MIL-OSI Russia: China, EU should expand trade, investment ties to cope with external uncertainty: Chinese Premier

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

BEIJING, July 24 (Xinhua) — Chinese Premier Li Qiang on Thursday called on China and the European Union to expand trade and investment ties to enhance the resilience and vitality of both sides’ economies and better cope with external uncertainties.

Li Qiang made the announcement at a China-EU entrepreneurs’ symposium at the Great Hall of the People in Beijing, which was also attended by European Commission President Ursula von der Leyen.

Speaking to about 60 business leaders, Li Qiang stressed that cooperation is the only right choice for China and the EU, noting that the bilateral trade and economic cooperation has shown strong internal vigor in the half-century since the establishment of diplomatic relations.

Facing rising protectionism and unilateralism, China and Europe can become a bulwark of stability for economic globalization and international supply chains by advocating free trade and multilateralism and engaging in closer economic and trade cooperation, the premier said.

Li Qiang proposed that both sides focus on areas such as trade in services, scientific and technological innovation, green economy and cooperation with third parties, building a relationship of healthy competition and cooperation.

He called on enterprises from both sides to adhere to an open attitude, closely align their needs and deepen cooperation in areas such as industrial investment, market expansion and joint research and development.

The Chinese leader assured that China will continue to expand high-level opening-up, shorten the negative list for foreign investment, strengthen intellectual property protection and ensure fair competition.

“We invite more European enterprises to invest in China and develop in an all-round way in China,” Li Qiang said, calling on the EU in turn to provide a fair, just and non-discriminatory business environment for Chinese enterprises investing in Europe.

W. von der Leyen, for her part, noted that China is not only a major industrial power, but also achieves outstanding results in the field of innovation.

According to her, the European Union hopes to take advantage of the 50th anniversary of the establishment of diplomatic relations to deepen a long-term, stable and mutually beneficial partnership with China.

She pointed out that the EU intends to strengthen cooperation with China in areas such as trade and investment, jointly promote the stability of industrial and supply chains, properly resolve differences and create a favorable environment for cooperation and business.

The EU has no intention of cutting ties with China and welcomes investment and activities by Chinese companies in Europe, the head of the European Commission added. –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 25, 2025

MIL-OSI USA: Schatz, Murphy Introduce New Legislation To Improve Wages, Operations Transparency For Rideshare Drivers, Delivery App Workers

US Senate News:

Source: United States Senator for Hawaii Brian Schatz

WASHINGTON – U.S. Senators Brian Schatz (D-Hawai‘i) and Chris Murphy (D-Conn.) today introduced the Empowering App-Based Workers Act, new legislation to improve transparency on how app companies operate and help boost wages for rideshare drivers and delivery app workers.

“Every day rideshare drivers and delivery app workers work long hours and travel many miles to make a living, often without knowing how much money they’ll make. Our bill would shed some light on how apps determine work assignments and pay, ensuring workers are treated and paid fairly,” said Senator Schatz.

Millions of workers across multiple industries, report to work by turning on an app. These platforms collect data from both workers and consumers to shape working conditions, evaluate workers, and make work-related decisions, including decisions on how much to pay a worker, which workers get which assignments, and whether, when, or for how long a worker will be suspended or ‘deactivated.’ All this is done with systems that are not transparent to workers, consumers, or regulators, creating information imbalances that mask wage theft, discrimination, and price-gouging.

The Empowering App-Based Workers Act would create a level playing field for workers managed by digital labor platforms by:

Requiring disclosure of electronic monitoring and automated decision systems uses, including how they are used to determine pay and other work decisions;
Providing itemized receipts to workers and consumers after every work assignment;
Providing workers receive weekly pay statements with relevant information on their compensation;
Ensuring rideshare workers receive at least 75 percent of the amount paid by consumers; and
Stopping platforms from using interfaces that contain unfair or deceptive information on compensation.

“We applaud Senators Schatz and Murphy for listening to workers’ demands and introducing the Empowering App-Based Workers Act,” said Rebecca Dixon, President and CEO of NELP. “App-based workers have long sought better pay and greater accountability from corporations that use hidden algorithms to determine pay, work assignments, and discipline. This legislation is an important step forward in building a good-jobs economy where all workers have expansive rights and thrive in good jobs.”

“Senator Schatz’s bill is a great first step toward protecting app-based workers from hidden fees, undue surveillance, and algorithms that violate their civil rights. It also creates mechanisms to hold Big Tech accountable when their greed harms workers,” said Jody Calemine, AFL-CIO Director of Advocacy.

The bill is supported by the ACE Collaborative of New Virginia Majority, Action Center on Race and Economy, AFL-CIO, Athena, Center for Law and Social Policy, Color Of Change, Colorado Independent Drivers United, Connecticut Drivers United, Coworker, Data & Society, Drivers Union Washington/Teamsters Local 117, Economic Policy Institute, Fair Work Center, Groundwork Collaborative, Hawai‘i Workers Center, Los Deliveristas Unidos, Minnesota Uber/Lyft Drivers Association, Make the Road New Jersey, National Women’s Law Center, National Employment Law Project (NELP), New York Taxi Workers Alliance, New School Center for NYC Public Affairs, NLAN/GLOW, National Partnership for Women & Families, National Women’s Law Center Action Fund, Open Markets Institute, Portland Drivers United, Rideshare Drivers United, PowerSwith Action, Service Employees International Union (SEIU), Tech Equity Collaborative, Tennessee Drivers Union, The People’s Lobby, Towards Justice, United Food and Commercial Workers International Union, and Working Washington.

The text of the bill is available here.

MIL OSI USA News –

July 25, 2025

MIL-OSI New Zealand: Health – General Practice training programme to be fully funded is a win for the future of the general practice workforce

Source: Royal NZ College of General Practitioners

The Royal New Zealand College of General Practitioners welcomes the Minister of Health’s announcement today at GP25: Conference for General Practice of significant additional funding for registrars across the General Practice Education Programme (GPEP).

This announcement will go a long way to strengthen the training and grow the next generation of the specialist GP workforce, and includes:

In 2025, training fees for doctors in their second, third, and post-third year of GPEP to encourage completion of their training.

Fellowship assessment costs for around 200 GPEP trainees to enable them to complete their training and become Fellows.

From 2026, full ongoing training and education costs for an estimated 400 GPEP year 2 and 3 trainees each year.

Currently, GP registrars only have their first year of GPEP funded with the second and third years having to be self-funded. This funding approach is different to all the other medical training programmes (in New Zealand and Australasian medical colleges) that are fully funded for their entirety.

College President Dr Samantha Murton says, “This funding will be a gamechanger for current and future trainees. This is a significant acknowledgement for the specialism of the general practice workforce and the vital role we play in healthcare being as important as those of our peers in secondary hospital settings.

“Not only will this funding offer the necessary financial support our GP registrars need throughout their training, but we are optimistic that the news will encourage medical graduates who have an interest in general practice but have been put off by the financial barriers to make the step to train as a specialist GP. To them, I say welcome and you won’t regret your decision.

The College has been a strong and vocal advocate for the current and future general practice workforce and is enthusiastic that the funding for primary care is heading in the right direction to ensure that it is sustainable.

College Chief Executive Toby Beaglehole says, “We are focused on building a sustainable workforce for the future, which starts with training and the equitability of our program costs to other specialist medical training.

“This funding s

MIL OSI New Zealand News –

July 25, 2025

MIL-OSI: First Savings Financial Group, Inc. Reports Financial Results for the Third Fiscal Quarter Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

JEFFERSONVILLE, Ind., July 24, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $6.2 million, or $0.88 per diluted share, for the quarter ended June 30, 2025, compared to net income of $4.1 million, or $0.60 per diluted share, for the quarter ended June 30, 2024. Excluding nonrecurring items, the Company reported net income of $5.7 million (non-GAAP measure)⁽¹⁾ and net income per diluted share of $0.81 (non-GAAP measure)⁽¹⁾ for the quarter ended June 30, 2025 compared to $3.5 million, or $0.52 per diluted share for the quarter ended June 30, 2024.

Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the third fiscal quarter performance, including the continued improvement in the net interest margin, which has increased 32 basis points from June of 2024 to June of 2025, solid growth in deposits, expense containment, and meaningful efficiency ratio improvement. The SBA Lending segment posted its second consecutive profitable quarter, which included a solid level of loans originations and sales. Additionally, the SBA Lending pipeline for the fourth fiscal quarter remains robust. We are optimistic regarding the remainder of fiscal 2025 as we anticipate further expansion of the net interest margin, continued profitability from the SBA Lending segment, additional sales of home equity lines of credit, and stable and strong asset quality. We will continue our focus on customer deposit growth, select loan growth opportunities, preservation of asset quality, and prudent capital and liquidity management. We will also continue to evaluate options and strategies that we believe will maximize shareholder value.”

(1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.

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

Net interest income increased $2.2 million, or 15.1%, to $16.7 million for the three months ended June 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended June 30, 2025 was 2.99% as compared to 2.67% for the same period in 2024. The increase in net interest income was due to an increase of $871,000 in interest income and a decrease of $1.3 million in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

The Company recognized a provision for credit losses for loans and unfunded lending commitments of $347,000 and $77,000, respectively, and a reversal of provision for credit losses on securities of $1,000 for the three months ended June 30, 2025, compared to a provision for credit losses for loans, unfunded lending commitments and securities of $501,000, $158,000 and $84,000, respectively, for the same period in 2024. The Company recognized $309,000 in net charge-offs recognized during the three months ended June 30, 2025, of which $216,000 was related to unguaranteed portions of SBA loans. During the three months ended June 30, 2024, the Company recognized net charge-offs of $105,000, of which $49,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $1.7 million from $16.9 million at September 30, 2024 to $15.2 million at June 30, 2025.

Noninterest income increased $1.3 million for the three months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to increases in other income and net gain on sales of SBA loans of $565,000 and $351,000, respectively, and net gain on sales of home equity lines of credit (“HELOC”) of $617,000, partially offset by a $404,000 decrease in net unrealized gains on equity securities. The increase in other income was primarily due to a $487,000 gain recognized in connection with a lease termination. The was no gain on sales of HELOC in the 2024 period as the sale of this product commenced in fiscal 2025.

Noninterest expense increased $1.3 million for the three months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to an increase in compensation and benefits of $904,000, which was due to routine salary increases and increases in bonus and incentive accruals in 2025 related to stronger Company performance.

The Company recognized income tax expense of $963,000 for the three months ended June 30, 2025 compared to $483,000 for the same period in 2024. The increase is due primarily to higher taxable income in 2025 as compared to 2024. The effective tax rate for 2025 was 13.5% compared to 10.6% for 2024. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

Results of Operations for the Nine Months Ended June 30, 2025 and 2024

The Company reported net income of $17.9 million, or $2.57 per diluted share, for the nine months ended June 30, 2025 compared to net income of $9.9 million, or $1.45 per diluted share, for the nine months ended June 30, 2024. Excluding nonrecurring items, the Company reported net income of $15.1 million (non-GAAP measure)⁽¹⁾ and net income per diluted share of $2.16 (non-GAAP measure)⁽¹⁾ for the nine months ended June 30, 2025 compared to net income of $9.4 million and net income per diluted share of $1.37 for the nine months ended June 30, 2024. The core banking segment reported net income of $17.2 million, or $2.46 per diluted share for the nine months ended June 30, 2025 compared to net income of $13.3 million and net income per diluted share of $1.92 for the nine months ended June 30, 2024. Excluding nonrecurring items, the core banking segment reported net income of $14.4 million (non-GAAP measure)⁽¹⁾, or $2.05 per diluted share (non-GAAP measure)⁽¹⁾ for the nine months ended June 30, 2025 compared to net income of $12.9 million and net income per diluted share of $1.89 for the nine months ended June 30, 2024.

Net interest income increased $5.2 million, or 12.1%, to $48.2 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the nine months ended June 30, 2025 was 2.89% as compared to 2.67% for the same period in 2024. The increase in net interest income was due to a $5.5 million increase in interest income, partially offset by a $279,000 increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

The Company recognized a reversal of provision for credit losses for loans and securities of $501,000 and $8,000, respectively, and a provision for unfunded lending commitments of $246,000 for the nine months ended June 30, 2025, compared to a provision for credit losses for loans and securities of $1.7 million and $107,000, respectively, and reversal of provision for unfunded lending commitments of $159,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to the bulk sale of approximately $87.2 million of HELOC during the period and a decrease in qualitative reserves. The Company recognized net charge-offs totaling $271,000 for the nine months ended June 30, 2025, of which $52,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $224,000 in 2024, of which $15,000 was related to unguaranteed portions of SBA loans.

Noninterest income increased $4.5 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to a $3.1 million net gain on sales of HELOC, a $403,000 net gain on sales of equity securities in 2025, and the aforementioned $487,000 gain recognized in connection with a lease termination in the 2025 period with no corresponding gain amounts for the 2024 period.

Noninterest expense increased $2.1 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to increases in compensation and benefits and other operating expenses of $1.4 million and $1.1 million, respectively, partially offset by a decrease in professional fees of $412,000. The increase in compensation and benefits is primarily due to routine salary increases and increases in bonus and incentive accruals in 2025 related to stronger Company performance. The increase in other operating expenses was due primarily to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period with no corresponding amount for the 2025 period and a $405,000 accrued contingent liability associated with employee benefits recognized in the 2025 period with no corresponding amount in the 2024 period. The decrease in professional fees is primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

The Company recognized income tax expense of $2.4 million for the nine months ended June 30, 2025 compared to $873,000 for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period. The effective tax rate for 2025 was 11.8% compared to 8.1%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

Comparison of Financial Condition at June 30, 2025 and September 30, 2024

Total assets decreased $33.7 million, from $2.45 billion at September 30, 2024 to $2.42 billion at June 30, 2025. Net loans held for investment decreased $68.0 million during the nine months ended June 30, 2025, due primarily to $109.1 million of sales of HELOC during the nine months ended June 30, 2025, and residential mortgage loans held for sale increased $42.1 million during the same period.

Total liabilities decreased $40.4 million due primarily to a decrease in total deposits and other borrowings of $144.7 and $19.9 million, respectively, partially offset by an increase in FHLB borrowings of $133.3 million. The decrease in total deposits was due to a decrease in brokered deposits of $229.1 million, which was due primarily to proceeds from the aforementioned sales of HELOC and greater utilization of FHLB borrowings, partially offset by an increase in customer deposits of $84.4 million. The decrease in other borrowings is due to the redemption of $20.0 million of subordinated notes during the quarter ended June 30, 2023. As of June 30, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 35.0% of total deposits and 14.3% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

Total stockholders’ equity increased $6.7 million, from $177.1 million at September 30, 2024 to $183.8 million at June 30, 2025, due primarily to a $14.6 million increase in retained net income, partially offset by a $8.9 million increase in accumulated other comprehensive loss. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the nine months ended June 30, 2025, which resulted in a decrease in the fair value of securities available for sale. At June 30, 2025 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company’s periodic filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact:
Tony A. Schoen, CPA
Chief Financial Officer
812-283-0724


FIRST SAVINGS FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)


	Three Months Ended						Nine Months Ended
OPERATING DATA:	June 30,						June 30,
(In thousands, except share and per share data)		2025			2024			2025			2024

Total interest income	$	31,965		$	31,094		$	95,237		$	89,765
Total interest expense		15,240			16,560			47,059			46,780

Net interest income		16,725			14,534			48,178			42,985

Provision (credit) for credit losses – loans		347			501			(501	)		1,684
Provision (credit) for unfunded lending commitments		77			158			246			(159	)
Provision (credit) for credit losses – securities		(1	)		84			(8	)		107

Total provision (credit) for credit losses		423			743			(263	)		1,632

Net interest income after provision (credit) for credit losses		16,302			13,791			48,441			41,353

Total noninterest income		4,520			3,196			14,183			9,688
Total noninterest expense		13,693			12,431			42,334			40,248

Income before income taxes		7,129			4,556			20,290			10,793
Income tax expense		963			483			2,400			873

Net income	$	6,166		$	4,073		$	17,890		$	9,920

Net income per share, basic	$	0.90		$	0.60		$	2.60		$	1.45
Weighted average shares outstanding, basic		6,881,077			6,832,452			6,867,734			6,829,490

Net income per share, diluted	$	0.88		$	0.60		$	2.57		$	1.45
Weighted average shares outstanding, diluted		6,977,674			6,834,784			6,967,742			6,851,145


