all businesses to continue to invest in their employees and grow their companies. In particular, the bill is a huge win for ‘main street,’ family-owned and pass-through entities that represent 95% of all U.S. businesses and employ the majority of private-sector workers. Without passage of this legislation, our industry will face rising tax burdens and diminished global competitiveness. Congress must act now to secure a stable future for America’s job creators.”

    National Small Business Association President and CEO Todd McCracken: “NSBA applauds the Senate for passing H.R. 1, the One Big Beautiful Bill Act which includes NSBA’s #1 priority, permanency for the small-business tax rate cut in the form of the 199A Qualified Business Income deduction. Enacting this provision and several others—including reversing a very problematic change to the R&D tax deduction—is a major win for small business. As our nation celebrates Independence Day, I urge the House to pass the language approved in the Senate and give America’s small businesses the freedom and independence they need and deserve to keep their businesses thriving.”

    National Sorghum Producers Chair Amy France: “These are critical improvements that will help sorghum producers manage risk, plan for the future, and stay competitive. We’re grateful to Chairman Boozman and other leaders in the Senate Ag Committee who ensured these priorities were part of the final bill.”

    Nuclear Energy Institute President and CEO Maria Korsnick: “We applaud the U.S. Senate for advancing policies that recognize the important role of nuclear energy to achieve a reliable, affordable and increasingly clean energy system. The Senate version of the budget reconciliation bill restores the nuclear power production tax credit through 2032, and the tax credits for new nuclear generation through 2033, with transferability retained for both. The Senate version also preserves the viability of the Loan Program Office by extending the program’s authority and funding from 2026 to 2028, although the appropriation of $1B is less than available under current law. Maintaining the tax provisions in the Senate bill will continue to address economic hurdles and provide confidence to invest in today’s nuclear plants, while securing long-term, well-paying jobs. Further the bill allows us to continue down the path to achieve the Administration’s ambitious goals for deploying new, cutting-edge nuclear technologies that will meet the growing demand for more reliable energy.”

    Philanthropy Roundtable COO Elizabeth McGuigan: “Now more than ever, we need a strong, vibrant civil society. Government spending is shrinking – which is a good thing – and generous Americans are ready and willing to support causes and communities around the country. We’re especially grateful for the leadership of President Donald J. Trump, whose pro-growth, pro-America agenda continues to inspire strong economic stewardship. We encourage the House to pass the Senate bill quickly and without changes.”

    RATE Coalition Executive Director Dan Combs: “Today’s vote is a major win for workers, businesses, and the American economy as a whole. By preserving the 21 percent corporate tax rate, the Senate has reaffirmed its commitment to a competitive tax code that drives investment, fuels job growth, and ensures the U.S. remains the best country in the world to start and grow a business.  We applaud this strong, pro-growth action and urge lawmakers to expeditiously finalize the legislation and send it to President Trump’s desk without delay.”

    Small Business & Entrepreneurship Council President and CEO Karen Kerrigan: “We commend Republican Senate leaders for their tireless work in getting the ‘One Big Beautiful Bill Act’ to this critical stage for America’s small business owners and entrepreneurs. Their commitment to advancing this powerful package shows incredible dedication to the success of Main Street businesses across the country and to the future of U.S. entrepreneurship. Now, House members must focus on the widespread gains in the legislation for the U.S. economy, workers, families, and small business owners. We urge the House to promptly pass the bill so it can be signed by President Trump.”

    Steel Manufacturers Association: “Congratulations to the @SenateGOP for passing H.R. 1! The bill will make historic investments in Americans, our workers, our communities and our economy will all benefit.”

    The LIBRE Initiative President Daniel Garza: “We commend the Senate for passing H.R. 1 to make the Trump tax cuts permanent—measures that have proven to deliver real benefits to hardworking families, job creators, and entrepreneurs across the country. For Latinos—who are starting businesses at a notable rate and powering local economies—this bill is not just good policy, it’s essential.  By making the low tax rates and small business provisions permanent, this legislation helps ensure that Latino workers, small business owners, and families can thrive with greater certainty, flexibility, and opportunity. Tax relief allows families to keep more of what they earn, invest in their future, and weather economic uncertainty with confidence. We applaud the Senate for sending a clear message that the American Dream remains alive and within reach for all—especially those working hard to build a better life.”

    U.S. Chamber of Commerce EVP and Chief Policy Officer Neil Bradley: “With today’s vote, the Senate has taken decisive action to deliver the kind of permanent tax relief the American business community has been calling for. The tax provisions included in this bill will not only drive economic growth and sharpen America’s competitive edge but also put more money in workers’ pockets, increasing prosperity in communities across the country. The Chamber thanks Leader Thune, Chairman Crapo, and all who are working to make the pro-growth reforms of the 2017 Tax Cuts and Jobs Act permanent, including the deduction for domestic R&D expenditures, 100% bonus depreciation for certain business investments, and an expanded business interest limitation. The Chamber applauds the Senate for voting to make these provisions permanent features of the tax code. We urge lawmakers to swiftly pass the OBBBA and deliver it to President Trump to be signed into law.”

    USA Rice Farmers Chair LG Raun: “USA Rice applauds the Senate for passing the OBBB Act including a historic and critical investment in the farm safety net. We urge the House of Representatives to take up and pass this bill with the key ag investments before the 4th of July.”

    Wine & Spirits Wholesalers of America President and CEO Francis Creighton: “On behalf of the Wine & Spirits Wholesalers of America, I want to thank the United States Senate for passing President Trump’s One Big Beautiful Bill Act under Section 198A. This critical legislation empowers America’s family-owned wholesalers to reinvest, compete, and thrive. We urge the U.S. House to act swiftly and send this bill to the President’s desk without delay.”

    MIL OSI USA News

  • MIL-OSI: Univest Securities, LLC Announces Closing of $5 Million Registered Direct Offering for its Client Ostin Technology Group Co., Ltd. (Nasdaq: OST)

    Source: GlobeNewswire (MIL-OSI)

    New York, July 01, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of registered direct offering (the “Offering”), for its client Ostin Technology Group Co., Ltd. (Nasdaq: OST) (the “Company”), a leading supplier of display modules and polarizers based in China.

    Under the terms of the securities purchase agreement, the Company has agreed to sell to a single institutional investor for the purchase and sale of an aggregate of 41,666,667 of the Company’s Class A ordinary share, par value $0.001 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $0.12 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.

    The aggregate gross proceeds to the Company of this offering were approximately $5 million.

    Univest Securities, LLC acted as the sole placement agent.

    The registered direct offering was made pursuant to a shelf registration statement on Form F-3 (File No. 333-279177) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on May 28, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus, can be obtained at the SEC’s website at www.sec.gov.

    About Univest Securities, LLC

    Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, and wealth management. It strives to provide clients with value-add service and focuses on building long-term relationships with its clients. As a prominent name on Wall Street, Univest has successfully raised over $1.3 billion in capital for issuers across the globe since 2019 and has completed approximately 100 transactions spanning a wide array of investment banking services in various industries, including technology, life sciences, industrial, consumer goods, etc. For more information, please visit: https://www.univest.us/.

    About Ostin Technology Group Co., Ltd.

    Founded in 2010, the Company is a supplier of display modules and polarizers in China. The Company designs, develops, and manufactures TFT-LCD display modules in a wide range of sizes and customized sizes which are mainly used in consumer electronics, outdoor LCD displays, and automotive displays. The Company also manufactures polarizers used in the TFT-LCD display modules.

    For more information, please visit: http://ostin-technology.com/index.html.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:

    Univest Securities, LLC
    Edric Guo
    Chief Executive Officer
    75 Rockefeller Plaza, Suite 18C
    New York, NY 10019
    Phone: (212) 343-8888
    Email: info@univest.us

    The MIL Network

  • MIL-OSI: FINDMINING: Seize the XRP ETF Craze and Unlock New Cloud Mining Opportunities

    Source: GlobeNewswire (MIL-OSI)

    London, UK, July 01, 2025 (GLOBE NEWSWIRE) — With Bloomberg analysts raising the probability of approval for a Ripple (XRP) spot exchange-traded fund (ETF) to an impressive 95%, global crypto market sentiment is surging as institutional investors face an unprecedented opportunity to enter the market. As the world’s leading cryptocurrency cloud mining platform, FINDMINING has announced plans to expand its services and computing resources to help global users capture the opportunities brought by this ETF boom.

    Bloomberg ETF analysts James Seyffart and Eric Balchunas recently stated on social media that the U.S. Securities and Exchange Commission (SEC) has sent positive signals regarding various crypto assets, including XRP. The potential approval of an XRP ETF would not only reshape the crypto market ecosystem but is also expected to drive further institutional adoption of Bitcoin, Ethereum, and other mainstream digital currencies.

    Against this backdrop, FINDMINING is rapidly deploying additional data centers and green energy computing power to lower the barrier for global users to participate in digital asset mining. Users no longer need to purchase expensive mining hardware or handle complex maintenance. Instead, they can easily participate in multi-currency mining — including Bitcoin, Ethereum, and Ripple — by renting cloud computing power with just one click, and seize blockchain wealth opportunities in real time.

    Ibrahim Aydin, Chief Operating Officer of FINDMINING, said:

    “If the XRP ETF is approved, it will attract massive institutional capital and liquidity into the market, and both mining and holding income are expected to benefit significantly. FINDMINING will continue to provide stable and efficient cloud computing services to help users navigate the next bull market cycle.”

    To celebrate the positive developments surrounding the XRP ETF, FINDMINING has launched a special promotion: the XRP ETF Special Cloud Computing Package. From now on, both new and existing users can enjoy limited-time discounts and additional computing power rewards. The package supports flexible multi-currency mining and intelligently switches to the on-chain assets with the best returns, maximizing mining profits for all users.

    As global crypto regulations become clearer and institutional participation continues to grow, FINDMINING remains committed to leveraging its professional technical expertise and transparent operating model to make cloud mining accessible to a broader mainstream investor community — sharing in the dividends of the new era of the digital economy together with its users.

    About FINDMINING
    FINDMINING is the world’s leading cryptocurrency cloud mining platform, dedicated to providing users with low-threshold, highly transparent computing power leasing and hosting services. The company operates green energy data centers in North America, Europe, and Asia, and has provided safe and stable mining solutions to over 9.4 million registered users worldwide.
    For more information, visit FINDMINING

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    The MIL Network

  • MIL-OSI: Brown & Brown, Inc. announces 2025 second-quarter earnings release and conference call dates

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., July 01, 2025 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE: BRO) announces it will release its 2025 second-quarter earnings on Monday, July 28, 2025, after the close of the market. On Tuesday, July 29, 2025, J. Powell Brown, Brown & Brown’s president and chief executive officer, and R. Andrew Watts, Brown & Brown’s executive vice president and chief financial officer, will host an investor update conference call concerning Brown & Brown’s second-quarter 2025 financial results. You are invited to listen to the call, which will be broadcast live on Brown & Brown’s website at 8:00 a.m. EDT. Simply log on to www.bbrown.com and click on “Investor Relations” and then “Calendar of Events.”

    If you are unable to listen during the live webcast, audio from the conference call will be archived on Brown & Brown’s website, www.bbrown.com, for 14 days after the live broadcast. To access the website replay, go to “Investor Relations” and click on “Calendar of Events.”

    About Brown & Brown, Inc.

    Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm providing customer-centric risk management solutions since 1939. With a global presence spanning 500+ locations and a team of more than 17,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at bbrown.com.

    This press release may contain certain statements relating to future results, which are forward-looking statements, including those associated with the timing of the release of our second-quarter results. These statements are not historical facts but instead represent only the current belief of Brown & Brown, Inc. and its subsidiaries (collectively the “Company”) regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual events may differ from anticipated events contemplated by these forward-looking statements and that we may release our second-quarter results at a later date as a result. Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s release of its financial results, is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements made herein are made only as of the date of this release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.

    For more information:

    R. Andrew Watts
    Chief Financial Officer
    (386) 239-5770

    The MIL Network

  • MIL-OSI: Brown & Brown, Inc. announces 2025 second-quarter earnings release and conference call dates

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., July 01, 2025 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE: BRO) announces it will release its 2025 second-quarter earnings on Monday, July 28, 2025, after the close of the market. On Tuesday, July 29, 2025, J. Powell Brown, Brown & Brown’s president and chief executive officer, and R. Andrew Watts, Brown & Brown’s executive vice president and chief financial officer, will host an investor update conference call concerning Brown & Brown’s second-quarter 2025 financial results. You are invited to listen to the call, which will be broadcast live on Brown & Brown’s website at 8:00 a.m. EDT. Simply log on to www.bbrown.com and click on “Investor Relations” and then “Calendar of Events.”

    If you are unable to listen during the live webcast, audio from the conference call will be archived on Brown & Brown’s website, www.bbrown.com, for 14 days after the live broadcast. To access the website replay, go to “Investor Relations” and click on “Calendar of Events.”

    About Brown & Brown, Inc.

    Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm providing customer-centric risk management solutions since 1939. With a global presence spanning 500+ locations and a team of more than 17,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at bbrown.com.

    This press release may contain certain statements relating to future results, which are forward-looking statements, including those associated with the timing of the release of our second-quarter results. These statements are not historical facts but instead represent only the current belief of Brown & Brown, Inc. and its subsidiaries (collectively the “Company”) regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual events may differ from anticipated events contemplated by these forward-looking statements and that we may release our second-quarter results at a later date as a result. Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s release of its financial results, is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements made herein are made only as of the date of this release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.

    For more information:

    R. Andrew Watts
    Chief Financial Officer
    (386) 239-5770

    The MIL Network

  • MIL-OSI: Horizon Bancorp, Inc. Announces Conference Call to Review Second Quarter Results on July 24

    Source: GlobeNewswire (MIL-OSI)

    MICHIGAN CITY, Ind., July 01, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”) will host a conference call at 7:30 a.m. CT on Thursday, July 24, 2025 to review its second quarter 2025 financial results.

    The Company’s second quarter 2025 news release will be published after markets close on Wednesday, July 23, 2025. It will be available at investor.horizonbank.com.

    Participants may access the live conference call on July 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada, or 412-317-5772 from international locations and requesting the “Horizon Bancorp Call.” Please dial in approximately 10 minutes prior to the call.

    A telephone replay of the call will be available approximately one hour after the end of the conference call through August 1, 2025. The telephone replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada, or 412-317-0088 from other international locations and entering the access code 5878909.

    About Horizon Bancorp, Inc.

    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.6 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

       
    Contact: Mark E. Secor
      Chief Administration Officer
    Phone: 219-873-2611
    Date: July 1, 2025

    The MIL Network

  • MIL-OSI: Horizon Bancorp, Inc. Announces Conference Call to Review Second Quarter Results on July 24

    Source: GlobeNewswire (MIL-OSI)

    MICHIGAN CITY, Ind., July 01, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”) will host a conference call at 7:30 a.m. CT on Thursday, July 24, 2025 to review its second quarter 2025 financial results.

    The Company’s second quarter 2025 news release will be published after markets close on Wednesday, July 23, 2025. It will be available at investor.horizonbank.com.

    Participants may access the live conference call on July 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada, or 412-317-5772 from international locations and requesting the “Horizon Bancorp Call.” Please dial in approximately 10 minutes prior to the call.

    A telephone replay of the call will be available approximately one hour after the end of the conference call through August 1, 2025. The telephone replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada, or 412-317-0088 from other international locations and entering the access code 5878909.

    About Horizon Bancorp, Inc.

