Category: Economy

MIL-OSI Submissions: A rare, direct warning from Japan signals a shift in the fight against child sex tourism in Asia

Source: The Conversation – Global Perspectives – By Ming Gao, Research Fellow of East Asia Studies, Lund University

Jonas Gratzer/LightRocket via Getty Images

Japan’s embassy in Laos and its Ministry of Foreign Affairs has issued a rare and unusually direct advisory, warning Japanese men against “buying sex from children” in Laos.

The move was sparked by Ayako Iwatake, a restaurant owner in Vientiane, who allegedly saw social media posts of Japanese men bragging about child prostitution. In response, she launched a petition calling for government action.

The Japanese-language bulletin makes clear such conduct is prosecutable under both Laotian law and Japan’s child prostitution and pornography law, which applies extraterritorially.

This diplomatic statement was not only a legal warning. It was a rare public acknowledgement of Japanese men’s alleged entanglement in transnational child sex tourism, particularly in Southeast Asia.

It’s also a moment that demands we look beyond individual criminal acts or any one nation and consider the historical, racial and structural inequalities that make such mobility and exploitation possible.

A changing map of exploitation

Selling and buying sex in Asia is nothing new. The contours have shifted over time but the underlying sentiment has remained constant: some lives are cheap and commodified, and some wallets are deep and entitled.

Japan’s involvement in overseas prostitution stretches back to the Meiji period (1868-1912). Young women from impoverished rural regions (known as karayuki-san) migrated abroad, often to Southeast Asia, to work in the sex industry, from port towns in Malaya to brothels in China and the Pacific Islands.

If poverty once pushed Japanese women abroad to sell their bodies, by the second half of the 20th century – fuelled by Japan’s postwar economic boom – it was wealthy Japanese men who began travelling overseas to buy sex.

Around the 2000s, the dynamic flipped again. In South Korea, now a developed economy, men travelled to Southeast Asia – and later to countries such as Russia and Uzbekistan – following routes once taken by Japanese men.

Later in the same period, the flow took an even darker turn.

Japanese and South Korean men began to emerge as major buyers of child sex abroad, particularly across Southeast Asia, the Pacific Islands and even Mongolia.

According to the United States Department of State, Japanese men continued to be “a significant source of demand for sex tourism”, while South Korean men remained “a source of demand for child sex tourism”.

The UN Office on Drugs and Crime and other organisations have also flagged both countries as key contributors to child sexual exploitation in the region.

From exporter to destination: Japan’s new role in the sex trade

A more recent and troubling shift appears to be unfolding within Japan.

Amid ongoing economic stagnation and the depreciation of the yen, Tokyo has reportedly become a destination for inbound sex tourism. Youth protection organisations have observed a notable rise in foreign male clients, particularly Chinese, frequenting areas where teenage girls and young women engage in survival sex.

What ties these movements together is not just culturally specific beliefs, such as the fetishisation of virginity or the superstition that sex with young girls brings good luck in business, but power.

The battle to protect children

The global campaign to end child sex tourism began in earnest with the founding of ECPAT (a global network of organisations that seeks to end the sexual exploitation of children) in 1990 to confront the rising exploitation of children in Southeast Asia.

Despite legal frameworks and international scrutiny, the abuse of children remains disturbingly common.

Several factors converge here: endemic poverty, weak law enforcement and a constant influx of wealthier foreign men. Add to that the digital age of information and communication technologies, where child sex can be advertised, arranged and commodified through encrypted platforms and invitation-only forums, and the crisis deepens.

While local governments often pledge reform, implementation is inconsistent.

Buyers, especially foreign buyers, often manage to evade consequences. However, in early 2025, Japan’s National Police Agency arrested 111 people – including high school teachers and tutors – in a nationwide crackdown on online child sexual exploitation, conducted in coordination with international partners.

Why this moment matters

The shock surrounding the Laos revelations and the unusually direct response from Japanese authorities offers a rare opportunity to confront the deeper systems at work.

Sex tourism doesn’t happen in a vacuum. It’s enabled by uneven development, transnational mobility, weak regulation and social silence. But this moment also shows grassroots activism can force institutional action.

Japan’s official warning wasn’t triggered by a government audit or diplomatic scandal. It came because Ayako Iwatake saw social media posts of Japanese men boasting about buying sex from children and refused to look away.

When she delivered the petition to the embassy, it responded quickly. Less than ten days later, the Foreign Ministry issued a public warning, clearly outlining the legal consequences of child sex crimes committed abroad.

Iwatake’s action is a reminder: it doesn’t take a government to expose a system. It takes someone willing to speak out – even when it’s uncomfortable. As she told Japanese newspaper Mainichi Shimbun:

It was just too blatant. I couldn’t look the other way.

It’s commendable that Japan acted swiftly. But a warning alone isn’t enough. Japan should strengthen and expand its international cooperation to combat these heinous crimes.

A more decisive model can be seen in a recent case in Vietnam, where US authorities infiltrated a livestream child sex abuse network for the first time in that country. Working undercover for months, they coordinated with Vietnamese officials to arrest a mother who had been sexually abusing her daughter on demand for paying viewers abroad.

The rescue of the nine-year-old victim showed what serious cross-border intervention looks like.

But for every headline-grabbing scandal, there are hundreds of untold stories.

The Laos case should be the beginning of a broader reckoning with how sex, money and power move across borders – and who pays the price.

Ming Gao receives funding from the Swedish Research Council. This research was produced with support from the Swedish Research Council grant “Moved Apart” (nr. 2022-01864). Ming Gao is a member of Lund University Profile Area: Human Rights.

– ref. A rare, direct warning from Japan signals a shift in the fight against child sex tourism in Asia – https://theconversation.com/a-rare-direct-warning-from-japan-signals-a-shift-in-the-fight-against-child-sex-tourism-in-asia-261554

MIL OSI –

July 30, 2025
MIL-OSI Russia: NPC Standing Committee Chairman Zhao Leji Advocates Mutual Trust, Win-Win Cooperation with Hungary

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

BUDAPEST, July 29 (Xinhua) — Zhao Leji, chairman of the Standing Committee of the National People’s Congress (NPC), spoke highly of the mutual trust and win-win cooperation between China and Hungary during his official and friendly visit to the European country from July 24 to 28.

Zhao Leji held separate meetings with Hungarian President Tamás Szujok and Prime Minister Viktor Orbán, as well as talks with National Assembly Speaker László Kövér.

Chinese President Xi Jinping’s successful state visit to Hungary in May 2024, which elevated China-Hungary relations to an all-weather comprehensive strategic partnership in a new era, opened up broader prospects for friendly cooperation between the two countries, Zhao Leji noted at the meeting with T. Shuyok.

He said China is willing to cooperate with Hungary to be good friends who respect and trust each other, good partners who bring mutual benefits and achieve win-win results, and good brothers who understand and care for each other.

China will join hands with Hungary to promote the comprehensive synergy between the Belt and Road Initiative and Hungary’s “Opening to the East” strategy, complete high-quality construction of landmark projects such as the Hungary-Serbia railway, and encourage and support more active exchanges between the two countries and at the local level in culture, media and youth so as to strengthen people-to-people ties, Zhao Leji said.

T. Šuyok noted in turn that Hungary and China are developing bilateral relations based on mutual respect, mutual trust and mutually beneficial results, which is of great importance and modern value.

The Hungarian President said that participation in the Belt and Road Initiative is of vital importance for Hungary, and the Hungary-Serbia railway project is an example of major project cooperation.

He also expressed hope that the two sides will continuously deepen cooperation in areas such as green energy, artificial intelligence, digital economy, youth and education.

During the meeting with V. Orban, Zhao Leji said that in recent years, China-Hungary relations have made rapid progress and are at the highest level in history. According to him, China values Hungary’s commitment to the one-China principle and is willing to continue to strengthen support for each other.

China welcomes increased imports of high-quality agricultural and food products from Hungary and expects Hungary to provide political support and security guarantees to Chinese enterprises in Hungary, Zhao Leji said.

As this year marks the 50th anniversary of the establishment of diplomatic relations between China and the EU, Zhao Leji said China hopes and believes that Hungary will continue to play an active role in promoting the healthy and stable development of China-EU relations.

China will also work with Hungary to promote cooperation between China and Central and Eastern European countries, Zhao Leji said.

V. Orban noted that the state visit of the President of the People’s Republic of China Xi Jinping to Hungary last year was an important milestone in the history of Hungarian-Chinese relations. According to him, the development of friendly cooperation with China is a strategic choice of Hungary, which will help Hungary modernize technologies and develop markets.

During the talks with L. Kever, Zhao Leji said that the National People’s Congress is willing to cooperate with the Hungarian National Assembly to advance the implementation of the agreements reached during Chinese President Xi Jinping’s visit last year and promote the development of high-level Chinese-Hungarian relations.

The two sides should strengthen exchanges between legislative organs at all levels and formulate, revise and approve legal documents conducive to bilateral cooperation in a timely manner, Zhao Leji said, calling on both sides to strengthen coordination and cooperation in multilateral arenas such as the Inter-Parliamentary Union.

L. Kövér said that a growing China is conducive to peace and development of the entire world and contributes to the building of a multipolar world, which is in full accordance with Hungary’s interests. The Hungarian National Assembly is ready to cooperate with the NPC to provide firm support for mutually beneficial cooperation between the two countries. –0–

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

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MIL OSI Russia News –

July 30, 2025
MIL-OSI: Radware Expands U.S. Presence with New Managed Security Service Provider Partnerships
Source: GlobeNewswire (MIL-OSI)

MAHWAH, N.J., July 29, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced it signed managed security service provider (MSSP) agreements with Epcom World Industries, Inc., GLESEC, North Atlantic Networks and Tech Pro. The four U.S. based companies are adding Radware’s Cloud Application Protection Services to their managed services portfolios to scale their businesses and expand their security offerings for customers. North Atlantic Networks is also offering Radware’s Cloud DDoS Protection Services.

“MSSPs are constantly looking for more innovative ways to defend customers as they deal with growing budget constraints, limited in-house security staff, and bigger more complex cyber threats,” said John Eisenbarger, vice president of carriers and service providers for Radware. “Applications are facing increasing exposure from bots, API abuse, web-layer DDoS attacks and credential misuse. To enable MSSPs to respond where customer risk is expanding fastest, Radware offers a fully managed AppSec-as-a-Service platform that is ready to quickly deploy, scale, and monetize, without having to build a backend.”

Epcom World Industries, GLESEC, North Atlantic Networks, and Tech Pro add to the growing list of MSSPs that have chosen Radware’s cloud network and application security solutions to speed time to market, scale their businesses, and deliver high-value services.

“We selected Radware as our partner because of its comprehensive offering, overall excellent product design, support, and customer first approach. The partnership process with Radware has been seamless. They listened, understood, and supported our needs. Together we are equipping clients—whether they be in healthcare, finance, pharmaceutical, non-profit, or government—with mission-critical security tools that not only defend networks, web assets, and environments, but also comply with strict regulatory requirements.”
– Rudy V. Pancaro, CEO, Epcom World Industries

“Becoming an MSSP partner is a natural extension of our long-standing collaboration with Radware and a key milestone in delivering our SKYWATCH™ Cybersecurity Operating System. By fully integrating Radware’s industry-leading application protection into our Device-Centric Model and real-time risk management workflows, we deliver a unified, fully managed solution that reduces exposure, accelerates remediation, and ensures compliance. This partnership enables us to protect mission-critical environments—especially in healthcare, finance, and government—with the agility, intelligence, and depth of defense they require.”
– Sergio Heker, CEO and founder, GLESEC

“Our mission is to deliver best-in-class managed security services that are both proactive and adaptive. By integrating Radware’s solutions into our MSSP stack, we’re able to offer our clients deeper protection against increasingly complex cyber threats—especially in the areas of DDoS attacks, application-layer security, and zero-day threats. This partnership enhances our ability to deliver scalable, intelligent protection without compromising performance, helping our clients stay ahead of the threat landscape while supporting their digital transformation and cloud migration goals.”
– Carolyn Smith, senior vice president, strategic accounts, North Atlantic Networks

“Radware’s technology aligns with our commitment to deliver secure, resilient, and high-performing digital experiences to our clients, especially in today’s increasingly complex threat landscape. By integrating Radware’s solutions into our offering, we increase the value proposition to our customers: stronger protection, smarter automation, and peace of mind. Together, we bring a synergistic approach that helps organizations not only defend against threats but also accelerate their growth safely and confidently.”
– Lidia Israyelyan, CEO, Tech Pro

Radware offers a variety of cloud network and application security solutions and services that cater to the needs of pure play MSSPs and ISPs. This includes a fully branded and managed AppSec-as-a-Service platform that can be deployed without added infrastructure investment, operational lift, or headcount requirements. The platform offers:
- Rapid market entry without a technical buildout.
- Managed services that align MSSPs to areas where cyber threats and client risk are expanding fastest (i.e. bots, APIs, SaaS-layer abuse).
- The monetization of application layer threats as an alternative to flat service bundles.
- An expanded security portfolio that fills gaps in protection in competitive solutions that clients often assume are already covered.
Radware has been recognized by numerous industry analysts for its application and network security solutions. This includes Aite-Novarica Group, Forrester, Gartner, KuppingerCole, and QKS Group.

About Radware
Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that applications are facing increasing exposure from bots, API abuse, web-layer DDoS attacks and credential misuse, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

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The MIL Network –
July 30, 2025
MIL-OSI: Quavo Fraud & Disputes Releases Landmark 2025 State of Dispute Management Performance Report

Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Del., July 29, 2025 (GLOBE NEWSWIRE) — Quavo, Inc. (“Quavo”), the leading provider of AI-powered dispute management solutions, today announced the release of its 2025 State of Dispute Management Performance Report, a first-of-its-kind benchmark study analyzing the performance metrics that define modern fraud and dispute operations.

Between January and December 2024, Quavo evaluated the performance of 26 clients, each of which had been using QFD^®, Quavo’s end-to-end dispute management platform, at full volume for a minimum of three months. To provide broader industry context, the study also incorporates performance data from Auriemma Roundtables to establish a competitive industry average.

The report delivers a comprehensive, data-driven snapshot of how financial institutions across the U.S., including banks, credit unions, fintechs, and payment processors, are managing the growing complexities of fraud and disputes. It measures performance across four key dimensions: customer satisfaction, operational efficiency, financial performance, and recovery, spotlighting both areas of excellence and opportunities for strategic improvement.

“Dispute management is no longer just a back-office function; it’s a critical moment of truth in the customer experience,” said Joseph McLean, Co-Founder and CEO at Quavo Fraud & Disputes. “This report not only reveals how the industry is performing, but also provides a roadmap for financial institutions to turn fraud and dispute resolution into a strategic advantage. We’re proud to offer this level of transparency and insight at a time when trust, efficiency, and compliance matter more than ever.”

Key findings underscore the rising strategic importance of dispute management as a critical accountholder touchpoint, revealing where organizations are excelling, where gaps exist, and how forward-thinking leaders can drive transformation across their operations.

To explore the full report and learn how Quavo is helping financial institutions redefine dispute management, visit www.quavo.com.

About Auriemma Roundtables

Auriemma Roundtables is a leading provider of business intelligence, specializing in financial services, payments, and consumer lending. With decades of experience and an extensive network of industry participants, Auriemma Roundtables delivers robust benchmarking and actionable insights to help organizations drive strategic decisions in functions such as risk and compliance, fraud and disputes, collections and recoveries, and customer service.

About Quavo, Inc.

Quavo is a leading technology partner and strategic advisor, helping financial institutions (FIs) build trust-driven customer relationships through faster, more transparent dispute resolutions. Our mission is to restore financial trust by simplifying fraud and disputes. Quavo’s award-winning technology automates the entire dispute lifecycle, from intake to resolution. FIs can pair this end-to-end solution with our expert-led back-office investigation team in one turnkey managed service. Scalable for institutions of all sizes, Quavo’s solutions reduce losses, ensure compliance, and enhance customer loyalty. Learn more at www.quavo.com.

Media Contact:
Julia Lum
PR & Events Manager
Julia.Lum@quavo.com

The MIL Network –

July 30, 2025

MIL-OSI: Coastal Financial Corporation Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

EVERETT, Wash., July 29, 2025 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank segment (“community bank”) with an industry leading banking as a service (“BaaS”) segment (“CCBX”), today reported unaudited financial results for the quarter ended June 30, 2025, including net income of $11.0 million, or $0.71 per diluted common share, compared to $9.7 million, or $0.63 per diluted common share, for the three months ended March 31, 2025 and $11.6 million, or $0.84 per diluted common share, for the three months ended June 30, 2024.

Management Discussion of the Second Quarter Results

“Second quarter of 2025 saw a lower provision for credit losses as a result of an improvement in the performance of the CCBX portfolio and our focus on originating higher quality CCBX loans resulting in lower historical loss factors. Noninterest expenses were fairly flat compared to last quarter related to continued onboarding and implementation costs for partnerships and products within CCBX and investments in technology. We believe these investments are important to the long-term success and scalability of the Company,” stated CEO Eric Sprink. “We had another quarter of quality deposit growth of $122.3 million during the second quarter, and our CCBX program fee income, excluding nonrecurring revenue, increased 8.2% compared to the prior quarter.”

Key Points for Second Quarter and Our Go-Forward Strategy

CCBX Making Progress on Launching New Programs. As of June 30, 2025 we had two partners in testing, two in implementation/onboarding, five signed letters of intent (LOI) and we have an active pipeline of new partners along with new products with existing partners for the balance of 2025 and into 2026. Total BaaS program fee income was $6.8 million, excluding $504,000 in nonrecurring revenue, for the three months ended June 30, 2025, an increase of $512,000, or 8.2%, from the three months ended March 31, 2025. We continue to have contracts with our partners that fully indemnify us against fraud and 98.8% against credit risk as of June 30, 2025.
Continued Investments in Future Growth. Total noninterest expense of $72.8 million was up $843,000, or 1.2%, as compared to $72.0 million in the quarter ended March 31, 2025, mainly driven by higher data processing and software costs partially offset by lower legal and professional expenses. With the increase in new CCBX partners and the launch of products with existing partners in 2025, we expect that expenses will be predominantly incurred at the outset, emphasizing compliance and operational risk management. This will occur before the new programs or products start to produce revenue. As a result, we believe expense growth should moderate considerably in the second half of 2025, with new programs or products starting to produce revenue to offset the initial up-front expenses.
Favorable Trends On, and Off Balance Sheet. Average deposits were $3.93 billion, an increase of $221.6 million, or 6.0%, over the quarter ended March 31, 2025, driven primarily by growth in CCBX partner programs and the addition of a new deposit partner. During the second quarter of 2025, we sold $1.30 billion of loans, the majority of which were credit card receivables. We retain a portion of the fee income on sold credit card loans. As of June 30, 2025 there were 313,827 off balance sheet credit cards with fee earning potential, an increase of 76,803 compared to the quarter ended March 31, 2025 and an increase of 286,146 from June 30, 2024.

Second Quarter 2025 Financial Highlights

The tables below outline some of our key operating metrics.

	Three Months Ended
(Dollars in thousands, except share and per share data; unaudited)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Income Statement Data:
Interest and dividend income	$	107,797		$	104,907		$	102,448		$	105,165		$	97,422
Interest expense		31,060			28,845			30,071			32,892			31,250
Net interest income		76,737			76,062			72,377			72,273			66,172
Provision for credit losses		32,211			55,781			61,867			70,257			62,325
Net interest income after provision for credit losses		44,526			20,281			10,510			2,016			3,847
Noninterest income		42,693			63,477			74,100			78,790			69,138
Noninterest expense		72,832			71,989			67,411			64,424			57,964
Provision for income tax		3,359			2,039			3,832			2,926			3,425
Net income	$	11,028		$	9,730		$	13,367		$	13,456		$	11,596

	As of and for the Three Month Period
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Balance Sheet Data:
Cash and cash equivalents	$	719,759		$	624,302		$	452,513		$	484,026		$	487,245
Investment securities		45,577			46,991			47,321			48,620			49,213
Loans held for sale		60,474			42,132			20,600			7,565			—
Loans receivable		3,540,330			3,517,359			3,486,565			3,413,894			3,321,813
Allowance for credit losses		(164,794	)		(183,178	)		(176,994	)		(171,674	)		(148,878	)
Total assets		4,480,559			4,339,282			4,121,208			4,064,472			3,959,549
Interest bearing deposits		3,358,216			3,251,599			3,057,808			3,047,861			2,949,643
Noninterest bearing deposits		555,355			539,630			527,524			579,427			593,789
Core deposits ⁽¹⁾		3,441,624			3,321,772			3,123,434			3,190,869			3,528,339
Total deposits		3,913,571			3,791,229			3,585,332			3,627,288			3,543,432
Total borrowings		47,960			47,923			47,884			47,847			47,810
Total shareholders’ equity	$	461,709		$	449,917		$	438,704		$	331,930		$	316,693

Share and Per Share Data ⁽²⁾:
Earnings per share – basic	$	0.73		$	0.65		$	0.97		$	1.00		$	0.86
Earnings per share – diluted	$	0.71		$	0.63		$	0.94		$	0.97		$	0.84
Dividends per share		—			—			—			—			—
Book value per share ⁽³⁾	$	30.59		$	29.98		$	29.37		$	24.51		$	23.54
Tangible book value per share ⁽⁴⁾	$	30.59		$	29.98		$	29.37		$	24.51		$	23.54
Weighted avg outstanding shares – basic		15,033,296			14,962,507			13,828,605			13,447,066			13,412,667
Weighted avg outstanding shares – diluted		15,447,923			15,462,041			14,268,229			13,822,270			13,736,508
Shares outstanding at end of period		15,093,036			15,009,225			14,935,298			13,543,282			13,453,805
Stock options outstanding at end of period		126,654			163,932			186,354			198,370			286,119

See footnotes that follow the tables below

	As of and for the Three Month Period
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Credit Quality Data:
Nonperforming assets ⁽⁵⁾ to total assets		1.36	%		1.30	%		1.52	%		1.63	%		1.34	%
Nonperforming assets ⁽⁵⁾ to loans receivable and OREO		1.72	%		1.60	%		1.80	%		1.94	%		1.60	%
Nonperforming loans ⁽⁵⁾ to total loans receivable		1.72	%		1.60	%		1.80	%		1.94	%		1.60	%
Allowance for credit losses to nonperforming loans		270.7	%		325.0	%		282.5	%		258.7	%		279.9	%
Allowance for credit losses to total loans receivable		4.65	%		5.21	%		5.08	%		5.03	%		4.48	%
Gross charge-offs	$	53,780		$	53,686		$	61,585		$	53,305		$	55,207
Gross recoveries	$	4,467		$	5,486		$	5,223		$	4,516		$	2,254
Net charge-offs to average loans ⁽⁶⁾		5.54	%		5.57	%		6.56	%		5.60	%		6.54	%

Capital Ratios:
Company
Tier 1 leverage capital		10.39	%		10.67	%		10.78	%		8.40	%		8.31	%
Common equity Tier 1 risk-based capital		12.32	%		12.13	%		12.04	%		9.24	%		9.03	%
Tier 1 risk-based capital		12.41	%		12.22	%		12.14	%		9.34	%		9.13	%
Total risk-based capital		14.90	%		14.73	%		14.67	%		11.89	%		11.70	%
Bank
Tier 1 leverage capital		10.33	%		10.57	%		10.64	%		9.29	%		9.24	%
Common equity Tier 1 risk-based capital		12.36	%		12.12	%		11.99	%		10.34	%		10.15	%
Tier 1 risk-based capital		12.36	%		12.12	%		11.99	%		10.34	%		10.15	%
Total risk-based capital		13.65	%		13.42	%		13.28	%		11.63	%		11.44	%

⁽¹⁾Core deposits are defined as all deposits excluding brokered and time deposits.
⁽²⁾Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
⁽³⁾We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
⁽⁴⁾Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
⁽⁵⁾Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
⁽⁶⁾Annualized calculations.

Key Performance Ratios

Return on average assets (“ROA”) was 0.99% for the quarter ended June 30, 2025 compared to 0.93% and 1.21% for the quarters ended March 31, 2025 and June 30, 2024, respectively. ROA for the quarter ended June 30, 2025, increased 0.06% and decreased 0.22% compared to March 31, 2025 and June 30, 2024, respectively. Noninterest expenses were slightly higher for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025 due to continued investments in growth, technology and risk management, partially offset by a decrease in legal and professional expenses. Noninterest expenses were higher than the quarter ended June 30, 2024 due primarily to an increase in salaries and employee benefits, data processing and software licenses and legal and professional expenses, all of which are related to the growth of Company and investments in technology and risk management.

Yield on earning assets and yield on loans receivable decreased 0.40% and 0.22%, respectively, for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025, largely due to a decrease in CCBX loan yield. Lower rate capital call lines increased $66.2 million, or 49.6%, compared to the quarter ended March 31, 2025. These loans bear a lower rate of interest, but have less credit risk due to the way the loans are structured compared to other commercial loans. Average loans receivable as of June 30, 2025 increased $56.1 million compared to March 31, 2025 as net CCBX loans continue to grow, despite selling $1.30 billion in CCBX loans during the quarter ended June 30, 2025.

The quarter over quarter volatility in the efficiency ratio and noninterest income to average asset performance metrics was driven by a higher-quality CCBX loan-mix from a credit quality perspective, which effectively reduced the credit enhancement required within non-interest income due to lower net-charge off activity as a percent of total loans which lowered our provision expense. These items have a neutral impact to net income although impacted the quarter-to-quarter metrics due to lower reported noninterest income. Additionally, results for the three months ended June 30, 2025 also included a net $439,000 loss on equity securities due to the re-valuation of a privately held equity stake, which CCB reviews quarterly. Management doesn’t believe the write-down is indicative of longer-term concerns of the portfolio company’s health at this time.

The following table shows the Company’s key performance ratios for the periods indicated.

	Three Months Ended
(unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Return on average assets ⁽¹⁾	0.99	%	0.93	%	1.30	%	1.34	%	1.21	%
Return on average equity ⁽¹⁾	9.72	%	8.91	%	14.90	%	16.67	%	15.22	%
Yield on earnings assets ⁽¹⁾	9.92	%	10.32	%	10.24	%	10.79	%	10.49	%
Yield on loans receivable ⁽¹⁾	11.11	%	11.33	%	11.12	%	11.44	%	11.22	%
Cost of funds ⁽¹⁾	3.13	%	3.11	%	3.24	%	3.62	%	3.60	%
Cost of deposits ⁽¹⁾	3.10	%	3.08	%	3.21	%	3.59	%	3.58	%
Net interest margin ⁽¹⁾	7.06	%	7.48	%	7.23	%	7.42	%	7.12	%
Noninterest expense to average assets ⁽¹⁾	6.52	%	6.87	%	6.54	%	6.42	%	6.05	%
Noninterest income to average assets ⁽¹⁾	3.82	%	6.06	%	7.19	%	7.85	%	7.22	%
Efficiency ratio	60.98	%	51.59	%	46.02	%	42.65	%	42.84	%
Loans receivable to deposits ⁽²⁾	92.01	%	93.89	%	97.82	%	94.33	%	93.75	%

⁽¹⁾Annualized calculations shown for quarterly periods presented.
⁽²⁾Includes loans held for sale.