Performance ratios (annualized)
Return on average assets		1.02	%		0.69	%		0.99	%		0.57	%
Return on average equity		13.66	%		9.86	%		13.32	%		8.23	%
Return on average common stockholders’ equity		13.66	%		9.86	%		13.32	%		8.23	%
Net interest margin (tax equivalent basis)		2.99	%		2.67	%		2.89	%		2.67	%
Efficiency ratio		64.45	%		70.11	%		67.89	%		76.41	%


							QTD						FYTD
FINANCIAL CONDITION DATA:	June 30,			March 31,			Increase			September 30,			Increase
(In thousands, except per share data)		2025			2025		(Decrease)				2024		(Decrease)

Total assets	$	2,416,675		$	2,376,230		$	40,445		$	2,450,368		$	(33,693	)
Cash and cash equivalents		52,123			28,683			23,440			52,142			(19	)
Investment securities		244,284			244,084			200			249,719			(5,435	)
Loans held for sale		60,970			61,239			(269	)		25,716			35,254
Gross loans		1,916,343			1,900,660			15,683			1,985,146			(68,803	)
Allowance for credit losses		20,522			20,484			38			21,294			(772	)
Interest earning assets		2,260,099			2,219,504			40,595			2,277,512			(17,413	)
Goodwill		9,848			9,848			–			9,848			–
Core deposit intangibles		275			316			(41	)		398			(123	)
Noninterest-bearing deposits		202,649			185,252			17,397			191,528			11,121
Interest-bearing deposits (customer)		1,253,525			1,207,159			46,366			1,180,196			73,329
Interest-bearing deposits (brokered)		280,020			396,770			(116,750	)		509,157			(229,137	)
Federal Home Loan Bank borrowings		434,924			325,310			109,614			301,640			133,284
Subordinated debt and other borrowings		28,722			48,682			(19,960	)		48,603			(19,881	)
Total liabilities		2,232,853			2,197,041			35,812			2,273,253			(40,400	)
Accumulated other comprehensive loss		(20,061	)		(19,385	)		(676	)		(11,195	)		(8,866	)
Total stockholders’ equity		183,822			179,189			4,633			177,115			6,707

Book value per share	$	26.35		$	25.90			0.45		$	25.72			0.63
Tangible book value per share (non-GAAP) (1)		24.90			24.43			0.47			24.23			0.67

Non-performing assets:
Nonaccrual loans – SBA guaranteed	$	2,713		$	123		$	2,590		$	5,036		$	(2,323	)
Nonaccrual loans		12,502			12,597			(95	)		11,906			596
Total nonaccrual loans	$	15,215		$	12,720		$	2,495		$	16,942		$	(1,727	)
Accruing loans past due 90 days		–			–			–			–			–
Total non-performing loans		15,215			12,720			2,495			16,942			(1,727	)
Foreclosed real estate		1,113			444			669			444			669
Total non-performing assets	$	16,328		$	13,164		$	3,164		$	17,386		$	(1,058	)

Asset quality ratios:
Allowance for credit losses as a percent of total gross loans		1.07	%		1.08	%		(0.01	%)		1.07	%		(0.00	%)
Allowance for credit losses as a percent of nonperforming loans		134.88	%		161.04	%		(26.16	%)		125.69	%		9.19	%
Nonperforming loans as a percent of total gross loans		0.79	%		0.67	%		0.12	%		0.85	%		(0.06	%)
Nonperforming assets as a percent of total assets		0.68	%		0.55	%		0.13	%		0.71	%		(0.03	%)

(1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.


RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):
The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.

	Three Months Ended						Fiscal Year Ended
Net Income	June 30,						June 30,
(In thousands)		2025			2024			2025			2024

Net income attributable to the Company (non-GAAP)	$	5,691		$	3,534		$	15,057		$	9,381
Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect		–			–			1,869			–
Plus: Gain on life insurance, net of tax effect		110			–			110			–
Plus: Gain on lease termination, net of tax effect		365			–			365			–
Plus: Gain on sale of equity securities, net of tax effect		–			–			302			–
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect		–			212			–			212
Plus: Gain on sale of premises and equipment, net of tax effect		–			–			186			–
Plus: Recording of Visa Class C shares, net of tax		–			327			–			327
Net income attributable to the Company (GAAP)	$	6,166		$	4,073		$	17,890		$	9,920

Net Income per Share, Diluted

Net income per share attributable to the Company, diluted (non-GAAP)	$	0.81		$	0.52		$	2.16		$	1.37
Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect		–			–			0.27			–
Plus: Gain on life insurance, net of tax effect		0.02			–			0.02			–
Plus: Gain on lease termination, net of tax effect		0.05			–			0.05			–
Plus: Gain on sale of equity securities, net of tax effect		–			–			0.04			–
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect		–			0.03			–			0.03
Plus: Gain on sale of premises and equipment, net of tax effect		–			–			0.03			–
Plus: Recording of Visa Class C shares, net of tax		–			0.05			–			0.05
Net income per share, diluted (GAAP)	$	0.88		$	0.60		$	2.57		$	1.45

Core Bank Segment Net Income
(In thousands)

Net income attributable to the Core Bank (non-GAAP)	$	5,299		$	4,176		$	14,379		$	12,947
Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect		–			–			1,869			–
Plus: Gain on life insurance, net of tax effect		110			–			110			–
Plus: Gain on lease termination, net of tax effect		365			–			365			–
Plus: Gain on sale of equity securities, net of tax effect		–			–			302			–
Plus: Gain on sale of premises and equipment, net of tax effect		–			–			186			–
Plus: Recording of Visa Class C shares, net of tax		–			327			–			327
Net income attributable to the Core Bank (GAAP)	$	5,774		$	4,503		$	17,212		$	13,274

Core Bank Segment Net Income per Share, Diluted

Core Bank net income per share, diluted (non-GAAP)	$	0.75		$	0.64		$	2.05		$	1.89
Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect		–			–			0.27			–
Plus: Gain on life insurance, net of tax effect		0.02			–			0.02			–
Plus: Gain on lease termination, net of tax effect		0.05			–			0.05			–
Plus: Gain on sale of equity securities, net of tax effect		–			–			0.04			–
Plus: Gain on sale of premises and equipment, net of tax effect		–			–			–			0.03
Plus: Recording of Visa Class C shares, net of tax		–			0.05			0.03			–
Core Bank net income per share, diluted (GAAP)	$	0.82		$	0.69		$	2.46		$	1.92


RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED):	Three Months Ended						Fiscal Year Ended
Efficiency Ratio	June 30,						June 30,
(In thousands)		2025			2024			2025			2024

Net interest income (GAAP)	$	16,725		$	14,534		$	48,178		$	42,985

Noninterest income (GAAP)		4,520			3,196			14,183			9,688

Noninterest expense (GAAP)		13,693			12,431			42,334			40,248

Efficiency ratio (GAAP)		64.45	%		70.11	%		67.89	%		76.41	%

Noninterest income (GAAP)	$	4,520		$	3,196		$	14,183		$	9,688
Less: Gain on bulk sale of loans, home equity lines of credit		–			–			(2,492	)		–
Less: Gain on life insurance		(147	)		–			(147	)		–
Less: Gain on lease termination		(487	)		–			(487	)		–
Less: Gain on sale of equity securities		–			–			(403	)		–
Less: Gain on sale of premises and equipment		–			–			(140	)		–
Less: Recording of Visa Class C shares		–			(245	)		–			(245	)
Noninterest income (Non-GAAP)		3,886			2,951			10,515			9,443

Noninterest expense (GAAP)	$	13,693		$	12,431		$	42,334		$	40,248
Plus: Decrease in loss contingency for SBA-guaranteed loans		–			283			–			283
Noninterest expense (Non-GAAP)	$	13,693		$	12,714		$	42,334		$	40,531

Efficiency ratio (excluding nonrecurring items) (non-GAAP)		66.44	%		72.71	%		72.13	%		77.31	%

							QTD						FYTD
Tangible Book Value Per Share	June 30,			March 31,			Increase			September 30,			Increase
(In thousands, except share and per share data)		2025			2025		(Decrease)				2024		(Decrease)

Stockholders’ equity (GAAP)	$	183,822		$	179,189		$	4,633		$	177,115		$	6,707
Less: goodwill and core deposit intangibles		(10,123	)		(10,164	)		41			(10,246	)		123
Tangible stockholders’ equity (non-GAAP)	$	173,699		$	169,025		$	4,674		$	166,869		$	6,830

