NewzIntel.com

Category: Economy

  • MIL-OSI: Blue Navy Recovery Ramps Up Services to Handle Increased Claims for Unclaimed Property in Georgia

    Source: GlobeNewswire (MIL-OSI)

    Irvine, CA, July 22, 2025 (GLOBE NEWSWIRE) — Blue Navy Recovery, a professional unclaimed property recovery firm, announced today the expansion of its service operations in Georgia to manage a growing volume of state-held asset claims. This move reflects growing demand for unclaimed property recovery in Georgia—delivering trusted, no-upfront-cost recovery assistance for individuals and families.

    Blue Navy Recovery expands service operations to address growing unclaimed property recovery needs in Georgia.

    With experience navigating Georgia’s complex claims process, Blue Navy Recovery offers full-service handling—from eligibility checks and paperwork to agency communication and verification. Clients don’t need to interact with government agencies or decipher procedural forms; the firm takes on the entire burden. This expansion comes as Blue Navy continues to see success through a growing number of client-reported outcomes on Google, demonstrating how its personalized service model helps claimants navigate the system efficiently.

    “We’ve seen a spike in demand across Georgia, and this expansion is about meeting that need with speed and integrity,” said David Dorfman, Managing Partner at Blue Navy Recovery. “Every successful recovery tells a story—and we’re here to make sure more Georgians are part of that success.”

    This announcement comes alongside a similar announcement that the company is increasing services across the Unclaimed Property in California service as well.

    The firm’s model is performance-based, meaning clients owe nothing unless their claim is successfully paid. Each case is personally managed by trained recovery specialists—not automated systems—ensuring accuracy and personal support. Client experiences shared on platforms such as Google and Yelp reinforce the impact Blue Navy is making across the Southeast. The company recently celebrated their 200th successful unclaimed property recovery case alongside their 40th 5-star review, a story that was picked up by media outlets like Yahoo! Finance, Business Insider, and Globe Newswire.

    Blue Navy’s personalized guidance and support materials make it easy for residents to determine eligibility and understand the Georgia claims process. Clients can explore the process, read relevant user studies, and get started at the official website.

    Logo of Blue Navy Recovery, a trusted leader supporting unclaimed property claims across Georgia.

    About Blue Navy Recovery

    Blue Navy Recovery is a professional unclaimed property recovery firm that helps individuals and families recover lost or forgotten funds held by the state. With deep experience navigating the claims process in California and Georgia, we’ve helped return millions of dollars to rightful owners. We handle the paperwork, follow-ups, and filing — so you don’t have to. Our team only collects a percentage of the recovered amount, with no upfront cost. 

    Press inquiries

    Blue Navy Recovery
    https://www.bluenavy.org
    David Dorfman
    david@bluenavy.org
    (619) 215-1972

    The MIL Network –

  • MIL-OSI Russia: China’s non-bank financial sector recorded $127.3 billion in cross-border capital inflows in the first half of the year

    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 22 (Xinhua) — China’s non-bank financial sector saw cross-border capital inflows of $127.3 billion in the first half of 2025, maintaining the trend of net inflows that began in the second half of last year, the State Administration of Foreign Exchange said Tuesday.

    According to the agency, non-bank financial institutions, including enterprises and individuals, recorded cross-border income and expenses of $7.6 trillion, a historical maximum for the same period. Notably, the yuan accounted for about 53 percent of cross-border settlements.

    The agency said China’s balance of payments remains balanced and the country’s foreign exchange market continues to operate stably and orderly. -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 –

  • MIL-OSI Security: Charleroi Staffing Agency Owner Sentenced to Prison and Ordered to Pay More Than $3.6 Million in Restitution for Harboring Illegal Aliens and Failing to Pay Employment Taxes

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – A resident of Belle Vernon, Pennsylvania, has been sentenced in federal court to 30 months of imprisonment and ordered to pay $3,630,479.13 on his convictions of failing to pay employment taxes and harboring individuals who were not legally authorized to be in the United States, Acting United States Attorney Troy Rivetti announced today.

    United States District Judge Cathy Bissoon imposed the sentence on Andy Ha, 28. Ha pleaded guilty to the charges in February of 2025 (read the plea news release here).

    According to information presented to the Court, Ha was the president and owner of the Charleroi staffing agency Prosperity Services, Inc., where Ha employed individuals who were not legally authorized to be in the United States, and paid for such workers to stay in a former hotel. Ha signed false employment tax returns on behalf of the agency, in which Ha reported less than 10% of Prosperity’s employees. Ha and Prosperity failed to pay taxes on the other unreported employees, resulting in a tax loss of at least $3.1 million over the course of a year.

    Assistant United States Attorney William Guappone prosecuted this case on behalf of the government.

    Acting United States Attorney Rivetti commended the Internal Revenue Service-Criminal Investigation and Homeland Security Investigations for the investigation leading to the successful prosecution of Ha.

    MIL Security OSI –

  • MIL-OSI United Nations: Supercharging Clean Energy Will Repair Humankind’s Relationship with Climate, Fuel Economic Growth, Secretary-General Says, Noting $2 Trillion Invested in 2024

    Source: United Nations General Assembly and Security Council

    Following is UN Secretary-General António Guterres’ address on climate action “A Moment of Opportunity:  Supercharging the Clean Energy Age”, in New York today:

    The headlines are dominated by a world in trouble.  By conflict and climate chaos.  By rising human suffering.  By growing geopolitical divides.  But amidst the turmoil, another story is being written.  And its implications will be profound.

    Throughout history, energy has shaped the destiny of humankind — from mastering fire to harnessing steam to splitting the atom.  Now, we are on the cusp of a new era.  Fossil fuels are running out of road.  The sun is rising on a clean energy age.

    Just follow the money.  Two trillion dollars went into clean energy last year — that’s $800 billion more than fossil fuels and up almost 70 per cent in 10 years.  And new data released today from the International Renewable Energy Agency shows that solar — not so long ago four times the cost of fossil fuels — is now 41 per cent cheaper.  Offshore wind — 53 per cent. And over 90 per cent of new renewables worldwide produced electricity for less than the cheapest new fossil fuel alternative.

    This is not just a shift in power.  This is a shift in possibility.  Yes, in repairing our relationship with the climate.  Already, the carbon emissions saved by solar and wind globally are almost equivalent to what the whole European Union produces in a year.

    But this transformation is fundamentally about energy security and people’s security.  It’s about smart economics.  Decent jobs, public health, advancing the Sustainable Development Goals.  And delivering clean and affordable energy to everyone, everywhere.

    Today, we are releasing a special report with the support of UN agencies and partners — the International Energy Agency, the International Monetary Fund (IMF), International Renewable Energy Agency, the Organisation for Economic Cooperation and Development (OECD) and the World Bank.

    The report shows how far we have come in the decade since the Paris Agreement sparked a clean energy revolution.  And it highlights the vast benefits — and actions needed — to accelerate a just transition globally.

    Renewables already nearly match fossil fuels in global installed power capacity.  And that’s just the beginning.  Last year, almost all the new power capacity built came from renewables.  And every continent on Earth added more renewables capacity than fossil fuels.  The clean energy future is no longer a promise.  It’s a fact.  No government.  No industry. No special interest can stop it.

    Of course, the fossil fuel lobby of some fossil fuel companies will try — and we know the lengths to which they will go. But I have never been more confident that they will fail — because we have passed the point of no return.

    For three powerful reasons.  First, market economics.  For decades, emissions and economic growth rose together.  No more.  In many advanced economies, emissions have peaked, but growth continues.

    In 2023 alone, clean energy sectors drove 10 per cent of global gross domestic product (GDP) growth.  In India, 5 per cent.  The United States, 6 per cent.  China — a leader in the energy transition — 20 per cent.  And in the European Union, nearly 33 per cent.  And clean energy sector jobs now outnumber fossil fuel jobs — employing almost 35 million people worldwide.

    Even Texas — the heart of the American fossil fuel industry — now leads the United States in renewables.  Why?  Because it makes economic sense.

    And yet fossil fuels still enjoy a 9-to-1 advantage in consumption subsidies globally — a clear market distortion.  Add to that the unaccounted costs of climate damages on people and planet — and the distortion is even greater.

    Countries that cling to fossil fuels are not protecting their economies — they are sabotaging them.  Driving up costs.  Undermining competitiveness.  Locking in stranded assets.  And missing the greatest economic opportunity of the twenty-first century.

    Second — renewables are here to stay because they are the foundation of energy security and sovereignty. Let’s be clear:  The greatest threat to energy security today is in fossil fuels.  They leave economies and people at the mercy of price shocks, supply disruptions and geopolitical turmoil.  Just look at Russia’s invasion of Ukraine.  A war in Europe led to a global energy crisis.  Oil and gas prices soared.  Electricity and food bills followed.  In 2022 average households around the world saw energy costs jump 20 per cent.

    Modern and competitive economies need stable, affordable energy. Renewables offer both.  There are no price spikes for sunlight.  No embargoes on wind.  Renewables can put power — literally and figuratively — in the hands of people and governments.  And almost every nation has enough sun, wind, or water to become energy self-sufficient.  Renewables mean real energy security.  Real energy sovereignty.  And real freedom from fossil-fuel volatility.

    The third and final reason why there is no going back on renewables: Easy access.  You can’t build a coal plant in someone’s backyard.  But you can deliver solar panels to the most remote village on Earth.  Solar and wind can be deployed faster, cheaper and more flexibly than fossil fuels ever could.  And while nuclear will be part of the global energy mix, it can never fill the access gaps.

    All of this is a game changer for the hundreds of millions of people still living without electricity — most of them in Africa, a continent bursting with renewable potential. By 2040, Africa could generate 10 times more electricity than it needs — entirely from renewables.

    We are already seeing small-scale and off-grid renewable technologies lighting homes, and powering schools and businesses in remote areas.  And in places like Pakistan for example, people power is fuelling a solar surge — consumers are driving the clean energy boom.

    The energy transition is unstoppable.  But the transition is not yet fast enough or fair enough.  OECD countries and China account for 80 per cent of renewable power capacity installed worldwide.  Brazil and India make up nearly 10 per cent.  Africa — just 1.5 per cent.

    Meanwhile, the climate crisis is laying waste to lives and livelihoods.  Climate disasters in small island States have wiped out over 100 per cent of GDP.  In the United States, they are pushing insurance premiums through the roof.

    And the 1.5-degree limit is in unprecedented peril.  To keep it within reach, we must drastically speed up the reduction of emissions — and the reach of the clean energy transition.  With manufacturing capacity racing, prices plummeting, and COP30 [Thirtieth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change] fast approaching…  This is our moment of opportunity.  We must seize it.  We can do so by taking action in six opportunity areas.

    First — by using new national climate plans to go all-out on the energy transition.  Too often, governments send mixed messages:  Bold renewable targets on one day.  New fossil fuel subsidies and expansions the next.

    The next national climate plans, or NDCs, are due in a matter of months.  They must bring clarity and certainty.  Group of Twenty (G20) countries must lead. They produce 80 per cent of global emissions.  The principle of common but differentiated responsibilities must apply but every country must do more.  Ahead of COP30 in Brazil this November, they must submit new plans.

    I invite leaders to present their new NDCs at an event I will host in September, during General Assembly High-level week.   These must: cover all emissions, across the entire economy; align with the 1.5-degree limit; integrate energy, climate and sustainable development priorities into one coherent vision; and deliver on global promises to double energy efficiency and triple renewables capacity by 2030, and to accelerate the transition away from fossil fuels.  These plans must be backed by long-term road maps for a just transition to net-zero energy systems — in line with global net-zero by 2050.