    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.6 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

       
    Contact: Mark E. Secor
      Chief Administration Officer
    Phone: 219-873-2611
    Date: July 1, 2025

    The MIL Network

  • MIL-OSI: PFMCrypto Launches World’s First “XRP Liquidity Mining”: AI-Powered Multi-Asset Cloud Mining Unlocks the Next Generation of Passive Income

    Source: GlobeNewswire (MIL-OSI)

    Farington, England, July 01, 2025 (GLOBE NEWSWIRE) — As the crypto market heats up and XRP edges toward the $5 milestone, PFMCrypto is redefining how investors earn mining rewards. The company has officially launched “XRP Liquidity Mining”, the world’s first AI-powered multi-asset cloud mining vault, enabling users to mine multiple cryptocurrencies simultaneously while dynamically reallocating computing power to optimize real-time returns.

    With the official launch of Liquidity Mining, users gain access to a fully automated crypto earnings strategy that mines across XRP, BTC, DOGE, ETH, and other assets—based on market trends, profitability opportunities, and network difficulty. No technical setup or hardware is needed, and even first-time investors can begin earning stable daily rewards with just $10.

    Why “Liquidity Mining” Is a Game-Changer for Passive Crypto Income?

    Unlike traditional mining models that lock users into a single asset or static contracts, Liquidity Mining uses PFMCrypto’s proprietary AI earnings engine—AURA—to adjust dynamically in real time. AURA tracks network-wide variables such as price fluctuations, mining difficulty, block rewards, and energy costs, instantly reallocating hash power to the most profitable assets.

    “Liquidity Mining is like autopilot for your crypto income,” said PFMCrypto’s CEO. “Whether XRP is rallying or Bitcoin’s hash rate is fluctuating, our system reallocates in real time—so your funds are always working where they matter most.”

    Key Features of PFMCrypto’s Liquidity Mining:

    –  Multi-Asset Mining – A single deposit mines XRP, BTC, DOGE, ETH, and more

    –  AI Optimization – Real-time resource balancing for maximum daily returns

    –  Low Entry Barrier – Plans start at just $10, perfect for beginners (plus a $10 welcome bonus for new users)

    –  Predictable Earnings – Daily rewards paid in stablecoins or your chosen crypto

    –  No Hardware Needed – 100% cloud-based mining—no rigs, noise, or heat

    –  Enterprise-Grade Security – Assets protected by multi-layer custody infrastructure

    Investor Demand Surges Ahead of Potential XRP Breakout

    Following Ripple’s recent legal settlement with the U.S. SEC—ending a four-year battle with a $125 million settlement—market optimism around XRP is hitting new highs. Analysts now estimate a 95% chance that an XRP ETF could be approved by early Q4, potentially unleashing significant institutional capital inflows.

    “PFMCrypto’s XRP Liquidity Mining couldn’t be better timed,” noted the company’s Chief Market Strategist. “Investors want diversified upside exposure without direct market risk—and this product delivers exactly that.”

    Sample Liquidity Mining Plans:

    $100 Plan – 2-Day Term – Earn $3.00 per day (plus $2 bonus)

    $1,000 Plan – 9-Day Term – Earn $13.10 per day

    $5,000 Plan – 30-Day Term – Earn $78.50 per day

    $10,000 Plan – 40-Day Term – Earn $180.00 per day

    All plans guarantee full principal return at maturity, and users can instantly withdraw earned profits at any time.

    Trusted by Over 9.2 Million Users in 192 Countries

    Since its founding in 2018, PFMCrypto has built a reputation for transparent, high-performance mining systems. Today, it serves a global user base of over 9.2 million, with its AI-driven passive income solutions trusted by beginners and institutions alike.

    Get Started with Liquidity Mining in 3 Simple Steps

    1. Sign Up – Register and receive a $10 welcome bonus.
    2. Choose a Mining Plan – Select your budget and contract duration.
    3. Start Earning Daily – Let PFMCrypto’s AI do the work while you earn.

    About PFMCrypto

    PFMCrypto is a global leader in cloud-based cryptocurrency mining and AI-optimized DeFi solutions. Founded in 2018, the platform supports mining for XRP, BTC, ETH, DOGE, LTC, and SOL. PFMCrypto provides more than 9.2 million users with low-risk, high-yield opportunities to participate in the future of decentralized finance.

    Discover Liquidity Mining and start your smarter mining journey today: https://pfmcrypto.net 

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network

  • MIL-OSI: Lake Shore Bancorp, Inc. Announces Results of Special Meetings of Stockholders and Members

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., July 01, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (“Lake Shore Federal Bancorp”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that at special meetings held on July 1, 2025, the stockholders of Lake Shore Federal Bancorp and the members of Lake Shore, MHC (depositors of the Bank) approved the Amended and Restated Plan of Conversion and Reorganization in connection with Lake Shore, MHC’s previously announced plan to convert from the mutual holding company to the fully public stock holding company form of organization and the Bank’s conversion from a federal savings bank to a New York chartered commercial bank.

    The closing of the conversion and the stock offering of Lake Shore Bancorp, Inc. remains subject to receipt of final regulatory approvals and customary closing conditions.

    This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock to be offered for sale by Lake Shore Bancorp, Inc. are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or by any other government agency.

    About Lake Shore
      
    Lake Shore Federal Bancorp is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. Lake Shore Federal Bancorp’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about Lake Shore Federal Bancorp is available at www.lakeshoresavings.com.

    Safe-Harbor

    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about Lake Shore Federal Bancorp’s, Lake Shore Bancorp, Inc.’s (collectively, the “Company”) and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, that the proposed transaction may not be timely completed, if at all, that required final regulatory approvals are not timely received, if at all, or that other customary closing conditions are not satisfied in a timely manner, if at all, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Kim C. Liddell
    President, CEO, and Director
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1012

    The MIL Network

  • MIL-OSI: Ingersoll Rand Accelerates Value Creation Through Continued M&A, Announces New Acquisition

    Source: GlobeNewswire (MIL-OSI)

    • Continues the company’s disciplined capital allocation strategy of targeted bolt-on acquisitions and proven ability to build trusted, proprietary partnerships with family-owned businesses
    • Acquisition expands Ingersoll Rand competencies and capabilities in high-growth end markets
    • Purchase made at an attractive low-double-digit multiple with expected post-synergy multiple in the mid-to-high single digits

    DAVIDSON, N.C., July 01, 2025 (GLOBE NEWSWIRE) — Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and life science and industrial solutions, has acquired Termomeccanica Industrial Compressors S.p.A. (“TMIC”) and its subsidiary Adicomp S.p.A. (“Adicomp”) (collectively “TMIC/Adicomp”) with a purchase price of approximately €160 million.

    TMIC is an international leader in the design and production of air and gas compressors with over 100 years of experience and innovation. Its subsidiary Adicomp provides engineered-to-order (ETO) solutions in the renewable natural gas (RNG) industry. TMIC/Adicomp are based in Italy, with an existing presence in North America and recent expansion into Brazil and India, and improve the company’s RNG gas-ends and packaging presence. The businesses will join the Industrial Technologies and Services (IT&S) segment.

    “TMIC/Adicomp are leading businesses in their respective industries, and today we welcome them to Ingersoll Rand,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “These companies strengthen our core capabilities and broaden our service offerings, enabling us to deliver greater value to our customers while advancing our long-term growth strategy for shareholders. Additionally, these companies reflect the strength of our M&A flywheel and reaffirm our ability to partner with family-owned businesses on a proprietary basis.”

    About Ingersoll Rand Inc.

    Ingersoll Rand Inc. (NYSE: IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to,” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

    These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates, or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events, or other events outside of our control; (2) unexpected costs, charges, or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory, and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

    Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    The MIL Network

  • MIL-OSI USA: July 1st, 2025 Heinrich Votes Against Republicans’ Big, Beautiful Betrayal of New Mexico Families to Give Tax Handouts to Billionaires

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) stood up for New Mexico families by voting against Senate Republicans’ budget reconciliation that funds Republicans’ tax handouts for billionaires at the expense of working people.
    For over 27 hours, Heinrich pushed to amend Republicans’ reconciliation legislation, repeatedly voting to lower costs for families, block cuts to Medicaid, protect rural hospitals in New Mexico, extend tax credits for health care premiums, and prevent millions of Americans from losing their health insurance.
    “The largest cut to Medicaid in American history. The largest transfer of wealth to the rich in American history. The largest cut to food assistance in American history. The largest increase to the national deficit in American history: That’s what this bill represents. And it has one effect — billionaires win, American families lose. It’s a betrayal of working families masquerading as legislation.
    “If signed into law, this bill will hike electricity bills, leave tens of millions uninsured, cut food assistance for millions more, shutter hundreds of nursing homes, force rural hospitals to close, and send health insurance premiums soaring. The consequences of this bill will be deadly — and Republicans will own every single one.
    “Senate Republicans had a choice: stand with working families or bend to billionaires. They chose greed, cruelty, and a callous disregard for the people they represent. New Mexicans and all Americans will suffer for it. I urge all Americans to raise their voices and call on their elected leaders in the House of Representatives to stop this disaster before it becomes law.”
    Last night, Senate Republicans blocked Heinrich’s efforts to:
    Fight Increasing Costs
    Senate Republicans voted against:
    Lowering health care costs for working families and small businesses and ensuring the wealthy and big corporations pay their fair share in taxes.
    Protecting food assistance for kids, veterans, and seniors, including 223,000 New Mexicans from losing all or part of their Supplemental Nutrition Assistance Program (SNAP) benefits in just the first year this bill is enacted into law.
    Preventing cuts to Medicaid that could lead to increased costs for people with private insurance.
    Increasing the Child Tax Credit by ensuring the wealthy and big corporations pay their fair share in taxes.
    Lower energy prices for families and small businesses by preserving the Inflation Reduction Act’s clean energy tax credits.
    Providing permanent tax relief for overtime wages for working class Americans.
    Protect families and small businesses from cost increases by ending the trade war with Canada.
    Preventing any policy changes that raise the cost of electricity prices.

    Protect Rural Hospitals
    Senate Republicans voted against:
    Preventing rural hospitals from closing, converting, reducing, or stopping services, including emergency care, mental health care, and labor and delivery services.
    As a result, this bill could cause 6 to 8 rural hospitals to close in New Mexico, according to the New Mexico Hospital Association.

    Protect Medicaid
    Senate Republicans voted against:
    Stopping cuts to Medicaid and preventing over 90,000 New Mexicans from losing their coverage within the first year alone.
    Stopping cuts to Medicaid that put 4 four nursing homes in New Mexico at risk of closure.
    Stopping cuts to Medicaid that help fund substance use disorder treatment.
    Protecting millions of Americans from losing their health care as a result of new administrative burdens and paperwork requirements.
    Extending the health care premium tax credits created in the Affordable Care Act to prevent millions of people from losing health insurance.
    Keeping labor and delivery units open by stopping cuts to Medicaid that fund 40% of births nationwide and nearly 50% of births in rural communities.
    Ensuring access to reproductive care — including cancer screenings and birth control – by keeping Planned Parenthood funded.
    Expanding Medicaid to cover dental, vision, and hearing and to cut the price of prescription drugs under Medicare in half.

    Protect Our National Security
    Senate Republicans voted against:
    The financial, health, and well-being of our nation’s veterans by prohibiting any federal agency from carrying out mass firings of veterans.

    Prioritize Working Families Over Billionaires
    Senate Republicans voted against:
    Preventing tax handouts for people making over $10 million a year.
    Preventing tax handouts for people and corporations making over $100 million a year.
    Preventing tax handouts for people making over $500 million a year.
    Preventing tax handouts for people making over $1 billion a year.
    Preventing tax handouts for corporations making over $1 billion a year.
    Preventing more than $37 trillion from being added to the debt in 30 years—more debt than has accumulated over the past 249 years.

    Below is a list of amendments that Heinrich filed to amend Republicans’ budget resolution to cut taxes for billionaires at the expense of working people:
    Amendment to stop a new burdensome requirement that could strip health care from 64,000 New Mexicans on Medicaid.
    Amendment to stop a $268 million cost shift that could force New Mexico to cut SNAP benefits and kick families off their food assistance.
    Amendment to protect food assistance for hundreds of thousands of New Mexicans by stopping harsh, burdensome work requirements that would cut SNAP benefits for families, including 39,790 New Mexicans who could lose their benefits altogether.
    Amendment to expand Medicare to cover dental, vision and hearing and cut prescription drug prices under Medicare by 50%.
    Amendment to ensure no increase in cost for middle class families or individuals using Medicaid, CHIP, or private insurance marketplaces established by the ACA.
    Amendment to lower student loan payments by blocking a plan to force borrowers into a more expensive repayment option.
    Amendment to protect students from losing their Pell Grants to cover the cost of rising tuition costs.
    Amendment to protect a tax credit that helps families keep energy costs low by incentivizing clean energy upgrades like installing home heat pumps.
    Amendment to protect a tax credit that helps families save on energy bills and make their homes more comfortable and energy efficient.
    Amendment to protect a tax credit that incentivizes developers and home builders to build energy-efficient homes.
    Amendment to remove a provision in the bill that bars workers providing Medicaid home- and community-based services from obtaining job-based health insurance, retirement benefits, skills training, and the option to have a voice on the job through a union.
    Amendment to save the Inflation Reduction Act’s EPA Clean Heavy-Duty Vehicles grant program that makes our air cleaner, improves public health, spurs important energy and fuel savings for public school districts, and creates high-quality jobs.
    Amendment to protect funding for air pollution reductions, greenhouse gas corporate reporting, methane emissions and waste reduction, environmental and climate justice block grants.
    Amendment to protect the $7,500 clean vehicle tax credit to help Americans with the upfront cost of electric vehicles.
    Amendment to provide $200 million in economic assistance for facilities and businesses harmed by the New World screwworm outbreak.
    Amendment to provide $500 million to combat the spread of and eradicate the New World screwworm through surveillance, training, biosecurity, research, and the construction of sterile fly production and dispersal facilities.
    Amendment to protect mixed-status families by removing unjust new vetting rules that discourage adults from sponsoring unaccompanied children in need of care.
    Amendment to eliminate $2 billion in wasteful spending for the Department of Homeland Security (DHS), which would fund unjust, extreme immigration enforcement measures that target vulnerable migrants and expand deportation efforts.
    Amendment to block nearly $30 billion from funding U.S. Immigration and Customs’ (ICE) extreme and unconstitutional immigration enforcement agenda.
    Amendment to stop steep new immigration fees that would block immigrants from applying for legal status and push more strain onto New Mexico border communities and law enforcement.
    Amendment to stop $46 billion in wasteful spending on President Trump’s border wall, which bypasses environmental regulations and threatens important wildlife habitats for dozens of endangered species, including Mexican gray wolves in New Mexico and Arizona.
    Amendment to shift funding away from unproductive, invasive background checks on immigrant families and instead invest in child welfare professionals at DHS to ensure unaccompanied kids receive safe, supportive care.
    Amendment to ban the President, Vice President, Senate-appointed Executive Branch Officials, Members of Congress, Special Government Employees, and their spouses and children from directly or indirectly issuing or profiting from cryptocurrencies.
    Below is a total list of amendments that Heinrich filed in his capacity as Ranking Member of the Senate Energy and Natural Resources Committee to amend Republicans’ budget resolution to cut taxes for billionaires at the expense of working people:
    Amendment to ensure meaningful Tribal consultation occurs on federal oil and gas leasing projects.
    Amendment that decouples Bureau of Land Management’s (BLM) oil and gas leasing from renewable energy approvals.
    Amendment to protect clean energy manufacturing jobs.
    Amendment striking metallurgical coal from 45X Advanced Manufacturing Tax Credit, which has no phase out.
    Amendment prohibiting companies from receiving a royalty rate reduction authorized under OBBB if the price of oil rises above the price at the time of enactment, protecting taxpayers from high oil prices and pain at the pump.
    Amendment to strike provisions that would increase electricity prices on American households and force a debate on how OBBB raises costs.
    Amendment to strike the new Loan Program Office (LPO) title named “Energy Dominance Financing, which will give $1 billion to fund only coal, oil and gas projects, instead of opening financing to cleaner, cheaper energy options.
    Amendment reserving $100 million for Tribal Energy Projects from the $1 billion provided for “Energy Dominance Financing” program.
    Amendment to strike $1 billion from “Energy Dominance Financing,” which primarily finance coal, oil, and gas projects.
    Amendment grandfathering LPO pipeline projects in “Energy Dominance Financing,” ensuring that projects currently in LPO’s pipeline are still considered under the new program.
    Amendment eliminating Inflation Reduction Act recissions.
    Amendment to strike provision that expands oil and gas leasing in the National Preserve in Alaska, to protect Alaskan lands from additional leases.
    In February, Heinrich attempted to amend Republicans’ resolution by offering an amendment to reinstate blocked grants for survivors of sexual assault and domestic violence and ensure law enforcement can hold predators and abusers accountable. Republicans voted against his amendment. Watch Heinrich’s video here.