Outstanding common shares		6,976,558			6,919,136		$	57,422			6,887,106		$	89,452

Tangible book value per share (non-GAAP)	$	24.90		$	24.43		$	0.47		$	24.23		$	0.67

Book value per share (GAAP)	$	26.35		$	25.90		$	0.45		$	25.72		$	0.63



SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):	As of
Summarized Consolidated Balance Sheets	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except per share data)		2025			2025			2024			2024			2024

Total cash and cash equivalents	$	52,123		$	28,683		$	76,224		$	52,142		$	42,423
Total investment securities		244,284			244,084			242,634			249,719			238,785
Total loans held for sale		60,970			61,239			24,441			25,716			125,859
Total loans, net of allowance for credit losses		1,895,821			1,880,176			1,884,514			1,963,852			1,826,980
Loan servicing rights		2,869			2,744			2,661			2,754			2,860
Total assets		2,416,675			2,376,230			2,388,735			2,450,368			2,393,491

Customer deposits	$	1,456,174		$	1,392,411		$	1,395,766		$	1,371,724		$	1,312,997
Brokered deposits		280,020			396,770			437,008			509,157			399,151
Total deposits		1,736,194			1,789,181			1,832,774			1,880,881			1,712,148
Federal Home Loan Bank borrowings		434,924			325,310			295,000			301,640			425,000

Common stock and additional paid-in capital	$	30,090		$	28,650		$	28,382		$	27,725		$	27,592
Retained earnings – substantially restricted		187,969			182,918			178,526			173,337			170,688
Accumulated other comprehensive loss		(20,061	)		(19,385	)		(17,789	)		(11,195	)		(17,415	)
Unearned stock compensation		(2,005	)		(862	)		(973	)		(901	)		(999	)
Less treasury stock, at cost		(12,171	)		(12,132	)		(12,119	)		(11,851	)		(11,866	)
Total stockholders’ equity		183,822			179,189			176,027			177,115			168,000

Outstanding common shares		6,976,558			6,919,136			6,909,173			6,887,106			6,883,656


	Three Months Ended
Summarized Consolidated Statements of Income	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except per share data)		2025			2025			2024			2024			2024

Total interest income	$	31,965		$	30,823		$	32,449		$	32,223		$	31,094
Total interest expense		15,240			14,832			16,987			17,146			16,560
Net interest income		16,725			15,991			15,462			15,077			14,534
Provision (credit) for credit losses – loans		347			(357	)		(491	)		1,808			501
Provision (credit) for unfunded lending commitments		77			123			46			(262	)		158
Provision (credit) for credit losses – securities		(1	)		(1	)		(6	)		(86	)		84
Total provision (credit) for credit losses		423			(235	)		(451	)		1,460			743

Net interest income after provision for credit losses		16,302			16,226			15,913			13,617			13,791

Total noninterest income		4,520			3,560			6,103			2,842			3,196
Total noninterest expense		13,693			13,698			14,943			12,642			12,431
Income before income taxes		7,129			6,088			7,073			3,817			4,556
Income tax expense (benefit)		963			589			848			145			483
Net income		6,166			5,499			6,225			3,672			4,073


Net income per share, basic	$	0.90		$	0.80		$	0.91		$	0.54		$	0.60
Weighted average shares outstanding, basic		6,881,077			6,875,826			6,851,153			6,832,626			6,832,452

Net income per share, diluted	$	0.88		$	0.79		$	0.89		$	0.53		$	0.60
Weighted average shares outstanding, diluted		6,977,674			6,960,020			6,969,223			6,894,532			6,842,336


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Noninterest Income Detail	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2025			2025			2024			2024			2024

Service charges on deposit accounts	$	537		$	541		$	567		$	552		$	538
ATM and interchange fees		648			632			665			642			593
Net unrealized gain on equity securities		15			47			78			28			419
Net gain on equity securities		–			–			403			–			–
Net gain on sales of loans, Small Business Administration		932			1,078			711			647			581
Net gain on sales of loans, home equity lines of credit		617			–			2,492			–			–
Mortgage banking income		96			104			78			6			49
Increase in cash surrender value of life insurance		358			380			361			363			353
Gain on life insurance		147			–			108			–			–
Commission income		184			255			210			294			220
Real estate lease income		132			122			121			122			154
Net gain (loss) on premises and equipment		–			–			45			(4	)		–
Other income		854			401			264			192			289
Total noninterest income	$	4,520		$	3,560		$	6,103		$	2,842		$	3,196


	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
Consolidated Performance Ratios (Annualized)		2025			2025			2024			2024			2024

Return on average assets		1.02	%		0.93	%		1.02	%		0.61	%		0.69	%
Return on average equity		13.66	%		12.24	%		14.07	%		8.52	%		9.86	%
Return on average common stockholders’ equity		13.66	%		12.34	%		14.07	%		8.52	%		9.86	%
Net interest margin (tax equivalent basis)		2.99	%		2.93	%		2.75	%		2.72	%		2.67	%
Efficiency ratio		64.45	%		70.06	%		69.29	%		70.55	%		70.11	%


	As of or for the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
Consolidated Asset Quality Ratios		2025			2025			2024			2024			2024

Nonperforming loans as a percentage of total loans		0.79	%		0.67	%		0.87	%		0.85	%		0.91	%
Nonperforming assets as a percentage of total assets		0.68	%		0.55	%		0.71	%		0.71	%		0.72	%
Allowance for credit losses as a percentage of total loans		1.07	%		1.08	%		1.09	%		1.07	%		1.07	%
Allowance for credit losses as a percentage of nonperforming loans		134.88	%		161.04	%		124.85	%		125.69	%		118.12	%
Net charge-offs to average outstanding loans		0.02	%		-0.01	%		0.01	%		0.02	%		0.01	%


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2025			2025			2024			2024			2024

Core Banking Segment:
Net interest income	$	15,086		$	14,259		$	13,756		$	14,083		$	13,590
Provision (credit) for credit losses – loans		420			(540	)		(745	)		1,339			320
Provision (credit) for unfunded lending commitments		32			35			(75	)		78			64
Provision (credit) for credit losses – securities		(1	)		(1	)		(7	)		(86	)		84
Total provision (credit) for credit losses		451			(506	)		(827	)		1,331			468
Net interest income after provision (credit) for credit losses		14,635			14,765			14,583			12,752			13,122
Noninterest income		3,340			2,242			5,253			2,042			2,474
Noninterest expense		11,366			11,486			12,574			10,400			10,192
Income before income taxes		6,609			5,521			7,262			4,394			5,404
Income tax expense		835			452			893			301			689
Net income	$	5,774		$	5,069		$	6,369		$	4,093		$	4,715

SBA Lending Segment (Q2):
Net interest income	$	1,639		$	1,732		$	1,706		$	994		$	944
Provision (credit) for credit losses – loans		(73	)		183			255			469			181
Provision (credit) for unfunded lending commitments		45			88			121			(340	)		94
Total provision (credit) for credit losses		(28	)		271			376			129			275
Net interest income after provision for credit losses		1,667			1,461			1,330			865			669
Noninterest income		1,180			1,318			850			800			722
Noninterest expense		2,327			2,212			2,369			2,242			2,239
Income (loss) before income taxes		520			567			(189	)		(577	)		(848	)
Income tax expense (benefit)		128			137			(45	)		(156	)		(206	)
Net income (loss)	$	392		$	430		$	(144	)	$	(421	)	$	(642	)


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except percentage data)		2025			2025			2024			2024			2024

Net Income (Loss) Per Share by Segment
Net income per share, basic – Core Banking	$	0.84		$	0.74		$	0.93		$	0.60		$	0.69
Net income (loss) per share, basic – SBA Lending (Q2)		0.06			0.06			(0.02	)		(0.06	)		(0.09	)
Total net income (loss) per share, basic	$	0.90		$	0.80		$	0.91		$	0.54		$	0.60

Net Income (Loss) Per Diluted Share by Segment
Net income per share, diluted – Core Banking	$	0.82		$	0.73		$	0.91		$	0.59		$	0.69
Net income (loss) per share, diluted – SBA Lending (Q2)		0.06			0.06			(0.02	)		(0.06	)		(0.09	)
Total net income per share, diluted	$	0.88		$	0.79		$	0.89		$	0.53		$	0.60