    And they must be underpinned by policies that show that the clean energy future is not just inevitable — but investable.  Policies that create clear regulations and a pipeline of projects.  That enhance public-private partnerships — unlocking capital and innovation.  That put a meaningful price on carbon.  And that end subsidies and international public finance for fossil fuels — as promised.

    Second, this is our moment of opportunity to build the energy systems of the twenty-first century.  The technology is moving ahead.  In just 15 years, the cost of battery storage systems for electricity grids has dropped over 90 per cent.

    But here’s the problem.  Investments in the right infrastructure are not keeping up.  For every dollar invested in renewable power, just 60 cents go to grids and storage.  That ratio should be one-to-one.

    We are building renewable power — but not connecting it fast enough.  There’s three times more renewable energy waiting to be plugged into grids than was added last year.  And fossil fuels still dominate the global total energy mix.

    We must act now and invest in the backbone of a clean energy future:  In modern, flexible and digital grids — including regional integration.  In a massive scale-up of energy storage.  In charging networks — to power the electric vehicle revolution.

    On the other hand, we need energy efficiency but also electrification — across buildings, transport and industry. This is how we unlock the full promise of renewables — and build energy systems that are clean, secure and fit for the future.

    Third, this is our moment of opportunity to meet the world’s surging energy demand sustainably.  More people are plugging in.  More cities are heating up — with soaring demand for cooling.  And more technologies — from AI to digital finance — are devouring electricity.  Governments must aim to meet all new electricity demand with renewables.

    AI can boost efficiency, innovation and resilience in energy systems.  And we must take profit in it.  But it is also energy hungry.  A typical AI data centre eats up as much electricity as 100,000 homes.  The largest ones will soon use 20 times that.  By 2030, data centres could consume as much electricity as all of Japan does today.

    This is not sustainable — unless we make it so.  And the technology sector must be out front.  Today I call on every major tech firm to power all data centres with 100 per cent renewables by 2030.

    And — along with other industries — they must use water sustainably in cooling systems.  The future is being built in the cloud.  It must be powered by the sun, the wind and the promise of a better world.

    Fourth, this is the moment of opportunity for a just energy transition. The clean energy that we must deliver must also deliver equity, dignity and opportunity for all.

    That means governments leading a just transition.  With support, education and training — for fossil fuel workers, young people, women, Indigenous Peoples and others — so that they can thrive in the new energy economy.  With stronger social protection — so no one is left behind.  And with international cooperation to help low-income countries that are highly-dependent on fossil fuels and struggling to make the shift.

    But justice doesn’t stop here.  The critical minerals that power the clean energy revolution are often found in countries that have long been exploited.  And today, we see history repeating.  Communities mistreated.  Rights trampled.  Environments trashed.  Nations stuck at the bottom of value chains — while others reap rewards.  And extractive models digging deeper holes of inequality and harm.  This must end.

    Developing countries can play a major role in diversifying sources of supply. The UN Panel on Critical Energy Transition Minerals has shown the way forward — with a path grounded in human rights, justice and equity.

    Today, I call on governments, businesses and civil society to work with us to deliver its recommendations.  Let’s build a future that is not only green — but just.  Not only fast — but fair.  Not only transformative — but inclusive.

    Fifth, we have a moment of opportunity to use trade and investment to supercharge the energy transition.  Clean energy needs more than ambition.  It needs access — to technologies, materials and manufacturing.

    But these are concentrated in just a few countries.  And global trade is fragmenting.

    Trade policy must support climate policy.  Countries committed to the new energy era must come together to ensure that trade and investment drive it forward.  By building diverse, secure and resilient supply chains.  By cutting tariffs on clean energy goods.  By unlocking investment and trade — including through South-South cooperation. And by modernizing outdated investment treaties — starting with Investor-State Dispute Settlement provisions.

    Today, fossil fuel interests are weaponizing these provisions to delay the transition, particularly in several developing countries.  Reform is urgent.  The race for the new must not be a race for the few.  It must be a relay — shared, inclusive and resilient.  Let’s make trade a tool for transformation.

    Sixth and finally, this is our moment of opportunity to unleash the full force of finance — driving investment to markets with massive potential.  Despite soaring demand and vast renewables potential — developing countries are being locked out of the energy transition.

    Africa is home to 60 per cent of the world’s best solar resources.  But it received just 2 per cent of global clean energy investment last year.  Zoom out, and the picture is just as stark.

    In the last decade, only 1 in every 5 clean energy dollars went to emerging and developing countries outside China.  To keep the 1.5-degree limit alive — and deliver universal energy access – annual clean energy investment in those countries must rise more than fivefold by 2030.

    That demands bold national policies.  And concrete international action to:  Reform the global financial architecture.  Drastically increase the lending capacity of multilateral development banks — making them bigger, bolder and better able to leverage massive amounts of private finance at reasonable costs.  And take effective action on debt relief — and scale up proven tools like debt for climate swaps.

    Today, developing countries pay outlandish sums for both debt and equity financing — in part because of outdated risk models, bias and broken assumptions that boost the cost of capital.  Credit ratings agencies and investors must modernize.

    We need a new approach to risk that reflects:  the promise of clean energy; the rising cost of climate chaos; and the danger of stranded fossil fuel assets.  I urge parties to unite to solve the complex challenges facing some developing countries in the energy transition — such as early retirement of coal plants.

    The fossil fuel age is flailing and failing.  We are in the dawn of a new energy era.  An era where cheap, clean, abundant energy powers a world rich in economic opportunity.  Where nations have the security of energy autonomy.  And the gift of power is a gift for all.

    That world is within reach.  But it won’t happen on its own.  Not fast enough.  Not fair enough.  It is up to us.  We have the tools to power the future for humanity.  Let’s make the most of them.  This is our moment of opportunity.

    MIL OSI United Nations News –

  • MIL-OSI USA: Seneca Falls Affordable Housing Development Completed

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of Huntington Apartments, a $24 million transformation of the historic 19th-Century Huntington Building in Seneca Falls. Developed by Home Leasing, Huntington Apartments features 53 affordable apartments, including 27 with supportive services for veterans in need of housing in an energy-efficient building. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has financed more than 7,300 affordable homes in the Finger Lakes region. Huntington Apartments continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.

    “The completion of Huntington Apartments is a testament to our commitment to creating vibrant, affordable communities across New York,” Governor Hochul said. “By transforming the historic Huntington Building into 53 energy-efficient homes, including 27 with supportive services for our veterans, we are preserving Seneca Falls’ heritage while addressing our housing crisis. This project, supported by our Downtown Revitalization Initiative and comprehensive housing plan, is a model for how we can build a more affordable and inclusive future for all New Yorkers.”

    The Huntington Building is listed on the National Register of Historic Places and located adjacent to the Cayuga Seneca Canal, the longtime economic engine of the area. The building acted as an Iroquois Motor Car Company manufacturing plant, housed the Seneca Falls Folding Box Company, and a Chrysler automotive dealership before falling vacant. As part of the project, the building, which was slated for demolition, was preserved and an addition was constructed.

    There are 52 apartments affordable to households earning up to 60 percent of the Area Median Income, with the remaining unit set aside for the development’s superintendent.

    Supportive services and rental subsidies for 27 apartments are provided by Eagle Star Housing and are funded through the Empire State Supportive Housing Initiative which is administered by the New York State Office of Temporary Disability Assistance. Services provided include case management, transportation services, and connectivity to substance abuse, medical and mental health services.

    Huntington Apartments was designed to meet EPA Energy Star Certified Homes V3.1 program and Enterprise Green Communities 2020 criteria. All apartments utilize ENERGY STAR appliances.

    The redevelopment of Huntington Apartments is part of Seneca Falls’ Downtown Revitalization Initiative (DRI). The town was selected as the Finger Lakes region winner of the $10 million DRI award in Round Four. The DRI serves as a component of the State’s economic development policy by transforming downtown neighborhoods into vibrant centers of activity that offer a high quality of life and attract businesses, jobs and economic and housing diversity.

    Huntington Apartments is supported by New York State Homes and Community Renewal’s (HCR) state and federal Low-Income Housing Tax Credit Programs that will generate more than $12.1 million in equity and $3.7 million in subsidy. The New York State Historic Preservation Office provided $7.1 million in federal and state historic tax credits. The Department of State’s (DOS) Downtown Revitalization Initiative provided $800,000 in support which is being administered by HCR on behalf of DOS. The New York State Energy Research and Development Authority (NYSERDA)provided more than $50,000 from NYSERDA’s High-Rise Multi-Family New Construction program. The Community Preservation Corporation, a nonprofit multifamily finance company, is providing a SONYMA-insured $475,000 permanent loan to support the project.

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “We need all the tools in our box to address the housing crisis, including breathing new life into underused sites. Huntington Apartments is revitalizing a historic Seneca Falls landmark and transforming it into 53 affordable, energy-efficient homes, including 27 with supportive services. This project, bolstered by our Low-Income Housing Tax Credits, Historic Tax Credits, and Downtown Revitalization Initiative funding, strengthens communities and ensures more New Yorkers have access to safe, affordable homes.”

    New York Secretary of State Walter T. Mosley said, “Affordable housing is a cornerstone component of the Downtown Revitalization Initiative and falls in line with Governor Hochul’s housing plan. The Department of State works hard every day to ensure more New Yorkers are able to benefit from these kinds of housing opportunities. Congratulations to Seneca Falls for their creativity in repurposing an underutilized and vacant space such as the historic Huntington Building.”

    NYSERDA President and CEO Doreen M. Harris said, “Increasing the energy efficiency of New York’s built environment plays a pivotal role in our progress toward a zero-emission future that includes greater access to clean, modern affordable housing for New Yorkers. NYSERDA is proud to support projects like the new Huntington Apartments in Seneca Falls, which leverage the latest building technologies to transform historic, aging structures into comfortable and healthy living spaces that contribute to the well-being of our communities.”

    New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “The permanent supportive housing created at Huntington Apartments will provide veterans who have experienced homelessness with safe, affordable apartments in Seneca County they can call home, as well as easy access to the essential services they need to live stable, independent lives in the community. We are pleased to provide ongoing support through the Empire State Supportive Housing Initiative and grateful to Governor Hochul for her unwavering commitment to supporting the well-being of New York’s veterans.”

    New York State Office of Parks, Recreation and Historic Preservation Commissioner Pro Tempore Randy Simons said, “Our historic buildings, which have been anchors in our communities for generations, are real assets as we work together to meet the Governor’s goals to improve affordable housing in New York. The rehabilitation incentive creates opportunities to activate underused spaces, foster community pride of place, and transform housing into homes. We appreciate our partners on this important work and applaud their ongoing efforts.”

    Senator Chuck Schumer said, “Every family in Seneca County deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit, that I worked hard to protect and expand, has delivered millions to help develop over 50 new units at Huntington Apartments in Seneca Falls for formerly homeless veterans and vulnerable New Yorkers. These newly redeveloped homes will be energy-efficient and include key support to those veteran residents, including rental subsidies, case management and access to health services. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul’s work increasing access to affordable housing in the Finger Lakes region and across New York, and I will continue working to deliver federal resources to deliver more affordable housing across New York.”

    Senator Kirsten Gillibrand said, “A safe place to live should be a right, not a privilege. Huntington Apartments creates much-needed affordable housing in the Finger Lakes while supporting our brave veterans, who are far too often forgotten after putting their lives on the line to protect us. In the Senate, I am a fierce advocate for building more state-of-the-art, affordable homes, and I will continue fighting hard for projects that create the housing that our state needs.”