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Shaheen Forces Vote on Amendment to Keep Energy and Housing Costs from Skyrocketing; All But 2 Senate Republicans Reject Commonsense Proposal

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – During the Senate “Vote-A-Rama” on Republicans’ “Big Beautiful Bill,” U.S. Senator Jeanne Shaheen, a senior member of the U.S. Senate Appropriations Committee, forced a vote on an amendment to preserve four longstanding bipartisan consumer energy efficiency and clean energy tax credits that lower energy costs for families, make housing more affordable, protect American jobs and help give businesses the certainty they need to thrive. All but two Senate Republicans—Senators Susan Collins (R-ME) and Lisa Murkowski (R-AK)—voted to block Shaheen’s amendment. Click here to watch Shaheen’s remarks on the Senate floor ahead of the vote. 
    “A vote for this amendment is a vote to make energy and housing more affordable and support American jobs and businesses,” said Senator Shaheen. “Last year, these credits helped build 350,000 new efficient homes that save families about $450 a year on energy. […] These credits create good jobs in a sector that is growing at twice the rate of jobs in the overall economy. If we vote to adopt this amendment, we can keep that job creation going.” 
    Shaheen’s amendment would have kept four bipartisan tax incentives—the Energy Efficient Home Improvement Credit, the Residential Clean Energy Credit, the New Energy Efficient Home Credit and the Energy Efficient Commercial Building Deduction—as they are in current law, preventing the Republican megabill from jacking up costs for middle-class families. 
    Shaheen leads legislative action in the U.S. Senate to support energy efficiency projects and initiatives. Last month, Shaheen pushed back on the Trump administration’s plans to scrap the Energy Star Program, which helps Americans save on energy costs. 
    Shaheen was a lead negotiator of the Bipartisan Infrastructure Law, which provided an approximately $6 billion investment in energy efficiency, including funding for residential, municipal, industrial and federal entities to implement efficiency upgrades based upon her longstanding bipartisan legislation with former U.S. Senator Rob Portman. 

    MIL OSI USA News

  • MIL-OSI USA: Grassley Votes to Deliver Tax Relief for Iowa Families and Small Businesses, Secure the Border and Enact America First Agenda

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sen. Chuck Grassley (R-Iowa) today voted to pass the One Big Beautiful Bill Act to protect Iowans from being hit with the largest tax increase in history and provide historic investments in border security and law enforcement. The legislation will now receive a vote in the House of Representatives before heading to President Trump’s desk to be signed into law. 
    “In November, Americans gave President Trump a mandate to fix the economy and secure the border. The One Big Beautiful Bill Act delivers a resounding victory for the American people, enacting the America First policies that President Trump and congressional Republicans promised. Together, we’re preventing the largest tax increase in the history of our country and giving relief to the small businesses that are the backbone of our economy. As a lifelong family farmer, I’m proud our bill will also deliver a modernized farm safety net that gives Iowa farmers the certainty they need,” Grassley said. 
    “As Chairman of the Senate Judiciary Committee, I oversaw the bill’s measures to make monumental investments in our immigration system, border security and law enforcement. The One Big Beautiful Bill Act will provide safety and prosperity for American families for generations, and I urge my colleagues in the House to quickly get this bill to the President’s desk,” Grassley continued. 
    Background:
    This legislation prevents a more than $4 trillion tax hike on American families and workers by making the 2017 Trump tax cuts permanent, ahead of their previously projected expiration on December 31, 2025. Moreover, it further reduces their taxes by increasing the child tax credit, eliminating taxes on tips and overtime and providing additional tax relief to seniors.  
    It also updates the farm safety net to provide family farmers certainty, so they can continue producing crops to feed and fuel America and the world. 
    The legislation includes many additional wins for Iowa, such as an extension and reforms to the Clean Fuels Production Tax Credit that puts farmers first by eliminating subsidies for foreign feedstocks. It also provides relief to help small biodiesel plants in Iowa get back up and running. Grassley secured an important victory for the wind and solar industries by getting the creation of a punitive new tax on wind and solar stricken from the bill.
    In his capacity as Judiciary Chairman, Grassley spearheaded large portions of the legislation that strengthen America’s border security and immigration system and support law enforcement. 
    -30-

    MIL OSI USA News

  • MIL-OSI USA: Hoeven: Senate Passes One Big Beautiful Bill, Providing Permanent Tax Relief for American Families and Small Businesses

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    07.01.25

    Legislation Will Grow Economy, Bolster Border Security, Rebuild Military, Empower Energy Dominance and Support Farmers and Ranchers

    WASHINGTON – Senator John Hoeven today helped secure passage of the One Big Beautiful Bill, legislation to provide permanent tax relief for American families and small businesses, while delivering on key promises, including:

    • Securing the border. 
    • Rebuilding our military.
    • Supporting farmers and ranchers.
    • Unleashing American energy dominance.

    At the same time, the legislation finds savings of $1.6 trillion through common sense reforms and reducing waste, fraud and abuse, ultimately reducing the deficit by $507 billion.

    “The One Big Beautiful Bill will provide permanent tax relief, ensuring that Americans can keep more of their hard-earned dollars,” said Hoeven. “This legislation delivers on promises made by President Trump, including securing the border, investing in our military, empowering American energy dominance and supporting our farmers and ranchers. These are the priorities that will make our nation more prosperous and more secure.”

    Tax Relief for Families and Small Businesses

    The legislation permanently extends current individual tax rates and bracket changes of the Tax Cuts and Jobs Act, preserving $2.6 trillion in tax breaks for those earning under $400,000 per year, and preventing a $1,700 tax hike on the average family of four.

    The bill provides new and expanded tax deductions and credits for individuals, families and seniors, including:

    • No taxes on tips or overtime for millions of American workers.
    • Increasing and making permanent the enhanced child tax credit at $2,200, with $1,700 of that amount being refundable, adjusted for inflation.
    • Permanent relief from the death tax by setting the exemption to $15 million or $30 million for those married filing jointly, adjusted for inflation.
    • Savings accounts for newborns to help build financial security.
    • A new $6,000 tax deduction for millions of low- and middle-income seniors. Combined with other deductions, this will result in the average beneficiary paying zero taxes on Social Security

    The legislation helps small businesses, including agricultural producers and manufacturers invest in their operations by:

    • Permanently extending the Section 199A pass-through deduction for small businesses, farmers and ranchers.
      • Permanently extending the Section 199A(g) deduction used by agricultural cooperatives.
    • Increasing the Section 179 expensing amount to $2.5 million and increasing the phaseout for qualified property at $4 million.
    • Establishing a 100 percent accelerated depreciation for new industrial and manufacturing facilities that begin construction between 2025-2028.
    • Making permanent the 30 percent interest expense allowance.
    • Permanently extending the 100 percent domestic research and development deduction.
    • Making permanent 100 percent bonus depreciation.

    Support for Farmers and Ranchers

    The legislation provides strong support for the nation’s farmers and ranchers, and improves the farm-safety net to meet today’s markets and input costs by:

    • Increasing reference prices for ARC and PLC by 10% to 20% (specific increase varies by commodity).
    • Providing built-in future reference price increases with an inflation adjuster and improved price escalator formula to prevent reference prices from becoming outdated when market and input costs change.
    • New safety net begins right away – producers can receive the higher of the ARC or PLC payment for this crop year, 2025, with the new updated reference prices. North Dakota farmers will see tens of millions of dollars in relief in 2025 alone thanks to these updates.
    • Includes key provisions of Hoeven’s FARMER Act to strengthen and expand access to affordable crop insurance
      • Increases premium support for individual-based coverage across nearly all levels – starting at 55% — by an additional 3-5%.
      • Enhances the Supplemental Coverage Option by raising the coverage level from 86% to 90%, and boosts premium support from 65% to 80%.
    • Extends the sugar program through 2031, while increasing the sugar loan rate to meet current market conditions.
    • Improves livestock disaster programs
      • Sets Livestock Indemnity Program (LIP) payments at 100% of market value for losses from federally protected predators and 75% for weather and disease losses.
      • Improves the Livestock Forage Program (LFP) to provide one monthly payment to eligible producers with grazing land in counties rated D2 (severe drought) for at least four consecutive weeks and two payments if D2 persists during any seven of eight consecutive weeks within the normal grazing period.

    Unleashing U.S. Energy Dominance

    The One Big Beautiful Bill will help restore American energy dominance by rolling back burdensome Green New Deal policies and empowering domestic energy production, including:

    • Increasing the value of the 45Q tax credit for captured carbon used in enhanced oil recovery (EOR) and utilization to match that of sequestration.
    • Requiring the Interior Department to hold regular oil and gas lease sales across federal lands and waters.
    • Requiring the Bureau of Land Management (BLM) to act timely on coal lease applications.
    • Reducing the royalty rate for oil, gas and coal produced on federal land to their levels prior to the Biden administration’s tax-and-spend legislation.
    • Stopping the Biden-era natural gas tax.
    • Investing in the Strategic Petroleum Reserve.
    • Providing regulatory relief for energy producers and repeals Biden-era Green New Deal policies and programs.

    Bolstering the Military

    • $25 billion to support the Golden Dome initiative, with investments in hypersonic testing, ground-based radars, and space-based sensors that support North Dakota-based missions and capabilities.
    • $15 billion to enhance nuclear deterrence, including the nuclear missions based at Minot Air Force Base:
      •  $2.5 billion for the new Sentinel intercontinental ballistic missile (ICBM) program.
      • $500 million to sustain the existing Minuteman III ICBM.
      • $200 million for additional MH-1139 Grey Wolf helicopters.
    • Improves servicemembers’ quality of life through increased allowances and special pays, as well as improvements to housing, health care, childcare, and education.

    Securing the Border

    • Completes construction of the border wall, and upgrades barrier systems including access roads, cameras, lights, and sensors.
    • Improves border screening technology to help prevent drug trafficking and human smuggling.
    • Strong funding to hire and train more border security personnel.
    • Funds the Operation Stonegarden grant program to equip state and local law enforcements to cooperate with Border Patrol.
    • Invests in state and local capabilities to detect threats from unmanned aerial systems.

    Supporting Water Infrastructure

    • Provides $1 billion in funding for Bureau of Reclamation Water Conveyance Projects, including for eligible projects like the Eastern North Dakota Alternate Water Supply Project (ENDAWS).

    MIL OSI USA News

  • Trump escalates feud with Musk, threatens Tesla, SpaceX support

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump on Tuesday threatened to cut off the billions of dollars in subsidies that Elon Musk’s companies receive from the federal government, in an escalation of the war of words between the president and the world’s richest man, one-time allies who have since fallen out.

    The feud reignited on Monday when Musk, who spent hundreds of millions on Trump’s re-election, renewed his criticism of Trump’s tax-cut and spending bill, which would eliminate subsidies for electric vehicle purchases that have benefited Tesla, the leading U.S. EV maker. That bill passed the Senate by a narrow margin midday Tuesday.

    “He’s upset that he’s losing his EV mandate and … he’s very upset about things but he can lose a lot more than that,” Trump told reporters at the White House on Tuesday.

    Though Musk has often said government subsidies should be eliminated, Tesla has historically benefited from billions of dollars in tax credits and other policy benefits because of its business in clean transportation and renewable energy. The Trump administration has control over many of those programs, some of which are targeted in the tax bill, including a $7,500 consumer tax credit that has made buying or leasing EVs more attractive for consumers.

    Tesla shares dropped more than 5.5% Tuesday.

    The Tesla CEO renewed threats to start a new political party and spend money to unseat lawmakers who support the tax bill, despite campaigning on limiting government spending. Republicans have expressed concern that Musk’s on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.

    Treasury Secretary Scott Bessent pushed back on Musk’s criticism that the bill would balloon the deficit, saying, “I’ll take care of” the country’s finances.

    Musk spearheaded the Department of Government Efficiency (DOGE), aimed at cutting government spending, before he pulled back his involvement in late May. Trump on Truth Social on Tuesday suggested Musk might receive more subsidies “than any human being in history, by far,” adding: “No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.”

    Trump later doubled down, telling reporters with a smile, “DOGE is the monster that might have to go back and eat Elon.”

    In response to Trump’s threats, Musk said on his own social media platform X, “I am literally saying CUT IT ALL. Now.” He later added that he could escalate the exchange with Trump but said, “I will refrain for now.”

    CHALLENGES TO TESLA

    The feud could create new challenges for Musk’s business empire, particularly as the electric automaker — his primary source of wealth — bets heavily on the success of its robotaxi program currently being tested in Austin, Texas. The speed of Tesla’s robotaxi expansion depends heavily on state and federal regulation of self-driving vehicles.

    “The substance of Tesla’s valuation right now is based on progress towards autonomy. I don’t think anything is going to happen on that front, but that is the risk,” said Gene Munster, managing partner at Tesla investor Deepwater Asset Management.

    Analysts expect another rough quarter when the EV maker reports second-quarter delivery figures on Wednesday. Sales in major European markets were mixed, data showed Tuesday, as Musk’s embrace of hard-right politics has alienated potential buyers in several markets worldwide. The elimination of the EV credit could hit Tesla’s earnings by as much as $1.2 billion, about 17% of its 2024 operating income, J.P. Morgan analysts estimated earlier this year.

    Gary Black, a longtime Tesla investor who manages money for the Future Fund LLC, sold his shares recently as car sales declined. He told Reuters he is considering when to reinvest and that eliminating electric vehicle credits would harm Tesla. In a separate post on X, Black said: “Not sure why @elonmusk didn’t see this coming as a result of him speaking out against passage of President Trump’s big beautiful bill.”

    The U.S. Transportation Department regulates vehicle design and will play a key role in deciding if Tesla can mass-produce robotaxis without pedals and steering wheels, while Musk’s rocket firm SpaceX has about $22 billion in federal contracts.

    Tesla also gets regulatory credits for selling electric vehicles, and has reaped nearly $11 billion by selling those credits to other automakers who are unable to comply with increasingly strict vehicle emissions rules. Without those sales, the company would have posted a first-quarter loss in April.

    Trump had in early June threatened to cut Musk’s government contracts when their relationship erupted into an all-out social media brawl over the tax-cut bill, which non-partisan analysts estimate would add about $3 trillion to the U.S. debt.