Management Outlook; CEO Eric Sprink

“As we look to the latter half of 2025 and beyond, we expect to see additional new partner engagements, given that our CCBX pipeline remains strong with high-quality opportunities. We are committed to continuing to invest in our technology and risk management infrastructure to support our growth in the BaaS sector which is expected to produce future efficiencies, automation and cost reductions as we grow. The improvement in the performance of the CCBX portfolio and lower historical loss factors within the CCBX portfolio are positive indicators that our risk reduction and credit improvement efforts are proving effective, alongside the fraud and credit indemnifications provided by our partners. Additionally, we saw an increase of $512,000, or 8.2%, from the three months ended March 31, 2025 in BaaS program income, excluding nonrecurring revenue, namely in transaction and interchange income. We anticipate this growth to continue in future periods as our partner activities expand and grow.” said CEO Eric Sprink.

Coastal Financial Corporation Overview

The Company has one main subsidiary, the Bank, which consists of three segments: CCBX, the community bank and treasury & administration. The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.

CCBX Performance Update

Our CCBX segment continues to evolve, and we have 29 relationships, at varying stages, including two partners in testing, two in implementation/onboarding, and five signed LOI as of June 30, 2025. We continue to refine the criteria for CCBX partnerships, exploring relationships with larger and more established partners, with experienced management teams, existing customer bases and strong financial positions. We also will consider promising medium and smaller sized partners that align with our approach and terms including financial wherewithal and will continue to exit relationships where it makes sense for us to do so.

While we explore relationships with new partners we continue to expand our product offerings with existing CCBX partners. As we become more proficient in the BaaS space we aim to cultivate new relationships that align with our long-term goals. We believe that a strategy of adding new partnerships and launching new products with existing partners allows us to expand and grow our customer base with a modest increase in regulatory risk given our operational history with them. Increases in partner activity/transaction counts is positively impacting noninterest income and we expect this trend to continue as current products grow and new products are introduced. We plan to continue selling loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card loans, and will continue this strategy to provide an on-going revenue source with no on balance sheet risk or capital requirement.

As we build our deposit base, we will be able to sweep deposits off and on the balance sheet as needed. This deposit sweep capability allows us to better manage liquidity and deposit programs. At June 30, 2025 we swept off $478.7 million in deposits for FDIC insurance and liquidity purposes. Robinhood has entered the production testing phase for its suite of deposit products, signaling continued momentum in our strategic partnership pipeline. Dave finalized production testing in Q2 and is poised to initiate its beta launch, expanding our footprint in digital banking solutions. The introduction of theses products are expected to diversify and grow deposits.

The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

	As of
(unaudited)	June 30, 2025	March 31, 2025	June 30, 2024
Active	20	19	19
Friends and family / testing	2	2	1
Implementation / onboarding	2	3	1
Signed letters of intent	5	1	0
Total CCBX relationships	29	25	21

CCBX loans increased $29.5 million, or 1.8%, to $1.68 billion despite selling $1.30 billion in loans during the three months ended June 30, 2025. In accordance with the program agreement for one partner, we are responsible for losses on 5% of that portfolio. At June 30, 2025 the portion of that portfolio for which we are responsible represented $19.8 million in loans.

The following table details the CCBX loan portfolio:

CCBX	As of
	June 30, 2025					March 31, 2025					June 30, 2024
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Commercial and industrial loans:
Capital call lines	$	199,675		11.9	%	$	133,466		8.1	%	$	109,133		7.7	%
All other commercial & industrial loans		26,142		1.6			29,702		1.8			41,757		3.0
Real estate loans:
Residential real estate loans		234,786		14.0			285,355		17.3			287,950		20.4
Consumer and other loans:
Credit cards		533,925		31.8			532,775		32.2			549,241		39.0
Other consumer and other loans		686,321		40.7			670,026		40.6			422,136		29.9
Gross CCBX loans receivable		1,680,849		100.0	%		1,651,324		100.0	%		1,410,217		100.0	%
Net deferred origination (fees) costs		(569	)				(498	)				(438	)
Loans receivable	$	1,680,280				$	1,650,826				$	1,409,779
Loan Yield – CCBX ⁽¹⁾⁽²⁾		16.22	%				16.88	%				17.75	%

⁽¹⁾CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

The increase in CCBX loans in the quarter ended June 30, 2025, includes an increase of $66.2 million, or 49.6%, in capital call lines as a result of normal balance fluctuations and business activities, a decrease of $50.6 million, or 17.7%, in residential real estate loans and an increase of $17.4 million or 1.5%, in other consumer and other loans. We continue to monitor and manage the CCBX loan portfolio, and sold $1.30 billion in CCBX loans during the quarter ended June 30, 2025 compared to sales of $744.6 million in the quarter ended March 31, 2025. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio earnings and generate off balance sheet fee income. CCBX loan yield decreased 0.67% for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025 as a result of an increase in lower rate capital call lines and overall mix of loans compared to the quarter ended March 31, 2025, these loans bear a lower rate of interest, but have less credit risk due to the way the loans are structured compared to other commercial loans.

The following chart shows the growth in credit card accounts that generate fee income. This includes accounts with balances, which are included in our loan totals, and accounts that have been sold and have no corresponding balance in our loan totals, and that generate fee income.

The following chart shows the growth in active CCBX debit cards which are sources of interchange income.

The following table details the CCBX deposit portfolio:

CCBX	As of
	June 30, 2025					March 31, 2025					June 30, 2024
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Demand, noninterest bearing	$	60,448		2.6	%	$	58,416		2.6	%	$	62,234		3.0	%
Interest bearing demand and money market		2,231,159		94.5			2,145,608		94.6			1,989,105		96.7
Savings		51,523		2.2			16,625		0.7			5,150		0.3
Total core deposits		2,343,130		99.3			2,220,649		97.9			2,056,489		100.0
Other deposits		17,013		0.7			46,359		2.1			—		—
Total CCBX deposits	$	2,360,143		100.0	%	$	2,267,008		100.0	%	$	2,056,489		100.0	%
Cost of deposits ⁽¹⁾		3.96	%				4.01	%				4.92	%

⁽¹⁾Cost of deposits is annualized for the three months ended for each period presented.

CCBX deposits increased $93.1 million, or 4.1%, in the three months ended June 30, 2025 to $2.36 billion as a result of growth and normal balance fluctuations. This excludes the $478.7 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and sweep purposes, compared to $406.3 million for the quarter ended March 31, 2025. Amounts in excess of FDIC insurance coverage are transferred, using a third-party facilitator/vendor sweep product, to participating financial institutions.

Community Bank Performance Update

In the quarter ended June 30, 2025, the community bank saw net loans decrease $6.5 million, or 0.3%, to $1.86 billion, as a result of normal balance fluctuations.

The following table details the Community Bank loan portfolio:

Community Bank	As of
	June 30, 2025					March 31, 2025					June 30, 2024
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Commercial and industrial loans	$	149,926		8.0	%	$	149,104		8.0	%	$	144,436		7.5	%
Real estate loans:
Construction, land and land development loans		194,150		10.4			166,551		8.9			173,064		9.0
Residential real estate loans		198,844		10.7			202,920		10.8			229,639		12.0
Commercial real estate loans		1,310,882		70.2			1,340,647		71.6			1,357,979		70.8
Consumer and other loans:
Other consumer and other loans		12,230		0.7			13,326		0.7			14,220		0.7
Gross Community Bank loans receivable		1,866,032		100.0	%		1,872,548		100.0	%		1,919,338		100.0	%
Net deferred origination fees		(5,982	)				(6,015	)				(7,304	)
Loans receivable	$	1,860,050				$	1,866,533				$	1,912,034
Loan Yield⁽¹⁾		6.53	%				6.53	%				6.52	%

⁽¹⁾Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

Community bank loan categories decreased $29.8 million in commercial real estate loans and $1.1 million in consumer and other loans, partially offset by an increase of $27.6 million in construction, land and land development loans and $822,000 in commercial and industrial loans, during the quarter ended June 30, 2025.

The following table details the community bank deposit portfolio:

Community Bank	As of
	June 30, 2025					March 31, 2025					June 30, 2024
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Demand, noninterest bearing	$	494,907		31.9	%	$	481,214		31.5	%	$	531,555		35.7	%
Interest bearing demand and money market		545,655		35.1			560,416		36.8			876,668		59.0
Savings		57,933		3.7			59,493		3.9			63,627		4.3
Total core deposits		1,098,495		70.7			1,101,123		72.2			1,471,850		99.0
Other deposits		440,975		28.4			407,391		26.7			1		0.0
Time deposits less than $100,000		5,299		0.3			5,585		0.4			6,741		0.5
Time deposits $100,000 and over		8,659		0.6			10,122		0.7			8,351		0.5
Total Community Bank deposits	$	1,553,428		100.0	%	$	1,524,221		100.0	%	$	1,486,943		100.0	%
Cost of deposits⁽¹⁾		1.77	%				1.76	%				1.77	%

⁽¹⁾Cost of deposits is annualized for the three months ended for each period presented.

Community bank deposits increased $29.2 million, or 1.9%, during the three months ended June 30, 2025 to $1.55 billion. The community bank segment includes noninterest bearing deposits of $494.9 million, or 31.9%, of total community bank deposits, resulting in a cost of deposits of 1.77%, which compared to 1.76% for the quarter ended March 31, 2025.

Net Interest Income and Margin Discussion

Net interest income was $76.7 million for the quarter ended June 30, 2025, an increase of $675,000, or 0.9%, from $76.1 million for the quarter ended March 31, 2025, and an increase of $10.6 million, or 16.0%, from $66.2 million for the quarter ended June 30, 2024. Net interest income compared to March 31, 2025, was higher due to an increase in average loans receivable. The increase in net interest income compared to June 30, 2024 was largely related to growth in loans receivable and a reduction in cost of funds as a result of lower interest rates.

Net interest margin was 7.06% for the three months ended June 30, 2025, compared to 7.48% for the three months ended March 31, 2025, due primarily to a decrease in loan yield. Net interest margin, net of BaaS loan expense, (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) was 4.07% for the three months ended June 30, 2025, compared to 4.28% for the three months ended March 31, 2025. Net interest margin was 7.12% for the three months ended June 30, 2024. The decrease in net interest margin for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was largely due to a decrease in loan yield, partially offset by lower cost of funds. The $66.2 million of growth in lower rate capital call lines and overall mix of loans contributed to the decrease in net interest margin for the three months ended June 30, 2025. Capital call lines grew 49.6% quarter-over-quarter to $199.7 million, or 11.9% of total CCBX loans versus 8.1% in the prior quarter. These loans carry a lower interest rate, but also lower credit costs.

Interest and fees on loans receivable increased $720,000, or 0.7%, to $98.9 million for the three months ended June 30, 2025, compared to $98.1 million for the three months ended March 31, 2025, as a result of loan growth. Interest and fees on loans receivable increased $8.0 million, or 8.8%, compared to $90.9 million for the three months ended June 30, 2024, due to an increase in outstanding balances. Net interest margin, net of BaaS loan expense (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) decreased 0.21% for the three months ended June 30, 2025, compared to the three months ended March 31, 2025 and increased 0.07% compared the three months ended June 30, 2024.

The following tables illustrate how net interest margin and loan yield is affected by BaaS loan expense:

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	June 30 2025			March 31 2025			June 30 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.06	%		7.48	%		7.12	%
Earning assets		4,356,591			4,124,065			3,736,579
Net interest income (GAAP)		76,737			76,062			66,172
Less: BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net interest income, net of BaaS loan expense⁽²⁾	$	44,254		$	43,555		$	37,161
Net interest margin, net of BaaS loan expense ⁽¹⁾⁽²⁾		4.07	%		4.28	%		4.00	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.11	%		11.33	%		11.22	%
Total average loans receivable	$	3,567,823		$	3,511,724		$	3,258,042
Interest and earned fee income on loans (GAAP)		98,867			98,147			90,879
BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net loan income⁽²⁾	$	66,384		$	65,640		$	61,868
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾⁽²⁾		7.46	%		7.58	%		7.64	%

⁽¹⁾ Annualized calculations shown for periods presented.
⁽²⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Average investment securities decreased $900,000 to $46.3 million compared to the three months ended March 31, 2025 and decreased $3.5 million compared to the three months ended June 30, 2024 as a result of principal paydowns.

Cost of funds was 3.13% for the quarter ended June 30, 2025, an increase of 2 basis points from the quarter ended March 31, 2025 and a decrease of 47 basis points from the quarter ended June 30, 2024. Cost of deposits for the quarter ended June 30, 2025 was 3.10%, compared to 3.08% for the quarter ended March 31, 2025, and 3.58% for the quarter ended June 30, 2024. The decreased cost of funds and deposits compared to June 30, 2024 were largely due to the reductions in the Fed funds rate in 2024.

The following table summarizes the average yield on loans receivable and cost of deposits:

	For the Three Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024
	Yield on Loans ⁽²⁾		Cost of Deposits ⁽²⁾		Yield on Loans ⁽²⁾		Cost of Deposits ⁽²⁾		Yield on Loans ⁽²⁾		Cost of Deposits ⁽²⁾
Community Bank	6.53	%	1.77	%	6.53	%	1.76	%	6.52	%	1.77	%
CCBX ⁽¹⁾	16.22	%	3.96	%	16.88	%	4.01	%	17.75	%	4.92	%
Consolidated	11.11	%	3.10	%	11.33	%	3.08	%	11.22	%	3.58	%
⁽¹⁾CCBX yield on loans does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾Annualized calculations for periods presented.

The following table illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

	For the Three Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024
(dollars in thousands, unaudited)	Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾		Income / Expense		Income / expense divided by average CCBX loans⁽²⁾		Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾
BaaS loan interest income	$	68,264	16.22	%	$	67,855	16.88	%	$	60,138	17.75	%
Less: BaaS loan expense		32,483	7.72	%		32,507	8.09	%		29,011	8.56	%
Net BaaS loan income ⁽¹⁾	$	35,781	8.50	%	$	35,348	8.79	%	$	31,127	9.19	%
Average BaaS Loans⁽³⁾	$	1,688,492			$	1,630,088			$	1,362,343

⁽¹⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
⁽²⁾ Annualized calculations shown for the periods presented.
⁽³⁾ Includes loans held for sale.

Noninterest Income Discussion

Noninterest income was $42.7 million for the three months ended June 30, 2025, a decrease of $20.8 million from $63.5 million for the three months ended March 31, 2025, and a decrease of $26.4 million from $69.1 million for the three months ended June 30, 2024. The decrease in noninterest income for the quarter ended June 30, 2025 as compared to the quarter ended March 31, 2025 was primarily due to a decrease of $20.6 million in total BaaS income. The $20.6 million decrease in total BaaS income included a $22.4 million decrease in BaaS credit enhancements related to the decrease in provision for credit losses due to an improvement in the performance of the CCBX portfolio and our focus on originating higher quality CCBX loans resulting in lower historical loss factors, which had a favorable impact on the provision for credit losses, partially offset by an increase of $1.0 million in BaaS program income, which includes $504,000 in nonrecurring revenue, and a $811,000 increase in BaaS fraud enhancements. Results for the three months ended June 30, 2025 also included a net $439,000 loss on equity securities due to the re-valuation of a privately held equity stake, which we review quarterly. Management doesn’t believe the write-down is indicative of longer-term concerns of the portfolio company’s health at this time. The $1.0 million increase in BaaS program income is largely due to an increase in transaction and interchange fees and includes $504,000 in nonrecurring revenue (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements).

The $26.4 million decrease in noninterest income over the quarter ended June 30, 2024 was primarily due to a $28.5 million decrease in BaaS credit and fraud enhancements due to improvement in the performance of the CCBX loan portfolio, partially offset by an increase of $2.0 million in BaaS program income, which includes $504,000 in nonrecurring revenue.

Noninterest Expense Discussion

Total noninterest expense increased $843,000 to $72.8 million for the three months ended June 30, 2025, compared to $72.0 million for the three months ended March 31, 2025, and increased $14.9 million from $58.0 million for the three months ended June 30, 2024. The $843,000 increase in noninterest expense for the quarter ended June 30, 2025, as compared to the quarter ended March 31, 2025, was primarily due to a $659,000 increase in data processing and software licenses, an $811,000 increase in BaaS fraud expense and a $74,000 increase in legal and professional fees, partially offset by a $414,000 decrease in other expenses, $119,000 decrease in occupancy expense, $81,000 decrease in salaries and employee benefits and a $24,000 decrease in BaaS loan expense. The increase in data processing and software licenses were part of our continued investments in growth, technology and risk management. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners.

The increase in noninterest expenses for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024 was largely due to a $4.4 million increase in salary and employee benefits, a $1.6 million increase in data processing and software licenses due to enhancements and investments in technology, and a $2.7 million increase in legal and professional expenses, all of which are related to the growth of Company and investments in technology and risk management. Also contributing to the the increase was a $3.5 million increase in BaaS loan expense and a $1.0 million increase in BaaS fraud expense.

Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. The following table reflects the portion of noninterest expenses that are reimbursed by partners to assist in the understanding of how the increases in noninterest expense are related to expenses incurred and reimbursed by CCBX partners:

	Three Months Ended
	June 30,		March 31,		June 30,
(dollars in thousands; unaudited)		2025		2025		2024
Total noninterest expense (GAAP)	$	72,832	$	71,989	$	57,964
Less: BaaS loan expense		32,483		32,507		29,011
Less: BaaS fraud expense		2,804		1,993		1,784
Less: Reimbursement of expenses (BaaS)		646		1,026		857
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) ⁽¹⁾	$	36,899	$	36,463	$	26,312

⁽¹⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Provision for Income Taxes

The provision for income taxes was $3.4 million for the three months ended June 30, 2025, $2.0 million for the three months ended March 31, 2025 and $3.4 million for the second quarter of 2024. The income tax provision as a percentage was higher for the three months ended June 30, 2025 compared to the quarter ended March 31, 2025 as a result of the higher net income and increase in state income tax rates, partially offset by the deductibility of certain equity awards, and was somewhat flat in dollar amount compared to the quarter ended June 30, 2024, but higher in tax rate.

The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 5.14% for calculating the provision for state income taxes. The state rate increased in the quarter ended June 30, 2025 primarily as a result of a change in California’s tax laws.

Financial Condition Overview

Total assets increased $141.3 million, or 3.3%, to $4.48 billion at June 30, 2025 compared to $4.34 billion at March 31, 2025. The increase is primarily comprised of a $95.5 million increase in cash and interest bearing deposits with other banks, a $23.0 million increase in loans receivable, and an $18.3 million increase in loans held for sale. Total loans receivable increased to $3.54 billion at June 30, 2025, from $3.52 billion at March 31, 2025.

As of June 30, 2025, in addition to the $719.8 million in cash on hand the Company had the capacity to borrow up to a total of $642.7 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, plus an additional $50.0 million from a correspondent bank. There were no borrowings outstanding on these lines as of June 30, 2025.

The Company, on a stand alone basis, had a cash balance of $43.9 million as of June 30, 2025, a portion of which is retained for general operating purposes, including debt repayment, for funding $1.6 million in commitments to bank technology investment funds, with the remaining cash available to be contributed to the Bank as capital.

Uninsured deposits were $579.9 million as of June 30, 2025, compared to $558.8 million as of March 31, 2025.

Total shareholders’ equity as of June 30, 2025 increased $11.8 million since March 31, 2025. The increase in shareholders’ equity was primarily comprised of $11.0 million in net earnings combined with an increase of $764,000 in common stock outstanding as a result of equity awards exercised or vested during the three months ended June 30, 2025.

The Company and the Bank remained well capitalized at June 30, 2025, as summarized in the following table.

(unaudited)	Coastal Community Bank		Coastal Financial Corporation		Minimum Well Capitalized Ratios under Prompt Corrective Action ⁽¹⁾
Tier 1 Leverage Capital (to average assets)	10.33	%	10.39	%	5.00	%
Common Equity Tier 1 Capital (to risk-weighted assets)	12.36	%	12.32	%	6.50	%
Tier 1 Capital (to risk-weighted assets)	12.36	%	12.41	%	8.00	%
Total Capital (to risk-weighted assets)	13.65	%	14.90	%	10.00	%

⁽¹⁾ Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.

Asset Quality

The allowance for credit losses was $164.8 million and 4.65% of loans receivable at June 30, 2025 compared to $183.2 million and 5.21% at March 31, 2025 and $148.9 million and 4.48% at June 30, 2024. The allowance for credit loss allocated to the CCBX portfolio was $145.9 million and 8.68% of CCBX loans receivable at June 30, 2025, with $18.9 million of allowance for credit loss allocated to the community bank or 1.02% of total community bank loans receivable.

The following table details the allocation of the allowance for credit loss as of the period indicated:

	As of June 30, 2025									As of March 31, 2025									As of June 30, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Loans receivable	$	1,860,050		$	1,680,280		$	3,540,330		$	1,866,533		$	1,650,826		$	3,517,359		$	1,912,034		$	1,409,779		$	3,321,813
Allowance for credit losses		(18,936	)		(145,858	)		(164,794	)		(18,992	)		(164,186	)		(183,178	)		(21,046	)		(127,832	)		(148,878	)
Allowance for credit losses to total loans receivable		1.02	%		8.68	%		4.65	%		1.02	%		9.95	%		5.21	%		1.10	%		9.07	%		4.48	%

Net charge-offs totaled $49.3 million for the quarter ended June 30, 2025, compared to $48.2 million for the quarter ended March 31, 2025 and $53.0 million for the quarter ended June 30, 2024. Net charge-offs as a percent of average loans decreased to 5.54% for the quarter ended June 30, 2025 compared to 5.57% for the quarter ended March 31, 2025. CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $296.3 million loan portfolio. At June 30, 2025, our portion of this portfolio represented $19.8 million in loans. Net charge-offs for this $19.8 million in loans were $1.3 million for the three months ended June 30, 2025, $1.1 million for the three months ended March 31, 2025 and $1.3 million for the three months ended June 30, 2024.

The following table details net charge-offs for the community bank and CCBX for the period indicated:

	Three Months Ended
	June 30, 2025									March 31, 2025									June 30, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Gross charge-offs	$	11		$	53,769		$	53,780		$	4		$	53,682		$	53,686		$	2		$	55,205		$	55,207
Gross recoveries		(2	)		(4,465	)		(4,467	)		(7	)		(5,479	)		(5,486	)		(4	)		(2,250	)		(2,254	)
Net charge-offs	$	9		$	49,304		$	49,313		$	(3	)	$	48,203		$	48,200		$	(2	)	$	52,955		$	52,953
Net charge-offs to average loans ⁽¹⁾		0.00	%		11.71	%		5.54	%		0.00	%		11.99	%		5.57	%		0.00	%		15.63	%		6.54	%

⁽¹⁾ Annualized calculations shown for periods presented.

During the quarter ended June 30, 2025, a $31.0 million provision for credit losses was recorded for CCBX partner loans, compared to the $54.3 million provision for credit losses was recorded for CCBX partner loans for the quarter ended March 31, 2025. The provision was based on management’s analysis, bringing the CCBX allowance for credit losses to $145.9 million at June 30, 2025 compared to $164.2 million at March 31, 2025. The decrease in the allowance is due to an improvement in the performance of the CCBX portfolio and our focus on originating higher quality CCBX loans resulting in lower historical loss factors. As we continue to originate higher quality loans, these become a greater proportion of the CCBX portfolio, resulting in an improvement in expected losses and a reduced allowance. In general, CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk with our CCBX partners.

The factors used in management’s analysis for community bank credit losses indicated that a provision recapture of $47,000 was needed for the quarter ended June 30, 2025 compared to a provision of $65,000 and a provision recapture of $341,000 for the quarters ended March 31, 2025 and June 30, 2024, respectively. The provision recapture in the current period was due to the lower outstanding balance in the community bank loan portfolio.

The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025		June 30, 2024
Community bank	$	(47	)	$	65	$	(341	)
CCBX		30,976			54,319		62,231
Total provision expense	$	30,929		$	54,384	$	61,890

A provision for unfunded commitments of $1.5 million was recorded for the quarter ended June 30, 2025 as a result of a change in the loan mix of available balance. A provision for accrued interest receivable of $182,000 was recorded for the quarter ended June 30, 2025 on CCBX loans.

At June 30, 2025, our nonperforming assets were $60.9 million, or 1.36%, of total assets, compared to $56.4 million, or 1.30%, of total assets, at March 31, 2025, and $53.2 million, or 1.34%, of total assets, at June 30, 2024. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of June 30, 2025, $55.3 million of the $57.0 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above. Additionally, some CCBX partners have a collection practice that places certain loans on nonaccrual status to improve collectability. $20.1 million of these loans are less than 90 days past due as of June 30, 2025.

Nonperforming assets increased $4.5 million during the quarter ended June 30, 2025, compared to the quarter ended March 31, 2025. Community bank nonperforming loans increased $3.7 million from March 31, 2025 to $3.8 million as of June 30, 2025, and CCBX nonperforming loans increased $847,000 to $57.0 million from March 31, 2025. The increase in CCBX nonperforming loans is due to an increase of $4.2 million in nonaccrual loans from March 31, 2025 to $24.4 million, partially offset by a $3.4 million decrease in CCBX loans that are past due 90 days or more and still accruing interest. As of June 30, 2025, $20.1 million in loans are under 90 days past due as a result of CCBX partners placing them on nonaccrual status to improve collectability. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we would typically anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow, therefore we believe the decrease in these past due CCBX loans is a positive performance indicator for the CCBX portfolio. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at June 30, 2025. Our nonperforming loans to loans receivable ratio was 1.72% at June 30, 2025, compared to 1.60% at March 31, 2025, and 1.60% at June 30, 2024.

For the quarter ended June 30, 2025, there were $9,000 in community bank net charge-offs and $49.3 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

The following table details the Company’s nonperforming assets for the periods indicated.