    Seneca County Board of Supervisors Chair Michael Enslow said, “As Chairman of the Seneca County Board of Supervisors, I’m proud to see the Huntington Apartments project come to life — a reflection of our county’s strong commitment to affordable housing and downtown revitalization. By repurposing a historic landmark, we’re not only preserving our heritage but also providing much-needed housing for working families and veterans. We thank Governor Hochul and our state partners for their role in making this vision a reality for Seneca Falls and all of Seneca County.”

    The Community Preservation Corporation Vice President and Mortgage Officer Miriam Zinter said, “The transformation of the Huntington Building is a powerful example of what’s possible when we invest in both our communities and our history. This project preserves a vital piece of Seneca Falls’ heritage while delivering affordable, energy-efficient homes with supportive services for those who need them most. Our sincere thanks to Governor Hochul, Home Leasing, HCR, and all of our partners who have helped support this project that reflects the spirit of revitalization.”

    Home Leasing CEO Megan Houppert said, “Home Leasing is pleased to celebrate the completion of Huntington Apartments to create 53 affordable apartments, including 27 with supportive services for veterans. As one of the Landmark Society’s Five to Revive, the project preserves Seneca Fall’s heritage while creating energy efficient housing solutions. We are grateful to New York State Homes and Community Renewal, the Department of State, the community of Seneca Falls and all our partners who made this project possible.”

    Governor Hochul’s Housing Agenda
    Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 60,000 homes have been created or preserved to date.

    The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Communities Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 300 communities have received Pro-Housing certification, including the town of Seneca Falls.

    MIL OSI USA News –

  • MIL-OSI USA: Additional Funding Available for Zero-Emission School Buses

    Source: US State of New York

    overnor Kathy Hochul today announced that an additional $200 million is now available for zero-emission school buses through the third installment of funding from the historic $4.2 billion Clean Water, Clean Air, and Green Jobs Environmental Bond Act of 2022. The funding, distributed through the New York School Bus Incentive Program (NYSBIP), supports the purchase of electric buses, charging infrastructure, and fleet electrification planning as public schools transition to zero-emission technologies that improve air quality and reduce pollution in communities. This investment helps ensure that schoolchildren, drivers, and the communities where they live across New York benefit from clean, quiet, and healthy buses.

    “New York State is leaning into our Environmental Bond Act commitment to provide public schools with the funding and resources to make electric school buses more affordable,” Governor Hochul said. “We are leaving no school behind as we reduce pollution from vehicles so every student can benefit from clean air while building healthier, more sustainable communities for New Yorkers across the state.”

    Administered by the New York State Energy Research and Development Authority (NYSERDA), NYSBIP provides incentives to eligible school bus fleet operators, including school districts and school bus operators, that purchase zero-emission buses. It also offers charging infrastructure vouchers to help support the installation of Level 2 or DC fast chargers and provides funding to develop fleet electrification plans. This support helps ensure safer, more reliable transportation for students while giving schools the tools they need to make smart, cost-effective upgrades.

    The funding is available on a first-come, first-served basis with incentive amounts covering up to 100 percent of the incremental cost of a new or repowered electric school bus. This helps offset some or all of the difference in purchase price between zero-emission buses and comparable diesel or gasoline buses. All school bus fleet operators in New York State can also qualify for funding for fleet electrification plans, which provide a customized roadmap for electric bus adoption.

    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Today is the latest in a series of support that NYSERDA has offered to help make it easier for fleet operators to plan, navigate incentives for bus purchases and install vehicle charging infrastructure. We are excited to help more adopt zero-emission school buses through this additional Environmental Bond Act funding.”

    Program eligibility and rules for charging infrastructure funding are available online through the NYSBIP Implementation Manual. School bus fleet operators do not apply directly for school bus funding. Vehicle dealers apply the funding to the price of buses on their behalf after fleet operators have issued purchase orders. Fleet operators apply directly to NYSERDA for charging vouchers, which support adding charging infrastructure to their depots.

    Larger funding amounts are available for high-need school districts and school districts with significant portions of their population living in disadvantaged communities, as determined by the New York State Climate Justice Working Group criteria. While these districts are defined as priority districts through this program, all school districts can earn increased incentives by removing a gas or diesel bus from operation, purchasing wheelchair accessible buses, or purchasing buses with vehicle to grid capability. All school districts that complete fleet electrification plans also become eligible for higher funding amounts.

    New York State Department of Environmental Conservation Commissioner Amanda Lefton said, “The continued rollout of zero-emission school buses is critical to improving air quality and protecting the health of students and drivers in communities across the State. Investments through the Bond Act are making the transition to these greener vehicles more affordable for school districts. Under the leadership of Governor Hochul and in coordination with our state agency partners, DEC remains focused on administering Bond Act funding to support this important program and continue momentum to help address climate impacts, reduce harmful emissions, and improve quality of life for New York families.”

    New York State Department of Public Service CEO Rory M. Christian said, “Kudos to Governor Hochul and her team for encouraging further adoption and deployment of zero-emission school buses. This program will help continue our move toward a cleaner environment, which benefits all of us.”

    New York State Health Commissioner Dr. James McDonald said, “I thank Governor Hochul for her continued investment in the health of our children and commitment to building healthier communities across the state. Cleaner air means healthier kids, and reducing pollution around schools helps protect them from asthma and other respiratory problems.”

    Modernizing public school transportation with zero-emission buses is a priority for Governor Hochul to ensure the health of New York students. The FY25-26 New York State Budget continued to build momentum for school districts to put electric school buses on the road this year while providing districts with additional flexibility and time to complete their electrification plans and get hands-on experience with this new technology. The new independent range estimate requirement for bus manufacturers will also give school districts greater confidence that the buses will meet specific mileage and route conditions.

    Since NYSBIP’s launch, 88 school districts have applied for funds to purchase 529 buses, which includes 50 priority school districts accounting for 406 buses, and 400 districts are now working with NYSERDA to create Fleet Electrification Plans.

    The Bond Act requires that disadvantaged communities receive no less than 35 percent, with a goal of 40 percent, of the benefit of total Bond Act funds. In line with this goal, NYSERDA aims to ensure that at least 40 percent of the New York School Bus Incentive Program benefits disadvantaged communities. Buses domiciled in priority districts are eligible for higher incentive amounts in support of new zero-emission buses and charging infrastructure.

    New York State provides many resources for school bus fleet operators to transition their fleets to zero-emission buses, including an Electric School Bus Guidebook, a collection of practical user guides that highlight the benefits of electric school buses to make each part of transitioning a bus fleet easy to understand. This is a resource that can inform discussions with schools, New York State agencies, legislators, communities, manufacturers, bus dealers, and utilities to raise awareness on the Bond Act funding available to school districts and to help more communities understand the health and climate benefits that electric buses provide. Fleet operators seeking assistance should contact NYSERDA at [email protected].

    State Senator Kevin Parker said, “The additional $200 million in funding for zero-emission school buses is a bold investment in our children’s health, our environment, and the future of clean energy in New York. By accelerating the transition to electric school buses, we’re not only reducing harmful emissions but also improving air quality and public health in our communities, especially in neighborhoods that have long suffered from high pollution levels. This is a win for clean energy, for equity, and for every New Yorker.”

    State Senator Shelley B. Mayer said, “I am pleased that an additional $200 million is now available to school districts to support the transition to zero-emission school buses. New York has been a leader in the fight against climate change, and this funding, provided through the historic Clean Water, Clean Air, and Green Jobs Environmental Bond Act approved by New Yorkers, will further our efforts to reduce carbon emissions while alleviating financial burdens for New York schools. I would like to thank Governor Hochul and NYSERDA for their dedication to making New York a cleaner place, and I also extend my gratitude to the voters who approved this Bond Act.”

    State Senator Jeremy Cooney said, New York must remain committed to our environmental goals for a brighter future for New Yorkers, but we also realize that the state has a role to play in making this clean energy transition a reality. Today’s announcement is an important step in the right direction, and proof that we’ll continue to help our public schools, bolster charging infrastructure, and create a cleaner, healthier New York.”

    Assemblymember William Magnarelli said, “The Governor’s investment in zero-emission school buses shows the state’s continued commitment to climate leadership and advancing equitable access to clean transportation. The investment allows for a smooth transition to clean transportation and alleviates the anxiety of how districts will pay for the buses.”

    Assemblymember Michael R. Benedetto said, “I applaud Governor Hochul for making this a priority. This $200 million will help many school districts as they work to make the transition to electric buses. It’s a meaningful step toward cleaner air and healthier communities for our children.”

    Assemblymember Didi Barrett said, “The upfront cost of zero emission school buses has been a significant concern for all of the schools in my Assembly District, and the vast majority of districts across the State. This newly released funding from the 2022 Environmental Bond Act offers welcome financial support for our schools to electrify their bus fleets, bringing us closer to creating cleaner, safer and quieter commutes for our school children while helping us get closer to our ambitious climate goals.”

    Association of School Business Officials Executive Director Brian Cechnicki said, “Continued investments, including this funding, are critical for school districts to meet the state’s zero-emission bus mandate, and we are appreciative of NYSERDA for partnering with districts in this work.”

    New York School Bus Contractors Association President Tommy Smith said, “The New York School Bus Contractors Association is grateful that New York State continues to lead in financing the transition to electric school buses. We are excited about the advancements in battery technology that will further accelerate this initiative and help deliver cleaner, quieter, and more sustainable transportation for our students.”

    Mothers Out Front Distributed Senior Organizer Sarah Smiley said, “It is great news for students, parents, and school districts that more funding is now available for electric school buses, charging infrastructure, and fleet transition planning. We hope more districts leverage the New York School Bus Incentive Program funding so that our children have clean rides to school and we can reduce emissions for a healthier planet.”

    For more than fifty years, NYSERDA has been a trusted and objective resource for New Yorkers, taking on the critical role of energy planning and policy analysis, along with making investments that drive New York toward a more sustainable future. New York State is investing nearly $3 billion in electrifying its transportation sector and rapidly advancing measures that all new passenger cars and trucks sold be zero-emission. There are a range of initiatives to grow access to EVs and improve clean transit for all New Yorkers including EV Make Ready, EVolve NY, Charge Ready NY 2.0, the Drive Clean Rebate, the New York Truck Voucher Incentive Program, and the New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: California’s economic leadership shines in three recent studies

    Source: US State of California Governor

    Jul 22, 2025

    What you need to know: California is cementing its role as a global economic powerhouse — new data highlights the Golden State’s leadership in innovation, business growth, and AI readiness.

    SACRAMENTO – California continues to dominate as an economic leader nationwide. As the fourth largest economy in the world, California is fostering growth in sectors across the board, creating jobs and spurring economic activity.

    “California is where a diverse class of dreamers and doers meet more access to venture capital funding, more Fortune 500 companies, and more business starts than anywhere else in the nation. That is how we regularly punch above our weight in economic success on a global scale.”

    Governor Gavin Newsom

    According to recent reporting: 

    ➜ Eight California cities ranked among the 25 fastest-growing for trade between businesses, referred to as business-to-business payments growth, since January 2025 – more than any other state. 

    ➜ Three city regions – San Francisco, San Jose and Los Angeles – are among the top 10 in the country when it comes to having everything in place to launch big AI businesses, according to a recent report from Brookings. No other state has more than one region in the top 10.