    Asked if he was going to deport Musk, a naturalized U.S. citizen, Trump told reporters as he left the White House on Tuesday: “I don’t know. We’ll have to take a look.”

    -Reuters

  • MIL-OSI USA: Crypto Asset Exchange-Traded Products

    Source: Securities and Exchange Commission

    As part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets,[1] the Division of Corporation Finance is providing its views[2] on the application of certain disclosure requirements under the federal securities laws to offerings and registrations of securities by issuers of crypto asset exchange-traded products (“crypto asset ETPs”). Crypto asset ETPs are investment products that are listed and traded on national securities exchanges. They are typically structured as trusts that hold assets which consist of spot crypto assets or derivative instruments that reference crypto assets. These trusts are issuers of securities who must register their offerings and classes of securities under the Securities Act of 1933 (“Securities Act”) and Securities Exchange Act of 1934 (“Exchange Act”), respectively. Issuers of crypto asset ETPs[3] are also subject to the anti-fraud provisions of the federal securities laws. However, the crypto asset ETPs addressed in this statement are not registered as investment companies under the Investment Company Act of 1940.[4]

    The disclosures required in connection with offerings and registrations under the Securities Act and the Exchange Act protect investors, facilitate capital formation, and promote fair, orderly, and efficient markets. In recent years, issuers have registered offerings of crypto asset ETPs under the Securities Act and registered classes of these securities under the Exchange Act. This statement reflects our observations regarding disclosure practices in our reviews of crypto asset ETP filings. It also addresses our views about certain specific questions that market participants have presented to the staff. While disclosures should be based on an issuer’s specific facts and circumstances, we believe that issuers may benefit from the identification of common issues we have observed during our reviews.

    This statement addresses our views about certain disclosure requirements set forth in Regulation S-K and Regulation S-X as they apply to Securities Act registration forms (such as Form S-1). This statement does not address all material disclosure items, and the disclosure topics addressed below may not be relevant for all issuers. Each issuer should consider its own facts and circumstances when preparing its disclosures. Each issuer also should consider whether it is permitted to provide “scaled disclosure” with respect to any applicable disclosure requirements.[5] Moreover, issuers should note that disclosure is not required where a particular disclosure requirement is not applicable.[6]

    Cover Page

    SEC rules require issuers to provide information on the outside front cover page of the prospectus related to the offering, including the offering price of the securities, the nature of any underwriting arrangements and the name(s) of the underwriter(s).[7] Crypto asset ETPs are required to disclose on the cover page the initial offering price of the securities. We have observed cover page disclosure identifying the initial authorized participant (“AP”)[8] or the initial purchaser as a statutory underwriter.

    Prospectus Summary

    SEC rules require issuers to provide a summary in plain English of the information in the prospectus where the length or complexity of the prospectus makes a summary useful.[9] In this summary, we have observed issuers that have identified those aspects of the offering that are the most significant and highlighted those points in clear, plain language, avoiding merely repeating the text of the prospectus.[10] Examples of disclosure we have observed in the prospectus summary include:

    • An overview of the trust, including a clear description of the investment objective of the trust and the tracking index or benchmark it plans to reference;
    • A description of the underlying crypto asset(s) and the associated network(s);
    • The issuer’s policies regarding the management of the underlying crypto asset(s), including any limitations on how they are held or used;
    • The issuer’s policies regarding any incidental rights associated with the underlying crypto assets(s), including forks, airdrops, or similar events; and
    • That the amount of underlying crypto assets per share held by the trust will decline over time as the crypto assets are sold to pay the trust’s fees and expenses.

    Risk Factors

    SEC rules require a discussion of the material factors that make an investment in the issuer and product speculative or risky.[11] The content and scope of an issuer’s risk disclosure will depend on the nature of the security, the issuer’s business, the underlying crypto asset(s), the tracking index or benchmark, and, if material, may include factors such as the characteristics of the security, limited rights of holders, insurance coverage, valuation and liquidity risks, technological risks, cybersecurity risks, and legal, regulatory and tax risks. Discussion of risks that could apply generically to any issuer is discouraged.[12] The following are examples of risks that have been disclosed:

    • Risks related to the underlying crypto asset(s) and crypto asset markets that pose a risk of investor losses, including price volatility, theft of private keys and other hacking incidents, and the risk of price volatility from other parts of the crypto asset markets;
    • Risks of fraud, manipulation, front-running, wash-trading, security failures or operational problems on crypto asset trading platforms;
    • Risks of attacks on the associated network(s) by malicious actors;
    • Risks of concentration of ownership in the underlying crypto asset(s);
    • Risks from loss of incentives for miners and validators of the underlying crypto asset(s);
    • Risks from other competing products that have already entered the market or that charge lower fees; and
    • Risks from APs and other service providers or counterparties providing services for competitors.

    Description of Business

    The Trust, Crypto Asset Prices, and Calculation of NAV

    SEC rules require issuers to provide a narrative description of the material aspects of their business.[13] Crypto asset ETPs generally provide disclosure regarding the trust’s assets, including the characteristics of the underlying crypto asset(s), and describe the applicable index or benchmark methodology, as well as the methodology to calculate net asset value (“NAV”).[14] Disclosure should be presented in clear, concise, and understandable language, without overly relying on technical terminology or jargon.[15] For example, to the extent applicable, we have observed disclosure that:

    Underlying Crypto Asset(s) and Associated Network(s)

    • Provides material information about the underlying crypto asset(s) and associated network(s), including information about the launch of the crypto asset(s) and the initial development team, the method of generating, minting or mining the crypto asset(s), the process for staking, locking and burning the crypto asset(s), the process for validating transactions, the consensus mechanism, use cases, and any fees associated with use of the crypto network(s) or applications;
    • Includes a discussion regarding the total supply of the underlying crypto asset(s) covering the amounts outstanding, issued and burned, the market capitalization for the crypto asset(s), whether there is a cap on supply and what the minting and burning schedule is, as well as material events impacting the supply of the crypto asset(s), such as halving events, modifications to the protocol, and any recent or planned forks; and
    • Describes the spot and/or futures markets for the underlying crypto asset(s), including how those markets are regulated.

    Index or Benchmark

    • Identifies and provides tabular disclosure for each constituent trading platform used to calculate the index or benchmark price, including market share and volume information;
    • Describes how the constituent trading platforms are selected and how the index or benchmark price is calculated;
    • Includes the composition and operation of any oversight committee; and
    • Specifies whether the sponsor has discretion to select a different index or benchmark and discusses whether and how the sponsor will notify investors of material changes to the index or benchmark.

    Calculation of NAV

    • Describes the methodology the trust will use to calculate NAV and the policies and procedures if the index or benchmark is unavailable or the sponsor elects not to rely on it;
    • If the methodology used to calculate NAV differs from the methodology used to determine the fair value of crypto asset holdings for GAAP purposes, provides a discussion of the differences between the two methodologies; and
    • Discloses whether the sponsor has agreements with any third parties for use of their valuation methodologies and whether the sponsor has a license to use a secondary index or benchmark.

    The Trust’s Service Providers, Custody of the Trust’s Assets, and Fees and Expenses

    SEC rules require disclosure of information material to an understanding of the issuer’s business,[16] which may include the extent to which the issuer’s business is materially reliant on third parties. Issuers generally rely on the services of a sponsor and several third-party service providers, including one or more crypto asset custodians. Issuers generally pay a fee to the sponsor of the trust that typically covers the issuer’s operating expenses. Issuers generally disclose the various fees and expenses payable to the sponsor and third-party service providers. Additionally, issuers are required to file as exhibits to the registration statement material contracts not made in the ordinary course of their business, or in the case of ordinary course contracts, those on which they are substantially dependent, except where immaterial in amount or significance.[17] In this regard, we have observed issuers providing the following to the extent applicable:

    The Trust’s Service Providers

    • Identifying the APs, describing the material terms of the AP agreement, and filing the agreement as an exhibit to the registration statement;
    • Identifying any counterparties contracted to assist in the purchase and sale of the underlying crypto asset(s), describing the material terms of any agreement with such parties, disclosing the extent of any affiliations or material relationships between the counterparties and the APs, discussing the criteria for engaging the counterparties, and filing any material agreements as exhibits to the registration statement; and
    • To the extent the trust has an agreement with a counterparty to provide financing for purchases and sales of the underlying crypto asset(s), disclosing the material terms of that arrangement, including the rate of interest, describing the mechanics of financing in connection with creation and redemption orders, and filing any material agreements as exhibits to the registration statement.

    Custody of the Trust’s Assets

    • Identifying and describing the material terms of their agreement(s) with the custodian(s);
    • Storage policies for private keys, including the use of cold, warm or hot storage, whether the issuer’s crypto assets are commingled or held in wallets with assets of other customers, and how transfers of crypto assets from cold, warm or hot storage occur;
    • Who will have access to the private key information and whether any entity will be responsible for verifying the existence of the crypto assets; and
    • Whether and to what extent the custodian carries insurance for any losses of the crypto asset(s) that it custodies for the issuer and to what extent insurance coverage is shared among the custodian’s customers and not specific to the issuer.

    Fees and Expenses

    • How the sponsor fee is calculated, which fees and expenses are assumed by the sponsor, and which fees are capped or otherwise not assumed by the sponsor;
    • The fee arrangements with third parties, including transaction fees and other expenses; and
    • Any arrangements for the sponsor fee or other fees to be paid using the trust’s underlying crypto asset holdings.

    Description of Securities

    SEC rules require a description of the issuer’s securities.[18] In describing the securities offered by the trust, issuers are required to disclose the circumstances under which shareholders have voting rights.[19] Examples of disclosure we have observed in this context include the following:

    • Any limitations or restrictions on voting rights;
    • Whether the rights of holders may be modified other than by a vote of a majority or more of the shares outstanding; and
    • How shareholders will be notified of material amendments to or termination of the trust agreement.

    Plan of Distribution

    SEC rules require disclosure of the plan of distribution of securities offered and sold in a registered offering.[20] Additionally, issuers conducting delayed or continuous offerings under Securities Act Rule 415 undertake to include in a post-effective amendment to the registration statement material information with respect to the plan of distribution not previously disclosed or any material change to that information included in the effective registration statement.[21] Among other information, issuers have provided the following information regarding the plan of distribution:

    • The mechanics of the creation and redemption process between the trust, the APs, the custodian(s), and any other third-party service providers, whether and to what extent creation and redemption orders will be settled onchain or offchain, and any risks associated with the settlement process;
    • The potential impact on the arbitrage mechanism from price volatility, trading volume, and price differentials across crypto asset trading platforms, and in the event crypto asset trading platforms are closed or otherwise unavailable; and
    • Whether and under what circumstances the sponsor may suspend creation and redemption orders and how the trust will notify shareholders if it has suspended creation and redemption orders.

    Directors, Executive Officers, and Significant Employees

    Management

    SEC rules require disclosure of information relating to the identity and experience of those entrusted with the management of the issuer, including executive officers, directors, and certain significant employees who make (or are expected to make) a significant contribution to the issuer’s business.[22] SEC rules also require such disclosure for persons who do not hold formal titles or positions as executive officers or directors but who perform policy-making functions typically performed by executive officers or perform similar functions as directors.[23] Crypto asset ETPs typically have a sponsor whose directors and executive officers perform functions similar to a board of directors and executive officers for the trust. To the extent that a sponsor performs policy-making functions, disclosure has been provided with respect to the directors, executive officers, or other employees of the sponsor performing such functions. Although disclosure regarding executive compensation of the issuer would not be applicable in this situation,[24] we have observed disclosure of the fees paid to the sponsor or third party for performing such functions, as discussed in “The Trust’s Service Providers, Custody of the Trust’s Assets, and Fees and Expenses” above.[25]

    Conflicts of Interest

    SEC rules require disclosure of material information about transactions with related persons and policies and procedures related to the review, approval, or ratification of transactions with related persons.[26] Issuers have disclosed existing and potential conflicts of interest between the sponsor and its affiliates and the trust, including the following:

    • Whether the sponsor or any insiders hold the underlying crypto asset(s) or have crypto asset-related exposure that could create conflicts of interest;
    • Whether the trust has a code of conduct or other requirements for pre-clearance of transactions in the underlying crypto asset(s) that apply to its employees, the sponsor, or any of its affiliates; and
    • The sponsor’s experience sponsoring other exchange-traded products and its specific experience in crypto asset markets.

    Financial Statements

    We have observed that some issuers are organized as statutory trusts or limited partnerships that are registering the offer and sale of beneficial units or limited partnership interests in multiple series. In these instances, for purposes of SEC reporting, the staff has taken the position that the trust or partnership should be treated as the sole registrant, not the individual series.[27] However, the staff has also taken the position that in addition to providing financial statements of the trust or partnership, issuers should provide separate financial statements of each individual series. Issuers have separately provided, prepared, or evaluated, as applicable, the following for the sole registrant and for each series:

    • Separate financial statements and audit reports;
    • Separate interim financial statements; and
    • Separate assessments of materiality for Regulation S-K and Regulation S-X purposes, including Regulation S-X Rules 3-05, 3-09 and 4-08.

    Filing Fee Tables

    Issuers electing to register the offering of an indeterminate number of exchange-traded vehicle securities[28] in reliance on Securities Act Rules 456(d) and 457(u) should be aware that the EDGAR fee tag for “Type of payment” is “2” and the EDGAR “Security type” is “Exchange-Traded Vehicle Securities.” Failure to include these tags may prevent the issuer from being able to file a form of prospectus under Securities Act Rule 424(i) and pay its registration fee not later than 90 days after the end of any fiscal year during which it has publicly offered securities.

    Contacting the Division

    The Division welcomes questions about the application of the SEC’s disclosure rules to offerings and registrations of crypto asset ETPs, as well as any ongoing reporting obligations. We also welcome requests for other assistance (including requests for interpretive or no-action letters) relating to these issues and questions. Information about how to contact the Division is available on our website.[29]


    [1] For purposes of this statement, a “crypto asset” is an asset that is generated, issued, and/or transferred using a blockchain or similar distributed ledger technology network (“crypto network”), including, but not limited to, assets known as “tokens,” “digital assets,” “virtual currencies,” and “coins,” and that relies on cryptographic protocols. References in this statement to “network” refer to a crypto network, and references to “application” refer to an application running on such a crypto network.

    [2] This statement represents the views of the staff of the Division of Corporation Finance (the “Division”). It is not a rule, regulation, exemption, guidance, or statement of the U.S. Securities and Exchange Commission (“Commission” or “SEC”), and the Commission has neither approved nor disapproved its content. This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person.

    [3] For brevity, we refer to crypto asset ETP issuers as “issuers” in this statement.

    [4] As a result, these crypto asset ETPs are not subject to the requirements of the Investment Company Act of 1940, such as the legal requirements related to valuation and custody of fund assets.

    [5] Scaled disclosure refers to disclosure accommodations that the federal securities laws sometimes provide for smaller or newly public companies, such as smaller reporting companies, non-accelerated filers, or emerging growth companies. These accommodations apply to a qualifying company’s registered offerings and its ongoing public company reporting. Scaled disclosure permits these companies to provide less extensive disclosure than other companies.

    [6] See, e.g., Rule 404(c) under the Securities Act and General Instruction II.B. of Form S-1. For example, disclosure regarding properties only is required where issuers have material physical properties. See Item 102 of Regulation S-K.

    [7] See Item 501(b) of Regulation S-K.

    [8] APs are financial intermediaries that provide liquidity for crypto asset ETPs by facilitating the creation and redemption of shares (often referred to as creation and redemption units or creation and redemption baskets). APs place orders to create and redeem baskets.

    [9] See Item 503 of Regulation S-K.