Consolidated	As of
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
Nonaccrual loans:
Commercial and industrial loans	$	2,333		$	381		$	—
Real estate loans:
Construction, land and land development		1,697			—			—
Residential real estate		—			—			213
Commercial real estate		—			—			7,731
Consumer and other loans:
Credit cards		20,140			13,602			—
Other consumer and other loans		4,063			6,376			—
Total nonaccrual loans		28,233			20,359			7,944
Accruing loans past due 90 days or more:
Commercial & industrial loans		926			782			1,278
Real estate loans:
Residential real estate loans		1,817			2,407			2,722
Consumer and other loans:
Credit cards		23,116			27,187			36,465
Other consumer and other loans		6,775			5,632			4,779
Total accruing loans past due 90 days or more		32,634			36,008			45,244
Total nonperforming loans		60,867			56,367			53,188
Real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	60,867		$	56,367		$	53,188
Total nonaccrual loans to loans receivable		0.80	%		0.58	%		0.24	%
Total nonperforming loans to loans receivable		1.72	%		1.60	%		1.60	%
Total nonperforming assets to total assets		1.36	%		1.30	%		1.34	%

The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

CCBX	As of
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
Nonaccrual loans:
Commercial and industrial loans:
All other commercial & industrial loans	$	188		$	192		$	—
Consumer and other loans:
Credit cards		20,140			13,602			—
Other consumer and other loans		4,063			6,376			—
Total nonaccrual loans		24,391			20,170			—
Accruing loans past due 90 days or more:
Commercial & industrial loans		926			782			1,278
Real estate loans:
Residential real estate loans		1,817			2,407			2,722
Consumer and other loans:
Credit cards		23,116			27,187			36,465
Other consumer and other loans		6,775			5,632			4,779
Total accruing loans past due 90 days or more		32,634			36,008			45,244
Total nonperforming loans		57,025			56,178			45,244
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	57,025		$	56,178		$	45,244
Total CCBX nonperforming assets to total consolidated assets		1.27	%		1.29	%		1.14	%

Community Bank	As of
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
Nonaccrual loans:
Commercial and industrial loans	$	2,145		$	189		$	—
Real estate:
Construction, land and land development		1,697			—			—
Residential real estate		—			—			213
Commercial real estate		—			—			7,731
Total nonaccrual loans		3,842			189			7,944
Accruing loans past due 90 days or more:
Total accruing loans past due 90 days or more		—			—			—
Total nonperforming loans		3,842			189			7,944
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	3,842		$	189		$	7,944
Total community bank nonperforming assets to total consolidated assets		0.09	%		—	%		0.20	%

About Coastal Financial

Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The $4.48 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. The Bank provides banking as a service to digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment. To learn more about the Company visit www.coastalbank.com.

CCB-ER

Contact

Eric Sprink, Chief Executive Officer, (425) 357-3659
Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risk that changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations and those other risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands; unaudited)

ASSETS
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Cash and due from banks	$	29,546		$	43,467		$	36,533		$	45,327		$	59,995
Interest earning deposits with other banks		690,213			580,835			415,980			438,699			427,250
Investment securities, available for sale, at fair value		33			34			35			38			39
Investment securities, held to maturity, at amortized cost		45,544			46,957			47,286			48,582			49,174
Other investments		12,521			12,589			10,800			10,757			10,664
Loans held for sale		60,474			42,132			20,600			7,565			—
Loans receivable		3,540,330			3,517,359			3,486,565			3,413,894			3,321,813
Allowance for credit losses		(164,794	)		(183,178	)		(176,994	)		(171,674	)		(148,878	)
Total loans receivable, net		3,375,536			3,334,181			3,309,571			3,242,220			3,172,935
CCBX credit enhancement asset		167,779			183,377			181,890			173,600			149,096
CCBX receivable		13,009			12,685			14,138			16,060			11,520
Premises and equipment, net		29,052			28,639			27,431			25,833			24,526
Lease right-of-use assets		4,891			5,117			5,219			5,427			5,635
Accrued interest receivable		20,849			21,109			21,104			22,315			21,620
Bank-owned life insurance, net		13,648			13,501			13,375			13,255			13,132
Deferred tax asset, net		3,829			3,912			3,600			3,083			2,221
Other assets		13,635			10,747			13,646			11,711			11,742
Total assets	$	4,480,559		$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits	$	3,913,571		$	3,791,229		$	3,585,332		$	3,627,288		$	3,543,432
Subordinated debt, net		44,368			44,331			44,293			44,256			44,219
Junior subordinated debentures, net		3,592			3,592			3,591			3,591			3,591
Deferred compensation		295			310			332			369			405
Accrued interest payable		954			1,107			962			1,070			999
Lease liabilities		5,063			5,293			5,398			5,609			5,821
CCBX payable		32,939			29,391			29,171			37,839			32,539
Other liabilities		18,068			14,112			13,425			12,520			11,850
Total liabilities		4,018,850			3,889,365			3,682,504			3,732,542			3,642,856
SHAREHOLDERS’ EQUITY
Common Stock		230,423			229,659			228,177			134,769			132,989
Retained earnings		231,287			220,259			210,529			197,162			183,706
Accumulated other comprehensive loss, net of tax		(1	)		(1	)		(2	)		(1	)		(2	)
Total shareholders’ equity		461,709			449,917			438,704			331,930			316,693
Total liabilities and shareholders’ equity	$	4,480,559		$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts; unaudited)

	Three Months Ended
	June 30, 2025			March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	98,867		$	98,147	$	95,575	$	99,676	$	90,879
Interest on interest earning deposits with other banks		8,085			6,070		6,021		4,781		5,683
Interest on investment securities		626			650		661		675		686
Dividends on other investments		219			40		191		33		174
Total interest income		107,797			104,907		102,448		105,165		97,422
INTEREST EXPENSE
Interest on deposits		30,400			28,185		29,404		32,083		30,578
Interest on borrowed funds		660			660		667		809		672
Total interest expense		31,060			28,845		30,071		32,892		31,250
Net interest income		76,737			76,062		72,377		72,273		66,172
PROVISION FOR CREDIT LOSSES		32,211			55,781		61,867		70,257		62,325
Net interest income/(expense) after provision for credit losses		44,526			20,281		10,510		2,016		3,847
NONINTEREST INCOME
Service charges and fees		913			860		932		952		946
Loan referral fees		—			—		—		—		—
Unrealized gain (loss) on equity securities, net		(439	)		16		1		2		9
Other income		853			682		473		486		257
Noninterest income, excluding BaaS program income and BaaS indemnification income		1,327			1,558		1,406		1,440		1,212
Servicing and other BaaS fees		1,539			1,419		1,043		1,044		1,525
Transaction and interchange fees		5,109			3,833		3,699		3,549		2,934
Reimbursement of expenses		646			1,026		812		565		857
BaaS program income		7,294			6,278		5,554		5,158		5,316
BaaS credit enhancements		31,268			53,648		62,097		70,108		60,826
BaaS fraud enhancements		2,804			1,993		5,043		2,084		1,784
BaaS indemnification income		34,072			55,641		67,140		72,192		62,610
Total noninterest income		42,693			63,477		74,100		78,790		69,138
NONINTEREST EXPENSE
Salaries and employee benefits		21,401			21,482		17,955		17,060		16,973
Occupancy		915			1,034		958		964		985
Data processing and software licenses		5,541			4,882		4,049		4,338		3,977
Legal and professional expenses		5,962			5,888		4,606		3,597		3,311
Point of sale expense		69			107		89		73		72
Excise taxes		681			722		778		762		(706	)
Federal Deposit Insurance Corporation (“FDIC”) assessments		790			755		750		740		690
Director and staff expenses		612			631		683		559		470
Marketing		50			50		28		67		14
Other expense		1,524			1,938		1,752		1,482		1,383
Noninterest expense, excluding BaaS loan and BaaS fraud expense		37,545			37,489		31,648		29,642		27,169
BaaS loan expense		32,483			32,507		30,720		32,698		29,011
BaaS fraud expense		2,804			1,993		5,043		2,084		1,784
BaaS loan and fraud expense		35,287			34,500		35,763		34,782		30,795
Total noninterest expense		72,832			71,989		67,411		64,424		57,964
Income before provision for income taxes		14,387			11,769		17,199		16,382		15,021
PROVISION FOR INCOME TAXES		3,359			2,039		3,832		2,926		3,425
NET INCOME	$	11,028		$	9,730	$	13,367	$	13,456	$	11,596
Basic earnings per common share	$	0.73		$	0.65	$	0.97	$	1.00	$	0.86
Diluted earnings per common share	$	0.71		$	0.63	$	0.94	$	0.97	$	0.84
Weighted average number of common shares outstanding:
Basic		15,033,296			14,962,507		13,828,605		13,447,066		13,412,667
Diluted		15,447,923			15,462,041		14,268,229		13,822,270		13,736,508

COASTAL FINANCIAL CORPORATION
AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾
Assets
Interest earning assets:
Interest earning deposits with other banks	$	729,652		$	8,085	4.44	%	$	553,393		$	6,070	4.45	%	$	418,165		$	5,683	5.47	%
Investment securities, available for sale ⁽²⁾		35			—	—			37			1	10.96			43			—	—
Investment securities, held to maturity ⁽²⁾		46,256			626	5.43			47,154			649	5.58			49,737			686	5.55
Other investments		12,825			219	6.85			11,757			40	1.38			10,592			174	6.61
Loans receivable ⁽³⁾		3,567,823			98,867	11.11			3,511,724			98,147	11.33			3,258,042			90,879	11.22
Total interest earning assets		4,356,591			107,797	9.92			4,124,065			104,907	10.32			3,736,579			97,422	10.49
Noninterest earning assets:
Allowance for credit losses		(176,022	)						(170,542	)						(138,472	)
Other noninterest earning assets		298,698							296,993							255,205
Total assets	$	4,479,267						$	4,250,516						$	3,853,312

Liabilities and Shareholders’ Equity
Interest bearing liabilities:
Interest bearing deposits	$	3,369,574		$	30,400	3.62	%	$	3,166,384		$	28,185	3.61	%	$	2,854,575		$	30,578	4.31	%
FHLB advances and other borrowings		3			1	—			—			1	—			1,648			3	0.73
Subordinated debt		44,345			598	5.41			44,309			598	5.47			44,197			598	5.44
Junior subordinated debentures		3,592			61	6.81			3,592			61	6.89			3,590			71	7.95
Total interest bearing liabilities		3,417,514			31,060	3.65			3,214,285			28,845	3.64			2,904,010			31,250	4.33
Noninterest bearing deposits		562,174							543,784							584,661
Other liabilities		44,452							49,624							58,267
Total shareholders’ equity		455,127							442,823							306,374
Total liabilities and shareholders’ equity	$	4,479,267						$	4,250,516						$	3,853,312
Net interest income				$	76,737						$	76,062						$	66,172
Interest rate spread						6.27	%						6.68	%						6.16	%
Net interest margin ⁽⁴⁾						7.06	%						7.48	%						7.12	%

⁽¹⁾Yields and costs are annualized.
⁽²⁾For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽³⁾Includes loans held for sale and nonaccrual loans.
⁽⁴⁾Net interest margin represents net interest income divided by the average total interest earning assets.

COASTAL FINANCIAL CORPORATION
SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Community Bank
Assets
Interest earning assets:
Loans receivable ⁽²⁾	$	1,879,331	$	30,603	6.53	%	$	1,881,636	$	30,292	6.53	%	$	1,895,699	$	30,741	6.52	%
Total interest earning assets		1,879,331		30,603	6.53			1,881,636		30,292	6.53			1,895,699		30,741	6.52
Liabilities
Interest bearing liabilities:
Interest bearing deposits		1,048,506		6,783	2.59	%		1,045,971		6,604	2.56	%		938,033		6,459	2.77	%
Intrabank liability		342,232		3,792	4.44			356,337		3,909	4.45			429,452		5,836	5.47
Total interest bearing liabilities		1,390,738		10,575	3.05			1,402,308		10,513	3.04			1,367,485		12,295	3.62
Noninterest bearing deposits		488,593						479,329						528,214
Net interest income			$	20,028					$	19,779					$	18,446
Net interest margin⁽³⁾					4.27	%					4.26	%					3.91	%

CCBX
Assets
Interest earning assets:
Loans receivable ⁽²⁾⁽⁴⁾	$	1,688,492	$	68,264	16.22	%	$	1,630,088	$	67,855	16.88	%	$	1,362,343	$	60,138	17.75	%
Intrabank asset		706,157		7,825	4.44			554,781		6,085	4.45			610,646		8,299	5.47
Total interest earning assets		2,394,649		76,089	12.74			2,184,869		73,940	13.72			1,972,989		68,437	13.95
Liabilities
Interest bearing liabilities:
Interest bearing deposits		2,321,068		23,617	4.08	%		2,120,413		21,581	4.13	%		1,916,542		24,119	5.06	%
Total interest bearing liabilities		2,321,068		23,617	4.08			2,120,413		21,581	4.13			1,916,542		24,119	5.06
Noninterest bearing deposits		73,581						64,455						56,447
Net interest income			$	52,472					$	52,359					$	44,318
Net interest margin⁽³⁾					8.79	%					9.72	%					9.03	%
Net interest margin, net of BaaS loan expense⁽⁵⁾					3.35	%					3.68	%					3.12	%

	For the Three Months Ended
	June 30, 2025						March 31, 2025							June 30, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Treasury & Administration
Assets
Interest earning assets:
Interest earning deposits with other banks	$	729,652	$	8,085	4.44	%	$	553,393		$	6,070	4.45	%	$	418,165	$	5,683	5.47	%
Investment securities, available for sale ⁽⁶⁾		35		—	—			37			1	10.96			43		—	3.13
Investment securities, held to maturity ⁽⁶⁾		46,256		626	5.43			47,154			649	5.58			49,737		686	5.55
Other investments		12,825		219	6.85			11,757			40	1.38			10,592		174	6.61
Total interest earning assets		788,768		8,930	4.54	%		612,341	—		6,760	4.48	%		478,537		6,543	5.50	%
Liabilities
Interest bearing liabilities:
FHLB advances and borrowings	$	3		1	—		$	—			1	—	%	$	1,648		3	0.73	%
Subordinated debt		44,345		598	5.41			44,309			598	5.47			44,197		598	5.44
Junior subordinated debentures		3,592		61	6.81			3,592			61	6.89			3,590		71	7.95
Intrabank liability, net ⁽⁷⁾		363,925		4,033	4.44			198,444			2,176	4.45			181,194		2,463	5.47
Total interest bearing liabilities		411,865		4,693	4.57			246,345			2,836	4.67			230,629		3,135	5.47
Net interest income			$	4,237						$	3,924					$	3,408
Net interest margin⁽³⁾					2.15	%						2.60	%					2.86	%

⁽¹⁾Yields and costs are annualized.
⁽²⁾Includes loans held for sale and nonaccrual loans.
⁽³⁾Net interest margin represents net interest income divided by the average total interest earning assets.
⁽⁴⁾CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽⁵⁾Net interest margin, net of BaaS loan expense, includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release.
⁽⁶⁾For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽⁷⁾Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on loans and CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

Loan income, net of BaaS loan expense, divided by average loans, is a non-GAAP measure that includes the impact BaaS loan expense on loan income and the yield on loans. The most directly comparable GAAP measure is yield on loans.

Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

Net interest income, net of BaaS loan expense, is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

CCBX net interest margin, net of BaaS loan expense, is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is CCBX net interest margin.

Reconciliations of the GAAP and non-GAAP measures are presented below.

CCBX	As of and for the Three Months Ended
(dollars in thousands; unaudited)	June 30 2025			March 31 2025			June 30 2024
Net BaaS loan income divided by average CCBX loans:
CCBX loan yield (GAAP)⁽¹⁾		16.22	%		16.88	%		17.75	%
Total average CCBX loans receivable	$	1,688,492		$	1,630,088		$	1,362,343
Interest and earned fee income on CCBX loans (GAAP)		68,264			67,855			60,138
BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net BaaS loan income	$	35,781		$	35,348		$	31,127
Net BaaS loan income divided by average CCBX loans ⁽¹⁾		8.50	%		8.79	%		9.19	%
CCBX net interest margin, net of BaaS loan expense:
CCBX net interest margin ⁽¹⁾		8.79	%		9.72	%		9.03	%
CCBX earning assets		2,394,649			2,184,869			1,972,989
Net interest income (GAAP)		52,472			52,359			44,318
Less: BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net interest income, net of BaaS loan expense	$	19,989		$	19,852		$	15,307
CCBX net interest margin, net of BaaS loan expense ⁽¹⁾		3.35	%		3.68	%		3.12	%

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	June 30 2025			March 31 2025			June 30 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.06	%		7.48	%		7.12	%
Earning assets		4,356,591			4,124,065			3,736,579
Net interest income (GAAP)		76,737			76,062			66,172
Less: BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net interest income, net of BaaS loan expense	$	44,254		$	43,555		$	37,161
Net interest margin, net of BaaS loan expense ⁽¹⁾		4.07	%		4.28	%		4.00	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.11	%		11.33	%		11.22	%
Total average loans receivable	$	3,567,823		$	3,511,724		$	3,258,042
Interest and earned fee income on loans (GAAP)		98,867			98,147			90,879
BaaS loan expense		(32,483	)		(32,507	)		(29,011	)
Net loan income	$	66,384		$	65,640		$	61,868
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾		7.46	%		7.58	%		7.64	%

⁽¹⁾ Annualized calculations for periods presented.

The following non-GAAP measure is presented to illustrate the impact of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) on noninterest expense. Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. This non-GAAP measure shows the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partner. The most comparable GAAP measure is noninterest expense.

	As of and for the Three Months Ended
(dollars in thousands, unaudited)	June 30, 2025		March 31, 2025		June 30, 2024
Noninterest expense, net of reimbursement of expenses (BaaS)
Noninterest expense (GAAP)	$	72,832	$	71,989	$	57,964
Less: BaaS loan expense		32,483		32,507		29,011
Less: BaaS fraud expense		2,804		1,993		1,784
Less: Reimbursement of expenses		646		1,026		857
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses	$	36,899	$	36,463	$	26,312

APPENDIX A –
As of June 30, 2025

Industry Concentration

We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.55 billion in outstanding loan balances. When combined with $1.93 billion in unused commitments the total of these categories is $5.48 billion.

Commercial real estate loans represent the largest segment of our loans, comprising 37.0% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $30.1 million, and the combined total in commercial real estate loans represents $1.34 billion, or 24.5% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Apartments	$	362,315	$	2,889	$	365,204	6.7	%	$	3,814	95
Hotel/Motel		154,877		1,073		155,950	2.8			6,734	23
Convenience Store		135,118		546		135,664	2.5			2,290	59
Office		119,622		6,666		126,288	2.3			1,375	87
Warehouse		102,688		—		102,688	1.9			1,770	58
Retail		93,552		836		94,388	1.7			936	100
Mixed use		93,455		5,287		98,742	1.8			1,126	83
Mini Storage		73,695		7,272		80,967	1.5			3,685	20
Strip Mall		43,468		—		43,468	0.8			6,210	7
Manufacturing		35,274		570		35,844	0.7			1,306	27
Groups < 0.70% of total		96,818		4,938		101,756	1.8			1,226	79
Total	$	1,310,882	$	30,077	$	1,340,959	24.5	%	$	2,055	638

Consumer loans comprise 34.7% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $746.8 million, and the combined total in consumer and other loans represents $1.98 billion, or 36.1% of our total outstanding loans and loan commitments. The $746.8 million in commitments is subject to CCBX partner/portfolio maximum limits. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $900. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX consumer loans
Credit cards	$	533,925	$	702,611	$	1,236,536	22.6	%	$	1.6	337,749
Installment loans		671,089		30,817		701,906	12.8			0.8	796,927
Lines of credit		676		14		690	0.0			0.9	715
Other loans		14,556		—		14,556	0.3			0.1	240,653
Community bank consumer loans
Installment loans		738		2		740	0.0			30.8	24
Lines of credit		178		339		517	0.0			5.7	31
Other loans		11,314		13,000		24,314	0.4			32.6	347
Total	$	1,232,476	$	746,783	$	1,979,259	36.1	%	$	0.9	1,376,446

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Residential real estate loans comprise 12.2% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $557.7 million, which is subject to partner/portfolio maximum limits, and the combined total in residential real estate loans represents $991.3 million, or 18.1% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX residential real estate loans
Home equity line of credit	$	234,786	$	509,297	$	744,083	13.6	%	$	27	8,735
Community bank residential real estate loans
Closed end, secured by first liens		162,205		1,064		163,269	3.0			554	293
Home equity line of credit		30,328		46,270		76,598	1.4			122	249
Closed end, second liens		6,311		1,073		7,384	0.1			218	29
Total	$	433,630	$	557,704	$	991,334	18.1	%	$	47	9,306

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits. CCBX home equity lines of credit are limited to a $375.0 million portfolio maximum.

Commercial and industrial loans comprise 10.6% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $527.8 million, and the combined total in commercial and industrial loans represents $903.6 million, or 16.5% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $199.7 million in outstanding capital call lines, with an additional $438.4 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX C&I loans
Capital call lines	$	199,675	$	438,391	$	638,066	11.6	%	$	1,597	125
Retail and other loans		26,142		23,001		49,143	0.9			9	2,915
Community bank C&I loans
Construction/Contractor services		30,449		32,173		62,622	1.1			154	198
Financial institutions		51,768		—		51,768	0.9			4,314	12
Medical / Dental / Other care		5,496		3,683		9,179	0.2			423	13
Manufacturing		5,325		3,976		9,301	0.2			140	38
Groups < 0.20% of total		56,888		26,593		83,481	1.6			228	250
Total	$	375,743	$	527,817	$	903,560	16.5	%	$	106	3,551

⁽¹⁾ Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Construction, land and land development loans comprise 5.5% of our total balance of outstanding loans as of June 30, 2025. Unused commitments to extend credit represents an additional $70.0 million, and the combined total in construction, land and land development loans represents $264.2 million, or 4.8% of our total outstanding loans and loan commitments.

The following table details our loan commitment for our construction, land and land development portfolio as of June 30, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Commercial construction	$	104,078	$	48,309	$	152,387	2.8	%	$	7,434	14
Residential construction		39,831		17,340		57,171	1.0			2,655	15
Developed land loans		22,875		604		23,479	0.4			1,271	18
Undeveloped land loans		20,067		748		20,815	0.4			1,338	15
Land development		7,299		3,048		10,347	0.2			811	9
Total	$	194,150	$	70,049	$	264,199	4.8	%	$	2,735	71

Exposure and risk in our construction, land and land development portfolio increased compared to recent periods as indicated in the following table:

	Outstanding Balance as of
(dollars in thousands; unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Commercial construction	$	104,078	$	96,716	$	83,216	$	97,792	$	110,372
Residential construction		39,831		39,375		40,940		35,822		34,652
Undeveloped land loans		20,067		16,684		8,665		8,606		8,372
Developed land loans		22,875		7,788		8,305		14,863		13,954
Land development		7,299		5,988		7,072		5,968		5,714
Total	$	194,150	$	166,551	$	148,198	$	163,051	$	173,064

Commitments to extend credit total $1.93 billion at June 30, 2025, however we do not anticipate our customers using the $1.93 billion that is showing as available due to CCBX partner and portfolio limits.

The following table presents outstanding commitments to extend credit as of June 30, 2025:

Consolidated
(dollars in thousands; unaudited)	As of June 30, 2025 (1)
Commitments to extend credit:
Commercial and industrial loans	$	89,426
Commercial and industrial loans – capital call lines		438,391
Construction – commercial real estate loans		52,709
Construction – residential real estate loans		17,340
Residential real estate loans		557,704
Commercial real estate loans		30,077
Credit cards		702,611
Consumer and other loans		44,172
Total commitments to extend credit	$	1,932,430

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of June 30, 2025, capital call lines outstanding balance totaled $199.7 million and, while commitments totaled $438.4 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would have the choice to fund or not fund the loan.

See the table below for CCBX portfolio maximums and related available commitments:

CCBX
(dollars in thousands; unaudited)	Balance			Percent of CCBX loans receivable		Available Commitments ⁽¹⁾		Maximum Portfolio Size		Cash Reserve/Pledge Account Amount ⁽²⁾
Commercial and industrial loans:
Capital call lines	$	199,675		11.9	%	$	438,391	$	350,000	$	—
All other commercial & industrial loans		26,142		1.6			23,001		471,186		531
Real estate loans:
Home equity lines of credit ⁽³⁾		234,786		14.0			509,297		375,000		36,469
Consumer and other loans:
Credit cards – cash secured		364					—				—
Credit cards – unsecured		533,561					702,611				30,827
Credit cards – total		533,925		31.8			702,611		850,000		30,827
Installment loans – cash secured		128,861					30,817				—
Installment loans – unsecured		542,228					—				(38	)
Installment loans – total		671,089		39.8			30,817		1,818,619		(38	)
Other consumer and other loans		15,232		0.9			14		5,195		275
Gross CCBX loans receivable		1,680,849		100.0	%	$	1,704,131	$	3,870,000	$	68,064
Net deferred origination fees		(569	)
Loans receivable	$	1,680,280

(1) Remaining commitment available, net of outstanding balance.
(2) Balances are as of July 8, 2025.
(3) These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.

APPENDIX B –
As of June 30, 2025

CCBX – BaaS Reporting Information

During the quarter ended June 30, 2025, $31.3 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments, negative deposit accounts and accrued interest receivable on some CCBX partner loans. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes non-credit fraud losses on loans and deposits originated through partners, generally fraud losses related to loans are comprised primarily of first payment defaults. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating and servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (a reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release) which can be compared to interest income on the Company’s community bank loans.

The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

Loan income and related loan expense	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
Yield on loans ⁽¹⁾		16.22	%		16.88	%		17.75	%
BaaS loan interest income	$	68,264		$	67,855		$	60,138
Less: BaaS loan expense		32,483			32,507			29,011
Net BaaS loan income ⁽²⁾	$	35,781		$	35,348		$	31,127
Net BaaS loan income divided by average BaaS loans ⁽¹⁾⁽²⁾		8.50	%		8.79	%		9.19	%

(1) Annualized calculation for quarterly periods shown.
(2) A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

An increase in average CCBX loans receivable resulted in increased interest income on CCBX loans during the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025. Our strategy is to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans with enhanced credit standards. These higher quality loans tend to have lower stated rates and expected losses than some of our CCBX loans historically. Current loan sales and new loan growth are at more similar interest rates compared to prior periods when we were selling loans with higher risk and higher interest rates and replacing them with higher quality lower interest rate loans. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and also generate off balance sheet fee income. Growth in CCBX loans has resulted in an increase in interest income for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024.