    ➜ Nearly four times more companies launched their headquarters in California than relocated out of state, according to data from a recent report by the Public Policy Institute of California (PPIC). 

    When it comes to economic leadership, California leads the nation as:

    Furthering the state’s initiative to support business development, the California Competes Tax Credit this week opened its first application window for the fiscal year. With special consideration given to businesses within the “strengthen” and “accelerate” sector categories as outlined in the California Jobs First Economic Blueprint, California Competes aims to invest in the state’s key economic sectors that will drive innovation and access to good-paying jobs. Learn more and apply here by August 11.

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    MIL OSI USA News –

  • MIL-OSI Africa: Dr. Rania Al-Mashat Discusses with World Bank Regional Director Advancing Multilateral Cooperation to Enhance Economic Development in Egypt

    Source: APO


    .

    H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a meeting with Mr. Stephane Guimbert, Regional Director of the World Bank for Egypt, Yemen, and Djibouti, to discuss avenues to strengthen joint cooperation to achieve economic development in Egypt.

    The Minister of Planning, Economic Development and International Cooperation discussed with the World Bank Regional Director the joint efforts to enhance economic development by leveraging the World Bank’s international expertise and capabilities, emphasizing the importance of the partnership with the World Bank Group as a knowledge partner to the Egyptian government. Where joint work is underway to develop a comprehensive implementation plan to achieve economic development in cooperation with ministries and national entities, aiming to support macroeconomic stability, provide development financing, promote industrial development and trade, mobilize foreign direct investment (FDI), and increase investment in human capital.

    H.E. also highlighted the Ministry’s efforts to implement the national narrative for economic development, which includes several pillars such as the preparation of the National Strategy for Industrial Development, which aims to increase exports, and enhance the value-added of manufacturing industries, and expand the contribution of the green economy to the GDP, as well as on enhancing integration and coherence between the FDI strategy and industrial development, supporting the labor market strategy focused on skills, and promote investment in human capital. She pointed out that this document comes within the framework of the effort to formulate a unified development discourse that reflects the state’s priorities, enhances the consistency of macroeconomic policies, and serves as a common reference for the government, international institutions, and development partners.

    The meeting also discussed updates regarding the World Bank’s portfolio, including the Universal Health Insurance Project, the Sustainable Rural Sanitation Services Program, and the Takaful and Karama Program. Discussions also covered the latest developments in the Upper Egypt Local Development Program and the Cairo-Alexandria Trade Logistics Development Project, which is being implemented in cooperation with the National Railways Authority of Egypt (NRA).

    For his part, Mr. Stephane Guimbert, Regional Director of the World Bank for Egypt, presented an overview of a new global health initiative led by the World Bank, which aims to expand basic health coverage to an additional 1.5 billion people worldwide, focusing on middle- and low-income countries. The idea of Egypt joining as a key participant in this initiative was raised in light of its significant progress in health sector reforms, particularly through the implementation of the Universal Health Insurance system, which is considered one of the largest social protection projects in the region.

    Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.

    MIL OSI Africa –

  • MIL-OSI USA: United States Unseals Civil Action Filed Against Approximately $2M in Digital Currency Involved in Hamas Fundraising

    Source: US Justice – Antitrust Division

    Headline: United States Unseals Civil Action Filed Against Approximately $2M in Digital Currency Involved in Hamas Fundraising

    The Justice Department and the U.S. Attorney’s Office for the District of Columbia today announced the unsealing of a civil forfeiture action against approximately $2 million dollars in digital currency held by Tether Limited (Tether) and Binance Holdings LTD (Binance) accounts connected with Buy Cash Money and Money Transfer Company (BuyCash), a Gaza-based money transfer business that was involved in financially supporting Hamas – a designated Foreign Terrorist Organization (FTO) – as well as its agents and collaborators.

    MIL OSI USA News –

  • MIL-OSI Security: United States Unseals Civil Action Filed Against Approximately $2M in Digital Currency Involved in Hamas Fundraising

    Source: United States Attorneys General 7

    The Justice Department and the U.S. Attorney’s Office for the District of Columbia today announced the unsealing of a civil forfeiture action against approximately $2 million dollars in digital currency held by Tether Limited (Tether) and Binance Holdings LTD (Binance) accounts connected with Buy Cash Money and Money Transfer Company (BuyCash), a Gaza-based money transfer business that was involved in financially supporting Hamas – a designated Foreign Terrorist Organization (FTO) – as well as its agents and collaborators.

    “Terrorist organizations like Hamas and their affiliates rely on shadowy financial networks to fund their deadly operations,” said Attorney General Pamela Bondi. “By seizing millions in cryptocurrency, the Justice Department is aggressively dismantling the financial infrastructure of terrorism and refusing to allow our digital currency platforms to become safe havens for terrorist financing.”

    “The forfeiture action executed today is an example of how diligently our office works to prevent any actions from taking place that support foreign terrorist organizations,” said U.S. Attorney Jeanine Ferris Pirro for the District of Colombia. “Our partnership with other law enforcement agencies strengthens us to uphold the safety of the American people from entities that threaten the security of our citizens.”

    “The forfeiture action unsealed today demonstrates that no matter what lengths terrorism financers take to obscure their illegal transactions, the FBI will aggressively disrupt the transmission of illicit proceeds intended to support designated terrorist organizations like Hamas,” said Assistant Director in Charge Steven J. Jensen of the FBI Washington Field Office.

    BuyCash, and one of its owners, Ahmed M. M. Alaqad, have been suspected of supporting various terrorist organizations including Hamas, ISIS, Al-Qaida affiliates and others. After the October 2023 attacks on Israel, BuyCash and Alaqad were designated as having materially supported Hamas under Executive Order 13224 by the U.S. Department of Treasury Office of Foreign Asset Control (OFAC). Since 2017, BuyCash and Alaqad have supported several foreign terrorist organizations. In 2017, BuyCash was used for the procurement of large quantities of online infrastructure on behalf of ISIS. In September 2019, BuyCash was used to receive funds from a known Al-Qaida affiliate. In 2019, law enforcement identified various instances where BuyCash, with the direct support of Alaqad, directly aided in the transfer of fiat currency to known individuals and entities in support of Hamas. In June 2021, Israel’s National Bureau for Counter Terrorist Financing seized various digital currency accounts connected to Hamas and the Izz-al-Din Qassam Brigades, including one involving BuyCash.

    The complaint describes a detailed scheme whereby users utilized BuyCash to fund accounts held by Tether and Binance to obfuscate their financial support of international terrorist organizations, including Hamas. Before and after the October 2023 attacks, one account was reported to have received at least $4 million to support Hamas.

    The government’s forfeiture action targets multiple accounts previously seized from Tether and Binance connected to BuyCash and removed approximately $2 million dollars from streams of funds supporting international terrorism.

    A civil forfeiture complaint contains mere allegations. The burden to prove forfeitability in a civil forfeiture proceeding is upon the government.

    The FBI Washington D.C. Field Office is investigating the case.

    Assistant U.S. Attorneys Rajbir S. Datta and Thomas Saunders for the District of Columbia are prosecuting the case with assistance from Trial Attorney Allison Ickovic of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) and Deputy Chief Alicia Cook of the National Security Division. Critical assistance was provided by Paralegal Specialists Brian Rickers, Gina Torres, and the Department of Justice’s Office of International Affairs.  

    MIL Security OSI –

  • MIL-OSI: MCGlobalHub Launches Real-Time Investor Intelligence Tool to Deliver Actionable Signals

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 22, 2025 (GLOBE NEWSWIRE) — MCGlobalHub, a global financial company, has introduced a new Real-Time Investor Intelligence feature. The tool is designed to provide live market signals and assist the user in monitoring the market activity in real-time.

    The tool is part of MCGlobalHub’s trading system and works on both desktop and mobile browsers. It displays trading indicators in terms of price action, market direction and latest news. Users can see the data in their dashboards without using any third-party service.

    Live Signals to Assist Users in Making Informed Decisions

    The software gathers real-time market data and converts it into straightforward signals. These indicators assist the user in tracking the market without reading long reports or charts. They are categorized according to the type of asset, such as crypto, indices, commodities, and equities.

    A spokesperson of MCGlobalHub said, “Many people felt overwhelmed during rapid market shifts. We consistently heard feedback like, ‘I just need something that can show me what’s happening in real time.’ That’s exactly why we created this, not to dictate decisions, but to help users better understand the market as it unfolds.”

    The company claims that the platform is user-friendly at all levels. It does not employ complicated terminology and does not provide recommendations. Rather, it provides data-driven signals and lets consumers determine how to use them.

    No Additional Charge or Complicated Installation

    All users with a trading account can access the Real-Time Investor Intelligence Platform at no cost. It does not require any additional charge. It is already integrated into the trading interface and does not require additional software to be installed.

    According to the spokesperson, “We didn’t want to turn it into a paid feature or add unnecessary steps. The idea was to keep it straightforward: log in, and it’s there. You have full control to switch it on or off whenever it suits you.”

    Users can choose which signals they want to see and which ones to hide. The company also said it will keep updating the platform based on how people use it and what feedback they give.

    Responding to a Need in the Market

    MCGlobalHub built the platform after seeing a rise in demand for tools that offer fast and clear updates. Many users were using outside apps or websites to track market signals. The company wanted to make that part of the experience easier and keep it all in one place.

    “People don’t want to jump between apps while trying to make a trade. It’s stressful and easy to miss things. We just wanted to reduce that stress,” the spokesperson added.

    The system uses set rules to scan the market. It doesn’t guess future moves. It simply reads what’s happening and turns that into alerts. This way, users stay in control.

    Supporting Smarter Trading, Not Automated Advice

    The company stressed that this tool isn’t about giving answers. It’s there to support the decision-making process with raw, real-time data.

    “We’re not here to tell you what to buy or sell, that’s not our role,” the spokesperson said. “But if we can provide a tool that helps you feel more confident in your next move, then we know we’re on the right track.”

    The company said it will watch how users interact with the platform in the coming months. Future updates will depend on that data and user input.

    About MCGlobalHub

    MCGlobalHub is a multi-asset access provider offering a range of trading instruments, including commodities, equities, indices, and cryptocurrencies. The company provides a web-based trading platform accessible on desktop and mobile devices, with standard functionality and security measures, including encryption and account verification. MCGlobalHub prioritizes fast trade execution, offers various deposit and withdrawal methods, and provides customer support through multiple channels.

    Media Contact:
    Company Address: One Canada Square London
    Contact Name: Charles Simpson
    E-mail: Charles.Simpson@MCglobalHub.com

    Disclaimer: This press release is provided by MCGlobalHub. 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. 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. 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.Speculate only with funds that you can afford to lose.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.
    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    The MIL Network –

  • PM Modi’s fourth UK visit to spotlight $53.75 billion bilateral trade and FTA gains

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi will embark on a two-nation visit on Wednesday, beginning with an official tour to the United Kingdom at the invitation of UK Prime Minister Keir Starmer from July 23-24. This will mark his fourth visit to the UK, underscoring the deepening ties between the two nations, especially in the realm of economic cooperation.

    India and the UK share a strong and steadily growing economic partnership, reflected in robust trade figures and expanding investment flows. Bilateral trade between the two countries stood at approximately $53.75 billion in 2024, with Indian exports valued at around $32.5 billion and imports at about $21.25 billion. Trade in goods contributed $22.5 billion, while the services sector accounted for nearly $31.25 billion.