    [10] See Instruction to paragraph 503(a) of Item 503 of Regulation S-K.

    [11] See Item 105 of Regulation S-K.

    [13] See Item 101 of Regulation S-K.

    [14] NAV of a crypto asset ETP is the trust’s total assets minus its total liabilities.

    [15] See Securities Act Rule 421(b).

    [16] See, e.g., Items 101(c) and 101(h) of Regulation S-K.

    [17] See Item 601(b)(10) of Regulation S-K.

    [18] See Item 202 of Regulation S-K.

    [19] See Item 202(d) of Regulation S-K.

    [20] See Item 508 of Regulation S-K.

    [21] See Securities Act Rule 415(a)(3); Item 512(a)(1) of Regulation S-K; and Part II, Item 17 to Form S-1 and Part II, Item 17 to Form S-3.

    [22] See Item 401 of Regulation S-K.

    [23] See Securities Act Rule 405. Disclosure is not required where a particular disclosure requirement is not applicable, or the issuer otherwise does not have responsive information. For example, crypto asset ETPs do not have a board of directors and, therefore, do not provide disclosure regarding members of a board of directors.

    [24] See Item 402 of Regulation S-K.

    [25] See Item 404 of Regulation S-K.

    [26] See Item 404 of Regulation S-K.

    [27] See Securities Act Sections Compliance and Disclosure Interpretations, Question 104.01. Compliance and disclosure interpretations reflect the views of the staff of the Division of Corporation Finance. They are not rules, regulations, or statements of the Commission. The Commission has neither approved nor disapproved these interpretations.

    MIL OSI USA News

  • MIL-OSI USA: Action Taken by Governor Phil Scott on Legislation – July 1, 2025

    Source: US State of Vermont

    Montpelier, Vt. – Governor Phil Scott announced action on the following bill, passed by the General Assembly.

    On July 1, Governor Scott signed a bill of the following title:

    • H.454, An act relating to transforming Vermont’s education governance, quality, and finance systems

    To view a complete list of action on bills passed during the 2025 legislative session, click here.

    ###

    MIL OSI USA News

  • MIL-OSI: Timing Is Everything: DRML Miner Launches Scalable Cloud Mining and Opens the Smartest Way to Mine Bitcoin

    Source: GlobeNewswire (MIL-OSI)

    London, UK, July 01, 2025 (GLOBE NEWSWIRE) — Bitcoin has once again proven it plays by its own rules. While traditional markets struggle under inflation and uncertainty, BTC keeps shattering resistance levels. Investors who waited on the sidelines now watch as prices climb, wishing they’d acted sooner. Those who took a chance when everyone else was cautious are now celebrating hefty returns.

    This breakout is not just luck — it’s a testament to Bitcoin’s growing global acceptance. The question now is simple: how can you capitalize on this new surge without the stress of running your own mining operation? The answer lies with a powerful ally in the crypto space — DRML Miner.

    Introducing DRML Miner: The Future of Effortless Cloud Mining

    DRML Miner is more than just another mining platform. It’s a complete ecosystem built to let you profit from the crypto boom without the massive costs of traditional mining. Their platform was designed for both newcomers and serious investors who want a seamless, secure, and scalable way to mine Bitcoin and altcoins.

    Here’s why DRML Miner is transforming cloud mining:

    Instant Start: No bulky rigs. No tech headaches. Register, choose a plan, and start mining immediately.

    Affordable Entry: Get started with as little as $100. Scale your investment as your earnings grow.

    Daily Payouts: Enjoy stable, daily returns directly to your account.

    Ironclad Security: Advanced encryption protects every transaction.

    24/7 Support: A dedicated team ready to guide you whenever you need.

    No Surprise Fees: What you see is exactly what you pay.

    Breaking Away from the Crowd: Why It Pays to Go Against the Trend

    Many investors still fear entering the crypto market, burned by past volatility or confused by its complexity. But history favors those who move while others freeze. By the time the masses pile in, the biggest gains are often already gone.

    Partnering with DRML Miner means you’re positioning yourself at the forefront of this new wave. As Bitcoin continues to break new ground, your mining profits stand to grow in parallel. Instead of worrying about buying hardware, managing power bills, or figuring out mining pools, DRML does all the heavy lifting.

    Advanced Technology Means More Profits for You

    Unlike many old-school operations, DRML Miner uses cutting-edge algorithms and smart mining systems. Their tech team constantly upgrades their infrastructure, ensuring mining stays efficient even as network difficulty rises. This approach maximizes hash power and minimizes wasted energy, translating to more consistent earnings for you.

    Their online dashboard is equally powerful. It gives you a transparent, real-time view of your mining activity, your returns, and your wallet balance. Withdraw your earnings anytime — your money, your control.

    Why Bitcoin’s Surge Makes Now the Perfect Time

    With Bitcoin breaking through long-held barriers, there’s never been a better moment to get involved. Traditional markets are plagued by rising interest rates and unpredictable swings. Meanwhile, Bitcoin continues attracting institutional investors, solidifying its reputation as digital gold.

    Cloud mining through DRML Miner lets you ride this momentum without the steep barriers of traditional mining. No need for warehouse space, no hardware troubleshooting, no noise, no heat. Just sign up, fund your plan, and watch your crypto grow.

    Multiple Plans for Every Investor

    Whether you’re a cautious beginner or a seasoned whale, DRML Miner offers flexible plans tailored to your goals. Start small to get comfortable, then upgrade as you see steady returns. This flexibility is crucial in a rapidly changing market.

    Their minimum plan starts at just $100, making it accessible to almost anyone serious about building crypto wealth. From there, the sky’s the limit.

    Security and Transparency at Every Step

    In crypto, trust is everything. DRML Miner backs this up with airtight security protocols and transparent operations. All transactions use high-grade encryption. Your account is protected by multi-layer verification. And with no hidden fees, your payouts are exactly what you expect.

    Plus, their friendly support team is available around the clock, ready to answer any questions or solve any concerns. That’s true peace of mind.

    Step Boldly Into the New Era of Mining

    Going against the trend is how real wealth is built. While others stay cautious or wait for “the perfect time,” savvy investors are already mining, already earning, already building their digital futures.

    By partnering with DRML Miner, you join a platform that combines smart technology, real security, and a proven record of daily payouts. It’s your chance to lead — not follow — in the new era of cloud mining.

    Ready to Get Started?

    Don’t watch from the sidelines as Bitcoin continues to surge. Take action now. Visit https://drmlminers.com/ today, explore their mining plans, and set your financial future in motion. The new era of crypto wealth is here. Will you seize it?

     

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network

  • MIL-OSI: Provident Financial Services, Inc. Schedules Second Quarter Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., July 01, 2025 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE: PFS) announced that it expects to release financial results for the quarter ended June 30, 2025 on Thursday, July 24, 2025 at 8:00am. A copy of the earnings release will be immediately available on the Company’s website, www.Provident.Bank, by going to Investor Relations and clicking on Press Releases.

    Representatives of the Company will hold a conference call for investors on July 24, 2025 at 2:00 p.m. (ET) to discuss the Company’s second quarter financial results. Information about the conference call is as follows:

    PARTICIPANT DIAL-IN NUMBERS:
    North America Toll-Free: (888) 412-4131
    International Toll: +1(646) 960-0134
    Conference ID 3610756
       

    Internet access to the call will be available (listen only) at www.Provident.Bank by going to Investor Relations and clicking on Webcast.

    A replay of the call will be available beginning at 12:00 noon (ET) on July 24, 2025 until 11:59 p.m. (ET) on August 7, 2025.

    Toll Free Dial in Number: 1-800-770-2030
    Toll Dial in Number: 1-609-800-9909
    Playback ID: 3610756 followed by # key
       

    The call will also be archived on the Company’s website for a period of one year.

    Provident Financial Services, Inc. is the holding company for Provident Bank. As of March 31, 2025, the Company reported assets of $24.22 billion. The Bank currently operates a network of full-service branches throughout New Jersey, eastern Pennsylvania, and Orange, Queens, and Nassau Counties, New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

    SOURCE: Provident Financial Services, Inc.
    CONTACT: Investor Relations, 1-732-590-9300
    Web Site: http://www.Provident.Bank

    The MIL Network

  • MIL-Evening Report: News laws to make it harder for large Australian and foreign companies to avoid paying tax

    Source: The Conversation (Au and NZ) – By Kerrie Sadiq, Professor of Taxation, QUT Business School, and ARC Future Fellow, Queensland University of Technology

    The Conversation, CC BY

    The beginning of the financial year means for the first time in Australia the public will see previously unreleased tax reports produced by multinational taxpayers.

    These documents, known as country-by-country reports, or CbCR for short, contain information about the tax practices of large Australian businesses and foreign businesses operating in Australia. This information, previously only available to the taxpayer and the Australian Tax Office, will be made public.

    Country-by-country reports, announced in the October 2022-2023 budget, were introduced with other measures designed to improve corporate tax behaviour. The reports will be released from this week as part of corporate reporting practices. Multinationals have 12 months to comply.

    A fairer tax system

    Country-by-country reporting forms part of the government’s multinational tax integrity election commitment package. The aim is to ensure a fairer and more sustainable tax system. Large firms will be required to publish a statement on their global activities plus tax information for each jurisdiction in which they operate.

    Until now, large multinationals only had to prepare annual consolidated financial statements under international financial reporting standards. The traditional reports aggregate results and provide limited geographic reporting information.

    Traditional high-level reporting allows multinationals to conceal their country-level activities. This hides questionable tax practices.

    Country-by-country reporting allows us to better see where a multinational operates. More importantly, the amount of activity in each jurisdiction is reported. The information provides clues as to whether artificial profit shifting has occurred.

    Anyone interested can uncover details about how multinationals structure their global operations. Information may reveal a misalignment between the company’s real economic presence in a country, the profits they book and taxes they pay in that country.

    Bringing Australia into line with the EU

    Country-by-country reporting is not new. It is the requirement that the information be made public that has changed.

    Australian firms have been required to provide such reports to the Australian Tax Office since 2016. However, the information has been confidential.

    The new public disclosure law brings Australia in line with large firms operating in the European Union which brought in the change last year.

    How country-by-country reporting works

    A taxpayer with annual global income above A$1 billion and at least A$10 million of its turnover Australian-sourced will need to produce a report. The obligation to disclose rests with the parent entity no matter where they are located.

    Australia’s largest companies, including mining giants Rio Tinto and BHP, biotech firm CSL, and investment bank Macquarie Group, will be among those expected to report, as will foreign tech behemoths such as Apple, Amazon, Microsoft and Meta.

    These tech giants are the same US firms likely to be excluded from the global minimum tax rules under a G7 agreement reached last week. Under the agreement, US multinationals were exempted from paying more corporate tax overseas. Other G7 members gave in to protect their own companies from the US’s threat of retaliation.

    Under the law change in Australia, a parent entity will provide its name, the names of all members of the group, a description of their approach to tax, and information about operations in certain countries. Included on the list are countries that attract multinationals due to reduced tax obligations, such as Singapore, Switzerland, and the Bahamas.

    Everyone will be able to see where a multinational is operating. They will also see the types of business activities conducted, number of employees, assets, revenue, and taxes paid. Large profits in a country but little business activity and very few employees may raise questions, especially if a country has a low tax rate.

    Benefits of better transparency

    Access to the extra information will help investors assess the tax and reputational risk of a firm. A multinational that shifts profits to low tax countries may be audited and pay extra tax and penalties.

    Increased transparency allows greater scrutiny. In turn, it is hoped multinationals will reduce aggressive tax planning due to potential risk to their reputation.

    If multinationals shift less taxable profits out of Australia to low-tax or no-tax jurisdictions, this will lead to Australia receiving a greater share of much needed corporate tax revenue.

    Reducing profit shifting

    Recent academic research on public country-by-country reporting reveals it provides additional information to better identify tax haven activity. However, it does not result in a significant drop in corporate tax avoidance.

    Increased tax transparency helps investors and tax authorities to better understand a multinational’s economic and tax geographic footprint. It is also important when it seems that US giants will be excluded from the 15% global minimum tax rules. Transparency by itself, however, does not lead to multinationals paying more corporate taxes.

    By its very nature, tax avoidance is legal but pushes the boundaries by going against the spirit of the law. Indeed, many large multinationals argue tax is a legal obligation and is not voluntary. They maintain they pay the tax required of them according to the law.

    Undoubtedly, Australia’s new public country-by-country regime is a positive step for tax transparency. As a country initiative, it has been applauded as groundbreaking and world leading. However, it is not a panacea to corporate tax avoidance.

    To limit corporate tax avoidance and have multinationals pay more corporate taxes, we must get to the heart of the problem. We must change the law that dictates the way multinationals are taxed.

    Kerrie Sadiq currently receives funding from the Australian Research Council. She has previously received research grants from CPA Australia and CAANZ.

    Rodney Brown has previously received research grants from CPA Australia and CAANZ.

    ref. News laws to make it harder for large Australian and foreign companies to avoid paying tax – https://theconversation.com/news-laws-to-make-it-harder-for-large-australian-and-foreign-companies-to-avoid-paying-tax-260004

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: News laws to make it harder for large Australian and foreign companies to avoid paying tax

    Source: The Conversation (Au and NZ) – By Kerrie Sadiq, Professor of Taxation, QUT Business School, and ARC Future Fellow, Queensland University of Technology

    The Conversation, CC BY

    The beginning of the financial year means for the first time in Australia the public will see previously unreleased tax reports produced by multinational taxpayers.

    These documents, known as country-by-country reports, or CbCR for short, contain information about the tax practices of large Australian businesses and foreign businesses operating in Australia. This information, previously only available to the taxpayer and the Australian Tax Office, will be made public.

    Country-by-country reports, announced in the October 2022-2023 budget, were introduced with other measures designed to improve corporate tax behaviour. The reports will be released from this week as part of corporate reporting practices. Multinationals have 12 months to comply.

    A fairer tax system

    Country-by-country reporting forms part of the government’s multinational tax integrity election commitment package. The aim is to ensure a fairer and more sustainable tax system. Large firms will be required to publish a statement on their global activities plus tax information for each jurisdiction in which they operate.

    Until now, large multinationals only had to prepare annual consolidated financial statements under international financial reporting standards. The traditional reports aggregate results and provide limited geographic reporting information.

    Traditional high-level reporting allows multinationals to conceal their country-level activities. This hides questionable tax practices.

    Country-by-country reporting allows us to better see where a multinational operates. More importantly, the amount of activity in each jurisdiction is reported. The information provides clues as to whether artificial profit shifting has occurred.

    Anyone interested can uncover details about how multinationals structure their global operations. Information may reveal a misalignment between the company’s real economic presence in a country, the profits they book and taxes they pay in that country.

    Bringing Australia into line with the EU

    Country-by-country reporting is not new. It is the requirement that the information be made public that has changed.

    Australian firms have been required to provide such reports to the Australian Tax Office since 2016. However, the information has been confidential.

    The new public disclosure law brings Australia in line with large firms operating in the European Union which brought in the change last year.

    How country-by-country reporting works

    A taxpayer with annual global income above A$1 billion and at least A$10 million of its turnover Australian-sourced will need to produce a report. The obligation to disclose rests with the parent entity no matter where they are located.

    Australia’s largest companies, including mining giants Rio Tinto and BHP, biotech firm CSL, and investment bank Macquarie Group, will be among those expected to report, as will foreign tech behemoths such as Apple, Amazon, Microsoft and Meta.

    These tech giants are the same US firms likely to be excluded from the global minimum tax rules under a G7 agreement reached last week. Under the agreement, US multinationals were exempted from paying more corporate tax overseas. Other G7 members gave in to protect their own companies from the US’s threat of retaliation.