The following tables are a summary of the interest components, direct fees and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

Interest income	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025		March 31, 2025		June 30, 2024
Loan interest income	$	68,264	$	67,855	$	60,138
Total BaaS interest income	$	68,264	$	67,855	$	60,138

Interest expense	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025		March 31, 2025		June 30, 2024
BaaS interest expense	$	23,617	$	21,581	$	24,119
Total BaaS interest expense	$	23,617	$	21,581	$	24,119

BaaS income	Three Months Ended
(dollars in thousands; unaudited)	June 30, 2025		March 31, 2025		June 30, 2024
BaaS program income:
Servicing and other BaaS fees	$	1,539	$	1,419	$	1,525
Transaction and interchange fees		5,109		3,833		2,934
Reimbursement of expenses		646		1,026		857
Total BaaS program income		7,294		6,278		5,316
BaaS indemnification income:
BaaS credit enhancements		31,268		53,648		60,826
BaaS fraud enhancements		2,804		1,993		1,784
BaaS indemnification income		34,072		55,641		62,610
Total noninterest BaaS income	$	41,366	$	61,919	$	67,926

Servicing and other BaaS fees increased $120,000 and transaction and interchange fees increased $1.3 million in the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025. We expect servicing and other BaaS fees to be higher when we are bringing new partners on and then to decrease when transaction and interchange fees increase as partner activity grows and contracted minimum fees are replaced with these recurring fees when they exceed the minimum fees. Increases in BaaS reimbursement of fees offsets increases in noninterest expense from BaaS expenses covered by CCBX partners. Transaction and interchange fees for the quarter ended June 30, 2025 includes $504,000 in nonrecurring revenue.

BaaS loan and fraud expense:	Three Months Ended
(dollars in thousands; unaudited)		June 30, 2025		March 31, 2025		June 30, 2024
BaaS loan expense	$	32,483	$	32,507	$	29,011
BaaS fraud expense		2,804		1,993		1,784
Total BaaS loan and fraud expense	$	35,287	$	34,500	$	30,795

Infographics accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/6d139571-0367-4331-b052-e1609dd3796f
https://www.globenewswire.com/NewsRoom/AttachmentNg/7fef1877-3f7a-47cc-99fa-0bcdfb00de42

The MIL Network –

July 30, 2025

MIL-OSI Economics: ECB to adapt collateral framework to address climate-related transition risks
Source: European Central Bank

29 July 2025
- Climate factor to protect Eurosystem against potential decline in value of collateral in event of adverse climate-related transition shocks
- Measure to address forward-looking climate-related uncertainties, enhancing resilience of Eurosystem’s monetary policy implementation
- Measure to apply to marketable assets issued by non-financial corporations, taking effect in second half of 2026
The Governing Council of the European Central Bank (ECB) has decided to introduce a new measure within the collateral framework to better manage financial risks related to the climate crisis.

The value of collateral from counterparties in the Eurosystem’s refinancing operations is sensitive to climate change-related uncertainties. Since the Eurosystem’s refinancing operations are a key instrument in maintaining price stability, the Governing Council has decided to introduce a “climate factor” which could reduce the value assigned to eligible assets pledged as collateral, depending on the extent to which an asset can be impacted by these uncertainties. This acts as a buffer against the possible financial impact of uncertainties related to climate change. It will complement the Eurosystem’s existing risk management toolbox by considering forward-looking climate scenario analyses and therefore improve the resilience of the Eurosystem’s monetary policy implementation. The calibration of the measure will preserve adequate collateral availability.

The Governing Council has decided to introduce the climate factor focusing on marketable assets issued by non-financial corporations as well as their affiliated entities, and adverse events specifically associated with the green transition. The climate factor will apply to individual assets and its calibration will take into account sector-level data of non-financial corporation bonds in the 2024 climate stress test of the Eurosystem’s balance sheet^[1], the issuer’s CSPP climate score and the asset’s residual maturity.

This measure is due to be implemented in the second half of 2026. It will be regularly reviewed by the Governing Council to reflect the increasing availability of data and models, as well as relevant regulatory developments and advances in risk assessment capabilities.

For media queries, please contact Clara Martín Marqués, tel.: +49 69 1344 17919.
MIL OSI Economics –
July 30, 2025
India’s digital payments index rises sharply to 493.22, says RBI

Source: Government of India

Source: Government of India (4)

Signalling India’s accelerating digital payments revolution, the Reserve Bank of India (RBI) on Monday announced that its Digital Payments Index (RBI-DPI) surged to 493.22 in March 2025, up from 465.33 in September 2024.

The RBI-DPI, introduced in January 2021 with March 2018 as the base period set at 100, is designed to track the extent of digitalisation in payments across the country. The consistent upward trend reflects India’s rapid adoption of digital payment systems, spanning both urban and rural areas.

According to the RBI, the latest increase is primarily driven by improvements in Payment Infrastructure – Supply-side factors – and Payment Performance. These include an expanded merchant acceptance network, wider adoption of QR code-based payments, robust growth in Unified Payments Interface (UPI) transactions, and improved availability of digital banking services nationwide.

This upward momentum highlights a broader transformation in the country’s payments ecosystem, supported by government initiatives such as Digital India, growing smartphone penetration, and active fintech innovation.

The RBI-DPI has shown steady growth since its inception. In March 2019, it stood at 153.47, rising to 207.84 by March 2020. By March 2022, the index had reached 349.30 – a more than threefold increase from the base year.

It continued to rise, recording 445.50 in March 2024 and 465.33 by September 2024. The current level of 493.22 in March 2025 marks a more than fourfold increase in digital payment activity since 2018.

As India moves closer to becoming a digital economy, the RBI-DPI is expected to play a crucial role in policy formulation and benchmarking progress. The latest surge also comes as a positive sign amid global concerns about digital inequality and access to financial services.

(ANI)

July 30, 2025
MIL-OSI Africa: Department raises alarm over escalating intimate partner violence

Source: Government of South Africa

The Department of Women, Youth and Persons with Disabilities has expressed concern over the pervasive “hidden crisis” of domestic and intimate partner violence, which is highlighted in a Human Sciences Research Council (HSRC) report.

Conducted in 2024, the report revealed that one in three women in South Africa have experienced physical intimate partner violence in their lifetime.

“These are not just numbers; they represent the lived realities of millions of women, who endure suffering behind closed doors,” department spokesperson, Cassius Selala said on Monday.

The study also highlighted higher victimisation among black African women and women with disabilities.

While national statistics indicate a drop in overall violent crime during the second quarter of 2024, gender-based violence (GBV) crimes continue to rise.

According to the report, between July and September 2024, 957 women were murdered, 1 567 survived attempted murders, and 14 366 were assaulted, resulting in grievous bodily harm. In addition, 10 191 cases of rape were reported during this period.

Selala said intimate domestic violence manifests in various forms, often intertwined and escalating over time – ranging from physical and sexual abuse to emotional, psychological, and economic or financial.

He said recognising these different types of abuse is a critical step in addressing the problem.

Selala also warned that the impact of intimate domestic violence extends far beyond physical injuries, and victims often experience a range of severe and long-lasting consequences.

“The greatest achievements in women’s economic progress in recent decades are potentially being eroded by domestic violence. Intimate domestic violence is a pattern of abusive behaviours used by one partner to maintain power and control over another in an intimate relationship.

“This violence is not limited to physical harm; it encompasses a range of coercive and controlling actions that can leave deep and lasting scars,” Selala said.

Globally, the World Health Organisation estimates that one in three women have experienced physical or sexual violence in their lifetime, most often at the hands of an intimate partner. In South Africa, the figures are particularly grim.

At the end of 2024, the HSRC released the First South African National Gender-Based Violence Study, which detailed the prevalence of physical, sexual, emotional, psychological and economic violence experienced by women in all nine provinces.

To discuss some of the survey’s findings, the HSRC recently hosted a webinar titled: ‘Addressing poverty and inequality as drivers of gender-based violence and femicide (GBVF) perpetrated against vulnerable populations in South Africa: The importance of economic empowerment interventions’.

The webinar focused on poverty and inequality as drivers of gender-based violence and femicide perpetrated against women, including women with disabilities, women from the Lesbian, Gay, Bisexual, Transgender, Queer, Intersex and Asexual (LGBTQIA+) community, black African women, and older women (over the age of 60). – SAnews.gov.za

MIL OSI Africa –

July 30, 2025
MIL-OSI Africa: Energy Intensive Users Group of Southern Africa (EIUG) and VUKA Group Forge Ahead with 3-Year Partnership for C&I Energy + Storage Summit

Source: APO – Report:

We are thrilled to share that the Energy Intensive Users Group of Southern Africa (EIUG) and VUKA Group (https://WeAreVUKA.com) are continuing their dynamic partnership to co-host the EIUG Conference and C&I Energy + Storage Summit (https://Energy-StorageSummit.com) for the next three years, building on the success of last year’s inaugural event. This collaboration is a bold step toward shaping a sustainable and resilient energy future for South Africa’s commercial and industrial (C&I) sectors.

Driving Sustainable Energy Solutions

For over 25 years, EIUG has been a steadfast advocate for energy-intensive industries, championing competitive and sustainable energy frameworks. By partnering with VUKA Group for the C&I Energy + Storage Summit, we’re creating a powerful platform to address the challenges and opportunities in South Africa’s rapidly evolving electricity industry. This partnership aligns with the South Africa Climate Act and Just Energy Transition principles, empowering C&I power users to achieve energy independence, security, and sustainability while reducing their carbon footprint.

C&I Energy + Storage Summit 2025, brough to you by VUKA Group, will take place from 4- 5 November 2025 at The Maslow Hotel in Sandton, Johannesburg, South Africa. Register today (http://apo-opa.co/3U37Lqn).

What to Expect at the Summit

The C&I Energy + Storage Summit is your opportunity to engage with the future of energy. This year’s event will:

Explore scalable solutions: Dive into power generation options, credible technologies, and the financial and business cases for independent generation and storage.

Navigate industry changes: Unpack the implications of South Africa’s Electricity Supply Industry (ESI) initiatives, including the anticipated wholesale market establishment.

Foster collaboration: Connect service providers, off-takers, and consumers for mutually beneficial commercial opportunities.

Offer practical insights: Participate in technical masterclasses, project showcases, and networking sessions designed to equip you with the tools to lead in this transformative era.

A Commitment to Change

This partnership is more than a collaboration — it’s a commitment to driving meaningful progress. By bringing together stakeholders from across the energy landscape, including Eskom, bilateral Independent Power Producers (IPPs), and potential players in a future wholesale energy trading market, we aim to influence a resilient, sustainable, and forward-thinking energy ecosystem.

Join Us

We invite all industry leaders, innovators, and stakeholders to join us at the C&I Energy + Storage Summit and EIUG Conference. Together, we can shape the future of South Africa’s energy landscape and ensure it thrives for both businesses and the planet.

Register for the Summit: https://apo-opa.co/3U37Lqn

– on behalf of VUKA Group.

For speaking opportunities, contact Boipelo Mothlowa: Boipelo.mothlowa@wearevuka.com

For sponsorship enquires, contact Marcel du Toit: marcel.dutoit@wearevuka.com

For media enquires, contact Natalie Simms: Natalie.simms@wearevuka.com

About VUKA Group:
As part of the Power and Energy Portfolio of VUKA Group (https://WeAreVUKA.com), this Summit aligns with VUKA’s mission to connect industries, spark innovation, and fuel economic growth. VUKA Group is a premier organiser of conferences, exhibitions, and events across Africa, delivering tailored platforms for networking, knowledge sharing, and business development in energy and related sectors.

Media files

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MIL OSI Africa –

July 30, 2025
MIL-OSI Russia: What business plans have RUDN economics students developed for Russian companies?

Translation. Region: Russian Federal

Source: Peoples’Friendship University of Russia –

An important disclaimer is at the bottom of this article.

Analysis of target markets, conclusion of a contract with a sanction clause, development of logistics for deliveries to Latin American countries. These are just some of the points from the business plans prepared for Russian companies by students of the Faculty of Economics and the Law Institute of RUDN. But first things first.

Through the sieve of selection

At RUDN, students have the opportunity to study in a project-based master’s program. This model of education assumes that students unite in teams and jointly develop a project (their final qualification work) for real customers – they can be both domestic and foreign companies. The projects that will be discussed were prepared by students of the Faculty of Economics and the Law Institute of RUDN. The Moscow Export Center helps the university find customer companies for them.

“After the selection, we introduce the students to each other and simultaneously send a request to colleagues at the Moscow Export Center asking them to involve Russian and foreign companies in the implementation of the projects. The MEC provides us with a list of interested enterprises with their brief description and the desired request: what product or service the company produces, where it wants to export them. We pass all this on to the students, after which teams are formed taking into account the students’ wishes. The master’s students begin working, and once a month we gather them to check what stage the projects are at. To help the students complete the assigned tasks, we conduct master classes from teachers and invited experts,” says Maria Maslova, a RUDN University graduate and head of the educational programs department of the educational and acceleration programs department of the ANO “MEC”.

A fresh look at business

In the spring, teams have a pre-defense of their projects in front of company representatives, where they receive feedback and learn about problematic areas that need to be corrected. The final defense of the diploma work is held according to the schedule of the state final certification.

“Business is interested in a fresh look at promising markets for their products. Companies essentially order a “consulting study” from us. They want to enter certain markets where they are not yet represented. RUDN economics students analyze these markets, calculate the financial component, develop marketing strategies for entry and promotion, and draw a conclusion about the profitability of the project. And students of the Law Institute analyze the entire legal component of entering foreign markets, prepare a draft foreign trade contract, and analyze the specifics of the legal system of the selected country,” says Maria Maslova, a RUDN graduate and head of the educational programs department of the educational and acceleration programs department of the ANO “MEC”.

Focus on Latin America

One of the projects that RUDN University master’s students worked on last academic year concerned the entry of the Leber company into the Latin American market. It produces children’s playgrounds.

“Our research revealed special features of the target markets, in particular, a high proportion of young people: children under 14 years old make up about 25-30% of the population. This indicates a huge potential for the company to enter the markets of these countries. In addition, an absolute plus for business development in the chosen direction is the established sea routes from the port of St. Petersburg to the ports of Latin American countries. However, there were obstacles here, because due to sanctions, there is a ban on the movement of Russian ships through the waters of unfriendly countries. To solve the problem, we suggested that Leber use the services of experienced forwarding companies based in the target markets,” Mekhriddin Nuraliyev, a graduate of the Faculty of Economics of RUDN University.

According to Mehriddin, the most difficult part to develop was the financial part of the business plan. After all, without launching sales in the markets of Mexico, Brazil and Argentina, it is very difficult to forecast the profitability of the activity and calculate the income and expense estimate for 3-5 years ahead.

“But we coped with this task and received high praise for our business plan from Leber representatives. The company praised the team’s professionalism and the depth of the research conducted,” says Mekhriddin Nuraliyev, a graduate of the RUDN University Faculty of Economics.

Sanctions and the Middle East

The second project was developed by RUDN students for the Mesoformula company, a Russian manufacturer of innovative products for aesthetic medicine and professional cosmetology. The company wants to enter the Saudi Arabian market.

“We proposed the “corridor-2030” strategy – a consistent entry into the Saudi Arabian market through halal certification, registration with the SFDA and cooperation with a distributor in Jeddah. Together with my colleagues, we also thought out a financial model and built a legal and logistical “framework” for the project so that every figure and every condition worked in the same rhythm. At the same time, I managed to apply my skills as a lawyer, political scientist and GR specialist. I developed a protective sanction clause, assessed geopolitical risks and, having organized a consultative meeting with Saudi experts through the Moscow Chamber of Commerce and Industry, received prompt feedback. Thus, we significantly accelerated the negotiations and opened the necessary doors to the Middle East,” – Rodion Lobanovsky, a graduate of the RUDN Law Institute.

Mesoformula has approved the students’ project, and its pilot launch is confirmed for 2026.

“I am very glad that it was possible to implement cooperation between Russian companies and my home university. We worked together for almost a year, and are very pleased with the result. The resulting projects really contain many points that the companies paid attention to, including in terms of the specifics of interaction between Russian business and the selected markets. We hope for further cooperation,” – Maria Maslova, Head of the Educational Programs Department of the Educational and Acceleration Programs Department of ANO “MEC”.

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

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MIL OSI Russia News –

July 30, 2025
MIL-OSI: Baker Hughes to Acquire Chart Industries, Accelerating Energy & Industrial Technology Strategy
Source: GlobeNewswire (MIL-OSI)
- Significant step high-grades the portfolio and adds value accretive customer offerings, transforms Baker Hughes’ Industrial & Energy Technology segment
- Chart Industries brings differentiated capabilities across a diverse set of end markets advantaged by secular growth drivers such as natural gas, data centers and decarbonization
- Highly complementary capabilities enable enhanced value-creation solutions for customers across the lifecycle of projects and accelerate aftermarket growth through increased service penetration of combined installed base
- $325 million in annualized cost synergies expected to be realized at end of third year
- Compelling financial impact, as it is accretive to growth, margins, EPS and cash flow
- Baker Hughes to host conference call today to discuss the transaction at 8:30 a.m. ET / 7:30 a.m. CT
HOUSTON and LONDON and ATLANTA, July 29, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR) and Chart Industries (NYSE: GTLS) (“Chart”) announced Tuesday they have entered into a definitive agreement under which Baker Hughes will acquire all outstanding shares of Chart’s common stock for $210 per share in cash, equivalent to a total enterprise value of $13.6 billion.

Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets. Chart’s highly differentiated products and solutions are used in every phase of the liquid gas supply chain, from engineering and design to installation, preventative maintenance to repair and service, as well as ongoing digital monitoring. A technology leader in its markets, Chart generated $4.2 billion in revenue and $1.0 billion adjusted EBITDA in 2024. It operates 65 manufacturing locations with over 50 service centers globally.

“This acquisition is a milestone for Baker Hughes and a testament to our strong financial execution and strategic focus as we continue to define our position as a leading energy and industrial technology company,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “We know Chart well, having worked alongside them on many critical energy infrastructure projects. Their products and services are highly complementary to our offerings and strongly aligned with our intent to deliver distinctive and efficient end-to-end lifecycle solutions for our customers across their most critical applications. The combination positions Baker Hughes to be a technology leader that can provide engineering and technology expertise to meet the growing demand for lower-carbon, efficient energy and industrial solutions across attractive growth markets such as LNG, data centers and New Energy.

“The acquisition also delivers compelling financial returns for our shareholders. Adding this high-growth, high-margin business to our Industrial & Energy Technology segment will deliver strong earnings accretion and returns, contributing to an improved growth and margin profile,” Simonelli said. “We look forward to welcoming Chart into the Baker Hughes organization and, together, achieving even greater success and driving long-term value for shareholders.”

“This all-cash transaction with Baker Hughes delivers immediate value to Chart shareholders,” said Chart President and CEO Jill Evanko. “Thanks to the outstanding work of our global OneChart team, we have successfully built a product and solution portfolio that spans front-end engineering design through aftermarket services. The Baker Hughes team shares our engineering-focused culture and commitment to operational excellence. Our complementary solutions fit seamlessly with Baker Hughes’ Industrial & Energy Technology segment, and together we can help our customers solve the most critical energy access and sustainability needs. Our Board is proud to deliver this outcome to our shareholders.”

Compelling Strategic and Financial Benefits
- Advances Baker Hughes’ Strategic Vision to be an Energy & Industrial Technology Leader: Chart and Baker Hughes together bring a highly differentiated set of capabilities to solve complex energy challenges and support customers’ sustainability goals – positioning the combined company as a leader in a lower-carbon, more resource-efficient future.
- Expands Baker Hughes’ Offerings in Attractive Growth Markets: Chart’s offering is well positioned to deepen Baker Hughes’ exposure to attractive high-growth markets, including data centers, space and New Energy. The acquisition also broadens Baker Hughes’ exposure to more durable industrial sectors including industrial gas, metals and mining, and food and beverage, significantly increasing Baker Hughes’ addressable market and through-cycle growth potential.
- Complementary Product Capabilities: Each company has distinctive products and solutions that together improve customer value proposition. Baker Hughes’ core competencies in rotating equipment, flow control and digital technology pair well with Chart’s competencies in heat transfer, air and gas handling, and process technologies.
- Strengthens Baker Hughes’ Lifecycle Revenue Mix: The combined company will have a large and structurally growing installed base creating opportunities to drive growth in high-value aftermarket products and services, as well as digital services using Chart’s Uptime digital platform. Baker Hughes’ expansive service footprint is expected to increase service rates for Chart’s installed base driving more profitable, recurring revenue across the combined portfolio.
- Delivers Substantial Synergies: Baker Hughes has identified $325 million of annualized cost synergy opportunities by the end of year three. Baker Hughes intends to drive productivity improvements by leveraging Baker Hughes’ scale in manufacturing and consolidating the companies’ supply chains, as well as optimizing costs across the SG&A and R&D functions. Baker Hughes’ confidence in realizing these synergies is supported by the continued success of its business system, a key driver of IET margin expansion over the past three years.
- Attractive Financial Profile and Returns for Shareholders: The transaction is expected to be immediately accretive to growth, margins and cash flow, with double-digit EPS accretion in the first full year after the transaction closes. Chart’s differentiated position in attractive and growing markets is expected to deliver sustainable underlying growth that will be accretive to Baker Hughes’ through-cycle growth profile. The combination of strong growth, attractive margins and the synergy potential to expand operating margins meet all of Baker Hughes’ return criteria, including double-digit ROIC.
Transaction Details & Approvals
Under the terms of the agreement, Chart shareholders will receive $210 per share of common stock in cash. The purchase price represents an enterprise value of $13.6 billion, and a multiple of ~9x Chart Consensus 2025 EBITDA on a fully synergized basis.

Baker Hughes has secured fully committed bridge debt financing to fund the transaction, provided by Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, and Morgan Stanley Senior Funding, Inc., which is expected to be replaced with permanent debt financing prior to close. Baker Hughes remains committed to maintaining its A credit rating and will use its strong free cash flow and expected divestiture proceeds to support debt reduction while maintaining, and growing over time, its strong dividend. Baker Hughes projects net leverage at close will be 2.25x and will de-lever to 1.0-1.5x net leverage within 24 months after close. Flexibility will be maintained on share repurchases until leverage reaches the 1.0-1.5x target, after which Baker Hughes intends to return 60-80% of FCF to shareholders.

The Boards of Directors of Baker Hughes and Chart have each unanimously approved the transaction, and the Chart Board of Directors has unanimously recommended that Chart shareholders approve the transaction. The transaction is subject to customary conditions, including approval by Chart shareholders, and the receipt of applicable regulatory approvals. The transaction is expected to be completed by mid-year 2026.

Advisers
Goldman Sachs & Co. LLC, Centerview Partners LLC, and Morgan Stanley & Co. LLC are serving as financial advisers to Baker Hughes, and Cleary Gottlieb Steen & Hamilton LLP, and WilmerHale are serving as legal advisers. Wells Fargo is serving as financial adviser to Chart, and Winston & Strawn is serving as legal adviser.

Investor Conference Call and Presentation
Baker Hughes will host a conference call to discuss the transaction on July 29 at 8:30 a.m. ET, 7:30 a.m. CT. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the company’s website at: investors.bakerhughes.com. Those who wish to dial in may call 1-800-343-1703 (U.S.) or 1-785-424-1226 (international) and enter passcode 52472. An archived version of the webcast will be available on the website for one month following the webcast.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com

About Chart Industries, Inc.
Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ – clean power, clean water, clean food, and clean industrials, regardless of molecule. The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance issues both for its company as well as its customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com.

For more information, please contact:

Media Relations

Baker Hughes
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

Chart Industries
Jim Golden / Jude Gorman / Jack Kelleher
Collected Strategies
Chart-CS@collectedstrategies.com

Investor Relations

Baker Hughes
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Chart Industries
John Walsh
1-770-721-8899
john.walsh@chartindustries.com

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (each a “forward-looking statement”). All statements, other than historical facts, including statements regarding the presentation of Baker Hughes’ operations in future reports and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. 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. Factors that could cause actual results to differ include, but are not limited to: Baker Hughes’ ability to consummate the proposed transaction with Chart (the “Proposed Transaction”); Baker Hughes and Chart obtaining the regulatory approvals required for the Proposed Transaction on the terms expected or on the anticipated schedule or at all; the failure to satisfy other conditions to the completion of the Proposed Transaction, including the receipt of Chart stockholder approval; Baker Hughes’ ability to finance the Proposed Transaction; Baker Hughes’ indebtedness, including the substantial indebtedness Baker Hughes expects to incur in connection with the Proposed Transaction and the need to generate sufficient cash flows to service and repay such debt; the possibility that Baker Hughes may be unable to achieve expected synergies and operating efficiencies from the Proposed Transaction within the expected time-frames or at all and to successfully integrate Chart’s operations with those of Baker Hughes; such integration may be more difficult, time-consuming or costly than expected; operating costs, customer loss and business disruption (including, without limitation, difficulties in retaining or maintaining relationships with employees, customers or suppliers) may be greater than expected following the Proposed Transaction or the public announcement of the Proposed Transaction; Baker Hughes and Chart being subject to competition and increased competition is expected in the future; general economic conditions that are less favorable than expected; the potential for litigation related to the Proposed Transaction. Other important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, the risk factors identified in the “Risk Factors” section of Part 1 of Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 4, 2025, and those set forth from time-to-time in other filings by Baker Hughes with the SEC. Additional risks that may affect Chart’s results of operations are identified in the “Risk Factors” section of Part 1 of Item 1A of Chart’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 28, 2025, and those set forth from time-to-time in other filings by Chart with the SEC. These documents are available through our website or through the SEC’s Electronic Data Gathering and Analysis Retrieval (EDGAR) system at http://www.sec.gov.

Any forward-looking statements speak only as of the date of this press release. Neither Baker Hughes nor Chart undertakes any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Important Additional Information

This communication may be deemed to be solicitation material in respect of the proposed merger transaction between Chart and Baker Hughes. In connection therewith, Chart intends to file relevant materials with the SEC, including a proxy statement of Chart (the “proxy statement”) that will be mailed to Chart stockholders seeking their approval of its transaction-related proposals. However, such documents are not currently available. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the proxy statement and other documents containing important information about each of Chart and Baker Hughes, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Chart will be available free of charge on Chart’s website at ir.chartindustries.com.

Participants in the Solicitation

Chart and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Chart’s stockholders in respect of the proposed transaction. Information regarding Chart’s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in Chart’s Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and its proxy statement filed with the SEC on April 8, 2025. To the extent holdings of Chart’s securities by its directors or executive officers have changed since the amounts set forth in Chart’s 2025 proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3, Statements of Changes in Beneficial Ownership on Form 4 or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 subsequently filed with the SEC. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the proposed merger transaction will be included in the proxy statement and other relevant materials to be filed with the SEC when they become available. These documents (when available) can be obtained free of charge from the sources indicated above.

The MIL Network –
July 30, 2025
MIL-OSI: ChipMOS Schedules Second Quarter 2025 Financial Results Conference Call

Source: GlobeNewswire (MIL-OSI)

HSINCHU, Taiwan, July 29, 2025 (GLOBE NEWSWIRE) — ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS), an industry leading provider of outsourced semiconductor assembly and test services (“OSAT”), today announced that it will report second quarter 2025 results and host a conference call after the close of trading on the Taiwan Stock Exchange on Tuesday, August 12, 2025.