Return on Average Assets by Segment (annualized) (3)
Core Banking		1.01	%		0.90	%		1.09	%		0.71	%		0.83	%
SBA Lending		1.36	%		1.58	%		(0.55	%)		(1.71	%)		(2.91	%)

Efficiency Ratio by Segment (annualized) (3)
Core Banking		61.68	%		69.61	%		66.15	%		64.50	%		63.45	%
SBA Lending		82.55	%		72.52	%		92.68	%		124.97	%		134.39	%


	Three Months Ended
Noninterest Expense Detail by Segment	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2025			2025			2024			2024			2024

Core Banking Segment:
Compensation	$	6,470		$	6,637		$	7,245		$	5,400		$	5,587
Occupancy		1,533			1,648			1,577			1,554			1,573
Advertising		437			429			338			399			253
Other		2,926			2,772			3,414			3,047			2,779
Total Noninterest Expense	$	11,366		$	11,486		$	12,574		$	10,400		$	10,192

SBA Lending Segment (Q2):
Compensation	$	1,914		$	1,892		$	1,931		$	1,854		$	1,893
Occupancy		92			50			59			55			51
Advertising		17			10			14			17			12
Other		304			260			365			316			283
Total Noninterest Expense	$	2,327		$	2,212		$	2,369		$	2,242		$	2,239


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
SBA Lending (Q2) Data	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except percentage data)		2025			2025			2024			2024			2024

Final funded loans guaranteed portion sold, SBA	$	18,019		$	15,716		$	10,785		$	10,880		$	7,515

Gross gain on sales of loans, SBA	$	1,548		$	1,508		$	1,141		$	1,029		$	811
Weighted average gross gain on sales of loans, SBA		8.59	%		9.60	%		10.58	%		9.46	%		10.79	%

Net gain on sales of loans, SBA (2)	$	932		$	1,078		$	711		$	647		$	581
Weighted average net gain on sales of loans, SBA		5.17	%		6.86	%		6.59	%		5.95	%		7.73	%


(2) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Summarized Consolidated Average Balance Sheets	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2025			2025			2024			2024			2024
Interest-earning assets
Average balances:
Interest-bearing deposits with banks	$	15,889		$	11,851		$	21,102		$	16,841		$	26,100
Loans		1,992,567			1,946,338			2,010,082			1,988,997			1,943,716
Investment securities – taxable		104,169			102,744			101,960			99,834			101,350
Investment securities – nontaxable		162,017			161,579			160,929			158,917			157,991
FRB and FHLB stock		24,993			24,986			24,986			24,986			24,986
Total interest-earning assets	$	2,299,635		$	2,247,498		$	2,319,059		$	2,289,575		$	2,254,143

Interest income (tax equivalent basis):
Interest-bearing deposits with banks	$	145		$	168		$	210		$	209		$	324
Loans		29,214			27,998			29,617			29,450			28,155
Investment securities – taxable		947			921			914			910			918
Investment securities – nontaxable		1,733			1,719			1,715			1,685			1,665
FRB and FHLB stock		416			511			493			471			519
Total interest income (tax equivalent basis)	$	32,455		$	31,317		$	32,949		$	32,725		$	31,581

Weighted average yield (tax equivalent basis, annualized):
Interest-bearing deposits with banks		3.65	%		5.67	%		3.98	%		4.96	%		4.97	%
Loans		5.86	%		5.75	%		5.89	%		5.92	%		5.79	%
Investment securities – taxable		3.64	%		3.59	%		3.59	%		3.65	%		3.62	%
Investment securities – nontaxable		4.28	%		4.26	%		4.26	%		4.24	%		4.22	%
FRB and FHLB stock		6.66	%		8.18	%		7.89	%		7.54	%		8.31	%
Total interest-earning assets		5.65	%		5.57	%		5.68	%		5.72	%		5.60	%

Interest-bearing liabilities
Interest-bearing deposits	$	1,537,248		$	1,653,058		$	1,671,156		$	1,563,258		$	1,572,871
Federal Home Loan Bank borrowings		437,371			266,975			315,583			378,956			351,227
Subordinated debt and other borrowings		35,070			48,656			48,616			48,576			48,537
Total interest-bearing liabilities	$	2,009,689		$	1,968,689		$	2,035,355		$	1,990,790		$	1,972,635

Interest expense:
Interest-bearing deposits	$	10,601		$	12,069		$	13,606		$	12,825		$	12,740
Federal Home Loan Bank borrowings		4,149			2,001			2,617			3,521			3,021
Subordinated debt and other borrowings		489			762			764			800			799
Total interest expense	$	15,239		$	14,832		$	16,987		$	17,146		$	16,560

Weighted average cost (annualized):
Interest-bearing deposits		2.76	%		2.92	%		3.26	%		3.28	%		3.24	%
Federal Home Loan Bank borrowings		3.79	%		3.00	%		3.32	%		3.72	%		3.44	%
Subordinated debt and other borrowings		5.58	%		6.26	%		6.29	%		6.59	%		6.58	%
Total interest-bearing liabilities		3.03	%		3.01	%		3.34	%		3.45	%		3.36	%

Net interest income (taxable equivalent basis)	$	17,216		$	16,485		$	15,962		$	15,579		$	15,021
Less: taxable equivalent adjustment		(491	)		(494	)		(500	)		(502	)		(487	)
Net interest income	$	16,725		$	15,991		$	15,462		$	15,077		$	14,534

Interest rate spread (tax equivalent basis, annualized)		2.62	%		2.56	%		2.34	%		2.27	%		2.24	%

Net interest margin (tax equivalent basis, annualized)		2.99	%		2.93	%		2.75	%		2.72	%		2.67	%

The MIL Network –

July 25, 2025

MIL-OSI China: China, EU should expand trade, investment ties to cope with external uncertainties: Chinese premier

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

China, EU should expand trade, investment ties to cope with external uncertainties: Chinese premier

Chinese Premier Li Qiang and President of the European Commission Ursula von der Leyen attend the China-EU Business Leaders Symposium at the Great Hall of the People in Beijing, capital of China, July 24, 2025. [Photo/Xinhua]

BEIJING, July 24 — Chinese Premier Li Qiang on Thursday called on China and the European Union (EU) to expand trade and investment ties to enhance their economic resilience and vitality, and to increase their ability to negotiate external uncertainties.

Li made the remarks at the China-EU Business Leaders Symposium, which was also attended by President of the European Commission Ursula von der Leyen, at the Great Hall of the People in Beijing.

Speaking to some 60 business leaders, Li said that cooperation is the only correct choice for China and the EU, and that bilateral trade ties have demonstrated strong internal dynamism over the five decades since the establishment of these diplomatic relations.

In the face of rising protectionism and unilateralism, China and the EU can play pivotal roles in economic globalization, and in the stability of international industrial and supply chains, by working together to uphold free trade and multilateralism, and through closer economic and trade cooperation, he said.

He proposed that both sides focus on areas such as trade in services, sci-tech innovation, the green economy and third-party cooperation, and that they foster a good competitive and cooperative relationship.

He encouraged enterprises from both sides to hold an open attitude, align their needs and deepen cooperation in the fields of industrial investment, market expansion, and joint research and development.

Li noted that China will continue expanding its high-level opening-up, shorten its negative list for foreign investment, strengthen intellectual property protection and safeguard fair competition.

“We welcome more European businesses to invest and pursue long-term operations in China,” he said, also calling on the EU to provide a fair, equitable and non-discriminatory environment for Chinese enterprises investing in Europe.

Von der Leyen said that China is not only an industrial powerhouse but also a top performer in innovation.

The EU stands ready to use the 50th anniversary of diplomatic relations as an opportunity to deepen its long-term, stable and mutually beneficial partnership with China, she said.

She noted that the EU will enhance cooperation with China in such fields as trade and investment, work with China to promote industrial and supply chain stability, manage differences in a proper manner, and foster a favorable environment for cooperation and business.

The EU has no intention to decouple from China and welcomes Chinese enterprises to invest in Europe, she added.