    Investment flows between the two countries continue to deepen. The UK ranks as the sixth-largest inward investor in India, with a cumulative equity investment of $35 billion as of September 2024. On the other hand, Indian investments in the UK amounted to $19 billion till March 2024. There are currently 971 Indian companies operating in the UK, employing over 1 lakh people. Meanwhile, 667 British companies are active in India, providing employment to more than 5 lakh people.

    A key development in bilateral economic relations has been the successful conclusion of the India-UK Free Trade Agreement (FTA) and the Double Contribution Convention. These landmark announcements were made during a telephonic conversation between the two Prime Ministers on May 6, 2025, following three years of negotiations. The FTA, one of India’s most comprehensive, spans 26 chapters, covering sectors such as goods, services, rules of origin, intellectual property rights, government procurement, digital trade, telecom, financial services, environment, and labour.

    Two institutional mechanisms have played a pivotal role in driving the India-UK economic agenda. The India-UK Joint Economic and Trade Committee (JETCO), launched on January 13, 2005, is designed to strengthen strategic economic ties through a business-driven approach. The 15th JETCO meeting took place in New Delhi on January 13, 2022, co-chaired by India’s Commerce and Industry Minister Shri Piyush Goyal and UK’s then Secretary of State for International Trade, Ms. Anne-Marie Trevelyan. It was during this meeting that both nations formally launched negotiations for the FTA.

    The India-UK Economic and Financial Dialogue (EFD), established on February 4, 2005, has been instrumental in shaping macroeconomic cooperation. The 13th EFD meeting was held in London on April 9, 2025, led by the Finance Ministers of both countries. Discussions focused on boosting infrastructure collaboration, enhancing fintech partnerships, promoting sustainable finance, and advancing knowledge exchange.

  • PM Modi’s fourth UK visit to spotlight $53.75 billion bilateral trade and FTA gains

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi will embark on a two-nation visit on Wednesday, beginning with an official tour to the United Kingdom at the invitation of UK Prime Minister Keir Starmer from July 23-24. This will mark his fourth visit to the UK, underscoring the deepening ties between the two nations, especially in the realm of economic cooperation.

    India and the UK share a strong and steadily growing economic partnership, reflected in robust trade figures and expanding investment flows. Bilateral trade between the two countries stood at approximately $53.75 billion in 2024, with Indian exports valued at around $32.5 billion and imports at about $21.25 billion. Trade in goods contributed $22.5 billion, while the services sector accounted for nearly $31.25 billion.

    Investment flows between the two countries continue to deepen. The UK ranks as the sixth-largest inward investor in India, with a cumulative equity investment of $35 billion as of September 2024. On the other hand, Indian investments in the UK amounted to $19 billion till March 2024. There are currently 971 Indian companies operating in the UK, employing over 1 lakh people. Meanwhile, 667 British companies are active in India, providing employment to more than 5 lakh people.

    A key development in bilateral economic relations has been the successful conclusion of the India-UK Free Trade Agreement (FTA) and the Double Contribution Convention. These landmark announcements were made during a telephonic conversation between the two Prime Ministers on May 6, 2025, following three years of negotiations. The FTA, one of India’s most comprehensive, spans 26 chapters, covering sectors such as goods, services, rules of origin, intellectual property rights, government procurement, digital trade, telecom, financial services, environment, and labour.

    Two institutional mechanisms have played a pivotal role in driving the India-UK economic agenda. The India-UK Joint Economic and Trade Committee (JETCO), launched on January 13, 2005, is designed to strengthen strategic economic ties through a business-driven approach. The 15th JETCO meeting took place in New Delhi on January 13, 2022, co-chaired by India’s Commerce and Industry Minister Shri Piyush Goyal and UK’s then Secretary of State for International Trade, Ms. Anne-Marie Trevelyan. It was during this meeting that both nations formally launched negotiations for the FTA.

    The India-UK Economic and Financial Dialogue (EFD), established on February 4, 2005, has been instrumental in shaping macroeconomic cooperation. The 13th EFD meeting was held in London on April 9, 2025, led by the Finance Ministers of both countries. Discussions focused on boosting infrastructure collaboration, enhancing fintech partnerships, promoting sustainable finance, and advancing knowledge exchange.

  • MIL-OSI Canada: The Government of Canada invests over $14.4 million to empower young Canadians to address climate change and support a healthy environment

    Source: Government of Canada News (2)

    July 22, 2025 – Vancouver, British Columbia

    From protecting our wildlife to conserving our forested areas, young Canadians play a big part in tackling climate change. Still, they can be better equipped to do so through enhanced access to resources and environmental education. We are committed to providing young people with the knowledge and skills to create sustainable solutions to environmental challenges as we work toward a clean, net-zero emissions economy by 2050.

    Today, the Honourable Julie Dabrusin, Minister of Environment and Climate Change, announced that the Government of Canada is investing over $14.4 million from the Environmental Damages Fund’s Climate Action and Awareness Fund to support 17 environmental literacy projects across Canada. These projects will develop the tools and skills young Canadians need as they work toward solutions to fight climate change.

    The Minister announced the funding in Vancouver while visiting one of the funding recipients, BC Parks Foundation. They are receiving $1.8 million to develop the environmental literacy and leadership of young Canadians in British Columbia. This project will provide opportunities for students across the province to learn about and take positive steps to mitigate climate change and improve biodiversity in parks and protected areas, as well as in their school grounds and classrooms. In addition to the funding from the Climate Action and Awareness Fund, BC Parks Foundation is receiving $1.5 million from the Government of British Columbia’s Ministry of Environment and Parks for this project. This funding complements the investment made by BC Parks Foundation. The project is a promising example of provincial-federal-private collaboration on environmental learning.

    Indigenous communities and organizations, academia, community organizations, and environmental organizations are leading the projects receiving funding today. The projects include creating learning opportunities in parks, holding community outreach events, and developing learning materials for young Canadians and their educators. This will help increase awareness of the local environment and demonstrate how residents can make an impactful difference in their communities. Of the funding announced today, $3.2 million is dedicated to Indigenous-led projects, aiming to provide Indigenous youth with environmental education that intertwines both Traditional Knowledge and western climate science.

    MIL OSI Canada News –

  • MIL-OSI Canada: The Government of Canada invests over $14.4 million in 17 projects that will foster youth environmental literacy across Canada

    Recipient Total Project description Maritime Aboriginal Peoples Council $741,487 This project will foster ocean and climate literacy for youth aged 5 through 18 in schools across Nova Scotia, Prince Edward Island, and New Brunswick through classroom presentations and public outreach events. Students will learn about the organisms found within the Atlantic Ocean and local freshwater watersheds. Grand Council Treaty #3 Representative Services Inc.  $782,922 This project will deliver knowledge and skills on climate change for children, youth, and adults in Treaty #3 territory in Northwestern Ontario and Eastern Manitoba to become climate leaders in their communities and participate in the emerging green economy. The programming will combine western climate science and Anishinaabe Traditional Knowledge specific to Treaty #3. Aqqiumavvik Society $1,500,199 This project will develop and pilot a culturally relevant, age-appropriate environmental literacy program to enhance avatimik kamattiarniq (the concept of environmental stewardship) for youth in Arviat, Nunavut. Kitselas First Nation $221,700 This project will provide Kitselas First Nation youth with the skills and knowledge to address climate change, loss of biodiversity, and the cumulative effects of pollution affecting their traditional territory. BC Parks Foundation $1,800,000 This project will provide opportunities for students across British Columbia (BC) to learn about and take positive steps to mitigate climate change and biodiversity loss, both in British Columbia’s provincial parks and in their school grounds and classrooms. Cape Breton University $326,614 This project will conduct participatory analysis on the impact and accessibility of environmental literacy with youth and their teachers from schools in all provinces and territories in Canada. Project participants will also practice methods of policy writing and presentation, as well as co-create teaching materials. Canadian Parks and Wilderness Society, Southern Alberta Chapter $342,524 This project aims to develop the environmental literacy and leadership of young Canadians, especially those from underserved communities in Southern Alberta, through training and a mentoring group. This will give youth the skills and perspectives to help them overcome current environmental challenges and participate in eco-advocacy. Ducks Unlimited Canada, on behalf of the Nature Education Collective $797,898 This project will support the Nature Education Collective to systematically enhance environmental literacy at a national scale in school systems across Canada. Through an integrated package of scalable solutions that support normalizing climate and biodiversity education, this project will work with partner school systems to elevate regional leadership, expand teacher training, and provide inclusive programming directly to students. AquaAction $635,296 This project will help address eco-anxiety in kindergarten to Grade 12 students through a learning program in Montréal, Quebec. The program aims to create a generation of water stewards that will take action to address freshwater issues and contribute to sustainability. This will be done through encouraging entrepreneurial thinking and developing job-ready skills to help young Canadians participate in a sustainable blue economy. Aurora College $1,461,680 This project will provide a wide range of locally and culturally relevant opportunities for junior kindergarten to Grade 12 students and youth to learn about climate change and its impact on the Northwest Territories. This will include in-classroom and on-the-land programming, training for junior kindergarten to Grade 12 educators, and community workshops. The Jane Goodall Institute for Wildlife Research, Education and Conservation $939,592 This project will provide environmental knowledge, service-learning, and leadership opportunities for young Canadians, particularly Indigenous, BPOC, 2SLGBTQ+ youth and other underserved communities. This project will engage youth in community-based actions linked to the major environmental crises and provide training for educators to best integrate environmental education into their teaching. The Calgary Zoological Society $1,562,992 This project aims to integrate environmental literacy into teacher training and professional development for in-service teachers by identifying non-formal teaching institutions to serve as community practicum sites specializing in environmental education. Wanuskewin Heritage Park Authority $300,000 This project will create materials to enhance interactive ecological education through an Indigenous lens, enhance and develop new guided cultural tours, and augment their video series with a focus on the interconnections between cultures and the land for visitors of Wanuskewin Heritage Park in Saskatoon, Saskatchewan. The Starfish Environmental Society $396,213 The goal of this project is to create experiential, Indigenous-led environmental literacy material to support kindergarten to Grade 12 teachers in Six Nations and Hamilton schools to ground youth environmental literacy in Haudenosaunee cultural perspectives. Friends of the Rouge Watershed Inc. $255,000 This project will ensure that students and community volunteers, with a high proportion of first-generation and racially diverse Canadians, have free access to natural spaces in the Rouge Watershed, including environmental education through skills training and hands-on opportunities to restore forest and wetland habitats. Nature Québec $1,117,814 The objective of the project is to green learning spaces by creating micro-ecosystems in schoolyards, while integrating environmental education for students and school staff. This project aims to foster student contact with nature and develop educational materials based on citizen science. By collaborating with experts, the project will assess the impact of environmental practices on student behaviour and raise awareness of climate issues throughout the school community. Conservation Council of New Brunswick $1,286,043 This project will create a province-wide network of environmental educators that will allow all schools in New Brunswick to access current, place-based, educational climate change-centered programming while also giving educators the tools to teach their students outside and utilize their outdoor spaces.

    MIL OSI Canada News –

  • MIL-OSI: Taxback International rebrands as Fintua

    Source: GlobeNewswire (MIL-OSI)

    Kilkenny, Ireland , July 22, 2025 (GLOBE NEWSWIRE) — Taxback International, a global leader in VAT compliance and recovery, has officially rebranded as Fintua. This rebrand represents the fusion of decades of indirect tax expertise with next-generation SaaS technology, setting a new standard for digital solutions in the fintech space. With this rebrand, the company reinforces its commitment to delivering smarter, more scalable fintech solutions to accelerate positive digital change across the indirect tax landscape.