Investors and analysts are encouraged to participate using the dial-in phone number noted below. A webcast and replay will be available on the Company’s website.

Date: Tuesday, August 12, 2025
Time: 3:00PM Taiwan (3:00AM New York)
Dial-In: +886-2-3396 1191
Password: 3300012 #

Webcast and Replay: https://www.chipmos.com/chinese/ir/info2.aspx
Replay: Starts Approximately 2 hours after the live call ends

Language: Mandarin

Note: A transcript will be provided on the Company’s website in English following the conference call to help ensure transparency, and to facilitate a better understanding of the Company’s financial results and operating environment.

Contacts:

In Taiwan
Jesse Huang
ChipMOS TECHNOLOGIES INC.
+886-6-5052388 ext. 7715
IR@chipmos.com In the U.S.
David Pasquale
Global IR Partners
+1-914-337-8801
dpasquale@globalirpartners.com

The MIL Network –

July 30, 2025
MIL-OSI Africa: National Savings Month: Beat unhealthy gambling habits

Source: Government of South Africa

National Savings Month: Beat unhealthy gambling habits

In the quest to keep head above water, South Africans have been forced to review and cut down their expenses in order to meet their financial obligations.

Given the ongoing economic challenges, some have turned to gambling as a means of making ends meet.

The month of July in South Africa is not only dedicated to the birthday of former President Nelson Mandela but also marks National Savings Month, which raises awareness about the importance of saving as well as fostering responsible financial behaviour.

Mindful of the hardships facing communities, government said it recognises that the current economic challenges, including the high cost of living and unemployment make it difficult for many South Africans to save their hard-earned money.

It has, however, called on citizens to save even the smallest amounts of money, as government continues to implement policies that are aimed at growing an economy that creates jobs and supports families that are better positioned to save and invest in their futures.

Recently, Parliament’s National Assembly deliberated the National Gambling Amendment Bill. The bill aims to amend the 2004 National Gambling Act (NGA) so as to amend and delete certain definitions; to transfer the regulation of bets on the national lottery, foreign lottery, lottery results and sports pools to the National Lotteries Commission.

It also aims to strengthen the regulation of casinos, limited pay-out machines (LPMS) and bingo, as well as to provide for the repositioning of the National Gambling Board (NGB) as a National Gambling Regulator, and to provide for certain new offences, among others.

With competing priorities vying for attention, gambling is seen by some as a way to close the shortfall in one’s budget.
In an interview with SAnews, the South African Responsible Gambling Foundation said it has seen a rise in the number of individuals who are struggling with gambling.

“From our referral statistics of the previous financial year, there has been a rise in the number of individuals who are struggling with gambling as compared to other financial years,” the foundation’s Executive Director, Sibongile Simelane-Quntana, said.

In the 2022/23 financial year, the foundation referred 2 253 patients for gambling related counselling, while 2 648 patients were referred in the 2023/24 financial year.

“It should be noted that these stats exclude family referral patients. In the 2024/25 financial year, the foundation referred a total of 4 126 patients for gambling related counselling, excluding family referrals,” said Simelane-Quntana.

The foundation provides free and confidential treatment and counselling to those affected by problem gambling and their immediate family members. The foundation also educates South Africans about the potential harmful effect of problem gambling and responsible gambling.

The data showed that more males were referred for help as compared to females.

“There were more adults referred than any other age group and most of the patients referred were full-time employed. Moreover, most of these patients held a matric as their highest level of education,” Simelane-Quntana explained.

This as the NGB, which is responsible for the oversight of the regulation of the gambling industry throughout the country, warned against gambling being “defined as a source of income or to make ends meet”.

Through the NGA, the NGB is empowered to provide oversight over licensing and monitoring of licensees by provincial licensing authorities.

South Africa has four legal modes of gambling, namely casinos, LPMS, bingo and betting.

The board, which is an entity of the Department of Trade, Industry and Competition, said the unrealistic appeal of quick money through gambling for those experiencing financial problems can be dire.

It added that “often consumers will go into further debt by borrowing money to feed a gambling habit, with the aim of making their money grow”.

Simelane-Quntana said that issues like the unemployment rate rising by 1% to reach 32.9% in the first quarter of 2025, inflation and inequality, are making it difficult for many.

“These statistics indicate the hardships that most South African citizens go through and the desperation to make a living out of various methods, and gambling seems to be one of those measures. Many individuals who are referred to the Foundation gamble to make an extra income; for some who are unemployed, gambling is a way of making money,” she explained.

Problematic gambling

The foundation (which is a non-profit organisation dedicated to the prevention and treatment of disordered gambling) said based on its referral statistics for the previous financial year, individuals who are unemployed were the second highest group to be referred.

“This is concerning, as we see a surge of problematic gambling in South Africa, which results in an increase in social and psychological health issues in our country,” said the Executive Director.

Signs of problematic gambling include preoccupation with gambling thoughts, chasing after your losses on gambling and being unable to stop gambling even after many attempts to do so.

Other signs are borrowing money to cover up for debts caused by gambling, gambling when feeling distressed and lying about gambling or one’s whereabouts regarding gambling, among others.

Help

Simelane-Quntana urged the public to seek assistance if they experience symptoms of problem gambling.

“The foundation offers free and comprehensive counselling and treatment for those affected by problematic gambling,” she said.

The foundation, which is funded by licensed gambling operators (excluding the National Lottery), also undertakes special projects at the request of provincial gambling boards.

Licensed gambling operators also support the foundation’s National Responsible Gambling Programme (NRGP), including awareness interventions through their own communication campaigns.

The programme provides three services namely: prevention through education and public awareness campaign, treatment and counselling as well as research, monitoring and evaluation.

The dtic, NGB and the Gauteng Gambling Board are among the partners of the foundation which assists those who need help on their confidential helpline, number 0800 006 008. The service is free of charge and available 24/7.

Asked on whether there has been increased marketing of gambling, the Executive Director said this was the case.

“There has been a rise in marketing and promotion of gambling activities in South Africa. This is also reflected by the R2.6 billion spent on gambling advertising, as reported for up to March 2025 in the news recently. Furthermore, the R1.1 trillion wagered into gambling as stipulated by the National Gambling Board for [the] financial year 2023/2024 implies the reality of South African’s being more attracted to gambling activities.

“Through our Taking Risks Wisely schools awareness programme, which is aimed at educating learners about the dangers of underage illegal gambling, we have noted field observation insights regarding children normalising gambling activities and actually partaking in them.

“This is not in isolation from the exposure at home and the media; however, it is also due to the illegal forms readily available at our spaza shops in communities known as Chinese Roulette Machines/Mochina, where they slot in R2 to play,” she said.

Live within your means

The foundation further called on the public to live within their means.

“It is important to live within your means, draw a budget and understand that if life changes happen, such as losing a job, getting retrenched or getting a salary cut, it is important to adjust to the changes and ensure that your expenses are not more than your income.

“Gambling cannot be a solution to one’s financial crisis and borrowing more money to cover other debts keeps you in the debt trap or circle, “said Simelane-Quntana.

With Savings Month coming to an end this week, it is never too late to take back one’s power and get help. – SAnews.gov.za

Neo
Tue, 07/29/2025 – 11:51

MIL OSI Africa –

July 30, 2025
MIL-OSI Asia-Pac: SED shares Hong Kong’s experience in achieving quality and equitable education in Osaka

Source: Hong Kong Government special administrative region

SED shares Hong Kong’s experience in achieving quality and equitable education in Osaka
     The seminar, held on July 28, aimed at exploring how to guarantee equitable learning opportunities for all. In her speech titled “Provision of Quality and Equitable Education in Hong Kong”, Dr Choi outlined Hong Kong’s policy measures and achievements in providing quality and equitable education at the systemic levels.

     Dr Choi said that the Government is committed to investing in education and ensuring equitable distribution of educational resources. In addition to providing 12 years’ free primary and secondary education through public sector schools, it caters to individual differences and promotes whole-person development through diversified support mechanisms. According to the Programme for International Student Assessment (PISA) 2022 results, Hong Kong ranked second in educational equity among countries or economies with high academic achievements, indicating that the family socio-economic status of students had minimal bearing on their performance. Moreover, the Government has launched the Kindergarten Education Scheme to provide good-quality and highly affordable kindergarten education, enabling all children aged from 3 to 6 to access different modes of kindergarten education based on their needs. Currently, about 90 per cent of half-day kindergarten programmes are free of charge, while school fees for whole-day programmes are maintained at a low level.

     On primary and secondary education, the Education Bureau (EDB) has developed a broad and balanced school curriculum framework that helps students build a solid knowledge foundation, nurture proper values and attitudes, and develop generic skills. A diverse range of life-wide learning activities is also provided to enrich students’ horizons. Coupled with the Hong Kong Diploma of Secondary Education Examination (HKDSE) as the university entrance examination, the curriculum features flexibility and diversity, offering not only traditional academic subjects but also applied learning subjects for selection, which demonstrates the concept of convergence of vocational and general education and helps students plan their careers. Adopting the standards-referenced reporting system to report candidates’ examination results, which is in line with the international standards, the HKDSE is widely recognised locally and abroad.

     In the seminar, Dr Choi also talked about the EDB’s targeted support for non-Chinese speaking (NCS) students and students with special educational needs (SEN). It has been providing NCS students, from pre-primary to secondary levels, with all-encompassing learning support to facilitate their mastery of Chinese language for integration into the community. The EDB is also dedicated to promoting an inclusive learning environment. It has been encouraging schools to adopt the Whole School Approach in supporting students with SEN and implement integrated education based on the spirit of “equal opportunities and teaching students in accordance with their abilities”, enabling students with SEN to integrate into ordinary schools.

     Dr Choi said that Hong Kong’s post-secondary education is highly internationalised and diversified. The quality of teaching and learning is consistently ranked among the top in the international comparative studies, with five publicly funded universities ranking among the world’s top 100. In addition to the Government’s substantial subsidy for tuition fees (87 per cent), various universities provide scholarships, grants and loans to students to ensure that no qualified students will be denied access to higher education due to financial difficulties.

     The Government is committed to developing Hong Kong into an international post-secondary education hub to provide students with broader international perspectives and attract more outstanding talent from around the world. At present, around one out of five students and 70 per cent of academic staff of publicly funded universities come from outside Hong Kong. These universities have also signed over 2 600 student exchange agreements with institutions around the world. In the 2025 ranking of the world’s most international universities published by the Times Higher Education, Hong Kong’s publicly funded universities achieved encouraging results by claiming all top four spots.

     Furthermore, the Government has been actively promoting vocational and professional education and training. By developing universities of applied sciences, and supporting the Vocational Training Council and other post-secondary institutions’ provision of post-secondary programmes of applied nature that blend theory and practice, the Government fosters co-operation between industries and education and collaboration between schools and businesses, and provides young people with diversified learning and employment opportunities as well as multiple pathways, with a view to nurturing more high-quality talent with applied knowledge and skills.

     On July 27 and 28, Dr Choi met representatives from the United Nations Educational, Scientific and Cultural Organization, officials of the Ministry of Education, Culture, Sports, Science and Technology of Japan, representatives from several Japanese universities, and education representatives from other places attending the “Theme Weeks” of the Expo to discuss further education collaboration and exchanges.

     On July 27, she exchanged views with a Hong Kong person working in the field of basic education in Japan to learn about the latest developments in Japanese basic education. On the same day, she visited the Sakai City Traditional Townhouse Museums together with Hong Kong secondary students participating in an exchange tour in Japan and learned about the students’ experiential learning.

     This morning, Dr Choi paid a courtesy call on the Consul-General of China in Osaka, Mr Xue Jian, to introduce Hong Kong’s latest education policies. She also visited the Confucius Institute at Osaka Sangyo University and met its teachers and students to learn about the Institute’s experience in promoting Chinese language studies and Chinese culture in Japan. Dr Choi will conclude her visit this afternoon and return to Hong Kong.
Issued at HKT 18:43

NNNN

CategoriesMIL-OSI

MIL OSI Asia Pacific News –

July 30, 2025
MIL-OSI Australia: How to apply for release of super on compassionate grounds
Source: New places to play in Gungahlin

Assistance with your application

You can apply onlineExternal Link or on a paper form for early release on compassionate grounds.

We’re unable to process applications over the phone, but we can answer any questions you have about completing your application – phone us on 13 10 20.

We don’t charge for processing applications, but some third parties may charge a fee to assist with preparing and submitting an application on your behalf. These entities can only charge you a fee if they’re a registered tax agent. To check if a provider is a registered tax agent, use the Tax Practitioners Board registerExternal Link.

Your super can’t be released to cover the fees of registered agents that assist you to apply. Where you have paid a fee to a registered agent who assisted you to apply, you can’t claim this fee as a deduction in your income tax return.

Sharing myGov details

You should never share your myGov sign in details with anyone else, including registered agents or health practitioners. Doing so is a breach of the myGov terms ofExternal Link use, compromises the security of your records, and can result in significant consequences for you, including having your myGov account being locked, suspended, or deactivated permanently.

Where you share your myGov sign in details with third parties, you are responsible for everything they do with your account, including any penalties where false or misleading statements have been made.

Before you apply
Before you apply you should:
1. carefully review the information we provide here to
2. confirm you have a sufficient super balance to cover the expense and withholding tax
3. check if your super fund allows early release of super
4. collect all the documents and evidence required to support your application.
If you have a self-managed super fund (SMSF), you must still apply to us and get our approval before releasing any money from the fund.
Before submitting your application, you need to ensure that all the information you’re providing is accurate, including the content within medical reports and other documents you provide. Penalties can apply to anyone who provides inaccurate information in their application.

Common errors when applying

Applications need to be supported by the right evidence for the specific compassionate release ground. Failing to provide the right evidence will result in delays in processing the application or it not being approved.

Common errors when applying include:
- Attaching out of date quotes or invoices for unpaid expenses.
  - Quotes must be no more than 6 months old.
  - Invoices must be no more than 30 days old.
- Not providing the right medical reports to support your medical treatment.
  - You must obtain a medical report from the relevant registered medical specialist in the area of the medical condition that you’re applying for release to treat.
  - If you’re applying for treatment to alleviate an acute or chronic mental illness, the relevant medical specialist report must be completed by a psychiatrist.
- Applying to prevent the foreclosure or forced sale of your home from a mortgage lender and not providing all evidence requirements: default notice, letter from the mortgage lender and a utility bill.
- Applying for release to prevent foreclosure or forced sale of your home for ineligible expenses such as a personal credit card debt, outstanding rent, or other personal loans.
- Applying to purchase a vehicle for medical transport where the vehicle costs more than $20,000 and not including additional information that supports the need for the specific vehicle.
- Applying for the expense of a dependant and not including sufficient evidence to support the existence of an interdependent or substantial financially dependent relationship.
For more information on evidence requirements, see Access on compassionate grounds – what you need to know.

How to apply

Online application process

You can access our online application form via your myGov accountExternal Link linked to ATO online services.

From the ATO online services home page, select the heading option Super, then Manage, then Compassionate release of super.

Ensure you’re aware of the following information before completing your online application:
- You need digital copies of the required evidence. We accept photos of documents. Supported file formats are PDF, gif, jpeg and png. We don’t accept screen shots of text messages, emails or Google documents.
- Our system can’t accept more than 20 attachments.
- Each attachment needs to be smaller than 10 MB.
Applying to repay borrowed amounts

Our online and paper application forms currently indicate that paid expenses are not allowable expenses for compassionate release of super purposes, including where the expense was paid using borrowed money – such as through obtaining a loan, using credit facilities, or other borrowing of money, including from family or friends.

We’re currently in the process of updating these forms to be consistent with the information on our website. Until the forms are updated, if you’re applying to repay a borrowed amount that is still outstanding and can’t be paid via other means (in part or full), you’ll need to do the following.

When completing our:
- online application, you need to select the tick box advising ‘The expenses have not been paid’ because the unpaid expense is the outstanding balance of the borrowed amount
- paper application, the question ‘Have the expenses been paid?’ needs to be answered ‘No’ because the unpaid expense is the outstanding balance of the borrowed amount.
You will also need to provide additional documents to support the borrowed amount, including a paid invoice or receipt, statutory declarations and financial documents.

Benefits of applying online
- Online applications are generally processed more quickly than paper applications, which can take up to 28 days to process.
- You can view your application and the documents you provide at any time.
- You will receive a receipt ID that confirms we have received your application and can be used to discuss it with us.
- You don’t have to make copies of your evidence or send them via post.
- You’ll receive the outcome of your application quicker via your myGov inbox.
- Our online application includes a help function to help you apply correctly.
If you can’t apply online

If you don’t have access to our online services to submit your application, request a paper application form by:
- phoning us from within Australia on 13 10 20 (8:00 am to 6:00 pm, Monday to Friday AEST).
- phoning us from overseas on +61 2 6216 1111 (8:00 am to 5:00 pm, Monday to Friday AEST) to request a paper application form.
If you apply from overseas:

More than one person applying for the same expense
You can apply for the same expense as another person if all people applying need to pay different parts of the same expense. If you and another person are applying for the same expense, each person will need to:
- complete and submit a separate application
- meet the eligibility criteria
- provide the applicable evidence (including documents showing the expense is in the names of all applicants).
The sum of the amount requested in the separate applications must not be more than the total amount of the invoice or quote.
What to expect after you apply

When reviewing your application, we will treat you respectfully and professionally. We will respond to your application fairly and in a timely manner as outlined in the ATO Charter.

We will assess your eligibility in accordance with the limited grounds for compassionate release of super. This normally occurs within 14 days (28 days for paper applications). You can check the progress of your application by using our self-help interactive voice response. You will need to provide your tax file number (TFN) and date of birth.

While assessing your application, we may contact you or third-party providers about the evidence you provided, particularly if there is incomplete or missing information. This includes validating expenses in the invoices and quotes, and the information provided in reports.

Once we have assessed your application, we will let you know the outcome by either phone or SMS and you will receive a letter in your myGov InboxExternal Link or via post if you apply on a paper form. You will also be able to access our letter on ATO online services under communication history. Our letter may take up to 72 hours to arrive (or more if it is sent by post).

If your application is successful, we will send a copy of the approval letter to your super fund. You will then need to contact them directly to release your super.

How to withdraw your application

You can’t amend your application after it has been submitted.

To withdraw an application, contact us and provide us with your application reference number.

If your application is approved

Release of your super

If your application is approved, once you receive our approval letter, you must contact your super fund to arrange release of your money.

You’ll need to provide your fund with a copy of our approval letter to process your payment. The letter can only be used to release one lump sum payment. You should wait for your approval letter before contacting your super fund to arrange for release of the approved amount.

Your super fund will automatically deduct the tax from your super account. See Tax on super benefits and Schedule 12 Tax table for superannuation lump sums for more information.

Super funds have their own processes and timeframes for releasing money from super. If you need to know how long it will take for your fund to release your money, you will need to ask them. We don’t have any role in determining how long this takes, and we can’t assist you in relation to the release after we send the approval letter.

After you have received your amount

After you have received your release from your super fund, you must pay the expenses that were approved with the amount released from your super fund.

You also need to keep your receipts for the paid expense as you may need to provide this information to us.

Your super fund will also issue you a payment summary that will display the amount released from your super balance and the tax withheld.

When lodging your income tax return for the relevant financial year, you need to include any taxable amounts shown on the payment summary. If any releases from your super aren’t pre-filled when completing your income tax return, you need to manually include these as per the payment summary. See Tax return instructions for more information.

If your application is not approved
You’ll receive a letter advising the reasons your application was not approved. We will also try to contact you via phone to explain our decision.

The reasons for non-approval generally fall into the following categories:
- You didn’t meet eligibility conditions. You or the expense you applied for are ineligible (because, for example, you paid the expense without borrowing money). Submitting further applications or a review request will result in the same outcome.
- If your application was not approved because you didn’t provide sufficient evidence, you need to submit a new application with all the required documentation. If you request a review of our decision without providing additional evidence, it will generally be unsuccessful.
- If your application was partially approved and you have new evidence, you need to submit a new application with the required documentation for the additional amount.
If you don’t understand our decision or believe we have made a mistake under the law, you can contact us so we can explain our decision.

Request a review of our decision

If after contacting us, you consider that we made a decision that was incorrect based on the information in your application, you can request a review of our decision.

Generally, you must submit your request within 14 days of the date of the original decision letter. In your review request, you need to specify why you believe our decision is incorrect.
For instructions on requesting a review, see Compassionate release of superannuation – request for review of decision.

MIL OSI News –
July 28, 2025
MIL-Evening Report: Uganda’s land eviction crisis: do populist state measures actually fix problems?
Source: The Conversation (Au and NZ) – By Rose Nakayi, Senior Lecturer of Law, Makerere University

Populism is rife in various African countries. This political ideology responds to and takes advantage of a situation where a large section of people feels exploited, marginalised or disempowered. It sets up “the people” against “the other”. It promises solidarity with the excluded by addressing their grievances. Populism targets broad social groups, operating across ethnicity and class.

But how does populism fare when it informs state interventions to address long-standing societal issues under capitalism? Do populist state measures – especially when launched by a politically powerful leader – deliver improvements for the stated beneficiaries?

As academics who have researched populism for years, we were interested in the implementation and outcomes of such policies and programmes. To answer these questions, we analysed a populist intervention by President Yoweri Museveni in Uganda to address rampant land conflicts. In 2013 he set out to halt land evictions.

What good came of this? Did it help the poor?

We analysed land laws, court cases, government statements and media reports and found that, for the most part, the intervention offered short-term relief. Some people returned to the land, but the underlying land conflict was unresolved.

This created problems that continue to be felt today, including land disputes and land tenure insecurity. The intervention also increased the involvement of the president and his agents personally in providing justice.

It didn’t make pro-poor structural changes to address the root of the problem.

Yet, the intervention had several political benefits:
- it enhanced the political legitimacy of the president and state
- it offered a politically useful response to a land-related crisis and conflict
- it addressed broader criticisms over injustice and poverty by sections of the public and opposition leaders, some of whom (like Robert Kyagulanyi) also relied on populist rhetoric.
The promise to deal with land evictions “once and for all” has yet to be realised over a decade later. During Heroes Day celebrations on 9 June 2024, Museveni’s speech repeated his promise to stop evictions.

Such promises of getting a grip on and ending evictions via decisive state actions, including proposed new legal guidelines, were also made more recently, for example during Heroes Day 2025. This indicates that evictions – and state responses to them – remain a top issue on the political agenda ahead of Uganda’s 2026 election.

Persistent evictions

Evictions were rampant in the 2010s, especially in central Uganda’s Buganda region. They were driven by increased demand for land amid a growing population and legal reforms that seemed to protect tenants over landlords. Some landlords, desperate to free their land of tenants, were carrying out the evictions themselves.

The president condemned the evictions, but they continued. Soon, the number of evictees was in the thousands.

In response, Museveni set up a land committee within the presidency. He announced at a press conference in early 2013 that:

all evictions are halted. There will be no more evictions, especially in the rural areas. All evictions involving peasants are halted.

The dynamics of populism-in-practice

Museveni’s attempts to personally deal with evictions illustrate a continued power shift in Uganda, from institutions to the president’s executive units.

Despite its shortcomings, such as case backlogs, the judicial system offers an opportunity to present cases in a more neutral environment. It also allows parties to appeal decisions. This way, higher courts can correct errors where necessary.

The presidential land committee, we found, tended to be biased in favour of tenants, paying less attention to the landlords’ cases.

The president’s intervention wasn’t adequate to address the immediate causes and effects of the evictions, nor the root causes.

Those included land tenure insecurities. Due to legal reforms, land-rich landlords were unable to get rent at market value from tenants. Neither could they evict them lawfully where rent was in arrears.

In some cases, legal options such as land sales between landlords and tenants were applied. This was often to the detriment of tenants, especially where there was no neutral actor to oversee negotiations.

Land reforms need to be institutionalised and funded to deliver the intended outcomes. Otherwise, unlawful sales and evictions become a quick option for landlords.

Museveni’s populist initiative also unleashed new problems for beneficiaries. Some secured land occupancy in the interim but lived in fear of a relapse of conflict. Mistrust and scarred interpersonal relationships hampered cohesion in some communities. Disputes over land put political actors who would ideally be working together to restore calm at loggerheads.

Populism as power

The creation of populist presidential units has become routine in Uganda. More recently, Museveni created a unit to protect investors, which has resolved some investment-related land disputes. Another one was established to fight corruption. Both units remain very active.

Our research finds that the government needs these units and interventions for a number of reasons. It uses them to govern the country’s conflict-ridden economy and society. They allow the government to assemble a politically useful response to crises and to address some on-the-ground problems. They make the state look concerned and responsive to people’s needs. And they allow ruling party political actors to increase their popularity locally.

Museveni and his ruling party, the National Resistance Movement, therefore, benefit from a key aspect of populism. It allows the merging of disparate, competing and contradictory views, interests and demands of members of various societal classes and groups into a significantly simplified and uniform narrative that (potentially) speaks to all. This could mean: end corruption, end evictions, wealth for all, and so on.

A general election is due in early 2026. The steps Museveni has taken on evictions, and the units set up to fight corruption or protect investors, need to be seen with this political context in mind.

Museveni has put protecting people from evictions high on his government’s agenda. Speaking to party members in August 2024, he emphasised

the importance of adhering to the mass line, which prioritises the needs and rights of the masses over those of the elite.

In our view, this pre-election narrative signifies the continued political and social relevance of populism in today’s Uganda. This could result in heightened populist state activity in the run-up to and after the election.

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

– ref. Uganda’s land eviction crisis: do populist state measures actually fix problems? – https://theconversation.com/ugandas-land-eviction-crisis-do-populist-state-measures-actually-fix-problems-260512
MIL OSI Analysis – EveningReport.nz –
July 28, 2025
MIL-OSI Submissions: Australia – WA continues its streak as Australia’s strongest economic performer: CommSec State of the States – CBA
Source: Commonwealth Bank of Australia (CBA)

Strong retail and business investment keep WA on top, while anticipated rate cuts could eventually support a lift in performance for NSW and Victoria.

Western Australia has once again claimed the top spot in the latest CommSec State of the States report, leading the nation’s economic performance rankings for a fourth consecutive quarter.

South Australia also began 2025 with a bang, climbing from fourth to second, driven by solid gains across several key indicators.

The State of the States report determines which Australian state or territory economy is performing best by tracking eight key economic indicators and comparing the latest observation with decade averages (or the “normal”).

“Western Australia led across several economic measures, taking first place in retail trade, housing finance, and business investment. Meanwhile South Australia ranks first on two indicators – construction work and dwelling starts,” Chief CommSec Economist Ryan Felsman said.

“Overall, the economic performance of Australia’s states and territories is being supported by a combination of slowing inflation, falling interest rates, rising real wages, robust government spending and a solid labour market.