MIL OSI China News –

July 25, 2025

MIL-OSI USA: Representative Nadler Delivers Remarks at Rally in Support of Brooklyn Container Port

Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

Today, Representative Jerrold Nadler (NY-12) delivered the following remarks, as prepared for delivery, at a community rally in Red Hook in support of the Brooklyn container port:

“Thank you for inviting me here today. As many of you know, I have advocated for the Port of New York and New Jersey for more than forty years. For many of those years, I represented the Red Hook waterfront in Congress and fought for this vital facility, the community, and the jobs that depend on the port.

Red Hook is the only remaining container port facility on the eastern side of the Hudson River, making it immensely important for our city, state, and region. We gather today to address a critical decision facing our community regarding the future of the Brooklyn Marine Terminal and Red Hook’s working waterfront.

Red Hook has served as an active working waterfront for 150 years. While the port may be smaller than terminals in New Jersey and Staten Island, its location in the heart of America’s largest consumer market provides unique value. Red Hook connects our region to vital supply chains, bringing fresh produce from Latin America and the Caribbean directly to grocery stores throughout the city and Long Island.

The recent Baltimore bridge collapse reminded us how vulnerable our supply chains can be. We need redundancy and resilient alternatives. The Blue Highway barge service operating since 1991 employs skilled long-shore workers representing generations of maritime expertise. This infrastructure deserves our investment and protection.

Unfortunately, the city in acquiring the facility made a bad deal with the Port Authority and inherited a facility with significant challenges from decades of underinvestment. But now that the city owns Brooklyn Marine Terminal, it must repair the facility without any conditions. The current proposal from EDC is deeply flawed. To save the port, they propose developing thousands of market-rate housing units to finance improvements. I believe there is a better path forward, because their plan would have the opposite effect—shrinking and killing the very port they claim to want to save.

I fully recognize the city’s housing crisis requires urgent attention. However, adding 8,000 housing units to an area with narrow streets, aging infrastructure, and limited transit raises serious concerns about community impact and quality of life.
I propose a more thoughtful approach. First, preserve the Red Hook Port with no reduction in its footprint. Second, the city should invest in port stabilization and improvements as a public infrastructure priority, similar to investments in ferry lines, roads, and bridges. New York State should contribute as well, since the terminal serves the broader region including Long Island and the Hudson Valley.

Finally, housing decisions should be addressed through the established ULURP process, designed for complex land use decisions requiring maximum community input. This same process recently delivered the City of Yes housing plan through proper democratic engagement.

The fact that EDC keeps postponing the Task Force vote shows they lack support for their deeply flawed plan. It is profoundly undemocratic for EDC to delay the vote simply because they know their plan will be rejected. I urge the Task Force to approve necessary port improvements immediately while deferring housing decisions for later consideration through the ULURP process. This approach respects both the community’s voice and the democratic processes that ensure good governance.

The future of Red Hook deserves careful deliberation, not rushed decisions. We can protect our working waterfront while addressing housing needs through proper planning and community engagement.”

MIL OSI USA News –

July 25, 2025

MIL-OSI: Remittix Announces Wallet Beta Launch As Interest From XRP and ADA Communities Grows

Source: GlobeNewswire (MIL-OSI)

KOSICE, Slovakia, July 24, 2025 (GLOBE NEWSWIRE) — With hype building across the crypto community, Remittix, the low-fee crypto disrupting traditional remittance infrastructures, has announced the beta launch date of its new multi-chain crypto wallet, to cater to Ethereum, Solana, and more.

This comes on the heels of overwhelming interest from both the XRP and Cardano (ADA) communities, both of which are known for their passion for utility-led blockchain projects.

With over $17 million raised in its presale and 563 million tokens sold, Remittix continues to drive the attention of savvy investors, DeFi enthusiasts, and blockchain developers looking for the subsequent high-income crypto with real-world utility.

Wallet Beta Release – Q3 2025

Remittix Wallet is envisioned for the next-generation global crypto user, especially in the emerging markets where high remittance fees and slow transactions are a constant frustration. Beta testers will get to experience:

Secure transfers and storage on Ethereum and Solana
Forward-looking architecture for XRP and Cardano integration
Early exposure to Remittix staking and passive yield features
An opportunity to win a share of the $250,000 Remittix Giveaway
A 50% token reward for current presale participants

This wallet will be the foundation of Remittix’s bigger picture: making it possible for users to make lightning-fast, low-cost crypto payments across borders, without banks or middlemen.

XRP and ADA Users Fuel Remittix Momentum

Remittix quotes a sharp rise in waitlist signups and presale purchases from users across XRP and ADA Telegram and Reddit communities. Why? A good, chain-agnostic wallet that provides the value that most networks promise but few deliver—availability, affordability, and actual utility.

Our infrastructure is talking the same language as XRP and Cardano users—technology that performs, not hype that expires. This beta wallet is for them, said a Remittix product lead.

Real-World Utility: The Crypto-to-Fiat Vision Behind Remittix

While the Remittix Wallet beta will focus on multi-chain crypto transactions and staking, the broader mission is much bigger: creating a bridge between crypto and real-world fiat use. In future updates, Remittix plans to add local off-ramp solutions, allowing users to easily cash out stablecoins for local currency.

That is, not just holding crypto—but spending it.

The future vision involves:

Crypto-to-fiat payout rails for underbanked users
Support for mobile money platforms and local payment agents
Faster settlements than traditional banks
Borderless, bankless payments with real value in daily life

It’s a future where users in Africa, Southeast Asia, and Latin America can receive USDT or ETH—and instantly convert it to local currency, skipping high fees and slow processes.

Presale Momentum Builds

Remittix’s ongoing presale hasn’t only surpassed the $17 million mark but is accelerating as word gets out through crypto staking forums and altcoin investor groups. As it offers low gas fee support, DeFi hardware, and multi-chain support, the token is picking up speed as one of 2025’s hottest new crypto launches.

Investors can join the presale and receive their bonus tokens using the official Remittix website. The Q3 2025 introduction of beta wallets will mark the beginning, and the support for additional blockchains such as Cardano and XRP is in planning.

About Remittix

Remittix is a DeFi protocol working towards simplifying cross-border payments using low-gas-cost crypto networks. It is built to scale on Ethereum, Solana, Cardano, and more, and its functionalities include staking, simple transfers, and a multi-chain wallet, designed for the billions of underbanked and unbanked users around the world.

For media inquiries:
Visit Remittix Whitepaper & Presale Info
Follow Remittix on X for official updates

Contact:
Andy Černý
andy@remittix.io

Disclaimer: This content is provided by Remittix. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a4985626-8264-4a9f-b209-b5730f1c9673

https://www.globenewswire.com/NewsRoom/AttachmentNg/26741d00-d2cb-4fbb-a4c6-7fc60ccc90d2

https://www.globenewswire.com/NewsRoom/AttachmentNg/d1af55ca-828a-4c8d-9051-9b147f99cfdb

The MIL Network –

July 25, 2025

MIL-OSI United Kingdom: Development Minister sets out new UK approach to development at G20 meeting in South Africa

Source: United Kingdom – Executive Government & Departments

Press release

Development Minister sets out new UK approach to development at G20 meeting in South Africa

The UK is resetting its relationship with countries in the Global South and helping countries exit the need for aid, as Baroness Chapman attends the G20 Development Ministerial Meeting in South Africa.

Development Minister Baroness Chapman will reset the UK’s approach to international development at the G20 Development Meeting in South Africa today (Friday, 25 July).
Economic development underpins the UK’s new approach, as the Minister visits a South African food producer supported by the FCDO’s development arm BII.
The UK is supporting countries to transition from traditional aid to innovative financing for development, as the Minister visits a centre for survivors of gender-based violence funded by both the UK and the private sector.

The UK is resetting its relationship with countries in the Global South and helping countries exit the need for aid, as Baroness Chapman attends the G20 Development Ministerial Meeting in South Africa today (Friday 25 July 2025).

This follows the publication of ODA allocations earlier this week (Tuesday 22 July 2025), which indicate how the UK is going to spend its aid budget for the next year.

The UK will move from being a donor to a genuine partner and investor, ensuring every pound spent on aid delivers for the UK taxpayer and the people we support.

Economic development underpins the UK’s new approach, to help countries grow fairer, more resilient economies and ultimately exit the need for aid, in support of the government’s Plan for Change.

The Minister saw this in action yesterday (Thursday 24 July 2025) as she visited an Agristar farm which produces macadamia nuts in Mbombela, eastern South Africa. British International Investment (BII), the UK’s development finance institution, is supporting Agristar to expand – supporting jobs and growth and helping to stock British supermarket shelves.