    Fintua are a global fintech leader, delivering specialist tax technology solutions for indirect tax recovery, compliance, eInvoicing and payments.

    Why the change?

    Fintua represents the evolution of our business from a specialist in VAT reclaim to a global technology expert in the wider fintech industry. As indirect tax grows more complex, businesses are seeking smarter, more agile solutions. Our rebrand signals a commitment to empowering global tax and finance professionals with innovative technology that simplifies complexity, reduces risk and transforms how tax is managed. 

    The name Fintua blends our financial technology focus with a strong connection to our Irish heritage. Fin reflects our fintech expertise, while Tua derived from the Irish word tuath (meaning people or community), highlights our collaborative and client-centric values.  

    A new chapter of innovation 

    Rebranding to Fintua represents more than a name change – it is a statement of intent. We remain the trusted partner our clients know, but with an even greater focus on developing intuitive, expert-built technology that meets both current and future tax challenges. 

    “As we embark on this exciting journey to become Fintua, I am thrilled to see our company evolve into a brand that truly reflects our innovative spirit and commitment to tax technology,” said Catherine Quirke, CEO of Fintua. “This rebranding marks a significant milestone in our growth, and identifies with our ability and commitment to deliver cutting-edge solutions that meet the evolving needs of our customers.” 

    Fintua’s vision is to be a leader in breakthrough technology, accelerating positive digital change throughout the indirect tax and wider fintech community. Our values; empowering, progressive, collaborative, and perceptive—will continue to guide every solution we deliver. 

    “The rebrand of Taxback International to Fintua is a proud moment for all of us at CluneTech. It’s a reflection of how far the business has come since its early days in Kilkenny – growing from a VAT reclaim specialist into a global technology leader in tax and fintech. For me, Fintua stands for innovation, ambition, and the power of a great team working together to solve complex challenges for businesses worldwide. I’m excited to see Fintua lead the way into this new era, continuing our tradition of empowering clients and driving positive change across the industry.” – Terry Clune, CEO and Founder of CluneTech. 

    About Fintua

    Fintua is a global fintech leader, delivering specialist tax technology solutions for indirect tax recovery, compliance, eInvoicing and payments. 

    Press inquiries

    Fintua
    https://fintua.com/
    Katie Fitzpatrick
    kfitzpatrick@fintua.com
    +353 87 020 3636
    IDA Business and Technology Park,
    Ring Road,
    Kilkenny,
    R95 ETN5

    The MIL Network –

  • MIL-OSI: QNB Corp. Reports Earnings for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    QUAKERTOWN, Pa., July 22, 2025 (GLOBE NEWSWIRE) — QNB Corp. (the “Company” or “QNB”) (OTCQX: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the second quarter of 2025 of $3,883,000 or $1.04 per share on a diluted basis. This compares to net income of $2,465,000, or $0.67 per share on a diluted basis, for the same period in 2024. For the six months ended June 30, 2025, QNB reported net income of $6,461,000, or $1.74 per share on a diluted basis. This compares to net income of $5,059,000, or $1.38 per share on a diluted basis, reported for the same period in 2024.

    For the second quarter ended June 30, 2025, the annualized rate of return on average assets and average shareholders’ equity was 0.83% and 14.25%, respectively, compared with 0.57% and 10.73%, respectively, for the second quarter 2024.

    The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended June 30, 2025, in comparison with the same period in 2024, due primarily to improvement in the interest margin causing a $2,915,000 increase in net interest income and a reduction in the provision for credit losses on loans and unfunded commitments of $260,000; this was partly offset by a decrease in non-interest income of $146,000 and an increase in non-interest expense of $539,000. The change in contribution from QNB Corp. for the quarter ended June 30, 2025, compared with the same period in 2024, is primarily due to a decrease in net interest income of $855,000, related to the subordinated debt issuance in 2024.

    The following table presents disaggregated net income (loss):

      Three months ended,           Six months ended,        
      6/30/2025     6/30/2024     Variance     6/30/2025     6/30/2024     Variance  
    QNB Bank $ 4,679,000     $ 2,741,000     $ 1,938,000     $ 7,971,000     $ 5,072,000     $ 2,899,000  
    QNB Corp   (796,000 )     (276,000 )     (520,000 )     (1,510,000 )     (13,000 )     (1,497,000 )
    Consolidated net income $ 3,883,000     $ 2,465,000     $ 1,418,000     $ 6,461,000     $ 5,059,000     $ 1,402,000  
     

    Total assets as of June 30, 2025 were $1,884,828,000 compared with $1,870,894,000 at December 31, 2024. Total cash and cash equivalents increased $15,758,000, or 31.1%, to $66,471,000, primarily due to increases in customer deposits. Loans receivable increased $2,491,000 to $1,218,539,000. Total deposits increased $23,126,000, or 1.4%, to $1,651,667,000. Long-term borrowing declined $30,000,000 and short-term borrowing increased $13,620,000.

    “Consistent with the first quarter, the Bank’s operating performance continued to improve in the second quarter, primarily driven by an expanding net interest margin that positively impacted net interest income,” said David W. Freeman, President and Chief Executive Officer. He added, “Loan and deposit balances remained stable, with modest increases. This tempered growth reflects our customers’ continued cautious borrowing and spending amid ongoing economic uncertainty. Looking ahead, we remain cautiously optimistic about the second half of the year, supported by a strengthening pipeline and signs of businesses adapting to a new economic environment.”

    Net Interest Income and Net Interest Margin

    Net interest income for the quarter ended June 30, 2025 totaled $12,652,000, an increase of $2,060,000, from the same period in 2024. Net interest margin was 2.69% for the second quarter of 2025 and 2.46% for the same period in 2024. Net interest margin was 2.60% for the six months ended June 30, 2025, compared with 2.43% for the same period in 2024.

    The yield on earning assets was 4.90% for the second quarter of 2025, compared with 4.70% in the second quarter of 2024; an increase of 20 basis points. For the six-month period ended June 30, 2025, the yield on earning assets was 4.85%, compared with 4.64% for the same period in 2024. The cost of interest-bearing liabilities was 2.68% for the second quarter ended June 30, 2025, compared with 2.73% for the same period in 2024, a decrease of five basis points. For the six-month period ended June 30, 2025, the cost of interest-bearing liabilities was 2.72% compared with 2.70% for the same period in 2024.

    Proceeds from the growth in average deposits and the issuance of subordinated debt over the past year were invested in loans, higher-yielding securities and used to pay down short-term borrowings. Loan growth was primarily in commercial real estate, which comprised 45.5% of average earning assets in the six months of 2025 compared with 45.2% for the same period in 2024, and the increases in both rates and volume in commercial real estate loans majorly contributed to the 29 basis-point increase in the yield on loans. The increase in the available-for-sale investments portfolio was primarily in corporate debt securities. The 18-basis point increase in rate on investments was primarily due to the 96-basis point increase in the yield on corporate debt securities. The average rate paid on interest-bearing deposits decreased 22 basis points; this was more than offset by the issuance of subordinated debt, which was the primary contributor to the increase in the cost of funds of two basis points.

    Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses

    QNB recorded a reversal of $145,000 in the provision for credit losses on loans in the second quarter of 2025 compared to a $132,000 provision in the second quarter of 2024. QNB recorded a provision of $406,000 in the provision for credit losses on loans for the six-month ended June 30, 2025 compared to a $39,000 provision for the same period of 2024. QNB’s allowance for credit losses on loans of $9,169,000 represents 0.75% of loans receivable at June 30, 2025, compared to $8,744,000, or 0.72% of loans receivable at December 31, 2024. The three-basis point increase in the allowance for credit losses on loans was primarily due to an increase in loans and reserves for collateral dependent loans partly offset by an improvement in the economic outlook. Net loan recoveries were $16,000 for the quarter ended June 30, 2025, compared with charge-offs of $12,000 for the same period in 2024. Annualized net loan recoveries for the quarter ended June 30, 2025 were 0.01% and annualized net loan charge-offs were 0.00% for the quarter ended June 30, 2024, of average loans receivable, respectively. Net loan recoveries were $19,000 for the six months ended June 30, 2025, compared with charge-offs of $33,000 for the same period in 2024. Annualized net loan recoveries for the six months ended June 30, 2025 were 0.00% compared to annualized net charge-offs of 0.01% for the same period in 2024, of average loans receivable, respectively.

    Total non-performing loans, which represent loans on non-accrual status and loans past due 90 days or more and still accruing interest, were $8,947,000, or 0.73% of loans receivable at June 30, 2025, compared with $1,975,000, or 0.16% of loans receivable at December 31, 2024. The increase was primarily due to one commercial customer relationship. In cases where there is a collateral shortfall on non-accrual loans, specific reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. At June 30, 2025, $7,841,000, or approximately 88% of the loans classified as non-accrual, are current or past due less than 30 days. Commercial loans classified as substandard or doubtful loans totaled $34,275,000 at June 30, 2025, compared with $34,301,000 at December 31, 2024; these were comprised primarily of commercial real estate loans.

    Non-Interest Income

    Total non-interest income was $1,652,000 for the second quarter of 2025 compared with $1,465,000 for the same period in 2024. There were no realized and unrealized gain/loss on securities for the quarter ended June 30, 2025 compared to a net loss of $80,000 in the same period in 2024. Excluding the net realized and unrealized gains on securities, non-interest income increased $107,000, or 6.9%. During the second quarter of 2024 the Bank sold lower-yielding securities to better position its net interest margin; the total loss on security sales was $1,096,000. The Bank also completed the exchange offer to convert its Visa B-1 shares to B-2 and C shares; the Bank recorded a $1,354,000 unrealized gain on the Visa C shares in the second quarter of 2024.

    Fees for service to customers increased $58,000 for the quarter ended June 30, 2025, as overdraft fees increased $45,000 and other deposit-related fees increased $13,000. ATM and debit card increased $19,000 due to volume. Retail brokerage and advisory income increased $14,000 to $140,000 for the same period. Other non-interest income increased $10,000 for the same period due to an increase in letter of credit fees of $7,000 and referral income of $6,000.

    For the six months ended June 30, 2025, non-interest income was $3,236,000 a decrease of $65,000 compared to the same period in 2024, primarily due to the change in fair value of the equities portfolio of $986,000 in 2024; primarily related to the Visa stock conversion discussed above. Realized loss on sale of securities in 2024 was $719,000. Net gain on sale of loans increased $9,000 when comparing the six months ended June 30, 2025 with the same period in 2024. Increases in non-interest income for the six months ended June 30, 2025 compared to the same period in 2024 comprise: fees for services to customers, ATM and debit card fees and retail brokerage and advisory, which increased $85,000, $39,000 and $62,000, respectively. Other non-interest income increased $7,000 due primarily to increases in letter of credit fees and title insurance company income partly offset by a decrease in merchant servicing income.

    Non-Interest Expense

    Total non-interest expense was $9,562,000 for the second quarter of 2025 compared with $8,934,000 for the same period in 2024. Salaries and benefits expense increased $213,000, or 4.2%, to $5,251,000 when comparing the two quarters. Salary expense and related payroll taxes increased $350,000, or 8.5%, to $4,447,000 during the second quarter of 2025 compared to the same period in 2024, primarily due to pay increases. Benefits expense decreased $177,000, or 31.3%, when comparing the two periods primarily due to a reduction in medical costs.