    Under the law change in Australia, a parent entity will provide its name, the names of all members of the group, a description of their approach to tax, and information about operations in certain countries. Included on the list are countries that attract multinationals due to reduced tax obligations, such as Singapore, Switzerland, and the Bahamas.

    Everyone will be able to see where a multinational is operating. They will also see the types of business activities conducted, number of employees, assets, revenue, and taxes paid. Large profits in a country but little business activity and very few employees may raise questions, especially if a country has a low tax rate.

    Benefits of better transparency

    Access to the extra information will help investors assess the tax and reputational risk of a firm. A multinational that shifts profits to low tax countries may be audited and pay extra tax and penalties.

    Increased transparency allows greater scrutiny. In turn, it is hoped multinationals will reduce aggressive tax planning due to potential risk to their reputation.

    If multinationals shift less taxable profits out of Australia to low-tax or no-tax jurisdictions, this will lead to Australia receiving a greater share of much needed corporate tax revenue.

    Reducing profit shifting

    Recent academic research on public country-by-country reporting reveals it provides additional information to better identify tax haven activity. However, it does not result in a significant drop in corporate tax avoidance.

    Increased tax transparency helps investors and tax authorities to better understand a multinational’s economic and tax geographic footprint. It is also important when it seems that US giants will be excluded from the 15% global minimum tax rules. Transparency by itself, however, does not lead to multinationals paying more corporate taxes.

    By its very nature, tax avoidance is legal but pushes the boundaries by going against the spirit of the law. Indeed, many large multinationals argue tax is a legal obligation and is not voluntary. They maintain they pay the tax required of them according to the law.

    Undoubtedly, Australia’s new public country-by-country regime is a positive step for tax transparency. As a country initiative, it has been applauded as groundbreaking and world leading. However, it is not a panacea to corporate tax avoidance.

    To limit corporate tax avoidance and have multinationals pay more corporate taxes, we must get to the heart of the problem. We must change the law that dictates the way multinationals are taxed.

    Kerrie Sadiq currently receives funding from the Australian Research Council. She has previously received research grants from CPA Australia and CAANZ.

    Rodney Brown has previously received research grants from CPA Australia and CAANZ.

    ref. News laws to make it harder for large Australian and foreign companies to avoid paying tax – https://theconversation.com/news-laws-to-make-it-harder-for-large-australian-and-foreign-companies-to-avoid-paying-tax-260004

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Gum disease, decay, missing teeth: why people with mental illness have poorer oral health

    Source: The Conversation (Au and NZ) – By Bonnie Clough, Senior Lecturer, School of Applied Psychology, Griffith University

    mihailomilovanovic/Getty Images

    People with poor mental health face many challenges. One that’s perhaps lesser known is that they’re more likely than the overall population to have poor oral health.

    Research has shown people with serious mental illness are four times more likely than the general population to have gum disease. They’re nearly three times more likely to have lost all their teeth due to problems such as gum disease and tooth decay.

    Serious mental illnesses include major depressive disorder, bipolar disorder and psychotic disorders such as schizophrenia. These conditions affect about 800,000 Australians.

    People living with schizophrenia have, on average, eight more teeth that are decayed, missing or filled than the general population.

    So why does this link exist? And what can we do to address the problem?

    Why is this a problem?

    Oral health problems are expensive to fix and can make it hard for people to eat, socialise, work or even just smile.

    What’s more, dental issues can land people in hospital. Our research shows dental conditions are the third most common reason for preventable hospital admissions among people with serious mental illness.

    Meanwhile, poor oral health is linked with long-term health conditions such as diabetes, heart disease, some cancers, and even cognitive problems. This is because the bacteria associated with gum diseases can cause inflammation throughout the body, which affects other systems in the body.

    Why are mental health and oral health linked?

    Poor mental and oral health share common risk factors. Social factors such as isolation, unemployment and housing insecurity can worsen both oral and mental health.

    For example, unemployment increases the risk of oral disease. This can be due to financial difficulties, reduced access to oral health care, or potential changes to diet and hygiene practices.

    At the same time, oral disease can increase barriers to finding employment, due to stigma, discrimination, dental pain and associated long-term health conditions.

    It’s clear the relationship between oral health and mental health goes both ways. Dental disease can reduce self-esteem and increase psychological distress. Meanwhile, symptoms of mental health conditions, such as low motivation, can make engaging in good oral health practices, including brushing, flossing, and visiting the dentist, more difficult.

    And like many people, those with serious mental illness can experience significant anxiety about going to the dentist. They may also have experienced trauma in the past, which can make visiting a dental clinic a frightening experience.

    Separately, poor oral health can be made worse by some medications for mental health conditions. Certain medications can interfere with saliva production, reducing the protective barrier that covers the teeth. Some may also increase sugar cravings, which heightens the risk of tooth decay.

    Some medications people take for mental health conditions can affect oral health.
    Gladskikh Tatiana/Shutterstock

    Our research

    In a recent study, we interviewed young people with mental illness. Our findings show the significant personal costs of dental disease among people with mental illness, and highlight the relationship between oral and mental health.

    Smiling is one of our best ways to communicate, but we found people with serious mental illness were sometimes embarrassed and ashamed to smile due to poor oral health.

    One participant told us:

    [poor oral health is] not only [about] the physical aspects of restricting how you eat, but it’s also about your mental health in terms of your self-esteem, your self-confidence, and basic wellbeing, which sort of drives me to become more isolated.

    Another said:

    for me, it was that serious fear of – God my teeth are looking really crap, and in the past they’ve [dental practitioners] asked, “Hey, you’ve missed this spot; what’s happening?”. How do I explain to them, hey, I’ve had some really shitty stuff happening and I have a very serious episode of depression?

    What can we do?

    Another of our recent studies focused on improving oral health awareness and behaviours among young adults experiencing mental health difficulties. We found a brief online oral health education program improved participants’ oral health knowledge and attitudes.

    Improving oral health can result in improved mental wellbeing, self-esteem and quality of life. But achieving this isn’t always easy.

    Limited Medicare coverage for dental care means oral diseases are frequently treated late, particularly among people with mental illness. By this time, more invasive treatments, such as removal of teeth, are often required.

    It’s crucial the health system takes a holistic approach to caring for people experiencing serious mental illness. That means we have mental health staff who ask questions about oral health, and dental practitioners who are trained to manage the unique oral health needs of people with serious mental illness.

    It also means increasing government funding for oral health services – promotion, prevention and improved interdisciplinary care. This includes better collaboration between oral health, mental health, and peer and informal support sectors.

    Amanda Wheeler is an investigator on a MetroSouth Health 2025 grant exploring use of Queensland Emergency Departments for people with mental ill-health seeking acute care for oral health problems.

    Steve Kisely has received a grant on oral health from Metro South Research Foundation and one from the Medical Research Future Fund.

    Bonnie Clough, Caroline Victoria Robertson, and Santosh Tadakamadla do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Gum disease, decay, missing teeth: why people with mental illness have poorer oral health – https://theconversation.com/gum-disease-decay-missing-teeth-why-people-with-mental-illness-have-poorer-oral-health-258403

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Gum disease, decay, missing teeth: why people with mental illness have poorer oral health

    Source: The Conversation (Au and NZ) – By Bonnie Clough, Senior Lecturer, School of Applied Psychology, Griffith University

    mihailomilovanovic/Getty Images

    People with poor mental health face many challenges. One that’s perhaps lesser known is that they’re more likely than the overall population to have poor oral health.

    Research has shown people with serious mental illness are four times more likely than the general population to have gum disease. They’re nearly three times more likely to have lost all their teeth due to problems such as gum disease and tooth decay.

    Serious mental illnesses include major depressive disorder, bipolar disorder and psychotic disorders such as schizophrenia. These conditions affect about 800,000 Australians.

    People living with schizophrenia have, on average, eight more teeth that are decayed, missing or filled than the general population.

    So why does this link exist? And what can we do to address the problem?

    Why is this a problem?

    Oral health problems are expensive to fix and can make it hard for people to eat, socialise, work or even just smile.

    What’s more, dental issues can land people in hospital. Our research shows dental conditions are the third most common reason for preventable hospital admissions among people with serious mental illness.

    Meanwhile, poor oral health is linked with long-term health conditions such as diabetes, heart disease, some cancers, and even cognitive problems. This is because the bacteria associated with gum diseases can cause inflammation throughout the body, which affects other systems in the body.

    Why are mental health and oral health linked?

    Poor mental and oral health share common risk factors. Social factors such as isolation, unemployment and housing insecurity can worsen both oral and mental health.

    For example, unemployment increases the risk of oral disease. This can be due to financial difficulties, reduced access to oral health care, or potential changes to diet and hygiene practices.

    At the same time, oral disease can increase barriers to finding employment, due to stigma, discrimination, dental pain and associated long-term health conditions.

    It’s clear the relationship between oral health and mental health goes both ways. Dental disease can reduce self-esteem and increase psychological distress. Meanwhile, symptoms of mental health conditions, such as low motivation, can make engaging in good oral health practices, including brushing, flossing, and visiting the dentist, more difficult.

    And like many people, those with serious mental illness can experience significant anxiety about going to the dentist. They may also have experienced trauma in the past, which can make visiting a dental clinic a frightening experience.

    Separately, poor oral health can be made worse by some medications for mental health conditions. Certain medications can interfere with saliva production, reducing the protective barrier that covers the teeth. Some may also increase sugar cravings, which heightens the risk of tooth decay.

    Some medications people take for mental health conditions can affect oral health.
    Gladskikh Tatiana/Shutterstock

    Our research

    In a recent study, we interviewed young people with mental illness. Our findings show the significant personal costs of dental disease among people with mental illness, and highlight the relationship between oral and mental health.

    Smiling is one of our best ways to communicate, but we found people with serious mental illness were sometimes embarrassed and ashamed to smile due to poor oral health.

    One participant told us:

    [poor oral health is] not only [about] the physical aspects of restricting how you eat, but it’s also about your mental health in terms of your self-esteem, your self-confidence, and basic wellbeing, which sort of drives me to become more isolated.

    Another said:

    for me, it was that serious fear of – God my teeth are looking really crap, and in the past they’ve [dental practitioners] asked, “Hey, you’ve missed this spot; what’s happening?”. How do I explain to them, hey, I’ve had some really shitty stuff happening and I have a very serious episode of depression?

    What can we do?

    Another of our recent studies focused on improving oral health awareness and behaviours among young adults experiencing mental health difficulties. We found a brief online oral health education program improved participants’ oral health knowledge and attitudes.

    Improving oral health can result in improved mental wellbeing, self-esteem and quality of life. But achieving this isn’t always easy.

    Limited Medicare coverage for dental care means oral diseases are frequently treated late, particularly among people with mental illness. By this time, more invasive treatments, such as removal of teeth, are often required.

    It’s crucial the health system takes a holistic approach to caring for people experiencing serious mental illness. That means we have mental health staff who ask questions about oral health, and dental practitioners who are trained to manage the unique oral health needs of people with serious mental illness.

    It also means increasing government funding for oral health services – promotion, prevention and improved interdisciplinary care. This includes better collaboration between oral health, mental health, and peer and informal support sectors.

    Amanda Wheeler is an investigator on a MetroSouth Health 2025 grant exploring use of Queensland Emergency Departments for people with mental ill-health seeking acute care for oral health problems.

    Steve Kisely has received a grant on oral health from Metro South Research Foundation and one from the Medical Research Future Fund.

    Bonnie Clough, Caroline Victoria Robertson, and Santosh Tadakamadla do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Gum disease, decay, missing teeth: why people with mental illness have poorer oral health – https://theconversation.com/gum-disease-decay-missing-teeth-why-people-with-mental-illness-have-poorer-oral-health-258403

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: The National Anti-Corruption Commission turns 2 – has it restored integrity to federal government?

    Source: The Conversation (Au and NZ) – By A J Brown, Professor of Public Policy & Law, Centre for Governance & Public Policy, Griffith University

    The National Anti-Corruption Commission (NACC) opened its doors two years ago this week amid much fanfare and high expectations.

    Since then the body has attracted considerable criticism, overshadowing a solid, if slow, start to a whole new anti-corruption system across federal government.

    Established with strong powers after a history of much weaker proposals, what has it achieved in its first two years?

    Early hurdles

    On its first day, the decision to livestream the opening ceremony showed the Commission was alive to public expectations.

    However, the Commission’s reputation faced major early challenges: fears its transparency had been “nobbled”, and its damaging initial decision not to investigate officials referred by the Robodebt Royal Commission.

    The first challenge flowed from the politics that birthed the Commission.

    In 2022, despite otherwise state-of-the-art powers, the Albanese government made a late decision to insert an “exceptional circumstances” test to its ability to hold public hearings in corruption investigations.

    The shift created a bad impression. Many voices, including cross-bench parliamentarians, were left with good reason to question the very institution they helped create.

    The problem will haunt the NACC until the unnecessary threshold is removed.

    Public recognition

    In reality, the NACC still has hefty public hearing powers, but they are as yet to be used.

    When the need arises for royal commission-scale transparency, it will deliver an important side benefit the NACC still badly needs: public visibility.

    The challenge is confirmed by research on public trust, yet to be published, by Griffith University. Surveyed in March this year, only 12% of respondents said they knew at least a fair amount about the NACC, while a third had never heard of it at all, or didn’t know.

    This contrasts with the NSW Independent Commission Against Corruption, now 37 years old and the country’s heaviest user of public hearings. Over a quarter (26%) of NSW respondents said they knew at least a fair amount about the ICAC.

    Building visibility is a slow road, and does not mean the NACC is not doing its job. But with recognition a cornerstone of confidence, it’s a key tool the Commission clearly still needs to learn how to use.

    Workload

    In fact, the NACC’s heavy pipeline of work is finally starting to give it more to talk about.

    About 4,500 corruption complaints or referrals have been assessed since 1 July 2023, leading to more then 40 full investigations, including 31 currently underway.

    It will take time for this workload to pay off, in dealing with and preventing corruption, as well as reinforcing the public trust everyone needs. But even if slow, the first results confirm the importance of the investment.

    This week, the Commission published its fourth investigation report, revealing details of serious corrupt conduct by a Department of Home Affairs Senior Executive who abused her office by dishonestly advantaging her sister’s fiance for a job.

    Small fry? Maybe to some. But the fact 15 of the current investigations relate to senior officials takes the fight against nepotism and cronyism right to where it needs to be.

    Before the NACC, there was little confidence in how this kind of soft corruption was being dealt with by federal agencies.

    Hard corruption

    In its first two years, the NACC has also monitored 40 internal investigations by agencies which previously would have gone unsupervised, if they happened at all.

    On harder corruption, some results tell an even stronger tale.

    Last year, the NACC finalised an investigation which saw a former Australian Taxation Office employee jailed for five years, for accepting A$150,000 in bribes to reduce the tax debts of a Sydney businessman – also since jailed.

    And in December, a former Western Sydney Airport manager pleaded guilty to soliciting a A$200,000 bribe in exchange for a A$5 million services contract at Badgery’s Creek.

    Prior to the NACC, this was exactly the type of hard corruption many federal politicians and public servants claimed did not occur. No-one believed it, but now there’s a system for getting it under control.

    Politicians not immune

    The fact 13 of the NACC’s current investigations relate to former or current federal politicians or their staff is also reassuring. Of all the public officials in Australia, they have long been the most immune from integrity oversight.

    Known referrals include former Liberal Minister Stuart Robert in relation to alledged improper financial dealings with Canberra lobbyist, Synergy 360.