The Minister also visited a UK supported care centre for survivors of gender-based violence in Mbombela, alongside South African Minister for Women, Youth and Persons with Disability, Sindisiwe Lydia Chikunga. The centre is supported by a multi-donor fund which has seen increased backing from South African and international private investors. The innovative funding approach has supported over 200 community-based organisations in South Africa working to prevent violence in schools and communities and provide response services for survivors of gender-based violence. This demonstrates the UK and South Africa’s shared commitment to gender equality and women’s empowerment.

By mobilising private finance and empowering partners to take charge of their own development, the UK is moving away from a paternalistic approach to aid.

Minister for Development, Baroness Chapman said:

We want to help countries move beyond aid. In South Africa, I’ve seen the impact we can have with genuine partnerships, rather than paternalism. Our work is supporting jobs and generating global economic growth – and bringing high quality South African produce to UK shops.

At the G20 in South Africa, I have one simple message: the world has changed and so must we. The UK is taking a new approach to development, responding to the needs of our partners and delivering real impact and value for money for UK taxpayers.

At the G20, the Minister is due to discuss the UK’s new approach to international development with counterparts from Egypt, India and Germany.

The Agristar farm in Mbombela, which the Minister visited yesterday, has benefitted from UK investment as part of the Just Energy Transition Partnership (JETP). BII support has enabled the macadamia nut producer to expand its operations across Africa, invest in measures to mitigate climate risks, and support nearly 400 jobs. BII is also supporting Agristar’s expansion into Malawi.

BII, which aims to make a return on its investments, has so far supported 92 companies in South Africa and over 35,000 jobs.

Its success highlights how the UK’s investment in international development is driving green growth and jobs, boosting global prosperity and stability to help create the conditions to deliver the government’s Plan for Change at home.

The Minister will also announce today a new £2 million commitment to support local agribusiness projects by partnering with South African investment funds to drive more private finance for the farming sector.

In G20 talks on tackling illicit financial flows, the Minister will highlight how money and assets siphoned away as part of criminal activity deprive lower-income countries of vital resources which could otherwise support growth and development. The Foreign Secretary is leading a campaign against illicit finance, mobilising the best UK expertise and international partnerships, so dirty money has nowhere to hide. This is also vital to deterring threats to the safety and security of Britain, as part of the government’s Plan for Change.

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

Published 25 July 2025

MIL OSI United Kingdom –

July 25, 2025

MIL-OSI Canada: Prime Minister Carney and Inuit leadership meet as the Inuit-Crown Partnership Committee

Source: Government of Canada – Prime Minister

Today, the Prime Minister, Mark Carney, the President of Inuit Tapiriit Kanatami, Natan Obed, federal Cabinet ministers, and elected Inuit leadership from the Inuvialuit Regional Corporation, Nunavut Tunngavik Incorporated, Makivvik, and the Nunatsiavut Government gathered for a meeting of the Inuit-Crown Partnership Committee (ICPC) in Inuvik, Northwest Territories.

Since the signing of the Inuit Nunangat Declaration in 2017, the Government of Canada and Inuit leaders have continued to meet three times annually and work together through the ICPC to advance shared priorities, strengthen the Inuit-Crown partnership, and create a more prosperous Inuit Nunangat.

During today’s meeting, the leaders discussed the Building Canada Act and how to implement it effectively and consistently with Inuit Modern Treaties and in partnership with Inuit.

In addition to the Building Canada Act, federal and Inuit leaders discussed the infrastructure needs in Inuit Nunangat, Canada’s Arctic Foreign Policy, and the need to further protect the security and sovereignty of the Arctic and Inuit Nunangat. They also addressed other urgent priorities, including health care and social issues such as housing in Inuit Nunangat. The leaders underscored opportunities to build together to address these challenges and deliver meaningful economic prosperity.

In Inuvik, the Prime Minister announced the appointment of Virginia Mearns as Canada’s Arctic Ambassador, effective September 15, 2025. The Ambassador’s mandate will focus on reinforcing Canada’s Arctic engagement with like-minded partners and multilateral forums, bolstering Arctic sovereignty, and advancing opportunities for security and growth.

Inuit leaders and the federal government reaffirmed their shared commitment to working together on priorities through the ICPC.

Quotes

“Today’s Inuit-Crown Partnership Committee meeting was about building our shared future and Inuit Nunangat’s full economic potential. In partnership, Inuit and the federal government will build major projects that connect and transform our economy, create greater prosperity and opportunities, and build a stronger Canada.”

“Now in its ninth year, the Inuit-Crown Partnership Committee remains an essential tool for advancing shared priorities. This includes increasing investment in Inuit Nunangat through implementation of the Building Canada Act in a way that is consistent with Inuit treaties and in partnership with Inuit. We welcome the opportunity to continue this important work with Mark Carney, to strengthen our partnership and build lasting prosperity for Inuit in Inuit Nunangat and across Canada. We also celebrate today’s announcement of Virginia Mearns as Canada’s Arctic Ambassador, a position that was developed through the ICPC.”

“In order to build stronger, healthier communities and a thriving economy, we must work together. For that reason, projects that move forward in Inuit Nunangat will do so in partnership with Inuit. We’re committed to engaging, listening, and working with local communities and Inuit leadership to ensure their priorities and perspectives are reflected in the work ahead. Today’s meeting is an important step forward in making sure the Building Canada Act supports a better future for Inuit across Inuit Nunangat.”

“Canada will build major projects in true partnership with Inuit, and we’ll be guided by equity, inclusion, and shared prosperity. Through consultation and collaboration, Inuit voices are shaping the future of infrastructure, sovereignty, and economic opportunity across Inuit Nunangat.”

“Canada is an Arctic nation, and we are at a critical moment, when it is imperative that we safeguard our sovereignty and defend our Arctic interests. Serving as Canada’s senior Arctic official, Ambassador Mearns will advance Canada’s polar interests in multilateral forums, engage with counterparts in Arctic and non-Arctic states, and serve as a representative in our diplomatic corps.”

Quick facts

Inuit Nunangat is the Inuit homeland in Canada. It encompasses the land, water, and ice of four treaty regions represented by the Inuvialuit Settlement Region of the Northwest Territories, Nunavut, Nunavik in Northern Québec, and Nunatsiavut in Northern Labrador.
The Building Canada Act ensures consultation with Inuit and other Indigenous Peoples is built into the implementation process for determining whether a project is in the national interest and for the development of the conditions for permits and authorizations.
The Building Canada Act ensures respect for treaty rights, including modern treaties with Inuit Treaty Organizations. It does not alter processes established under modern treaties or the Government of Canada’s modern treaty obligations. It also respects treaty-based environmental assessment processes.
Canada’s new Arctic Ambassador, Virginia Mearns, is a respected Inuit leader with a long-standing commitment to advancing Inuit self-determination and community well-being in Nunavut. She currently serves as Senior Director of Inuit Relations at the Qikiqtani Inuit Association and has held senior roles in the Government of Nunavut and with Nunavut Tunngavik Inc. An active member of her community, she was awarded the King Charles III Coronation Medal for her exceptional contributions.
Since the signing of the Inuit Nunangat Declaration in 2017, Inuit leadership and the Government of Canada have continued to work together through the ICPC toward a renewed Inuit-Crown relationship based on the recognition of rights, respect, and co-operation.
The Inuit Nunangat Policy promotes Inuit self-determination and supports community and individual well-being throughout Inuit Nunangat, with the goal of achieving socio-economic equity between Inuit and all other people living in Canada. It provides a minimum standard for what can be expected from the relationship between Inuit and all federal departments and agencies, and includes guidance to federal departments and agencies on how to deliver programs, policies, and services in Inuit Nunangat.

Biographical note

MIL OSI Canada News –

July 25, 2025

MIL-OSI USA: Gov. Pillen Touts Historic Income Tax Relief

Source: US State of Nebraska

. Pillen Touts Historic Income Tax Relief

LINCOLN, NE – Governor Jim Pillen released the following statement after the Tax Rate Review Committee met to review the State’s fiscal position. The Committee has again supported the established tax rates.