    Net occupancy and furniture and equipment expense increased $200,000, or 13.5%, to $1,681,000 for the second quarter of 2025 primarily due to software maintenance costs and depreciation. Other non-interest expense increased $215,000, or 8.9%, when comparing second quarter of 2025 with the same period in 2024 due to an increase in third-party services of $127,000 related to information technology services and consultant expense and an increase in write-offs relating to fraud on customer accounts of $150,000. These increases were partly offset by the recording of a potential expense of $85,000 related to the Visa stock exchange make-whole agreement in the 2024 period.

    For the six months ended June 30, 2025, non-interest expense was $18,931,000, an increase of $1,164,000, or 6.6%, compared to the same period in 2024.

    Income Taxes

    Provision for income taxes increased $461,000 to $1,005,000 in the second quarter of 2025 due increased pre-tax income, compared with the same period in 2024. The effective tax rate for the quarter ended June 30, 2025 was 20.6% compared with 18.1% for the same period in 2024. The effective tax rate for the six months ended June 30, 2025 was 20.1% compared with 19.3% for the same period in 2024.

    About the Company

    QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Lehigh and Montgomery Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.

    Forward Looking Statement

    This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including “Item lA. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

    QNB Corp.  
    Consolidated Selected Financial Data (unaudited)  
    (Dollars in thousands)                    
    Balance Sheet (Period End) 6/30/25   3/31/25   12/31/24   9/30/24   6/30/24  
    Assets $ 1,884,828   $ 1,896,189   $ 1,870,894   $ 1,841,563   $ 1,761,487  
    Cash and cash equivalents   66,471     81,557     50,713     104,232     76,909  
    Investment securities                    
    Debt securities, AFS   544,262     547,138     546,559     510,036     460,418  
    Equity securities   —     —     —     2,760     7,233  
    Loans held-for-sale   1,166     248     664     294     786  
    Loans receivable   1,218,539     1,212,162     1,216,048     1,171,361     1,162,310  
    Allowance for credit losses on loans   (9,169 )   (9,298 )   (8,744 )   (8,987 )   (8,858 )
    Net loans   1,209,370     1,202,864     1,207,304     1,162,374     1,153,452  
    Deposits   1,651,667     1,664,555     1,628,541     1,626,284     1,572,839  
    Demand, non-interest bearing   201,460     203,666     183,499     190,240     190,333  
    Interest-bearing demand, money market and savings   1,060,688     1,083,011     1,063,584     1,055,409     1,003,813  
    Time   389,519     377,878     381,458     380,635     378,693  
    Short-term borrowings   67,464     43,299     53,844     22,918     49,066  
    Long-term debt   —     30,000     30,000     30,000     30,000  
    Subordinated debt   39,168     39,118     39,068     39,030     —  
    Shareholders’ equity   113,269     108,223     103,349     105,340     96,885  
                         
    Asset Quality Data (Period End)                    
    Non-accrual loans $ 8,947   $ 8,651   $ 1,975   $ 1,696   $ 2,078  
    Loans past due 90 days or more and still accruing   —     —     —     —     —  
    Non-performing loans   8,947     8,651     1,975     1,696     2,078  
    Other real estate owned and repossessed assets   —     —     —     —     —  
    Non-performing assets $ 8,947   $ 8,651   $ 1,975   $ 1,696   $ 2,078  
                         
    Allowance for credit losses on loans $ 9,169   $ 9,298   $ 8,744   $ 8,987   $ 8,858  
                         
    Non-performing loans / Loans excluding held-for-sale   0.73 %   0.71 %   0.16 %   0.14 %   0.18 %
    Non-performing assets / Assets   0.47 %   0.46 %   0.11 %   0.09 %   0.12 %
    Allowance for credit losses on loans / Loans excluding held-for-sale   0.75 %   0.77 %   0.72 %   0.77 %   0.76 %
     
    QNB Corp.
    Consolidated Selected Financial Data (unaudited)
    (Dollars in thousands, except per share data) Three months ended,   Six months ended,
    For the period: 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24   6/30/25 6/30/24
    Interest income $ 23,110   $ 22,198   $ 22,209   $ 21,945   $ 20,345     $ 45,308   $ 39,914  
    Interest expense   10,458     10,661     11,234     10,818     9,753       21,119     19,154  
    Net interest income   12,652     11,537     10,975     11,127     10,592       24,189     20,760  
    (Reversal of) provision for credit losses   (146 )   550     (255 )   159     114       404     28  
    Net interest income after provision for credit losses   12,798     10,987     11,230     10,968     10,478       23,785     20,732  
    Non-interest income:                
    Fees for services to customers   485     447     454     469     427       932     847  
    ATM and debit card   724     656     708     691     705       1,380     1,341  
    Retail brokerage and advisory income   140     141     118     139     126       281     219  
    Net realized gain (loss) on investment securities   –     –     1,414     224     (1,096 )     –     (719 )
    Unrealized (loss) gain on equity securities   –     –     (1,344 )   143     1,016       –     986  
    Net (loss) gain on sale of loans   4     18     (3 )   19     (2 )     22     13  
    Other   299     322     298     282     289       621     614  
    Total non-interest income   1,652     1,584     1,645     1,967     1,465       3,236     3,301  
    Non-interest expense:                
    Salaries and employee benefits   5,251     5,032     5,079     4,650     5,038       10,283     10,012  
    Net occupancy and furniture and equipment   1,681     1,736     1,653     1,531     1,481       3,417     2,996  
    Other   2,630     2,601     2,349     2,455     2,415       5,231     4,759  
    Total non-interest expense   9,562     9,369     9,081     8,636     8,934       18,931     17,767  
    Income before income taxes   4,888     3,202     3,794     4,299     3,009       8,090     6,266  
    Provision for income taxes   1,005     624     743     961     544       1,629     1,207  
    Net income $ 3,883   $ 2,578   $ 3,051   $ 3,338   $ 2,465     $ 6,461   $ 5,059  
    Share and Per Share Data:                
    Net income – basic $ 1.05   $ 0.70   $ 0.83   $ 0.91   $ 0.67     $ 1.74   $ 1.38  
    Net income – diluted $ 1.04   $ 0.69   $ 0.83   $ 0.91   $ 0.67     $ 1.74   $ 1.38  
    Book value $ 30.46   $ 27.96   $ 28.57   $ 26.34   $ 25.57     $ 30.46   $ 25.57  
    Cash dividends $ 0.38   $ 0.38   $ 0.37   $ 0.37   $ 0.37     $ 0.76   $ 0.74  
    Average common shares outstanding -basic   3,710,878     3,699,854     3,688,078     3,679,799     3,665,695       3,705,396     3,660,435  
    Average common shares outstanding -diluted   3,724,808     3,713,141     3,695,518     3,682,773     3,665,695       3,718,513     3,660,435  
    Selected Ratios:                
    Return on average assets (1)   0.83 %   0.56 %   0.66 %   0.74 %   0.57 %     0.69 %   0.59 %
    Return on average shareholders’ equity (1)   14.25 %   9.73 %   11.62 %   13.25 %   10.73 %     12.02 %   11.05 %
    Net interest margin (tax equivalent)   2.69 %   2.51 %   2.38 %   2.48 %   2.46 %     2.60 %   2.43 %
    Efficiency ratio (tax equivalent)   66.39 %   70.65 %   71.16 %   65.27 %   73.26 %     68.43 %   73.00 %
    Average shareholders’ equity to total average assets   5.79 %   5.74 %   5.65 %   5.59 %   5.35 %     5.77 %   5.35 %
    Net loan (recoveries) charge-offs $ (16 ) $ (3 ) $ 1   $ 25   $ 12     $ (19 ) $ 33  
    Net loan (recoveries) charge-offs – annualized / Average loans excluding held-for-sale   -0.01 %   0.00 %   0.00 %   0.01 %   0.00 %     0.00 %   0.01 %
    Balance Sheet (Average)                
    Assets (1) $ 1,887,138   $ 1,872,950   $ 1,848,524   $ 1,792,952   $ 1,729,132     $ 1,880,083   $ 1,719,837  
    Investment securities   621,128     614,329     552,323     569,135     578,615       623,827     573,876  
    Loans receivable   1,216,011     1,193,949     1,158,731     1,139,874     1,108,836       1,213,173     1,124,354  
    Deposits   1,647,990     1,635,629     1,600,925     1,542,661     1,497,692       1,640,634     1,520,176  
    Shareholders’ equity (1)   109,299     107,503     104,433     100,192     92,432       108,406     92,064  
                     
    (1) In 2025, the Company changed its calculation of average assets and average equity to include the impact of accumulated other comprehensive income (loss), net of tax, to align its calculation with its peer group. Prior period information has been restated for this new calculation; specifically impacting the non-GAAP performance ratios for return on average assets and return on average equity.
     
    QNB Corp. (Consolidated)  
    Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)  
                               
      Three Months Ended  
      June 30, 2025     June 30, 2024  
      Average   Average         Average   Average      
      Balance   Rate   Interest     Balance   Rate   Interest  
    Assets                          
    Investment securities:                          
    U.S. Treasury $ 21,032     4.24 % $ 223     $ 6,824     5.19 % $ 88  
    U.S. Government agencies   75,963     1.18     224       84,558     1.17     246  
    State and municipal   105,090     2.88     756       107,881     3.51     947  
    Mortgage-backed and CMOs   354,349     2.46     2,184       356,650     2.73     2,436  
    Corporate debt securities and mutual funds   64,694     6.38     1,031       6,721     5.72     96  
    Equities   –     –     –       6,501     3.55     57  
    Total investment securities   621,128     2.84     4,418       569,135     2.72     3,870  
    Loans:                          
    Commercial real estate   863,096     5.94     12,775       801,691     5.46     10,876  
    Residential real estate   114,600     4.38     1,255       108,693     4.07     1,106  
    Home equity loans   70,666     6.41     1,130       65,575     6.83     1,114  
    Commercial and industrial   145,262     7.41     2,682       142,174     7.60     2,686  
    Consumer loans   3,355     7.70     65       3,781     7.50     71  
    Tax-exempt loans   19,347     4.23     205       18,284     3.87     176  
    Total loans, net of unearned income*   1,216,326     5.97     18,112       1,140,198     5.65     16,029  
    Other earning assets   61,355     4.45     680       43,200     5.44     584  
    Total earning assets   1,898,809     4.90     23,210       1,752,533     4.70     20,483  
    Cash and due from banks   13,806               13,313          
    Accumulated other comprehensive loss, net of tax   (59,922 )             (68,908 )        
    Allowance for credit losses on loans   (9,376 )             (8,885 )        
    Other assets   43,821               41,079          
    Total assets $ 1,887,138             $ 1,729,132          
                               
    Liabilities and Shareholders’ Equity                          
    Interest-bearing deposits:                          
    Interest-bearing demand $ 376,735     0.94 %   888     $ 334,017     0.84 %   702  
    Municipals   146,214     3.92     1,427       132,762     4.81     1,587  
    Money market   259,621     2.88     1,862       229,984     3.58     2,049  
    Savings   281,076     1.29     901       290,172     1.28     924  
    Time < $100   179,411     3.61     1,617       170,640     4.03     1,708  
    Time $100 through $250   155,026     3.99     1,542       143,315     4.59     1,636  
    Time > $250   51,832     4.08     527       53,316     4.63     614  
    Total interest-bearing deposits   1,449,915     2.42     8,764       1,354,206     2.74     9,220  
    Short-term borrowings   70,942     3.90     689       52,383     1.52     199  
    Long-term debt   5,495     4.79     67       28,132     4.70     334  
    Subordinated debt   39,141     9.58     938       —     —     —  
    Total borrowings   115,578     5.88     1,694       80,515     2.66     533  
    Total interest-bearing liabilities   1,565,493     2.68     10,458       1,434,721     2.73     9,753  
    Non-interest-bearing deposits   198,075               188,455          
    Other liabilities   14,271               13,524          
    Shareholders’ equity   109,299               92,432          
    Total liabilities and                          
    shareholders’ equity $ 1,887,138             $ 1,729,132          
    Net interest rate spread       2.22 %             1.97 %    
    Margin/net interest income       2.69 % $ 12,752           2.46 % $ 10,730  
    Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%  
    Non-accrual loans and investment securities are included in earning assets.  
    * Includes loans held-for-sale  
       