“But economic growth has moderated, held back by slowing public investment, population growth and household spending. The future path will depend on the resiliency of the job market, further interest rate cuts and US President Donald Trump’s trade policies.”

In the July 2025 edition of the State of the States:

Western Australia leads the national performance rankings for the fourth successive report. The state is ranked first on three of the eight economic indicators – retail trade, housing finance and equipment spending.

South Australia has jumped to second from fourth after a strong start to 2025, with a pickup in consumer spending and business investment. South Australia now leads other economies on dwelling starts and construction work done, lifting from second spot in the previous quarter.

Queensland stays third, ranking second on relative unemployment and housing finance, but consumer activity in the southeast of the state was disrupted in the March quarter by ex-Tropical Cyclone Alfred.

Victoria dropped from second to fourth place. The state is in third spot on four indicators but is held back by weakness in relative unemployment. Victoria stays in second spot for retail spending with it being 10 per cent above its ‘normal’ levels or the decade average.

Tasmania is steady in fifth place – ranking first on relative unemployment, with the trend jobless rate at a record low 3.8 per cent in June. But the state is held back by relative population growth, which is at the weakest level in nearly a decade.

New South Wales slips back to sixth from equal fifth position due to a delayed transition from public to private sector led growth, while the ACT joins NSW in sixth, ranking first on relative economic growth, constrained by more modest public demand and weak business investment

The Northern Territory stays in eighth place despite strength in relative population growth. The decade-average method of assessing economic performance disadvantages the Top End given significant LNG construction over 2012–18 inflated a range of economic indicators. That said, the Territory has lifted its economic performance in the past 12 months.

Annual growth rates

The State of the States report also compares the annual growth rates across the eight major indicators, enabling comparisons in terms of more recent economic momentum. This quarter’s report revealed:

The commodities and tourism-focused state of Western Australia continues to outperform the rest of the nation, also ranking first on four of the eight key economic indicators. Population growth is particularly strong.

South Australia is the big improver, also jumping to second from fourth spot, supported by a pick-up in consumer spending, business investment and construction activity.

The Northern Territory lifts from fifth to third due to robust growth in business investment and construction activity.

Queensland slips to fourth from second following a fall in coal and agricultural exports caused by ex-Tropical Cyclone Alfred.

Victoria dips from third to fifth despite above-average net overseas migration, supporting household spending.

New South Wales joins Victoria in fifth, up from sixth, with Sydney’s heavily mortgaged households benefiting from interest rate cuts.

The ACT (seventh) and Tasmania (eighth) are both being held back by weakness in private sector investment.

About the CommSec State of the States Report

The July 2025 edition of the State of the States report uses the most recent economic data available. While population growth data relates to the December quarter of 2024, other data – such as unemployment – is much timelier, covering the month of June 2025, with the majority of the other indicators using March quarter of 2025 figures.

CommSec, the self-directed broking arm of Australia’s largest bank, assesses the performance of each state and territory on a quarterly basis using eight key indicators. Those indicators include economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.

Just as the Reserve Bank of Australia (RBA) uses long-term averages to determine the level of “normal” interest rates, CommSec compares the key indicators to decade averages; that is, against “normal” performance.

CommSec also compares annual growth rates for eight key indicators for all states and territories, in addition to Australia as a whole, enabling a comparison of economic momentum.
MIL OSI – Submitted News –
July 28, 2025
MIL-OSI Australia: Cultural values shape tourists’ view of eco-friendly B&Bs

Source:

28 July 2025

The demand for ‘greener’ bed and breakfast (B&B) accommodation is gaining traction worldwide, but operators should heed cultural differences when marketing their sustainable facilities, according to a new international study.

Led by Hong Kong Shue Yan University and the University of South Australia, the survey of 800 people from 37 countries examined how cultural values, age and education levels influenced tourists’ acceptance of environmentally sustainable features in B&Bs.

Previous global studies have indicated that many tourists are willing to pay more for environmentally friendly accommodation, but this is the first time that researchers have focused specifically on cultural attitudes towards B&B sustainable practices.

The study focused on five categories of sustainable facilities: water treatment systems (rainwater harvesting systems, greywater); greenery systems (sky gardens and vertical green walls); sanitation (hand sanitiser and air purification units); ventilation (natural air or air conditioning); and eco-friendly facilities (LED lights, organic composting bins).

Tourists from rules-based, autocratic and hierarchical countries such as China, India and Malaysia expressed the strongest support for all types of green features in B&Bs. Deemed ‘high-power distance’ cultures, citizens of these countries were more likely to use energy-saving products and choose natural ventilation over air conditioning, the survey revealed.

University of South Australia (UniSA) researchers Dr Li Meng and Professor Simon Beecham, who co-authored the study published in Consumer Behaviour in Tourism and Hospitality, say other cultural dimensions were less clear cut.

“Western cultures such as Australia, the United Kingdom and United States, appreciated rooftop gardens and vertical green walls, but these features were not strong factors in whether they chose a bed and breakfast,” according to the UniSA researchers.

Tourists from risk-averse cultures such as Japan, France and Greece were less likely to embrace B&Bs with natural ventilation, preferring to control their environment with air conditioning, the researchers say.

Highly-educated travellers rated sanitation and eco-friendly features more favourably, and younger tourists placed greater value on green systems than older people.

“These findings challenge assumptions that all green tourists are alike,” says lead author Professor Rita Yi Man Li from Hong Kong Shue Yan University.

“Many accommodation providers want to operate more sustainably, but few have considered how cultural values affect guest preferences,” Prof Li says.

“This research shows that guests from different cultural backgrounds respond differently to the same green features. Understanding these nuances can help B&B owners tailor their sustainability investments more effectively depending on their most important tourism markets.”

Dr Meng says younger guests may be drawn to visible features like rooftop gardens, while more educated visitors may look for practical elements like composting, LED lighting, or air purification systems.

The researchers say that governments also have a role to play in supporting the development of sustainable B&Bs.

By offering incentives, investing in sustainable infrastructure, and developing policies such as easing travel restrictions and visa policies, governments can help expand the international customer base for eco-friendly B&Bs, the study recommended.

‘Does culture really matter? A cross-cultural study of demand for B&B sustainable facilities’ is published in Consumer Behaviour in Tourism and Hospitality. DOI: 10.1108/CBTH-04-2024-0135. The study involved a cross-disciplinary team of researchers with expertise in economics, real estate, literature and environmental science.

…………………………………………………………………………………………………………………………

UniSA researcher contact: Professor Simon Beecham E: simon.beecham@unisa.edu.au
Hong Kong Shue Yan University researcher contact: Professor Rita Li E: ymli@hksyu.edu

Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au

MIL OSI News –

July 28, 2025
MIL-Evening Report: Keith Rankin Analysis – Representation versus Reality; Reaching a Low Point
Analysis by Keith Rankin.

Keith Rankin, trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.

Have you noticed how, in New Zealand news items and weather reports, Nelson and Marlborough are called the “top” of the South Island rather than the ‘north’ of that island. We also get phrases such as the “lower North Island” and the “upper North Island”. And New Zealand’s narrators regularly refer to New Zealand as being at the “bottom of the world”.

These phrases reference the (conventionally portrayed) map of the world, not the world itself. Rotate the map 180°. Nelson-Marlborough will still be the north of the South Island. But they will now be at the bottom of the top island! (And noting that the Roof of the World is the Tibetan Himalayas, not the North Pole. The South Island is at a higher latitude than the North Island; eg 44°S rather than 38°S. And Upper Egypt is south of – lower than? – Lower Egypt.)

Another really annoying aspect of a similar problem – in this case, the problem of colloquial jargon – is the propensity of financial journalists to refer to ‘up’ as ‘north’, as in “the stockmarket is heading north”. An even more egregious example I heard on RNZ on 29 May (Reserve Bank cuts OCR 25 basis points) was the Acting Reserve Bank Governor (Christian Hawkesby) referring to the ‘North Star’ as the ‘target’ of arcane monetary policy. Especially problematic was when he said “if you knew your North Star was much further south”. A bit ‘woo woo’ new age, if you get my meaning. Is the Reserve Bank trying to navigate the stormy seas where myth and reality meet, as in the search for Moby Dick? (Irish navigators 4,000 years ago could always return from a trip to Spain by following the North Star. Being in the ‘lower world’, Maui and Kupe faced more complex problems.)

Does the Reserve Bank make policy decisions based on Tarot Cards? Indeed, astrology did guide policy formation for most of human history.

The lesser problem is that ‘bottom’ has a pejorative meaning; a meaning that has been transferred to the word ‘south’ (which means ‘poor’ in the label ‘Global South’). The more substantive problem is the diminishing ability of ‘modern man’ (or at least homo sapiens in the Global North) to think abstractly. A diminishing abstract capacity allows us to conflate the reality of the planet Earth with its representation in the form of a map. And once too many of us see the representation as the same thing as the reality, the ongoing repetition of that framed construct self-reinforces; we give in to the narrative for the sake of mental peace and quiet. The imputed ‘reality’ of the conventional map becomes hard-wired; the map becomes reality, hardware rather than software.

Other examples of incongruent representation follow.

Knowledge Rich

‘Knowledge rich’ is a label that doesn’t match the package; refer Govt’s curriculum changes come under fire RNZ 22 July 2025. The phrase ‘knowledge rich’ appears to be an example of vacuous bureaucratic weasel words, to use a bit of idiomatic anti-jargon; a label useless except for obfuscation purposes. We would expect that the term ‘knowledge rich’ would mean something like ’emphasising the acquisition of knowledge’; ie the more understanding of reality the better.

When asked to define ‘knowledge rich’, the senior bureaucrat interviewee said in that RNZ interview: “really well-structured, clear content, the things that we want young people to know [my emphasis] and the things [skills?] that we want them to know how to do; we want them to learn … in nice sequential and … coherent learning pathway… structured ways … and that teachers need clarity on what needs to be taught and what students should be learning at any particular point on the pathway”. That’s actually reasonably clear for a bureaucrat put on the spot, but it’s not in any way the meaning of ‘knowledge rich’. This definition is about structure and constrained knowledge acquisition; it’s about young people learning what the state wants them to learn, only what the state wants them to learn, and in the ways the state wants them to learn. The label contradicts the reality, possibly with political intent.

A Humanitarian City

The Israeli government has rightly been described as ‘Machiavellian’ (refer Machiavelli) when it represents its planned concentration zone in Rafah (Southern Gaza) as a ‘Humanitarian City’. (Refer ‘Humanitarian city’ would be concentration camp for Palestinians, says former Israeli PM, The Guardian, 13 July 2025; and Israel turning Gaza into ‘graveyard of children and starving’: UNRWA chief, Al Jazeera News, 11 July 2025. And the new Israeli-American terror unit operating in Gaza is masquerading as the Gaza Humanitarian Foundation; refer What is the Gaza Humanitarian Foundation, and why has it been criticised? Al Jazeera explainer, 20 May 2025.

It is clear that the Israeli government is exploiting the increased naivete of the western news audience; a state of entrenched naivety that – as noted above – has become hard-wired in too many of our brains, thanks to the ongoing use of language which presents representation as reality.

We should also note that, in Germany in the 1930s, Adolf Hitler was able to gain a groundswell of popular support through his representation of Jews as cunning and Machiavellian disrupters; it does not serve Israel well for their present-day leaders to give any semblance of support to Hitler’s portrayal.

Holocaust

Through a relentless multi-decade campaign, it has become hard-wired into too many western brains that there was little more to World War Two than The Holocaust; ie that WW2 was essentially a battle between ‘Hitler’ and ‘The Jews’, and that it was resolved by white knights in the form of Churchill and Roosevelt and Truman coming to the rescue – albeit too late – by dealing to Hitler and giving (as compensation) Palestine to The Jews. In the process, most other narratives in that war are by now largely forgotten.

World War Two was of course far more complex. Further, the label Holocaust is an inaccurate portrayal of those catastrophic events. One strength of the English language is its capacity to borrow from other languages. The correct label for this greatest of catastrophes should be that from the victims’ own language; their label, the Shoah. The word holocaust, correctly used, has connotations of fire and brimstone (especially raining from the sky); the best-known biblical example being the destruction of Sodom and Gomorrah ‘documented’ in Genesis. We may note that part of the divine and the diabolical intents of both the biblical holocaust and of the Shoah was to eradicate homosexuals. World War Two has a number of ready-made examples of true holocausts; many perpetrated by the Allies, starting with Operation Gomorrah which incinerated Hamburg in 1943, and ending with the nuclear explosion over Nagasaki, Japan, in 1945.

The Holocaust obscures the holocausts, and much else. Inadequate representation indeed misrepresents the Shoah as a biblical spectacle, whereas it was really a coldly cynical mix of operations conducted in the then shadows. Was the Shoah a bigger catastrophe than Gomorrah? Probably yes.

Genocide and Terrorism

Earlier in the 2020s, people such as Paula Penfold and Liz Truss tried to represent the Chinese government’s persecution of the East Turkestan (aka Xinjiang) Uyghurs as “genocide”. They were ‘weaponising’ the g-word, part of a wider cross-partisan opportunity to demonise China during the Covid19 pandemic.

In the light of recent events in the Levant, an obvious and unmistakeable genocide which too many people refrain from calling a ‘genocide’, those anti-China representations look rather silly.

It is perfectly possible that people using the same identity label can be both victims of genocide and perpetrators of genocide; most likely at different places in different times. Most petty of all, this ‘is it a genocide?’ has become an elitist word-game. Anyone who thinks that if what is happening in Palestine does not meet some English-language definition of ‘genocide’ is morally bound to come up with an alternative word or phrase – presumably a somethingelse-icide – that more accurately conveys their assessment. Myself, I think that these events may be even more than a genocide; such as philosopher historian AC Grayling’s term culturicide (from Among the Dead Cities) which expresses what – for example, the Morgenthau Plan – looked to impose on post-war Germany (seeking to reduce Germany, with a pre-war population of 80 million to an impoverished ‘pastoral’ nation of 30 million). Cultural erasure is more than genocide.

Genocide is an unfortunate reality, a human propensity which has occurred in the past, is occurring in the present, and will occur periodically (unless finished by the ‘final genocide’, or biocide) in the future. Trying to weasel our way around it through an absence of language is a trait which has hard-wired itself, through denial and distractive fig-leaves, into elite cultures of complicity and impunity.

Another such word is ‘terrorism’. Winston Churchill and his bomber commander Arthur Harris had no doubt about the meaning of that word. So did the victims of their fiery terror, in Hamburg and many other cities. Now the representation of ‘terror’ through this word is restricted to a selected subset of resistance organisations. Winston Churchill understood that meaning of ‘terrorism’, too. His friend – Walter Guinness, 1st Baron Moyne – was assassinated in Cairo by fascist Lehi terrorists. (Re Lehi, see Stern: The Man, the Gang and the State, Al Jazeera 13 Aug 2024.)

Appeasement

This word may be used improperly, as a damaging misrepresentation of a political opponent, or avoided when it is most needed. (Grayling, in Among the Dead Cities, concludes that the Churchill/Harris holocausts on German cities, were in large part an ineffective appeasement of Josef Stalin.)

Here’s a correct recent use of the a-word: “With such uncontrolled power and aggressive posture, it seems Israel is seeking submission [in Syria and the rest of the ‘Middle East’ region]. The Trump administration’s approach of solving crises by appeasing Israel will entrench this doctrine and push the region into further instability.” (Nour Odeh, reporting from Amman in lieu of Al Jazeera ban by Israel, Al Jazeera News, about 8:05am NZ time, 20 July 2025. She ‘hit the nail on the head’.)

Could someone who has been represented as an ‘appeaser’ ever be a justifiable winner of a Nobel Peace Prize? I think the answer is a ‘qualified yes’; just as good fishers sometimes have to appease their quarry before reeling them in. But, I think, neither an appeaser of Netanyahu nor Stalin could qualify for that prize.

In reality, appeasement has to be done sometimes. New Zealand dairy owners have been routinely asked to appease violent robbers. And, in the movies, when someone points a gun at someone and says “hands up”, the victim almost always appeases the gunner, regardless of their moral position.

‘Appeasement’ is a representation that’s both underused and overused; a representation designed to construct a deception. If we cannot distinguish between representation and reality, label and labelled, then we stand to become victims to all kinds of mischievous narratives.

Cost of Living

The Government and the Opposition both frame the alleged “cost of living crisis” as a problem of inflation rather than deflation. Indeed, the linguistic minefield around economic policy is so problematic that a whole separate article is required to examine it.

The key issue for us here is that the ‘cost-of-living’ framing – ie representation – in government circles is that the economy must be in an inflationary phase and therefore a deflationary policy is required. However, when the New Zealand public complain about the ‘cost-of-living’ they are saying that prices are too high compared to their incomes; it’s an ‘affordability crisis’, not an inflationary crisis. And clearly the deflationary retrenchment policies – meaning policies to slow the economy down, to instigate a recession – pursued by the government are a critical part of the problem. The government’s solution is to represent its actual class-war anti-growth policies as ‘pro-growth’ policies. And the Labour Opposition completely falls for the way the government frames New Zealand’s structural recession as a ‘cost-of-living’ crisis.

At present, New Zealand has near-record-high (north!?) ‘terms of trade’, only slightly below the record highs of 2022. New Zealand’s terms of trade are now 50% higher than they were in 2000, and nearly 100% higher than the dramatic lows of the mid-1970s and early 1980s. As when Brian Easton wrote In Stormy Seas: The Post-War New Zealand Economy in 1997, the terms of trade represented the stormy waves, some bigger than others; and the favourable crests of those waves were when New Zealand expected (and generally got) economic good times. The troughs during the Muldoon years – not Robert Muldoon’s fault; he never had the power to shift the tides of a stormy world – were very difficult times for Aotearoa New Zealand. In these terms the twenty-first century has been the ‘best of times’ for New Zealand, and the 2020s the ‘very best of times’. Yet they are also the ‘worst of times’, to reference Charles Dickens. (Many of our most potent truths come from literature.)

New Zealand, like other countries, has experienced economic cycles and economic shocks. Through my lifetime one consistent cycle has been the short ‘trade-cycle’, on average about 32 months. We are near the crest of that cycle now. The last quarterly growth peak, September 2022, led to an annual growth peak of 4% in the year-to June 2023. Based on the usual timing of the trade cycle, June 2025 will be the next quarterly peak. It will not be pretty, if that will be the best GDP data that we get on this government’s watch. Any positivity when the next GDP figures are released in September, in colloquial jargon, may be characterised as a ‘dead-cat bounce’.

The government is undertaking structural retrenchment under the cover of a ‘cost-of-living crisis’ that means very different things to different people. Insinuating that New Zealand has a crisis of inflation – taken as a synonym for ‘overspending’ – when it has a very real crisis of structural recession and growing unemployment, is a particularly cynical misrepresentation of reality.

Conclusion

We too easily fall for these misrepresentations of reality; for representations that, in our minds, become a reality like treacle; sets of overlayed representations which play tricks on our minds. That makes us, and our political Opposition parties, quite unable to form coherent critiques of the too many misrepresented and problematic things that are happening to us.

In New Zealand, although we are allegedly at the ‘bottom of the world’, in the Far Southeast (fortunately not in the incorrectly named ‘Middle East’!). We also pride ourselves as being in the West and in the Global North. What is genuinely true is that Aotearoa New Zealand is geographically very far from most of the rest of humanity. We could use that birds-eye bottom-of-the-world detached perspective to see past the labels, the frames, the self-serving narratives. We don’t have to play ‘silly buggers’ when the rest of the world is so-doing; we can cut through the ‘bullshit’, to use some more colloquial jargon. We can be the North Star of the South.
1. With escalating geopolitical wars, and plenty of undertested nuclear weapons in the hands of numerous political sociopaths, being at ‘the bottom of the world’ may not be such a great place to be. All of us of a certain age remember British, American, and French nuclear testing in Oceania. Some, a bit older, remember nuclear testing in Japan.
*******

Keith Rankin (keith at rankin dot nz), trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.
MIL OSI Analysis – EveningReport.nz –
July 28, 2025
MIL-Evening Report: ‘We pose no threat – our aim is to break the siege’: Tan Safi on joining the Handala Gaza flotilla

No New Zealanders were on board the Handala in the latest arrest and abductions of Freedom Flotilla crew on humanitarian siege-busting missions to Gaza. However, two Australians were and one talks to The New Arab just before the attack on Saturday.

INTERVIEW: By Sebastian Shehadi

The Handala, a 1968 Norwegian trawler repurposed by the Freedom Flotilla Coalition (FFC), set sail for Gaza from southern Italy on July 20, carrying around 21 people and a cargo of food, medical kits, baby formula, water desalination units and more.

The ship is named after the iconic Palestinian cartoon figure, Handala, who symbolises Palestinian identity, resilience and the ongoing struggle against displacement and occupation.

Just hours before departure, the crew uncovered deliberate sabotage: a rope tightly bound around the propeller and a sulfuric acid swap mistaken for water, leading to chemical burns in two people.

Despite this alarming start, the mission continued, echoing the defiance of past flotilla efforts such as the interception of the Madleen in June and the Israeli drone strike on the Conscience in May.

However, contact with the vessel was reported lost on July 24, with coalition officials warning that communications have been jammed and drones have been seen near the ship, raising concerns about interception or further hostile action.

The mission resumed following the brief two-hour communications blackout. “Connection has now been re-established. ‘Handala’ is continuing its mission and is currently less than 349 nautical miles from Gaza,” the Freedom Flotilla Coalition (FFC) announced on Telegram on July 25.

Then on Saturday, the Israeli military attacked the ship and violently detained and “abducted” the entire crew and issued a statement saying they were “safe” and on their way to Israel.

‘Handala’ was illegally boarded by Israel military in international waters, around 40 nautical miles off the coast of Gaza.

Before interception the 21 crew made this statement: if attacked they will join the global hunger strike for Gaza.

Call your governments now and hold them… pic.twitter.com/QbqUaduXG1

— Freedom Flotilla Coalition (@GazaFFlotilla) July 27, 2025

The New Arab spoke to one of Handala’s crew, Lebanese-Australian filmmaker, human rights activist and journalist Tan Safi, before the arrest to find out more about the mission and why she chose to be on board this mission:

The New Arab: How’s the mood on the ship at the moment?
Tan Safi: The morale of everyone at the moment is high, as everyone is happy to be here. Of course, different emotions come up, and we talk them out, but as a collective, we’re all looking out for one another. Everyone is very caring and kind.

We are a group of 21 people from 10 different countries. We have a very proud grandmother, as well as MPs, nurses, a human rights lawyer, a comedian, an actor, human rights activists and more. We’re from many different walks of life, and we pose absolutely no threat to anyone.

We’re simply trying to challenge something illegal. Like previous Freedom Flotilla actions, we will be sailing through international waters into Palestinian territorial waters.

Australian Handala crew member Tan Safi . . . “Back in 2010, we sent a flotilla that was caught in a deadly raid. The Israelis came in a helicopter, boarded the ship and killed nine people instantaneously, while another person died from a coma years later.” Image: FFC

How are you preparing for the very real threat of Israeli violence?
Back in 2010, we sent a flotilla that was caught in a deadly raid. The Israelis came in a helicopter, boarded the ship and killed nine people instantaneously, while another person died from a coma years later.

So we know very well that Israel poses a real threat.

More importantly, we’ve seen what they’re capable of over the last two years. The most horrific things imaginable. Israeli soldiers are committing endless crimes against Gazan children, and then going into the homes of the Palestinians they’ve murdered and taking selfies in women’s lingerie. We know what they’re capable of.

Any interception of our vessel would violate international maritime law. The ICJ [International Court of Justice] itself ordered Israel not to interfere with any delivery of international aid. Of course, we know that Israel gets to exist in this world by hopping over international law, without any accountability, without any real sanctions.

In terms of processing, what might happen to me? I’ve had to do it time and time again whenever I’ve joined FFC missions over the last two years. I’ve had to say goodbye to my friends and family, but also try to keep them reassured.

Sometimes I feel like I’m lying, to be honest. I tell them that “everything will be okay”. But it’s psychologically impossible to explain.

Are you worried that Handala is less protected than the last ship, Madleen, which had the global media attention (and protection) of having Greta Thunberg on board?

A Gaza Freedom Flotilla Instagram poster. Image: Instagram/@loremresists

No matter how many Instagram followers you have, your life is just as important as the next person’s. We have people on this boat who have Instagram. We have people who do.

The lives of all these people are as valuable as everyone else’s. I would just try to focus on the fact that we’re all human beings, just as every Palestinian in Gaza is. I’m more worried that Israel’s violence will expand until it’s too late, and people wish that they had done more. The time is now.

What is your message to global or Australian leaders?
I’m Lebanese, but I grew up in so-called Australia, a country that has such a dark history. What our politicians forget is that so-called Australia was not theirs to begin with. Australia was, and will always be, Aboriginal land. They can try to hide their dark truths, just like Israel used to as well. But the truth will become exposed in time.

To this day, Aboriginal people are abused and discriminated against by the state. My message to Australia’s leadership is: how can you watch tens of thousands of men, women and children being slaughtered and still be enabling Israel’s siege and genocide?

The Australian embassy in Israel sent me a message urging me to “please reconsider your decision to join a humanitarian aid trip to Gaza”. If they’re so concerned about the two Australians on this boat, I would urge them to be more concerned with the millions of Palestinians who are suffering daily.

The Palestinian cartoon character Handala . . . reimagined with deliberate starvation by the Israeli military forces. Image: X/@RimaHas

Can you tell us more about daily life and organisation on the ship?
We all put our hands up to volunteer for various tasks throughout the day. Some of us are more skilled in certain areas than others. For example, we have someone here from France who is a nurse, and they’re helping anyone who is feeling sick.

We have the proud grandmother, Vigdis from Norway, who loves to cook. And then someone will put their hand up to do the dishes. No one is too good to clean the toilets.

We’re all helping out to keep this ship organised. We also do shifts, helping out with the crew when needed. No one is sitting around. And if someone is, it’s because it’s really hot or the seas are rough.

What do you hope Handala will achieve, beyond potentially breaking the siege?
I hope this action will encourage all forms of solidarity and, more importantly, inspire direct action. I know that protests and non-direct actions serve a purpose, but we have talked and talked and talked at length. I don’t know how people are finding the strength.

Sometimes when I’m asked to talk at events, I just don’t know what to say, because if you need me to explain this, maybe you will never understand.

But what we clearly need to do is disrupt the financial flow that enables and fuels this genocide. The BDS movement is huge. People used to look down on it and question its efficacy. But now we’re able to quantify that it’s actually affecting real, big business.

I’ve always been advocating for that and asking people to be aware of the companies they consume from, such as Unilever, Nestle and Coke. This is having a real impact on these companies that are profiteering from unethical practices to begin with, that extends far beyond the genocide in Gaza.