“It’s pretty simple: Nebraskans should be able to keep more of what they earn,” said Gov. Pillen. “By signing historic income tax relief into law, we’re giving families and seniors in our state a boost. When we shrink government and cut spending, we can focus on providing better outcomes and improving services for everyone in our state. There’s more work to do to drive down taxes in this state, but our goal is to keep fighting to make Nebraska – for generations to come – the best place to live, work, and raise a family.”

The Committee review is great news for Nebraska families and businesses who will see income tax rates fall from 5.2% to 4.55% this coming January, and down again to 3.99% beginning 2027. The reduced tax rates were set in motion in 2023 by legislation introduced on behalf of Governor Pillen.

Today, the Committee reviewed end of year numbers for fiscal year 2025 and projections for the next two fiscal years. The July financial status report includes assumptions which will be updated prior to the October meeting of the Nebraska Economic Forecasting Advisory Board. State spending was under budget last year by $362 million. Some of this will be used for prior year obligations and $36 million is projected to lapse back to the General Fund. Compared with current projections, we are likely to see a higher lapse of unspent prior year funds, less mid-biennium spending, and higher reserve balances.

The Committee also acknowledged a calculated variance from the required $337 million surplus reserve. The $47.7 million needed in each year to shore up the variance is equivalent to less than a percent of annual revenue and is well below Governor Pillen’s targeted budget reductions. The total reserve, including the surplus reserve, is expected to remain above $1 billion. The impact of the Governor’s spending reductions will be finalized during the 2026 legislative session.

MIL OSI USA News –

July 25, 2025

MIL-OSI: Chang Development Company Founder Featured in Washington Times Editorial on Taiwan’s “Great Recall”

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — As Taiwan undergoes a historic wave of civic action known as the “Great Recall,” U.S.-based investment firm Chang Development Company and its founder Orina Chang are gaining recognition for championing democratic values through cross-border investment and thought leadership.

In a July 22 Washington Times editorial titled “Why the U.S. Should Heed Taiwan’s Citizen-Led Recall Movement”, Chang framed the recall as “a public immune response to constitutional erosion,” emphasizing that “defense begins not at the border, but in the legislature, in the constitution, and in the resolve of ordinary citizens.”

Chang, a former Wall Street investment manager turned civic entrepreneur, leads Chang Development Company with a dual focus: supporting democracy and advancing investment in frontier markets aligned with U.S. and Taiwan interests — including energy security and critical minerals. The firm is currently leading a strategic initiative in Somaliland with backing from international partners.

This is not the first time Chang has used her financial platform to engage policy. Earlier this year, she penned another Washington Times editorial, “Building Taiwan’s Sovereign Wealth Fund”, which laid out a roadmap for Taiwan to secure its economic future through responsible and globally integrated investment mechanisms.

“We don’t just invest in assets — we invest in resilience, institutions, and values,” said Chang. “What’s happening in Taiwan today isn’t just domestic news; it’s a global signal that democracies must act early to defend themselves from within.”

About Chang Development Company

Chang Development Company (CDC) is a cross-border investment firm based in New York. The firm focuses on critical minerals, economic diplomacy, and frontier market partnerships that align capital with democratic governance and long-term resilience.

Contact:

Orina Chang
orinachang@me.com
orinachang.com

The MIL Network –

July 25, 2025

MIL-OSI Submissions: Tech Research – Artificial Intelligence Adoption in S&P 500 Firms Brings New Security Challenges, Study Finds

Source: Cybernews

July 24, 2025, Vilnius, Lithuania – As artificial intelligence becomes increasingly central to the operations of America’s largest corporations, recent research reveals potential security vulnerabilities that could affect both organizations and their customers.

An analysis by cybersecurity experts at Cybernews examined AI deployments across the S&P 500 and uncovered close to 1,000 potential weak points that may lead to data exposure, theft of proprietary information, and erroneous AI actions.

The study found that 327 S&P 500 companies publicly report using AI tools in their operations in sectors including finance, healthcare, manufacturing, and energy.

While these tools have accelerated innovation and efficiency, safety measures have yet to fully catch up, leaving systems open to misuse or failure. This includes AI outputs that may be inaccurate or misleading, unintended disclosure of confidential data, and risks of corporate secrets being compromised.

Žilvinas Girėnas, head of product at nexos.ai, emphasized, “It’s not enough to deploy AI and hope for the best. Businesses need to develop AI with the same safety standards as airplanes: constant oversight, clear guardrails, and a zero-trust approach. Every AI decision must be considered potentially wrong until proven correct, and every input must be monitored to prevent sensitive data from leaking or trade secrets from escaping.”

The potential vulnerabilities extend across multiple industries. Technology and semiconductor companies are especially vulnerable to data leaks and intellectual property risks. Financial institutions might face challenges protecting client data while ensuring AI does not reinforce unfair bias in lending.

Healthcare providers carry the added responsibility of protecting patients from flawed AI-driven recommendations. Meanwhile, industrial and infrastructure sectors must guard against disruptions that could affect critical services, such as power supply or supply chain operations.

For consumers, the consequences are tangible. Unsecured AI systems risk leaking private details – ranging from medical histories to financial records – while flawed AI judgments could influence decisions that directly affect people’s health and finances.

As AI tools play a larger role in retail, banking, transportation, and other areas, protecting these technologies becomes essential for public protection.

The report highlights past incidents that illustrate these dangers. IBM’s Watson once offered unsafe cancer treatment suggestions. Apple’s credit system faced scrutiny after allegations of gender bias. Zillow’s AI-driven pricing led to substantial financial losses. Additionally, Samsung experienced unintended source code disclosures due to inappropriate use of AI chatbots by employees.

“AI is becoming more deeply embedded in business operations, and the risks are multiplying. The lessons from all these incidents are clear: unchecked deployment without robust security and oversight leads to real-world failures,” said Martynas Vareikis, Security Researcher at Cybernews.

As AI further transforms businesses, past incidents and potential threats show how crucial it is to improve security strategies in parallel.

ABOUT CYBERNEWS

Cybernews is a globally recognized independent media outlet where journalists and security experts debunk cyber by research, testing, and data. Founded in 2019 in response to rising concerns about online security, the site covers breaking news, conducts original investigations, and offers unique perspectives on the evolving digital security landscape. Through white-hat investigative techniques, Cybernews research team identifies and safely discloses cybersecurity threats and vulnerabilities, while the editorial team provides cybersecurity-related news, analysis, and opinions by industry insiders with complete independence.

Cybernews has earned worldwide attention for its high-impact research and discoveries, which have uncovered some of the internet’s most significant security exposures and data leaks. Notable ones include:

Cybernews researchers discovered multiple open datasets comprising 16 billion login credentials from infostealer malware, social media, developer portals, and corporate networks – highlighting the unprecedented risks of account takeovers, phishing, and business email compromise.
Cybernews researchers analyzed 156,080 randomly selected iOS apps – around 8% of the apps present on the App Store – and uncovered a massive oversight: 71% of them expose sensitive data.
Recently, Bob Dyachenko, a cybersecurity researcher and owner of SecurityDiscovery.com, and the Cybernews security research team discovered an unprotected Elasticsearch index, which contained a wide range of sensitive personal details related to the entire population of Georgia.
The team analyzed the new Pixel 9 Pro XL smartphone’s web traffic, and found that Google’s latest flagship smartphone frequently transmits private user data to the tech giant before any app is installed.
The team revealed that a massive data leak at MC2 Data, a background check firm, affects one-third of the US population.
The Cybernews security research team discovered that 50 most popular Android apps require 11 dangerous permissions on average.
They revealed that two online PDF makers leaked tens of thousands of user documents, including passports, driving licenses, certificates, and other personal information uploaded by users.
An analysis by Cybernews research discovered over a million publicly exposed secrets from over 58 thousand websites’ exposed environment (.env) files.
The team revealed that Australia’s football governing body, Football Australia, has leaked secret keys potentially opening access to 127 buckets of data, including ticket buyers’ personal data and players’ contracts and documents.
The Cybernews research team, in collaboration with cybersecurity researcher Bob Dyachenko, discovered a massive data leak containing information from numerous past breaches, comprising 12 terabytes of data and spanning over 26 billion records.
The team analyzed NASA’s website, and discovered an open redirect vulnerability plaguing NASA’s Astrobiology website.
The team investigated 30,000 Android Apps, and discovered that over half of them are leaking secrets that could have huge repercussions for both app developers and their customers.

MIL OSI – Submitted News –