    A separate review found $374 million in contracts linked to Robert and the firm were poor value for money or plagued with perceived conflicts of interest.

    Even if Robert’s denials are correct, the NACC has good scope to help ensure no such dealings are possible in the future.

    The NACC’s strategic priorities highlight “senior public official decision-making” as an area where “even the perception of corruption can significantly harm trust in government”. This is especially important given the lack of regulation covering contractor, consultant and departmental relationships.

    Robodebt setback

    Tackling such fundamental issues, and not just driving a hamster wheel of criminal investigations, is the big challenge. It is underscored by the worst hurdle confronted by the NACC: its initial refusal to investigate Robodebt.

    The NACC’s independent inspector, Gail Furness, found that decision was contaminated by a badly managed conflict of interest, which caused the Commission reputational damage.

    But the poor handling also provided the circuit breaker needed for an independent reconsideration.

    Since February, the NACC is now investigating whether six individuals referred by the Robodebt Royal Commission engaged in corrupt conduct.

    It is a chance for the Commission to show it’s more than a compliance-focused enforcement agency, and is ready to play a positive part ensuring accountability and justice for victims when officials abuse their power.

    The larger mission

    Accepting this larger mission is a challenge for all anti-corruption commissions, but the NACC’s ability to do so is aided by some special powers.

    Its broad definition of “corrupt conduct” means it can tackle any kind of serious integrity failure, including breaches of trust or abuses of power, which don’t involve the types of private gain often associated with corruption in the past.

    A second key tool – also the likely solution to its visibility problem – is the Commission’s unique power to tackle larger issues through public inquiries.

    Also yet to be used, this power extends to any “corruption risks and vulnerabilities” or “measures to prevent corruption” the Commission sees fit. Unlike individual investigation hearings, it does not require “exceptional circumstances”.

    The last two years have seen the NACC well and truly blooded in its role as the cornerstone of the federal integrity transformation we needed to have.

    Now the question is more about the Commission’s choices of direction, including how it nurtures its relationship with the public, than whether it has capacity to get the job done.

    A J Brown AM is Chair of Transparency International Australia. He has received funding from the Australian Research Council and all Australian governments for research on public interest whistleblowing, integrity and anti-corruption reform through partners including Australia’s federal and state Ombudsmen and other regulatory agencies, parliaments, state anti-corruption agencies, and private sector industry bodies. He currently leads an ARC Discovery Project on mapping and harnessing public trust and distrust, in partnership with Sydney, La Trobe and Bond Universities. He is a former senior investigator for the Commonwealth Ombudsman, was a member of the Commonwealth Ministerial Expert Panel on Whistleblowing and is a member of the Queensland Public Sector Governance Council.

    ref. The National Anti-Corruption Commission turns 2 – has it restored integrity to federal government? – https://theconversation.com/the-national-anti-corruption-commission-turns-2-has-it-restored-integrity-to-federal-government-257889

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Russia: Bosnia and Herzegovina: Staff Concluding Statement for the 2025 Article IV Consultation Mission

    Source: IMF – News in Russian

    July 1, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Sarajevo:

    Growth has proven resilient supported by expansionary fiscal policies, but inflation has picked up, and risks are elevated due to external shocks and domestic political tensions. Progress towards EU accession could boost confidence, but political hurdles persist. Fiscal policy should focus on restoring buffers and improving spending quality. The authorities should refrain from further discretionary measures that widen the deficit and strengthen contingency planning. Both entities face large financing needs that are expected to be met through external borrowing, with a Eurobond issuance in FBiH and bilateral loans in the RS, along with some domestic issuances. The authorities should prepare contingency plans in case of financing shortfalls. Reforms, including a review of public employment, wages, and social benefits are needed to achieve a debt-stabilizing primary balance.

    To safeguard monetary stability, it is essential to maintain the currency board and uphold the independence of the central bank. The authorities should continue to closely monitor financial sector risks and enhance crisis preparedness. The establishment of a country-wide financial stability fund, which would facilitate bank restructuring and provide liquidity on an exceptional basis, would substantially strengthen the financial safety net. To accelerate growth, the authorities need to speed up reforms to improve fiscal governance, protect financial integrity, fight corruption, and step up digitalization. Transitioning from coal to green energy along with preparing for the introduction of EU carbon taxes are major challenges ahead. Placing BiH on a higher growth path and providing its people with more opportunities will speed up income convergence with the EU and reduce emigration.

    Recent developments and outlook

    Despite a challenging environment, the economy has been resilient. Growth accelerated to 2.5 percent in 2024 from 2 percent in 2023, with strong domestic demand outweighing a decline in net exports. Household consumption was supported by strong growth in credit and remittances; private investment accelerated. The unemployment rate declined to 11.7 percent in Q4:2024, with real wages growing at an annual rate of 8 percent. The current account deficit widened to 4.0 percent of GDP in 2024 from 2¼ percent in 2023, reflecting a drought-induced decline in electricity exports, weaker demand for exports, and higher imports associated with strong domestic demand. Inflation fell to 1.7 percent in 2024 from 6¼ percent in 2023, owing to a slowdown in fuel and utilities prices. However, since end-2024, inflation has been rising again to 3.7 percent (yoy) in May, driven mainly by higher food prices.

    The economic outlook remains uncertain amid elevated downside risks. Real GDP is projected to grow by 2.4 percent in 2025 supported by an improvement in net exports, a stronger fiscal impulse, and private consumption. However, the outlook is vulnerable to both domestic and external shocks. A worsening in geopolitical tensions and a resulting slowdown in Europe, or increased commodity price volatility could raise food and energy prices, lower BiH exports and remittances, and dampen domestic demand. An escalation of political tensions could further increase economic fragmentation and weigh on investor confidence and growth. In the absence of faster reform progress, medium-term growth is expected to remain around 3 percent—insufficient for rapid income convergence with the EU. Inflation is expected to remain elevated during 2025, and as food inflation eases, gradually decline from 2026, approaching the ECB target of 2 percent.  

    Fiscal policy and reforms

    Fiscal performance in 2024 was stronger than expected. The general government deficit turned out to be 1¾ percent of GDP, the same as in 2023, but better than anticipated at the time of the 2024 AIV Consultation. The authorities leveraged a large increase in tax revenues to boost spending on wages, goods and services, social benefits, and public investments.

    With fiscal policy expected to ease in 2025, the authorities should avoid further discretionary measures and strengthen contingency planning. Entity budgets and subsequently-adopted measures envisage increases in public wages and pensions, reflecting both legally-mandated indexation and discretionary changes. The widening deficit, which could reach 2.6 percent of GDP, is expected to be mainly financed mostly through foreign borrowing, as well as domestic banks. The authorities should avoid policies that further expand the deficit as this would likely put upward pressure on rising prices and widen external imbalances. Moreover, given mounting downside risks, the authorities should aim to build cash buffers and develop contingency plans. Depending on the severity of a potential shock the authorities should use the available buffers and activate contingency plans.

    Over the medium term, the authorities are advised to place fiscal deficits on a firmly declining path starting from 2026, build fiscal buffers, and enhance the economy’s growth potential. Persistently high deficits risk placing public debt on an upward trajectory and may worsen financing terms. Fiscal consolidation should begin in 2026, with the goal of reducing the primary deficit to its debt-stabilizing level, while improving the quality of spending and rebuilding treasury balances. Priority should be given to spending measures that enhance efficiency—particularly by rationalizing the public wage bill through functional reviews and improving the targeting of social assistance programs. These measures should be complemented by revenue mobilization efforts, including broadening the tax base through the reduction of exemptions and development of new revenue sources, such as taxing dividends. Any fiscally costly policies should be strictly avoided or offset. Given significant infrastructure gaps, increasing both the level and quality of public investment should be a key objective.

    Fiscal consolidation efforts should be accompanied by institutional and structural fiscal reforms. Strengthening fiscal discipline will require a review of existing fiscal rules to assess whether they are appropriately designed to meet macroeconomic management and developmental needs and whether there are sufficient institutional arrangements in place to ensure that they are met. The recent materialization of contingent liabilities related to international arbitration cases underscores the urgency of enhancing fiscal risk management. This includes timely identification of all sources of fiscal risks, assessment of risk magnitude and likelihood, development of mitigation strategies, and reinforcement of the institutional framework. In this context, improving the oversight and governance of state-owned enterprises (SOEs) is crucial. Reducing inefficiencies in public investment management remains a priority. This involves better project selection, rigorous appraisal processes, efficient and transparency procurement, and stronger portfolio management and oversight. Finally, implementing robust beneficiary registries would improve the targeting of social assistance programs by reducing inclusion and exclusion errors, improving efficiency, and enhancing transparency and accountability.

    Currency board arrangement and financial sector policies and reforms

    For three decades, the currency board arrangement (CBA) has been a cornerstone of macroeconomic stability and must be preserved. The CBA has ensured the stability of the domestic currency, while reinforcing policy credibility and fiscal discipline. Benefiting from strong institutional independence, the Central Bank (CBBH), has consistently maintained net foreign exchange reserves well above the level of its monetary liabilities. Safeguarding the CBBH’s independence is critical to preserving the credibility and effectiveness of the CBA.

    The CBBH should further strengthen the reserve requirement framework. In line with IMF advice, the CBBH applies differentiated remuneration rates on reserve requirements for foreign and domestic currency liabilities. Falling euro area interest rates offer an opportunity to reduce the gap with CBBH remuneration rates on required reserves and the opportunity costs for holding reserves. A further comprehensive review of the reserve requirement framework, with technical assistance from the IMF, and implementation of previous recommendations would further strengthen the CBBH’s capacity to achieve its policy objectives.  

    Sustained strong credit growth calls for close monitoring of systemic risks and continued efforts to safeguard banking sector resilience. Credit expansion has been driven by rising wages, declining lending rates, and a booming real estate market. Despite this rapid growth, banks remain well capitalized, liquid, and profitable, while the share of non-performing loans continues to decline. Nonetheless, vigilance is warranted. The authorities should closely monitor financial sector developments and be prepared to deploy macroprudential tools to address risks from credit growth and rising real estate prices. Following introduction of additional capital buffers for systemic risk (SyRB) and domestic systemically important banks (D-SIBs), the macroprudential toolkit should be expanded to include a countercyclical capital buffer (CCyB) and borrower-based measures such as limits on loan-to-value (LTV) ratios and debt-service to income (DSTI) ratios. To preserve resilience, reducing the regulatory capital requirement from 12 to 10 percent as planned from end-2026 should be avoided. The authorities are also advised to avoid further extensions of temporary regulatory measures that aim to contain lending rate increases and to remove limits on bank exposures to foreign governments and central banks.

    Progress made on coordination on financial sector issues, under the leadership of the CBBH, should be maintained. Regular financial sector coordination meetings strengthen inter-agency cooperation and help ensure smooth information exchange. Additionally, the authorities are encouraged to establish a country-wide Financial Stability Fund to support orderly bank resolution and to cooperate across state-level institutions and both entities to request a new IMF Financial Sector Assessment Program (FSAP)—already requested by the CBBH—to comprehensively assess resilience and outline a roadmap for further reform, including in the context of EU accession.

    We commend the CBBH and the other relevant authorities for their strong efforts to integrate BiH with the Single Euro Payments Area (SEPA). SEPA integration will enable faster and more convenient euro payments across borders within the SEPA area, lower transaction costs, and foster deeper trade and economic integration within Europe. It is crucial that the relevant legislative amendments are adopted in a timely manner to pave the way for the submission of the application for SEPA membership. In addition, the development of the TIPS Clone—the project implemented by the CBBH in cooperation with the Bank of Italy—will provide infrastructure for instant payments.

    Structural reforms

    Advancing toward EU membership will require a stronger, more coordinated, and results-driven approach. Persistent political fragmentation, lack of consensus among governing bodies, and limited administrative capacity continue to obstruct the adoption and execution of key reforms. In this context, timely adoption and implementation of the EU Growth Plan offers a valuable opportunity. Reforms under the growth plan will align BiH more closely with the EU single market, advance EU accession, and unlock €1 billion in additional financing over 2025–27 period.

    The authorities should accelerate energy sector reforms to reduce fiscal risks and prepare for implementation of the EU Carbon Border Adjustment Mechanism (CBAM). Key reforms include phasing out electricity subsidies over the medium term—while protecting vulnerable households—and advancing efficiency improvements in energy SOEs. CBAM charges are set to take effect from 2026, with the largest anticipated impact on the BiH electricity sector. To mitigate this, it is essential to establish a domestic power exchange system and an agreed roadmap and legislative framework for introduction of carbon pricing at the state level. These steps would enable BiH to unlock new investment in renewable electricity generation, reducing the overall burden of CBAM. Implementation of carbon pricing will allow BiH to retain carbon-related revenues domestically and potentially secure a CBAM exemption for electricity exports to the EU.

    Reforms that tackle the labor market, governance, and digitalization are also crucial. The authorities should take a structured approach to minimum wage increases that avoids high, frequent, and ad hoc adjustments. Complementary reforms are needed to address low labor market participation (particularly among women) and high youth unemployment. The authorities should urgently implement MONEYVAL priority actions to avoid being grey listed by the Financial Action Task Force (FATF) in early 2026. Grey listing could impose significant economic costs through reduced investment, delays in international payments, and increased transaction costs. Finally, developing digital identity and trust services, and providing government e-services, would strengthen the business environment.

    *   *   *   *   *

    The mission thanks the authorities and all other counterparts for their hospitality and for the constructive and insightful discussions in Sarajevo and Banja Luka.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/07/01/cs-070125-bosnia-and-herzegovina-staff-concluding-statement-for-2025-aiv-consultation-mission

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: 38/2025・Trifork Group: Weekly report on share buyback

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 38 / 2025
    Schindellegi, Switzerland – 1 July 2025

    Trifork Group: Weekly report on share buyback

    On 28 February 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. For details, please see company announcement no. 7 of 28 February 2025.

    Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million). Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital. Under the program, the following transactions have been made:

            Number of shares        Average purchase price (DKK)        Transaction value (DKK)
    Total beginning 131,724 89.36 11,771,127
    30 June 2025 1,800 92.95 167,310
    Accumulated 133,524 89.41 11,938,437
           

    A detailed overview of the daily transactions can be found here: https://investor.trifork.com/trifork-shares/. The number of shares bought back on 12 June 2025 was corrected from 1,900 to 1,800.

    Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 133,524 at a total amount of DKK 11,938,437.
    On 25 March, 25 April, 23 May and 25 June 2025, 5,739 shares acquired through the share buyback program were utilized for the Executive Management’s monthly fixed salary, representing a change from cash payment to payment partly in shares (refer to company announcement no. 1 of 21 January 2025). On 1 April and 30 June 2025, 20,306 shares acquired through the share buyback program were utilized to serve the RSU plan of Executive Management and certain employees.

    With the transactions stated above, Trifork holds a total of 363,808 treasury shares, corresponding to 1.8%. The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,381,091.

    This concludes the share buyback program.

    Investor and media contact
    Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 73 17

    About Trifork
    Trifork (Nasdaq Copenhagen: TRIFOR) is a pioneering global technology company, empowering enterprise and public sector customers with innovative digital products and solutions. With 1,215 professionals across 71 business units in 16 countries, Trifork specializes in designing, building, and operating advanced software across sectors such as public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. The Group’s R&D arm, Trifork Labs, drives innovation by investing in and developing synergistic, high-potential technology companies. Learn more at trifork.com.