Direct action could also involve blockading shipments of weapons from ports and docks, as seen in Greece. It’s amazing to see more countries step up. However, we often see a lot of lip service as well. It takes everyday people to actually stand up and say: “I’m able-bodied. I’m sick to my stomach. I’m gonna listen to my instinct and explore other options”.

If protesting is not working, explore other options. If there is no direct action group, create one. All it takes is one person to begin.

Are there any final or other messages you’d like to convey?
The Handala ship is the 37th boat from the FFC to travel to Gaza. There are thousands of people behind each of these journeys who make these voyages happen.

The FFC has existed for as many years as Israel’s siege on Gaza has. The FFC exists only because of Israel’s illegal siege.

We are people from around the world who are united in our shared consciousness and care for Palestine. We pose no threat. I’m looking at a bunch of toys and baby formula. We have as much food as we can carry, but our main goal is to break Israel’s illegal siege of Gaza because you need to fix a problem at the root of the cause.

Sebastian Shehadi is a freelance journalist and a contributing writer at the New Statesman. This article was first published by The New Arab. Follow Shehadi on X: @seblebanon

MIL OSI Analysis – EveningReport.nz –

July 28, 2025
MIL-Evening Report: Want to save yourself from super scams and dodgy financial advice? Ask these questions
Source: The Conversation (Au and NZ) – By Angelique Nadia Sweetman McInnes, Academic in Financial Planning, CQUniversity Australia

Is there anything you can do to protect your superannuation from dodgy providers or questionable financial advice? And if someone rings you out of the blue and tempts you with a better return on your savings – what should you do?

Around 12,000 Australians with A$1.2 billion in retirement savings have been caught up in three collapsed or frozen funds: First Guardian, Shield and Australian Fiduciaries.

People have described being cold-called or seeing ads on social media, suggesting they could earn more by leaving their current super fund. Several financial advisers linked to these funds have now been banned for giving “inappropriate advice” to clients, containing “false and misleading statements”.

As a former financial adviser and now researcher, here are the questions I wish more people asked to screen out scammers and dodgy financial advisers faster – and places to seek help if you need it.

What do I do if someone calls with an unexpected sales pitch?

The first thing you need to know is that in Australia we have anti-hawking legislation. This prohibits people making cold calls or unsolicited face-to-face approaches for financial products, such as superannuation.

If you get a phone call like that, the official advice is now to hang up immediately. If they persist, you could say:

I didn’t request this cold call. Did you know you’re breaking the law and I can report you?

They will probably put the phone down! They know they’re not doing the right thing. If they keep talking, hang up.

Block their number. Tell a family member if you need help. If you’ve shared personal information, call your super fund or bank.

I’m thinking of switching super funds. What should I ask first?

Whether you’re talking to a super fund or a financial adviser, my first three questions would be about their fees, what’s known as “the 4Ps” – philosophy, people, process and performance – and risk profile.

What are the fees?

Don’t just look at a super fund’s returns: look closely at their fees.

Your super fund statement will disclose how much administration, insurance premiums, transactions, buy/sell spread and investment fees and costs are being deducted.

High fees charged by a trustee eat up your super balance over time. If a fund earns 7% annually and charges fees of 0.63% annually, then your actual return is only 6.37%.

Is the fund a good match on “the 4 Ps”?

Go to the provider’s website to understand whether the fund’s philosophy reflect your core beliefs about investing and risk.

Learn about the reputations of the people behind the fund who lead and invest your money.

Find out what process they use to select and manage investments. Finally, consider how well and consistently the fund has performed over the past five to ten years.

What’s the risk profile?

Super funds classify investment options into risk profiles (such as conservative, balanced or growth) to provide you with investments to match your risk tolerance and age.

You can find a fund’s risk profile on the fund’s website under investment options, in the product disclosure statement and target market determination.

How can I compare my super fund?

Want to check if your retirement savings are in an underperforming fund? For the past few years, the Australian Prudential Regulation Authority (APRA) has called out MySuper funds that aren’t performing to standard.

Compare funds with the Australian Tax Office’s YourSuper Comparison Tool.

How I can find out if a financial adviser’s been in trouble?

On advisers, you can investigate their reputation or past complaints at:
- MoneySmart’s financial advisers register to confirm registration, qualification and authorisations
- banned and disqualified register to see if they’re authorised to provide financial products and services
- register of disciplinary action for Financial Advice Association members who’ve been investigated by the conduct review committee.
If you’re comfortable using OpenAI, such as ChatGPT or CoPilot, you can try searching with the following prompts.
- “Can you find any complaints or disciplinary actions against (name of adviser/fund)?”
- “What is the public reputation of (adviser/fund) in financial forums or news?”
- “Has (adviser/fund) been mentioned in any ASIC enforceable actions, bans or media reports?”
More action promised, but not yet delivered

There are echoes in what’s allegedly happened with First Guardian and Shield of Storm Financial’s collapse in 2009, which also hit thousands of people.

There are bad apples in every industry. Whether it’s in finance or medicine, it’s often colleagues who know who the dodgy operators are. Then it’s a question of whether anyone does anything about it.

In the case of First Guardian and Shield, other financial advisers helped raise the alarm – unfortunately several years before the corporate watchdog, the Australian Securities and Investments Commission, acted.

The commission says they’re now working with the federal government on more “reform options”. But that won’t help the thousands of people currently without access to their retirement savings, uncertain how much of those funds they’ll recover.

You can seek free counselling and advice from the National Debt Helpline (1800 007 007); Mob Strong Debt Helpline (1800 808 488) for Aboriginal and Torres Strait Islander people; or the Consumer Action Law Centre.

Disclaimer: this is general information only and not to be taken as financial advice.

Angelique Nadia Sweetman McInnes received funding from the Accounting and Finance Association of Australia and New Zealand and Central Queensland University. She is presently on a panel in her academic capacity assisting the Financial Advice Association of Australia (FAAA) review and update their Professional Standards. She is also a council member of the FAAA Financial Planning Education Council. Angelique was an authorised representative (practicing financial adviser) from 2009 to 2012.

– ref. Want to save yourself from super scams and dodgy financial advice? Ask these questions – https://theconversation.com/want-to-save-yourself-from-super-scams-and-dodgy-financial-advice-ask-these-questions-261756
MIL OSI Analysis – EveningReport.nz –
July 28, 2025
MIL-Evening Report: As post-election talks drag on, what will Hobart’s proposed stadium actually cost Tasmanians?

Source: The Conversation (Au and NZ) – By John Madden, Emeritus Professor, Centre of Policy Studies, Victoria University

In the wake of last week’s Tasmanian election that delivered another hung parliament, the new government will need to shore up crossbench support. One of the issues to be negotiated will be support for the new stadium due to be constructed next to Hobart’s historic docks. It won’t be an easy task given the bulk of likely crossbenchers are strongly opposed.

Whatever the political wrangling, it’s important this takes place in the light of the actual economics of the proposed stadium.

Building the 23,000 seat stadium is a condition of the state’s licence for an AFL team.

What the studies show

Fortunately, there have been several studies of the proposed waterfront stadium that attempt to evaluate its net social and economic benefits to the Tasmanian community. While estimates vary between the studies, they all indicate the benefits from the stadium are likely to be substantially below its cost.

The state government has downplayed the negative net-benefit estimates from these studies, citing positive impacts on the economy and employment. But the independent cost-benefit analysis undertaken by KPMG in 2024 already includes an assessment of the positive benefits for businesses and workers.

The whole point of a social cost-benefit analysis is to evaluate the entire effects on the welfare of the population of its reference region (Tasmania).

But does the cost-benefit analysis tell the whole story? In its consolidated report released last month, KPMG refers to unquantifiable intangible benefits not captured by its analysis.

Some of the benefits are ‘intangible’

On purely tangible economic criteria, as KPMG recognises, stadiums rarely have benefits that exceed costs. The justification for building stadiums is that the net economic cost is spent to acquire intangible benefits, such as national pride and social cohesion.

But on my reading, KPMG has already included estimates for the main intangible benefits. Indeed, there is research suggesting one of the intangible benefits that KPMG includes – health benefits – is tenuous. It would seem unlikely there are other significant unaccounted intangible benefits from the stadium.

In January, a further cost-benefit report was released. This report, by independent economist Nicholas Gruen, says KPMG overestimates benefits and underestimates costs.

Gruen performs his own cost-benefit analysis and finds the benefits to Tasmanians are likely to be less than half of what it costs them.

Beijing’s National Stadium, known as the Bird’s Nest, could provide a lesson for Hobart.
Adek Berry/AFP via Getty Images

There are reasons for paying attention to pessimistic findings. The University of Oxford’s Bent Flyvbjerg and his colleague, Dirk Bester, have recently highlighted the dangers of optimism bias in cost-benefit analyses of public projects. They find unambiguous statistical evidence that projections of costs and benefits are consistently inaccurate and biased towards overoptimism.

If Gruen’s estimates are correct, the new stadium will come at a considerable cost to Tasmanians. There may be winners and losers. But Gruen’s results imply the Hobart stadium may come at a cost to the welfare of the average Tasmanian household of about A$3,300.

Indeed, it may turn out to be more. Recently, there has been a $190 million, or almost 25%, increase in estimated construction costs. That takes the total to $945 million, up from the most recent estimate of $755 million. The original costing was $715 million.

And it’s worse when viewed from a Tasmanian government perspective. That’s because the AFL, as is common with major sporting bodies, has ensured a contract in which all cost overruns are the responsibility of the state government.

Overall, the state government has committed to contribute $375 million and will be responsible on current estimates to find a further $315 million. The federal government will contribute $240 million and the AFL just $15 million.

Cost blowouts are very common

My recent literature review shows venues built for mega sporting events under urgent timelines and rigid specifications tend to have particularly large cost overruns.

While the budget for the Hobart stadium contains a significant amount for contingencies, cost overruns can be huge – for Olympic venues 172% on average. While the stadium is unlikely to see overruns of this magnitude, the downside risks imposed by current AFL requirement to build the stadium are considerable.

Can Tasmania draw a lesson from the Beijing National (Bird’s Nest Stadium), built for the 2008 Olympics, where it was decided to save costs by abandoning the planned retractable roof?

Gruen finds that not including the fixed, translucent roof would reduce the net social cost to Tasmanians by about 10%. And it would help lower risk exposure, and may substantially improve the aesthetics.

Hobart winter nights are only about one degree colder than Melbourne, so the necessity for a roof for AFL games is questionable, and it poses problems for test cricket. Against this, not having a roof might make it a less appealing venue for concerts.

Of course, not having a new stadium at all, but still having a Tasmanian AFL team, might represent the best outcome for the state. But standing up to the AFL comes at the risk of Tasmania not entering the AFL.

In the case of mega events, the history of negotiations between sporting organisations and potential host cities, however, is that cities most unwilling to jeopardise their chances of selection, end up with the worst deal. Sports economists refer to this as the “winner’s curse”.

John Madden does not receive income from any organisation that might benefit from this article. John has been a fan of Tasmanian sports teams since the 1950s.

– ref. As post-election talks drag on, what will Hobart’s proposed stadium actually cost Tasmanians? – https://theconversation.com/as-post-election-talks-drag-on-what-will-hobarts-proposed-stadium-actually-cost-tasmanians-261666

MIL OSI Analysis – EveningReport.nz –

July 28, 2025
MIL-OSI Asia-Pac: Hong Kong movies showcased at 2025 Fantasia International Film Festival in Montreal (with photos)

Source: Hong Kong Government special administrative region

Hong Kong movies showcased at 2025 Fantasia International Film Festival in Montreal
Speaking before the world premiere of “Good Game” on July 27 (Montreal time), the Acting Director of the Toronto ETO, Mr Gavin Yeung, highlighted the efforts of the Hong Kong Special Administrative Region (HKSAR) Government in supporting the development of Hong Kong’s film industry and strengthening Hong Kong’s role as a bridge between East and West for international cultural exchanges.

“The HKSAR Government actively finances the production of small-to-medium budget films, provides funding support for the industry professionals to participate in international film festivals, and subsidises training programmes to nurture young directors and film talent,” said Mr Yeung.

He added that Hong Kong’s film industry has been globally recognised. “Hong Kong boasts a rich pool of creative talent and is one of Asia’s leading filmmaking hubs. Over the past decade, our films and filmmakers have received numerous prestigious international awards,” he noted.

Also present at the screening was the writer and actor of “Good Game”, Ken Law, who introduced the film before the screening and engaged with the audience during a post-screening Q&A session.

The other Hong Kong films featured at the Festival are: “Stuntman”, “A Chinese Ghost Story III”, “The Battle Wizard” and “Bullet in the Head”.
Issued at HKT 3:54

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

July 28, 2025
MIL-OSI Australia: Designs unveiled for Newcastle green energy precinct

Source: Workplace Gender Equality Agency

The final concept designs have been unveiled for the Port of Newcastle’s Clean Energy Precinct, which will establish the Hunter region as an industry leader in Australia’s transformation to net-zero.

Community members, prospective commercial partners and international investors attended a virtual-reality walk-through of the site today, where the future design of the precinct was brought to life.The Clean Energy Precinct will be located on a disused 220-hectare site on Kooragang Island, just north of Newcastle’s CBD and straddling the south channel of the Hunter River.

With a $100 million investment from the Australian Government committed in the 22/23 Federal Budget, the Port of Newcastle site will be transformed into a burgeoning industrial hub enabling the production, storage, distribution and export of clean energy products, including green hydrogen and ammonia. The precinct will integrate clean energy production and storage with the Hunter’s Hydrogen Hub gateway projects, the New South Wales Renewable Energy Zones, and offshore wind developments – making it a vital cog in our net zero future.

The Port of Newcastle has been progressing Front-End Engineering and Design and Environmental Impact Statement (EIS) studies, backed by community consultation and industry engagement, and today’s release of designs allow the public and potential commercial partners to visualise the planned layout of the precinct infrastructure.

The precinct infrastructure includes electrical and water services, production facilities, storage, vehicle access, and pipelines for distribution and export.

The EIS will be released publicly later this year, and construction of the precinct is expected to break ground in 2027.

For progress updates on the Clean Energy Precinct, visit the Port of Newcastle’s website.

Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

“Australia’s largest coal port is diversifying its offering and preparing to accommodate new and growing industries on the shores of the Hunter River.

“Newcastle has always been one of the most productive industrial centres in Australia, and we’re ensuring its legacy continues with the Clean Energy Precinct.

“It’s crucial that we develop the infrastructure now to be prepared for Australia’s energy future, and that’s exactly what we’re doing here on Kooragang Island.”

Quotes attributable to Minister for Climate Change and Energy Chris Bowen:

“The Hunter has been an industrial and economic powerhouse for decades, making the Port of Newcastle an ideal location for a Clean Energy Precinct that can support decarbonisation of heavy industry and connect Australia’s renewable resources to the world.

“The Albanese Labor Government is supporting industrial regions like the Hunter to take advantage of the economic and job opportunities that come with reliable renewable energy.”

Quotes attributable to Federal Member for Newcastle Sharon Claydon:

“The Clean Energy Precinct will be the jewel in the crown of Newcastle’s future.

“It will create thousands of secure and well-paid jobs for Novocastrians, and stimulate the economy of the CBD and surrounds thanks to its central location.

“Being here today to see the plans first hand fills me with excitement for what the future holds for our city, it’s people, and the greater Hunter region.”

MIL OSI News –

July 28, 2025
MIL-OSI Australia: Kakadu upgrades ensure safer access to top tourism spots

Source: Workplace Gender Equality Agency

The Australian and Northern Territory governments are delivering long-awaited upgrades to key roads in Kakadu National Park to improve visitor access, boost safety and support economic growth.

The first tender under the Australian Government’s $70 million program of upgrades opens next week, with construction on Kubara Road and Maguk Road set to begin in 2025.

These works are part of the Australian Government’s $216 million Growing Tourism in Kakadu package.

The package was announced in 2019 and is now being delivered by the Northern Territory Government’s Department of Logistics and Infrastructure (DLI) in partnership with Parks Australia and the federal Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts.

Between 2025 and 2027, upgrades will be completed on five visitor roads – Jim Jim Falls, Maguk, Gimbat, Gunlom and Kubara – to improve flood immunity, support tourism and business, reduce closures and extend safe access to some of the Territory’s most iconic sites.

Importantly, the works will be staged to minimise impact on visitors and operators.

Quotes attributable to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

“With the increase in unpredictable and extreme weather events, it’s important to have resilient roads which allow reliable access for locals and tourists alike.

“Improving the standard of these roads will reduce closures, increase productivity and drive the tourism economy of Northern Territory.

“We want to see tourists flock to Kakadu to take in the best of Australia’s fauna and flora – some of the best anywhere in the world.”

Quotes attributable to NT Minister for Parks and Wildlife and Tourism and Hospitality Marie-Clare Boothby:

“Kakadu is a key economic and cultural asset for the Northern Territory, and these upgrades will support our local communities and tourism operators.

“These improvements will make it easier to visit stunning places like Maguk Gorge, with its stone amphitheatre and plunge pool, and Kubara Pools, near the Nanguluwurr Art Site.

“It’s about delivering action, certainty and security for Traditional Owners, tourism operators and visitors.”

Quotes attributable to NT Minister for Logistics and Infrastructure Bill Yan:

“By raising and sealing roads, installing new culverts, and reducing flooding risks, these upgrades will make key Kakadu attractions safer, more reliable, and open for longer.

“Construction will be managed carefully to ensure continued access – delivering certainty for locals and the tourism sector.”

Quotes attributable to Federal Member for Lingiari Marion Scrymgour:

“This investment will make it safer and easier for people to visit some of Kakadu’s most iconic locations and experience this World Heritage wonder.

“Upgrading these key roads will improve flood resilience and travel conditions, while supporting local businesses and tourism operators.

“These works are part of our broader commitment to making sure Kakadu remains a world-class destination.”

MIL OSI News –

July 28, 2025
MIL-OSI Australia: Lights a step closer as construction kicks off on Central Coast Highway with Tumbi road intersection upgrade
Source: Workplace Gender Equality Agency

Safer, more reliable journeys are on the way for motorists who use the Central Coast Highway, with main construction works starting to upgrade the Central Coast Highway-Tumbi Road intersection.

The Albanese and Minns Labor governments are joining forces to deliver a $65.5 million upgrade that will significantly improve journeys for Central Coast motorists and the 26,000 vehicles using this stretch daily.

The transformation will slash travel times, improve safety, and boost the local economy with 125 construction jobs supported throughout the build.

This major investment will be split among the two governments, with the Albanese Government contributing $52.4 million, and the New South Wales Government investing $13.1 million.

Work has officially begun to replace the existing roundabout with modern traffic lights and expand the highway to two lanes in each direction, to the project boundary. This upgrade will address the notorious bottleneck and improve traffic flow and safety on the Central Coast Highway between Wamberal and Bateau Bay.

Key project features

The comprehensive upgrade includes:
- Traffic lights replacing the roundabout
- Highway widening to two lanes each way north of the intersection
- Two right-turn lanes from Tumbi Road onto the highway
- A right turn lane onto Tumbi Road from the Central Coast Highway southbound
- Extended left-turn capacity into Tumbi Road
- Upgraded footpaths and cycling infrastructure
- Relocated bus stops for better passenger access, with two existing northbound bus stops moved to a common location north of the intersection
Timeline and consultation

Following extensive community consultation in 2021-2022 and preparatory works in 2023, Daracon Pty Ltd was awarded the construction contract in March 2025. The project is expected to be completed in 2027, weather permitting.

More information can be accessed here.

Quotes attributable to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

“Endless queues down Tumbi Road will soon be a thing of the past as the Australian Government and the NSW Government work together to upgrade the Tumbi Road intersection.

“This upgrade will make the intersection safer, reduce delays and improve traffic flow. Traffic lights will also give NSW traffic controllers the ability to make changes to the timing and sequencing of lights to maintain traffic flow even in the busiest holiday periods.”

Quotes attributable to Federal Member for Dobell Emma McBride:

“The Tumbi Road roundabout is a known bottleneck and I’m delighted to see work start to address this long-standing issue.

“Replacing the roundabout with traffic lights will help better manage traffic flows, reducing congestion and cutting travel times.

Quotes attributable to NSW Regional Transport and Roads Minister Jenny Aitchison:

“It’s fantastic to see work start to upgrade the Tumbi Road intersection, which is one of the most congested on the Central Coast Highway.

“This upgrade will improve journey times and reliability for the 26,000 motorists who use this section of road every day.

“This day has been a long time coming and I’m delighted to be part of a Labor government that is delivering for the people of the Central Coast.”

Quotes attributable to NSW Minister for the Central Coast David Harris:

“This upgrade will benefit all local road users, whether they are driving, walking, riding or using public transport.

“This work will make journeys safer and quicker, which is good news for residents, local businesses and transport operators.

“It’s good news for the local economy too, with the project to create about 125 jobs throughout the construction phase.”

Quotes attributable to State Member for The Entrance David Mehan:

“This is a critical upgrade for communities across the Central Coast because the Central Coast Highway is a key regional link.

“It is absolutely fantastic see this work getting underway.

“All road users can look forward to reduced congestion and more reliable journeys.”

MIL OSI News –
July 28, 2025
MIL-OSI Australia: ABC South East NSW Breakfast with Eddie Williams

Source: Workplace Gender Equality Agency

EDDIE WILLIAMS, HOST: Roads, rates, and rubbish, and childcare, disaster recovery, community transport, school holiday programs, even a laundromat. The role of local government has been changing and evolving over the years. It’s been growing. And a new report has found councils across the state are having to foot the bill for one and a half billion dollars in services each year, that they say should be funded by the state and federal governments. This report commissioned by Local Government New South Wales shows councils state-wide are absorbing more so-called cost shifting from the other levels of government, with that cost shifting up by around 10 per cent over the past few years.

Kristy McBain is the Minister for Local Government, and the Member for Eden-Monaro. Good morning.

KRISTY MCBAIN, MINISTERREGIONAL DEVELOPMENT, LOCAL GOVERNMENT AND TERRITORIES: Good morning.

EDDIE WILLIAMS: You’ve seen this as a mayor, and now as the federal minister. How much have you seen the role of local councils change?

KRISTY MCBAIN: I think local councils have substantially changed over the last number of years. I mean, in the last 10 or 15 years I think councils now play a critical role in that emergency response and recovery phase, which, you know, had not typically been the bailiwick of local councils. And I’ve seen that from a community level, and now as the Minister for Emergency Services, the role that councils play in response and recovery is absolutely critical for communities.

EDDIE WILLIAMS: So are they the best placed level of government for that sort of a role?

KRISTY MCBAIN: Yeah, clearly. I mean, they’ve got a local workforce and, you know, they have elected officials from that local area with, you know, that inside knowledge that the other levels of government just don’t have from that hyper-localised perspective. So it’s really important that there is a really strong partnership with local councils to be able to assist in times of emergency.

EDDIE WILLIAMS: Is that partnership there and particularly is the funding there for local councils to play these roles?

KRISTY MCBAIN: Yeah, that’s right. So obviously, you know, we rely heavily on councils in response and recovery, but, you know, that funding is there to assist them, whether it’s the immediate $1 million after a disaster is cleared to assist with clean-up, or whether it’s the ongoing disaster recovery funding arrangements where councils go and assess their infrastructure and then we work with the state government to ensure that funding can be made to- to be handed to councils to ensure that infrastructure can be repaired and replaced.

EDDIE WILLIAMS: What about the more day-to-day community services, things like childcare, aged care, disability care, the other sorts of programs that you see like community transport? Should that be part of the local government purview?

KRISTY MCBAIN: Well, I guess it’s up to every local council to prioritise the services that they’re providing in community. We’ve seen over recent times a number of councils pull out of aged care services in particular and hand those onto not-for-profits or to the market because it is a difficult sector to be operating in. In regards to childcare services, a lot of our councils are providing childcare services because there are no market operators that can do that in those areas, but there are obviously a range of funding buckets for childcare services in particular.

EDDIE WILLIAMS: Yeah, are the funding buckets all kind of working? You know, things like competitive grants are by definition competitive and some councils miss out. Where do things go from here to make sure councils have the money to deliver all this?

KRISTY MCBAIN: Well, I guess when we’re looking at competitive grants, we’re usually looking at new or upgraded infrastructure. So councils have got, you know, their own work to do in terms of understanding what their service and delivery plan is going to look like over any four-year term, what maintenance needs to be done on particular assets, and it’s up to them whether they apply for those grants to upgrade or have new assets in their community.

We have worked really closely with local councils in particular for a range of the funding options that are available through the federal government. We’re doubling Roads to Recovery, which is an automatic allocation to all of the 537 local council areas across the country to allow them to have more maintenance on local roads. And then we’ve got a range of competitive programs, including the Housing Support Program which is all about that enabling infrastructure to get more housing developments underway.

EDDIE WILLIAMS: What about Financial Assistance Grants? This is something a lot of local government groups talk about. Is the government willing to increase those?

KRISTY MCBAIN: Financial Assistance Grants is over $3 billion every year. This year’s $3.4 billion is allocated across the country to councils. We have brought forward over $1.7 billion in Financial Assistance Grants, which was paid to councils before the end of the financial year, to assist with a range of service delivery for local councils. There’s long been calls to increase that, but we also don’t want to replace the requirement of the states to do their part in this as well, and a lot of that cost shifting we’re talking about is coming from the state government requirements. And we want to make sure that there is enough money for weeds maintenance for local councils. We want to make sure that there is a range of funding opportunities that also come from the state, because it’s a requirement of all three levels of government to be working together.

EDDIE WILLIAMS: All three levels working together? Are you all getting into the same room to try to sort this out?

KRISTY MCBAIN: Look, I chair the Local Government Ministers’ Forum, and we’ve had some broad agreement on some of the things that need to be addressed, including a simple national accounting standard for local governments. It’s different across the jurisdictions. And a national approach to how councils actually, I guess, grade their assets and when they maintain them so that when grants are being applied for, we’re really comparing apples and apples across the country.

EDDIE WILLIAMS: There is a federal inquiry into local government sustainability that’s been underway. Is the Government willing to take some meaningful action, potentially look at some reforms, depending on what that inquiry recommends?

KRISTY MCBAIN: Yeah, well, it’s the first local government inquiry in over two decades. And when we look back 20 years ago, the iPhone wasn’t invented and Silverchair was still a band at the top of the chart. So it’s really important, I think, that the inquiry completes its work. We’ll reconstitute that committee so it can finalise the report. But clearly the reason we’ve done that is so that we can get a really good understanding of where the system needs to improve and how we can make that work.

EDDIE WILLIAMS: You’re hearing from Kristy McBain, the Minister for Local Government and Emergency Management and the Member for Eden-Monaro. On another issue, the NSW Health-funded Goulburn Urgent Care Service has come to an end, attracting and retaining healthcare staff to the regions being one of the challenges cited there. How confident are you that a federally funded Medicare Urgent Care Clinic in Bega will open this year and will stay viable?