    Attachment

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  • MIL-OSI: Abacus Global Management Sues Coventry and its Chairman Alan Buerger for Defamation and Anticompetitive Conduct

    Source: GlobeNewswire (MIL-OSI)

    Coventry and Chairman Alan Buerger Engaged in Years-Long Campaign to Systematically Disseminate False and Misleading Information About the Publicly-Traded Company

    Coventry and Buerger Found a Key Partner and Megaphone for its Defamatory Statements: Short Seller Morpheus Research

    ORLANDO, Fla., July 01, 2025 (GLOBE NEWSWIRE) — Abacus Global Management, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today provided the following statement:

    Coventry First LLC, parent company of life settlements provider Coventry Direct (“Coventry”), and its Chairman Alan Buerger engaged in a concentrated effort to manipulate market sentiment about its biggest competitor, Abacus Global Management, through a systematic campaign to disseminate false and misleading statements about Abacus to regulators, auditors, market analysts, customers, investors and the public, causing confusion, concern, and financial injury to Abacus, its clients, and its shareholders, according to a lawsuit filed last night by Abacus in Florida’s Ninth Circuit Court.

    The lawsuit alleges that a short report published by Morpheus Research on June 4, 2025 was Coventry’s latest attack on Abacus. Coventry will be responsible for hundreds of millions of dollars in damages should Abacus prove that Morpheus was acting as Coventry and Buerger’s willing partner and megaphone for the same defamatory statements Coventry was circulating about Abacus’ valuation methodology, statements regulators and market makers had ignored for months.

    The lawsuit details a multi-year effort by Coventry and its Chairman and founder, Alan Buerger, to cast doubt on Abacus’ valuation practices and stock price. Unable to compete with Abacus’ transparent pricing model and performance, Coventry and Buerger devised a scheme to undermine Abacus through false and misleading statements to convince the market that Abacus pays policyholders too much for their policies, causing an overvaluation of Abacus’ assets. This is more than idle talk: they have tried to convince anyone who will listen that the biggest threat to Coventry’s business is in fact illegitimate. 

    “This isn’t about competitive practices or even good faith criticism of a competitor’s business model – they clearly crossed the line into tortious interference and defamation,” said Abacus Global Management CEO Jay Jackson. “They’re losing market share to Abacus because we offer policyholders better terms and more transparent pricing, so instead of competing on product, they chose to try to manipulate markets by damaging Abacus’ reputation, confusing its customers, and undermining investor confidence with false statements. We’ve built a successful business through our fierce commitment to transparency – and we are going to fight back.”

    The lawsuit details the fundamental flaw at the center of Coventry’s false claims: Abacus buys policies from individuals​​ and sells them to investors. When the policies are sold to investors, who conduct their own evaluation of the policies’ value, the sale price consistently exceeds Abacus’ valuations. In short, the market is thoroughly and indisputably corroborating the value of Abacus’ assets and debunking Coventry’s central premise.

    “Coventry’s core claim is that top-tier investors like KKR are overpaying for life insurance policies—policies they’ve purchased from Abacus repeatedly over many years,” continued Abacus CEO Jackson. “Coventry essentially argues that they and Alan Buerger, with their less than sterling reputation, are more sophisticated investors than these major institutional firms. This claim is clearly absurd.”

    Coventry’s claim “deliberately ignores Abacus’ consistent and legally mandated disclosures that its publicly-traded balance sheet is valued ‘under the fair value method’ – that is, market price,” according to the filing.

    To convince the market that Abacus is not properly valuing its policies, Coventry targeted one of the six life expectancy estimate organizations Abacus uses, Lapetus Solutions. Coventry, and in particular Buerger, have “intentionally made false and misleading statements about Lapetus” through “purportedly independent but paid studies” that claim to show Lapetus systematically underestimates life expectancy. Coventry spread these false claims “across a wide range of audiences, each deliberately chosen to inflict maximum harm on Abacus,” including presenting its lies to: Abacus’s auditor, Grant Thornton; TD Securities, a market analyst tracking Abacus’ stock; the Securities and Exchange Commission (“SEC”) and included the defamatory claims about Abacus in a lawsuit against the Florida Office of Insurance Regulation (“OIR”).

    Coventry claims Abacus is using Lapetus to value the policies it holds on its balance sheet, thereby inflating the value of each policy based on inaccurate life expectancy estimates. But as the lawsuit explains, quoting public filings, Abacus has repeatedly disclosed that it “does not use a life expectancy valuation model to value the policies,” rendering the entire accusation meritless. Separately, Abacus uses Lapetus as one of six life expectancy provider inputs when determining the price it will pay seniors for their policies, and not to derive its balance sheet valuations. If Coventry is correct that Lapetus is underestimating life expectancy, then it means Abacus is simply overpaying senior citizens for their policies.

    Abacus alleges that Coventry and Buerger recently “took these insinuations to the next level” when Buerger gave an interview, on the Tegus expert network platform, in which he accused Abacus of “manufactur[ing] earnings,” said that its “stockholders…will be subordinated to the asset-backed debt, which is to say they will all be wiped out when this thing goes upside down,” falsely repeating that Abacus, was “us[ing] Lapetus…primarily,” and predicting, “it’s just a matter of time before [Abacus] implodes.”

    The reality, found in the lawsuit filed today, is Abacus’s financial statements and internal controls over financial reporting have been found “in compliance with GAAP by a respected public company auditor in every annual audit,” that Abacus “has zero asset-backed debt” that can layer other investors in its capital structure, and that Abacus does not use Lapetus “to value the assets on its balance sheet, nor has it ever done so.”

    Coventry and Buerger also solicited “multiple short sellers to write a hit piece on Abacus, regurgitating the same false claims about Lapetus and Abacus’s valuation” with at least one prominent short seller who turned them down, noting “that senior citizens are making too much money off of selling their insurance policies is not a compelling story.”

    But eventually, Coventry and Buerger found a willing partner and megaphone for its defamatory statements: short seller Morpheus Research.

    Buerger’s interview was released to investors for the first time on June 4, 2025, 90 minutes before markets opened. Three hours later, Morpheus Research issued a short report that quoted Buerger’s most inflammatory accusations and heavily cited Coventry’s “research” on Lapetus.

    Within minutes, Abacus stock (NASDAQ: ABL) dropped more than 21%, erasing more than $200 million in market capitalization, based on well-trafficked lies.

    The lawsuit alleges Morpheus was acting as Coventry’s and Buerger’s willing partner and megaphone for the same defamatory statements about the Abacus valuation methodology, which regulators and market makers had ignored for months. The short report from Morpheus “parrots the same or similar false and misleading statements that Coventry had previously peddled.” As Morpheus acknowledges, one of its “sources” for the report includes “Abacus competitors,” a.k.a. Coventry, and ​​Morpheus timed the report to coincide with the release of Buerger’s Tegus interview.

    In the wake of Buerger’s interview and the report from Morpheus Research, Abacus is fielding questions from investors “parroting the points Coventry has been shilling for over a year,” and Buerger is “communicating directly with Abacus investors, and disseminating his misleading study of Lapetus.”

    The filing notes: “Coventry’s relentless campaign against Abacus has caused substantial harm to the company and its shareholders. Coventry’s false narrative attempts to project its own financial vulnerabilities onto Abacus, but the facts demonstrate otherwise. The market analysts who came to Abacus’ defense after the short report recognize the truth: Abacus’ transparent approach is a ray of sunshine in an otherwise beleaguered industry, and that explains its rapid rise.”

    Further, the lawsuit details how Coventry is “the poster child” for unsavory behavior in the industry, including:

    • Bid-rigging charges from the New York Attorney General;
    • Settling a multi-billion-dollar fraud case brought by AIG;
    • A Florida Office of Insurance Regulation investigation and a subsequent consent order requiring Coventry to adopt a remedial business plan;
    • A federal Court of Appeals characterized Coventry’s policy origination practices as “illegal”; and how
    • Coventry has been a leading player in Stranger-originated life insurance (STOLI), a practice widely viewed as illegal, and the SEC has noted the practice “​​may encourage fraud”, and multiple states have banned the practice.

    Abacus is represented in the lawsuit by Quinn Emanuel Urquhart & Sullivan LLP. Abacus is seeking hundreds of millions in damages, some of which are still accruing, from the harms to its reputation, its customer base, and its relationships with current and potential investors.

    The full filing can be read here.

    Contacts:
    Investor Relations
    Robert F. Phillips – SVP Investor Relations and Corporate Affairs
    rob@abacusgm.com
    (321) 290-1198

    David Jackson – Director of IR/Capital Markets
    david@abacusgm.com
    (321) 299-0716

    Abacus Global Management Public Relations
    press@abacusgm.com

    The MIL Network

  • MIL-OSI: XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution and Quarterly Preferred Shares Dividend

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 01, 2025 (GLOBE NEWSWIRE) — XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”) has declared its regular monthly distribution of $0.070 per share of the Trust’s common shares (NYSE: XFLT). The Trust also declared preferred dividends for the quarter of $0.40625 per share of the Trust’s 6.50% Series 2026 Term Preferred Shares (NYSE: XFLTPRA).

    The following dates apply to each declaration:

    Share Class Ex-Dividend Date Record Date Payable Date Amount Change
    from
    Previous
    Declaration
    XFLT July 15, 2025 July 15, 2025 August 1, 2025 $0.070 No Change
    XFLTPRA July 15, 2025 July 15, 2025 July 31, 2025 $0.40625 No Change1

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Trust’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Trust is net income or profit. For further information regarding the Trust’s distributions, please visit www.xainvestments.com.

    The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time. The Trust’s investments in CLOs are subject to complex tax rules and the calculation of taxable income attributed to an investment in CLO subordinated notes can be dramatically different from the calculation of income for financial reporting purposes under accounting principles generally accepted in the United States (“U.S. GAAP”), and, as a result, there may be significant differences between the Trust’s GAAP income and its taxable income. The Trust’s final taxable income for the current fiscal year will not be known until the Trust’s tax returns are filed.

    As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on January 31 of the calendar year (unless an election is made to use the Trust’s fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    Preferred shareholders are entitled to receive cumulative cash dividends and distributions on the Trust’s 6.50% Series 2026 Term Preferred Shares, when, as and if declared by, or under authority granted by, the Board of Trustees of the Trust out of funds legally available for distribution and in preference to dividends and distributions on common shares. If the Trust is unable to distribute the full dividend amount due in a dividend period on the Trust’s 6.50% Series 2026 Term Preferred Shares, the dividends will be distributed on a pro rata basis among the preferred shareholders.

    Distributions and dividends shall be paid on the Payable Date listed above unless the payment of such distribution or dividend is deferred by the Board of Trustees upon a determination that such deferral is required in order to comply with applicable law, to ensure that the Trust remains solvent and able to pay its debts as they become due and continue as a going concern or, with regard to the Trust’s regular monthly distribution to common shareholders, to comply with the applicable terms or financial covenants of the Trust’s senior securities.

    Future common share distributions will be made if and when declared by the Trust’s Board of Trustees, after the evaluation of several factors, including the Trust’s continued compliance with terms and financial covenants of its senior securities, the Trust’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

    The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA.”

    About XA Investments
    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund both trade on the New York Stock Exchange and the interval fund, Octagon XAI CLO Income Fund is available via direct subscription and through select broker/dealers and wealth management platforms.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, and fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners

    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Octagon Credit Investors
    Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $32.1B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (CLO debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

             
    NOT FDIC INSURED    NO BANK GUARANTEE    MAY LOSE VALUE
             
    Paralel Distributors, LLC – Distributor


    Media Contact:

    Kimberly Flynn, President

    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com


    1 The Trust’s 6.50% Series 2026 Term Preferred Shares dividend is calculated based on the preferred shares Liquidation Preference of $25.00 per share and the fixed dividend rate of 6.50%.

    The MIL Network

  • MIL-OSI: XAI Madison Equity Premium Income Fund Declares its Monthly Distribution of $0.060 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 01, 2025 (GLOBE NEWSWIRE) — XAI Madison Equity Premium Income Fund (the “Fund”), has declared its regular monthly distribution of $0.060 per share on the Fund’s common shares (NYSE: MCN) payable on August 1, 2025. The amount represents no change from the previous month’s distribution amount.

    As mentioned in previous distribution declarations, the Fund has changed its distribution frequency from quarterly to monthly, which went into effect with the April 1, 2025 declaration.

    Ex-Dividend Date   July 15, 2025
       
    Record Date   July 15, 2025
       
    Payable Date   August 1, 2025
       
    Amount   $0.060 per share
       
    Change from Previous Month   No Change

    The following dates apply to the declaration:

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Fund’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Fund is net income or profit. For further information regarding the Fund’s distributions, please visit www.xainvestments.com.

    The Fund’s net investment income and capital gain can vary significantly over time; however, the Fund seeks to maintain more stable common share quarterly distributions over time. The Fund’s final taxable income for the current fiscal year will not be known until the Fund’s tax returns are filed.

    As a registered investment company, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on December 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). In certain circumstances, the Fund may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Fund management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Fund for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Fund, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    Future common share distributions will be made if and when declared by the Fund’s Board of Trustees, after the evaluation of several factors, including the Fund’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    The Fund’s objective is to achieve a high level of current income and current capital gains, with long-term capital appreciation as a secondary objective. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.xainvestments.com.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Fund’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund both trade on the New York Stock Exchange and the interval fund, Octagon XAI CLO Income Fund is available via direct subscription and through select broker/dealers and wealth management platforms.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, and fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Madison Investments
    Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $28.3 billion in assets under management as of March 31, 2025, and is recognized as one of the nation’s top investment firms. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance and credit union investment management strategies. For more information, please visit www.madisoninvestments.com.

    Madison and/or Madison Investments is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority www.finra.org.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, please visit the Fund’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

             
    NOT FDIC INSURED    NO BANK GUARANTEE    MAY LOSE VALUE

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network

  • MIL-OSI: GAMCO Expects to Report Diluted EPS for the Second Quarter 2025 of $0.89 to $0.94 Per Share

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., July 01, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) announced today that assets under management (“AUM”) were $33.3 billion at June 30, 2025 as compared to $30.7 billion at June 30, 2024.

    Gabelli expects to report second quarter 2025 diluted earnings in the range of $0.89 to $0.94 per share versus $0.61 per share for the second quarter of 2024.

    These results include the investment management services business of Keeley acquired from Teton Advisors, Inc. (OTC Pink: TETAA) on May 1, 2025. Keeley consists of four mutual funds and approximately 500 separately managed accounts (SMAs) with AUM of close to $1.0 billion.

    Gabelli plans to review further details with its financial results in early August.

    About GAMCO Investors, Inc.

    Gabelli (OTCQX: GAMI), established in 1977, is a widely-recognized provider of investment advisory services to 27 open-end funds, 13 United States closed-end funds and one United Kingdom limited investment company, 5 actively managed exchange traded funds, one société d’investissement à capital variable, and approximately 1,900 institutional and private wealth management investors principally in the U.S. The Company’s revenues are based primarily on the levels of assets under management and fees associated with the various investment products.

    In 1977, Gabelli launched its well-known All Cap Value equity strategy, Gabelli Value, in a separate account format and in 1986 entered the mutual fund business. Today, Gabelli offers a diverse set of client solutions across asset classes (e.g. Equities, Debt Instruments, Convertibles, non-market correlated Merger Arbitrage), regions, market capitalizations, sectors (e.g. Gold, Utilities) and investment styles (e.g. Value, Growth). Gabelli serves a broad client base, including institutions, intermediaries, offshore investors, private wealth, and direct retail investors.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    The financial results set forth in this press release are preliminary. Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

    Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact: Kieran Caterina
      SVP, Chief Accounting Officer
      (914) 921-5149
       
      For further information please visit
      www.gabelli.com

    The MIL Network