KRISTY MCBAIN: Yeah, well, the closure of the Urgent Care Service in Goulburn was a very disappointing outcome for the community, and one I’ve been working to try to prevent. I’ve been advocating with the NSW Government for it to remain open. It was a well-utilised service, but ultimately the service’s contract was negotiated by the NSW Government, and the state needs to work on their model. But the Medicare Urgent Care Clinics have been a real game-changer across our health sector. In Queanbeyan alone, we’ve had more than 12,000 free presentations since it opened last year, which I think is a real testament to how much this was needed. And anecdotally, we’ve heard from a range of people that utilise the Queanbeyan Hospital, and they’ve said that it’s taken significant pressure off the hospital, which is fantastic.

We’re providing $644 million to establish another 50 Urgent Care Clinics across the country, including in the Bega Valley. The provider will be negotiated through an independent process by the Primary Health Network, and we’re really confident that it will run effectively like it does in a range of other regional areas across the country.

EDDIE WILLIAMS: When will that open?

KRISTY MCBAIN: It will go through that independent process which is being commissioned at this point in time, and I don’t have an exact date on when that’s due to finish. But as soon as I’ve got some more info, I will be out there sharing it with the community.

EDDIE WILLIAMS: And the way that will work, the way that relationship and provider comes about, is that something that will be ongoing into the long term, or a sort of year-to-year contract? How do you expect that to look?

KRISTY MCBAIN: Yeah, well the contracts are negotiated and dealt with through the Primary Health Network. It’s run at arm’s length from the federal government because we’ve got Primary Health Networks that cover every corner of Australia, and they do their job in making sure that we’ve got providers that can work within the community, and the Urgent Care Clinics are staffed effectively for our communities.

EDDIE WILLIAMS: Kristy McBain, I appreciate your time this morning. Thank you.

KRISTY MCBAIN: Great to be with you.

EDDIE WILLIAMS: The Member for Eden-Monaro, Minister for Local Government and Emergency Management, Kristy McBain.

MIL OSI News –

July 28, 2025
MIL-OSI Australia: Boosting transport and construction productivity

Source: Workplace Gender Equality Agency

The Albanese Government’s focus on boosting productivity across the Australian economy continued to pick up speed this week, as consultation commenced with the transport and construction sectors.

Two roundtables, hosted by the Hon Catherine King MP, focused on identifying practical and implementable reforms across these vital industries that support the Government’s productivity agenda.

The transport and construction sectors are essential to our economy and way of life, shaping how we grow, move, trade and live. They are also enablers for other sectors, from manufacturing to education, and for contributing to productivity growth across the broader economy.

Discussion at the transport roundtable covered freight movements through the supply chain. From factory to farm gate, through intermodals, imports and exports at ports, including options to improve productivity and alleviate regulatory barriers at each stage.

At the construction roundtable, participants discussed options to improve productivity at each of the key stages of infrastructure projects like planning and design, construction, contracting and handover, and challenges faced across Australian jurisdictions.

Quotes attributable to Federal Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

“The Albanese Government is serious about tackling the structural challenges in our transport and construction sectors that can stifle productivity, so we can better support innovation and investment across both industries, with the skilled workforce to match.

“I had the privilege of chairing both roundtables and thank all of the industry representatives that contributed to discussions and committed to action.

“I look forward to continuing to work with industry and across Government to drive productivity in Australia’s transport and construction sectors.”

MIL OSI News –

July 28, 2025
MIL-OSI Australia: Q&A – Queensland Media Club

Source: Australian Civil Aviation Safety Authority

Queensland Media Club Speeches and Q&A here: https://youtu.be/f2DeHcivspg?si=guNHL0f1ZCkMWhwz

JOURNALIST: It’s been 100 days since the Government’s 100-day review. When can Queenslanders expect to see tangible shovels in the ground, concrete rising in Victoria Park? Because as you’ve touched on in your speech, we don’t have a lot of time.

JARROD BLEIJIE: Well, yes, you’re right, [Journalist], we don’t. And that’s why today we’ve- [Indistinct] have authorised now to start a little preliminary work. So all the geotechnical work that’s got to take place, the soil testing that’s got to take place, is going to be starting from, I would suspect, next week you can start seeing some work. I wouldn’t say the excavators are going to be there next week, but certainly all the prelim work has to take place in terms of the soil testing. Now, that has to happen because each of them have to work out the best location for Victoria Park once they do the testing of the park.

JOURNALIST: One thing you mentioned in your speech but didn’t touch too deeply on was Brisbane Arena. It sounds like we’re not going to get Brisbane Arena before 2032; can you make a guarantee that we will?

JARROD BLEIJIE: Oh, we absolutely will get there before 2032. The Gabba will come down in 20- after 2032, but the Brisbane Arena, we are actually- so the document that I just came back from the United States to be part of Brisbane’s next iconic destination which is the Brisbane Arena. We’ve had over 2,200 expressions of interest put in through the website already on that. We are talking to the market at the moment about the Go Print site and then the secondary site which is the Gabba location, about whether it should be combined or two separate sites, depending on what the private sector want to do. But we absolutely will partner with private sector. We will go to procurement on the Brisbane Arena by the end of this year. So I would suspect in the next couple of months my Department, Department of Infrastructure and Planning, will actually formally go and procure them to build the arena. And then next year will be the planning, and I suspect you’ll start seeing it being built from end of next year and into 2027, and it will be built absolutely before 2032.

JOURNALIST: You mentioned in your speech too you’d like to see more transport investment from the Federal Government. Minister King, are you open to that? How much money will Queensland provide? Perhaps we can just get our GST back.

[Laughter]

CATHERINE KING: I knew someone would mention that, I just wondered if that would happen. Already the Commonwealth is investing, I think it’s over $27 billion in transport infrastructure here in Queensland. I think in the equivalent states, it’s- I think you’re the highest amount. Every other state is less than that, believe me. So that is the first thing I’m saying. I think also, there are issues around capacity. We can only build so much at any one time. Our priority has absolutely been Bruce Highway. You saw us come in January with the Prime Minister, acknowledge that that is an unfinished piece of business for all of us, and we’re very determined to get that done. That being said, we’re already investing over $12 billion in [Indistinct] infrastructure. We will look at new requests that come through, and they come from every state and territory pretty regularly, I can say. They come through for Queensland in our normal budget processes. We don’t have a budget yet until next year, but really, we’ve been very determined to make sure, you know, we put planning money in, we put planning work in, we get a good idea about what the costs are and then we progress from there. And I’m sure Queensland will do what every other state does and ask for its share of funding.

JOURNALIST: Might I come to the working media table for the first question? Is there a microphone here to [Indistinct]…?

CATHERINE KING: I think we’ve stolen them. We’ve got three up here now.

JOURNALIST: Deputy Premier, Fraser Barton from the Australian Associated Press. I asked you when the delivery plan was announced in March about workers and construction and how we’re going to get all these workers. How has the government progressed that? Is- are we still going to quote ransack New South Wales and Victoria for people? And where will all of these workers live given housing shortages in the state?

JARROD BLEIJIE: Well thank you, great question. I don’t think I used the word ransacked. I said beg, borrow and steal. And now that I’ve signed the deal with the Federal Minister, I guess I can trash Victoria because, who would- do you want to live in Victoria or Queensland? So, interestingly, yesterday I had the Infrastructure Partnerships- I had a meeting with Infrastructure Partnerships Australia, and we talked about the very issue about the workforce and where they’re going to come from. It’s going to be mixed. It’s going to be home-grown talent with the apprenticeships and traineeships coming through the system. It’s going to be new businesses coming into Queensland. It will be looking to New South Wales, Victoria, Western Australia and getting businesses to relocate to Queensland. Unashamedly, we need to do that. It’s going to be looking at migration, the school migration sector. So that’s how we’ll get the workforce. The second question I always get about the workforce is where are you going to house them? Well, 20,000 in Logan, because I’ve just given the Mayor 135 million, but that 135 million is- pales in- is insignificant compared to the rest that I’m about to announce over the next two weeks, which is the Residential Activation Fund. And that’s a catalytic infrastructure fund designed to help councils get the infrastructure to build the houses. So Mayor Raven at Logan, he said in the media last week that the Logan Council would stop approving buildings if they didn’t have the new wastewater treatment plant. So the $135 million the state are co-contributing with the Council will allow that wastewater treatment facility to be put in place, opening, unlocking 20,000 homes.

Now that $2 billion infrastructure fund is happening all around Queensland, and over 50 per cent of that is going to be in regional Queensland. So we’ve got to make sure that we support councils to unlock the land. And as I always say, the issue of the housing crisis is supply, supply, supply. It is the biggest inhibitor at the moment for building houses in Queensland. We’ve already abolished the tax. We abolished our [Indistinct] for first homeowners buying or building their first home in Queensland, so that’s great. We’ve got a better taxation regime. We’ve increased the first home owner grant to $30,000, 15 to 30, we kept that in the budget last week, so that’s a good incentive as well. So we’ve got to build the houses, but you can’t just do it in isolation. You’ve got to look at all of it at the same time.

JOURNALIST: Deputy Premier, Alex Brewster, ABC News. You’ve refuted reports about the infrastructure around Victoria Park Stadium this morning. When can we expect to see the detail of things like a potential train station, pedestrian bridge, and even a warm-up track around that stadium?

JARROD BLEIJIE: You used the word refute, Alex, I used the words – I think TMR may have done some brainstorming on where they would like to see certain things and stations. Government have not made decisions on that connectivity yet. And GIICA now, as part of legislation we passed last week, a big proportion of that is transport and mobility. So, those plans now- because the legislation has been put in place, those plans now have to get out to GIICA with Department of Transport and Main Roads.

And I’ll repeat, on the transport front, it’s the state’s responsibility, a rail between the Gold Coast and Brisbane. The way [indistinct] Sunshine Coast with a Federal Government are giving(*), 50 per cent funding in stage one of that project. So, look, it’ll happen fairly quickly now, I anticipate, that GIICA have the Victoria Park, they’ll have a CEO in a very short period of time, and they’ll be able to get on with the job and work with TMR to find the best location for Victoria Park. And that’s why you can’t put the cart before the horse, because you’ve got to do all the geo tech, which we are now doing on Victoria Park to understand where the best location for the stadium actually is, and then look at the transport hub.

Incidentally, I would note that if you look at Victoria Park, Centenary Pool, which is going to be the new National Aquatic Centre, and the Ekka, we just opened Exhibition Station, over at the RNA; there is three or four hubs within 15 minutes of walking already around that. If we can increase it, that’s great, but we will now get to work with the Brisbane City Council and TMR.

JOURNALIST: Deputy Premier, Harry Clark from Sky News. How committed are you to holding Olympics rowing on the Mighty Fitzroy in Rockhampton given resistance, including that which is coming from the International Olympics Committee?

JARROD BLEIJIE: Very committed. It’s in our delivery plan and I spoke to the IOC. Look, I’ve got to say that the International Olympic Committee were very good with us in our discussions with that. As Minister King points out, [indistinct] alterations before. Like any of the venues, we have to go through the PVR process, the project validation process. The five projects that have already been validated, that’s what we’re going to procure on from today. But all of the minor venues obviously have to go through project validation. We did a lot of the project validation whilst the Federal Government was in caretaker mode from my department to look at the costings and all of that.

We believe it’s vitally important for Rocky and the kids in Rocky to have a facility, and there has been a lot of public commentary about it. But my God, if you go to Rocky, which I think I’ll be there in a couple of days, if you go to Rocky this time of year, in July, where the Olympic and Paralympic Games are going to be held, the Fitzroy River is a mirror. It is the most beautiful thing, hence why they do state championships and national championships on the Mighty Fitzroy River.

And I respectfully said to the International Olympic Committee when they were over here, I said, if it’s okay for Rocky kids and Australian kids to row on the Mighty Fitzroy River, it’s okay for Pierre from Paris to row on the mighty Fitzroy River. And look, the IOC took that well.

[Laughter]

JOURNALIST: Has anyone contacted Pierre and asked him? It is the [indistinct].

JARROD BLEIJIE: I know we did- someone was in a crowd and he did jump up and he said, I’m actually Pierre from Paris. He said, but I’m not a rower. I said, well, maybe you should be.

JOURNALIST: Deputy Premier, it’s serious though. The Government has been staunch. Your Sports Minister colleague said he isn’t certain Olympic rowing will be held in Rockhampton, but do you acknowledge that it is not only the Government’s decision? It’s the IOC, the International Federation. And, is there a plan b if they say it’s not good enough?

JARROD BLEIJIE: Well, okay, but is the IOC paying for it? If they don’t want it in Rocky then they pay for it, but they’re not, it’s the State Government and the Federal Government. So, I’m not sure the IOC- we had put it back a little bit on the IOC, but we’ve done it very respectfully. Because we wanted the games to be about regional Queensland and we committed to the people of Rockhampton, who have a great rowing facility, and they’re going to have a better rowing facility.

And Minister King and I, and I hope I’m not breaching confidence, we’ve had this discussion about rowing. It’s got to go to the International Olympic Committee Rowing Federation who are actually over here in July. They’ll do all their technical assessments. But that happens with every venue. And in LA the rowing facility does not meet the International Olympic Committee requirements. It’s too short. But do you know what they did? They just said, for the LA it’ll be okay, and they signed off on it. So, they do bend the rules for other venues, including rowing in LA which does not meet the requirements for international rowing.

JOURNALIST: Deputy Premier, hi. Jess Bahr here from SBS World News. Just a couple of questions from NRTV. Are you consulting with Traditional Owners to reach an agreement on preserving cultural heritage at Finn Park? And do you think you’ll reach an agreement, or will you override cultural and heritage laws?

JARROD BLEIJIE: I think we’ll reach an agreement. Two points, observations I’ll make on that. In the legislation that we passed in Parliament last week, there were two elements to the overriding provisions. One was dealing with environment laws, heritage laws, planning laws, local government laws, and there was a complete override, but we actually did carve it up with cultural heritage provisions for First Nations Australians. So, we actually will still go through a process of consulting with First Nations about Victoria Park.

Now, ultimately, if an agreement can’t be reached then the laws have to override. But we actually have put a special provision pursuant to the cultural and heritage legislation that exists in Queensland at the moment, to still go through that process. And part of the deal that we’ve struck with the Federal Government, it was one of the requirements from Minister King and the Federal Government, is that consultation does take place, which we’ve committed to. And that’s in the legislation, that will go through a process through Minister Fiona Simpson’s department, as it does with existing legislation.

We’ve also committed to Minister King and the Federal Government that community consultation, looking at the precinct plan; looking for as much green space, open space that we can retain in Victoria Park, and we’ve committed to that. So, I’m confident that we will secure support, and we’ll just go through the motions as it is. But we did carve out a particular provision in that, recognising the significance of that issue.

JOURNALIST: Andrew from The Guardian. This is a question for both of you. Both of you have gone through elections in the last year, in fact, one two months ago. And in no case was this plan, the Victoria Park plan, brought to the electorate? In fact, at that state level it was explicitly ruled out. Should the electorate have known about this before they voted on that? It’s a big old stadium in the middle of a suburb. Surely, the people would have liked to know that before the decision was made.

JARROD BLEIJIE: Well, thank you. I’ll start and, thankfully, you’ve got a question I’ll be able to build you up to divert all the questions to you. Look we were, when we announced the delivery plan, the Premier and I were pretty up front. We apologised, we said sorry. We took the position to the election of no new stadiums. We did the 100-day review and there was also the former government did the [Indistinct] review that recommended Victoria Park. We did take it to the elections about the stadiums.

But it became apparent during the GIICA review and the 100-day review that there was just no other option, alternative. There was no time now to knock down the Gabba and rebuild the Gabba. The displacement of AFL and cricket was too great and too costly. So, we were pretty up front. I think we said in a room of a thousand people and journos, we stood up and apologised and we said we’ll cop that. It’s not the position we took to the election but it’s the position now that we think is in the best interest of all Queensland, and particularly for the 2032 Games, particularly for AFL, the Lions, the Mighty Lions, and cricket.

So yeah, I’m not hiding behind the fact that we had a different position from the election, but I think we tried as best we could to explain ourselves and why would we change our position, and why we put in the delivery plan and accepted the recommendations from GIICA. Because if we hadn’t of, you would end up with a Government making political decisions again, and it would’ve gone around in circles, and you would not be in a room today with the Federal Minister and a State Minister, having done the deal, struck the deal to deliver the 2032 Games. You’d be talking about temporary stadiums [Indistinct] spending $2.25 billion, and no procurement process underway.

I think it is a different position we took to the election, but we’re pretty up front with it, we apologised. And we said to Queenslanders, this is now our job to explain why we took that position to the election, and explain why because it is now in the best interests of Queenslanders to get on and proceed and do the best that we can.

CATHERINE KING: Thanks. I’d say, equally, from our point of view is that the delivery plan was provided and the Queensland Government’s response to that in March of this year. We wanted to take some time to look at it and to get the details about what are the costs of new venues, what does that look like. You know, publicly I’ve been very upfront about that. It’s been [Indistinct] as has the Prime Minister, that we’re really keen to see the arena.

It’s why we put the Commonwealth’s money there. We know the Prime Minister’s a pretty big fan of live music and we felt, from our point of view, that was good legacy. But that project has now being procured by the private sector. That is a decision the Queensland Government has made and we’ve been faced with the decision, well, given that it is no longer a Games venue and the agreement is about Games venues in terms of funding, what do we do about it?

And that’s why we’ve taken our time. We’ve looked at the finances. We have put conditions around the stadium. We recognise that it is a challenging issue for First Nations people, for local green space. We want to make sure that it’s got right and that it is a precinct that everybody can enjoy, and that’s why we’ve taken our time to do that and we’re making this an [indistinct] too.

JOURNALIST: Deputy Premier, Alex Brewster again. Have you turned your mind to what you might like to see the stadium called? I know you’re a proud monarchist. Would you perhaps like to see it named after a royal name?

[Laughter]

JARROD BLEIJIE: Actually, thinking about that, Minister King did not put in her letter of agreement anything about how- King’s Stadium in honour of either Charles or Catherine. Thank you. Food for thought. Thank you, Alex.

No, look, we joked in Parliament that it would be the John Sosso Stadium. Well, some people in Queensland have a big fascination with my Director General. He just wants to get on with the job and stay out of the press. But, look, GIICA recommended it be named the Brisbane Stadium – iconic. Just travelling back from the States, all the stadiums over there are named- they do funding deals. Incidentally, all the stadiums are built by the private sector, so if there’s anyone in the room today who wants to chip in as well and help Minister King and I balance our budgets a little more and invest. Because I kept asking all the other- I went to SoFi, I went to AT&T, and I said, how did that level of investment from Government in having all these? And they said, oh no, the building heads of the sporting teams just build these things – and jeez, wow. Lions have got to put in a bit more I think, in cricket.

But no, we had I haven’t turned our minds to that yet. We’ll just get shovels in the ground and start building it and then we’ll work out the name of it.

JOURNALIST: Minister King, can I just jump in there and ask you, when you were negotiating with the State Government, did the Commonwealth put to the state that rowing could be held in Penrith?

CATHERINE KING: So, what we’ve done as part of the agreement is we’ve provisioned money for Rockhampton, but that is conditional or dependent on the federated body for rowing determining that rowing can go forward there. Obviously, we’ll await that decision, but we’ll provision money for Rockhampton for that to occur. And again, that’s the decision that the Queensland Government has done, and that’s what it wants to do. And obviously, if there’s a different decision taken, we’ll work with the Queensland Government on that. But the Deputy Premier is pretty determined that’s where rowing is going to be.

JOURNALIST: We’ve also had the Prime Minister suggest Penrith. What’s your view?

CATHERINE KING: Again, I think that the Prime Minister is a problem solver and I think he knows that there are some challenges with Rockhampton, but we’ll let the Rowing Federation go and have a look at those and make a decision from there. And we’ll provision money for that venture as part of the Minor Venues Program and we’ll work through the processes. And there’s a [indistinct] plan B, then that’ll be a matter for discussion with the Queensland Government. But as I said, the Deputy Premier’s pretty determined and that that’s where rowing’s going to be. We’ll let the Federation do its work.

JOURNALIST: Mackenzie Scott here from The Australian newspaper. Obviously, you’ve looked into this $7.1 billion deal today but the Treasurer, David Janetzki, has launched his team to start privatisation of certain large infrastructure projects. How much do you expect the public- sorry, the private sector to give in a monetary sense into Games infrastructure?

JARROD BLEIJIE: Well, we have provisioned for $7.1 billion, that’s the deal. That was the Federal Government that have got to account for that as well. So, it equates to, if you look at the 7.1 billion, it’s not 50-50. It’s nearly 50-50. We’ll call it 50-50. It’s a couple hundred million less than the Federal contributions, a couple hundred million less than our contribution. We’ve stuck to that $7.1 billion figure.

Now, that doesn’t include private sector investment. We’ve budgeted on a provision that that is what it’s going to take for the state and the Commonwealth to get those venues, the major venues and minor venues done. If the private sector come into the market and assist GIICA with the stadium develop, minor venues, then that’s a bonus. That’s a bonus for the Federal Government and for the State Government. Those discussions have to take place with GIICA, but that will go through the procurement process.

So, it’s not that we’ve announced that the private sector will build Victoria Park. We haven’t announced that at all. We have budgeted the money. As I said, our budget is $5.15 billion over the next four years for Olympic and Paralympic infrastructure. So, it’s state and Commonwealth funding, and we’ve kept it at 7.1.

Catherine and I were talking about this before we came in today, and there’s a lot of people talking to us, oh, but blowouts, blowouts, blowouts. And I said: don’t be guided by the 10 years of blowouts from previous governments in Queensland. There are businesses in Queensland and nationally that actually deliver things on time and on budget. We can’t be in that mindset that everything is just going to blow out. We’ve got to make sure we try and do it on time and on budget. And our budget is 7.1. We’ve not shifted from that.

JOURNALIST: Deputy Premier, Rosanna Kingsun from Seven News. Can you rule out whether there will be a new train station at the Olympic Park there as in the paper, or is that not a consideration at all? And a question for Minister King. What would you like to see the State Government and Brisbane City Council include in their new precinct plan?

JARROD BLEIJIE: Rosie, thank you for the question. I’m not really anything in or out about the transportation. Because what we need to do is work out what will be the best public transportation system around RNA, Victoria Park, the new stadium, and also the National Aquatics Centre. So, I’m not going to rule anything in or out. I’ll be guided by the experts. They’ve got a job to do now to work out what that transportation plan looks like – new stations, no stations. So, we’ll be open to any of the suggestions that come forward, but it’s got to be in the best interest of the commuters to get people around all the venues.

CATHERINE KING: And that’s really what we will dig for in terms of the transport and mobility plan and not just obviously how people are going to move around the venues, and obviously, the IOC and Australian Olympic Committee will also be interested in those issues.

In terms of precinct overall, I think what you will see across the globe at the moment is that where stadiums are being built- we’re not the only country that is facing challenges of people being concerned about the cost of those, loss of green space, all of those things. And what you’re seeing- and I think there’s some really interesting examples in the US, in Queens for example. I had the incredible privilege of being able to go and have a look a couple of years ago now, at Tottenham Hotspur’s new stadium and what they did around there around being able to provide education opportunities for a really incredibly disadvantaged community.

As I said in my speech, really I’m interested in more infrastructure [indistinct], not just in sport. We can see what that legacy looks like. But really, the opportunity we have here is to really shape cities, and to shape the way people live and dream about and enjoy those cities. And really, that’s what we’re looking for in the precinct plan. Because we know, long after the Games have finished, there’s people who live in these communities and we want them to be able to utilise those facilities, utilise the green space, be able to utilise transport and love where they live. And that is challenging.

As I said, that we’re not the only country in the world who might be aware there’s an election in Tasmania at the moment, and the issue around that there. In the same way, as we’ve said, we’ve funded Macquarie Point Precinct. We just haven’t funded just a stadium, what the life is going to look like down in that particular part of the world. So that’s really the sort of thing we’ll be looking for from both the transport and the precincts point of view.

MC: Ladies and gentlemen, unfortunately, that’s where we’ll have to leave it, but I’m sure we’ll have many more of these events in the lead up to 2032. Please join me in thanking the Deputy Premier and Minister King.

[Applause]

MIL OSI News –

July 28, 2025
MIL-OSI Africa: MPs financial interests released to public

Source: Government of South Africa

MPs financial interests released to public

Parliament has released the 2025 register on the financial interests and other benefits of Members of Parliament (MPs).

Due to the nature of their jobs, MPs are required to disclose financial interests, such as shares and other financial interests in companies and other corporate entities; remunerated employment or work outside of Parliament; directorships and partnerships; consultancies and retainerships; sponsorships; gifts and hospitality as well as benefits and interest free loans.

In addition, they are required to disclose travel; ownership in land and property; pensions; rented property income generating assets; and trusts.

Declaring such interests enhances transparency and strengthens public trust and confidence in parliamentary processes and decision-making.

On Friday, the Joint Committee on Ethics and Members’ Interests adopted the 2025 Register of Members’ Interests per item 12 of the Code of Ethical Conduct and Disclosure of Members’ Interests for National Assembly and Permanent Council Members.

The 2025 register is the second of the seventh Parliament following the 2024 General Elections.

“As per convention following the adoption, the committee resolved to release the register to enable access to the public section of the register. The new code adopted by the sixth Parliament established the submission of interests using the prescribed electronic form, which is aimed at streamlining declarations and making the process seamless and quick.

“The adoption of the electronic declaration submission form was a strategic decision in line with the move to ensure a paperless Parliament. Also, to ensure seamless submission, the office of the Registrar availed staff to support and assist Members of Parliament with their online submissions,” Parliament said.

Item 12 (7) of the Code is clear that a Member must disclose his/her registrable interests in the first quarter of the financial year.

“The code promotes a culture of openness and accountability, and the release of the register is a bold step in building public trust and confidence. Furthermore, by ensuring accountability of public representatives, the release ensures credibility of the oversight work over the executive,” Parliament said.

As per item 12 (1) of the Code, the Register consists of both a public and confidential section.

The public section of the register is now available to be perused by the public to ensure accountability.

“The Joint Committee on Ethics and Members’ Interests further communicates that the 2025 disclosure process had a 100% compliance by the due date of all Members of Parliament. No Member of Parliament submitted late. The committee commends this milestone.”

The full public section of the register can be accessed here: https://tinyurl.com/36vyn5bs

A full report will be published in the Parliament’s Announcements, Tabling’s and Committee Reports. –SAnews.gov.za

nosihle
Sun, 07/27/2025 – 12:29

MIL OSI Africa –

July 28, 2025

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