    QNB Corp. (Consolidated)  
    Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)  
                               
      Six Months Ended  
      June 30, 2025     June 30, 2024  
      Average   Average         Average   Average      
      Balance   Rate   Interest     Balance   Rate   Interest  
    Assets                          
    Investment securities:                          
    U.S. Treasury $ 20,596     4.31 % $ 440     $ 6,803     5.26 % $ 178  
    U.S. Government agencies   75,962     1.18     448       84,755     1.17     494  
    State and municipal   105,172     2.87     1,510       108,027     3.46     1,871  
    Mortgage-backed and CMOs   358,969     2.45     4,392       361,317     2.66     4,809  
    Corporate debt securities and mutual funds   63,128     6.62     2,089       6,714     5.66     190  
    Equities   –     –     –       6,260     3.63     113  
    Total investment securities   623,827     2.85     8,879       573,876     2.67     7,655  
    Loans:                          
    Commercial real estate   860,363     5.82     24,844       788,413     5.40     21,176  
    Residential real estate   114,436     4.36     2,493       108,808     3.99     2,172  
    Home equity loans   69,327     6.41     2,204       63,922     6.82     2,169  
    Commercial and industrial   146,962     7.41     5,399       141,233     7.55     5,301  
    Consumer loans   3,400     7.69     130       3,712     7.80     144  
    Tax-exempt loans   19,073     4.19     397       18,462     3.85     353  
    Total loans, net of unearned income*   1,213,561     5.89     35,467       1,124,550     5.60     31,315  
    Other earning assets   54,536     4.44     1,202       44,922     5.48     1,223  
    Total earning assets   1,891,924     4.85     45,548       1,743,348     4.64     40,193  
    Cash and due from banks   13,517               13,041          
    Accumulated other comprehensive loss, net of tax   (59,954 )             (68,475 )        
    Allowance for credit losses on loans   (9,059 )             (8,916 )        
    Other assets   43,655               40,839          
    Total assets $ 1,880,083             $ 1,719,837          
                               
    Liabilities and Shareholders’ Equity                          
    Interest-bearing deposits:                          
    Interest-bearing demand $ 378,504     0.98 %   1,832     $ 327,961     0.82 %   1,345  
    Municipals   147,887     3.93     2,883       132,325     4.81     3,164  
    Money market   257,952     2.88     3,680       228,928     3.57     4,064  
    Savings   280,371     1.29     1,794       294,262     1.28     1,873  
    Time < $100   178,958     3.70     3,287       164,175     3.90     3,181  
    Time $100 through $250   154,578     4.12     3,155       135,464     4.47     3,013  
    Time > $250   50,317     4.19     1,045       51,536     4.43     1,136  
    Total interest-bearing deposits   1,448,567     2.46     17,676       1,334,651     2.68     17,776  
    Short-term borrowings   59,300     3.90     1,145       69,912     2.37     824  
    Long-term debt   17,735     4.74     423       24,066     4.56     554  
    Subordinated debt   39,117     9.59     1,875       —     —     —  
    Total borrowings   116,152     5.98     3,443       93,978     2.95     1,378  
    Total interest-bearing liabilities   1,564,719     2.72     21,119       1,428,629     2.70     19,154  
    Non-interest-bearing deposits   192,067               185,525          
    Other liabilities   14,891               13,619          
    Shareholders’ equity   108,406               92,064          
    Total liabilities and                          
    shareholders’ equity $ 1,880,083             $ 1,719,837          
    Net interest rate spread       2.13 %             1.94 %    
    Margin/net interest income       2.60 % $ 24,429           2.43 % $ 21,039  
    Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%  
    Non-accrual loans and investment securities are included in earning assets.  
    * Includes loans held-for-sale                          

    The MIL Network –

  • MIL-OSI USA: Boozman, Britt, Hill Work to Protect Small Business Access to Capital, Fight Regulatory Overreach

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman

    WASHINGTON—U.S. Senators John Boozman (R-AR) and Katie Britt (R-AL) introduced legislation in response to the finalization of the Biden administration’s Consumer Financial Protection Bureau (CFPB) 1071 Small Business Lending Data Collection rule requiring small business lenders to collect and report social data on small businesses seeking loans.

    The senators’ Preventing Regulatory Overreach to Empower Communities to Thrive and Ensure Data privacy (PROTECTED) Act would shield small financial institutions and Main Street businesses from the burdensome compliance costs associated with the CFPB rule as well as limit the number of small businesses impacted and significantly reduce the amount of data required to be collected and reported.

    “As the backbone of our economy, small businesses need access to capital. Identity-based data collection requirements handed down from Washington jeopardize lenders’ ability to provide vital investments and invite the federal government to pick winners and losers based on factors other than sound underwriting. Our legislation cuts this red tape for small and local financial institutions, including those trusted by farmers and rural communities, so they can focus on helping entrepreneurs and business owners launch or expand operations,” Boozman said. 

    “The CFPB under the last administration operated virtually unchecked—with no real Congressional oversight—and in an authoritarian manner, creating a regulatory nightmare for the very people and businesses it was meant to protect,” said Britt. “The PROTECTED Act delivers much-needed regulatory relief for community banks, farm credit lenders, CDFIs, and equipment financers. Importantly, this legislation safeguards small businesses by limiting excessive data collection and protecting consumer privacy. I’m proud to lead this effort to provide critical changes to this harmful rule.”

    “I will always advocate for small businesses across Alabama and our nation –– they’re the backbone of our country and what make our communities so unique — and our community banks play a pivotal role in providing these businesses with vital access to capital,” Britt continued. “This CFPB rule would have damaging downstream effects on our most rural and underserved communities. In the absence of a full repeal, this bill makes critical changes needed to ensure small lenders can continue to meet the needs of Main Street businesses.”

    The Chairman of the House Financial Services Committee Rep. French Hill (AR-01) is leading similar legislation in the U.S. House of Representatives.

    “America’s small businesses depend on affordable and accessible credit, and community banks play a crucial role in their success. The CFPB’s current approach under the 1071 rule restricts credit and places unfair burdens on our community banks. The PROTECTED Act provides a clear path forward for how the Bureau can revise the 1071 rule to best support small businesses while ensuring responsible lending. I thank Senator Britt and Senator Boozman for working with me on companion legislation to the Small LENDER Act to support policies that help small businesses grow and achieve success,” said Hill.

    The PROTECTED Act also establishes critical safeguards to prevent the CFPB from publishing sensitive consumer data and requires the Bureau to conduct updated cost-benefit analyses prior to the rule’s implementation. Its effective date would be three years after the completion of these updated analyses and publication in the Federal Register, followed by a two-year grace period. 

    Boozman has pushed back against the regulation, designed to implement Sec. 1071 of the Dodd-Frank Act, and CFPB’s implementation that attempts to pick small business winners and losers based on social factors. The senator also supported a Congressional Review Act resolution to reverse the Biden-era CFPB rule.

    Click here for full bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Boozman Joins Push to Expand Access to Mental Health Care for Farmers, Rural Communities

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman

    WASHINGTON—U.S. Senator John Boozman (R-AR), Chairman of the Senate Agriculture, Nutrition, and Forestry Committee, joined a bipartisan group of colleagues led by Senators Tammy Baldwin (D-WI) and Joni Ernst (R-IA) to introduce the Farmers First Act of 2025, legislation aimed at strengthening mental health resources for farmers, ranchers and rural communities. The Farmers First Act of 2025 reauthorizes and increases funding for the Farm and Ranch Stress Assistance Network (FRSAN), a program that connects agricultural workers to critical stress assistance and mental health services.

    “Arkansas farmers face unique challenges that are often beyond their control and can take a serious toll on their mental health – from unpredictable weather and market volatility to the isolation that often comes with rural life,” Boozman said. “We have a responsibility to ensure they are not facing these burdens alone. This legislation builds on our efforts to deliver meaningful support and expand access to mental health care in rural communities.” 

    “Wisconsin’s farmers and ranchers work hard every day to keep their businesses running and our Made in Wisconsin agricultural economy moving forward. But too often, the stress, isolation, and physical demands of this job leave them with nowhere to turn when it all gets to be too much,” Baldwin said. “I’m working to make sure our farmers and rural communities have the resources they need because no one should have to fight these battles alone.”

    “Iowa farmers work tirelessly from sunrise to sundown – rain or shine – to feed and fuel the world. Their work isn’t easy, and mental health issues, including suicide, are too common in our agriculture community, which is why I’m working to ensure farmers have better access to mental health resources,” Ernst said. 

    The Farmers First Act of 2025 would authorize $15 million annually for FRSAN through fiscal year 2030, up from the current $10 million. These funds will help state departments of agriculture, extension services and nonprofits provide:

    • Suicide prevention training for farm advocates;
    • Behavioral health specialists to serve agricultural communities;
    • Support groups tailored to farmers, ranchers and farmworkers; and
    • Expanded crisis hotlines and referral services.

    Boozman helped establish FRSAN in the 2018 Farm Bill and has consistently advocated for its expansion. The program currently operates through four regional centers and has proven effective in increasing access to mental health services in rural areas. 

    Senators Susan Collins (R-ME) and Tina Smith (D-MN) have co-sponsored the bill.

    The Farmers First Act of 2025 also has the support of the National Farmers Union, National Rural Health Association, National Milk Producers Federation, Agriculture Retailers Association, The National Council, FarmFirst Dairy Cooperative, Organic Trade Association, American Psychological Association Services, NCBA CLUSA, Farm Credit Council, National Association of State Departments of Agriculture, Organic Farmers Association, National Pork Producers Council, American Soybean Association, Midwest Dairy Coalition, Farm Aid, National Association of Wheat Growers, National Corn Growers Association, Northeast Organic Dairy Producers Alliance, Sustainable Food Policy Alliance, National Sustainable Agriculture Coalition, National Organic Coalition, Farmer Veteran Coalition and American Farm Bureau Federation. 

    Bill text is available here.

    MIL OSI USA News –

  • MIL-OSI Canada: New Fund to Support Growth in Agriculture, Seafood Sectors

    Source: Government of Canada regional news

    The Province is launching a new fund to support big, bold projects in the agriculture and seafood sectors.

    “This fund is about supporting the people who bring new ideas to grow our economy and help businesses,” said Greg Morrow, Minister of Agriculture. “Agriculture and seafood are important traditional industries in our province. But we can’t keep doing things the same old way – we need to support fresh thinking and innovation.”

    The Nova Scotia Seafood and Agriculture Strategic Investment Fund will support companies proposing large-scale projects that boost productivity and help their business expand. It could involve adopting new technology, changing how they do business, or finding new markets for their products.

    “We are looking for creative ideas that can take businesses to the next level,” said Kent Smith, Minister of Fisheries and Aquaculture. “This isn’t just about helping individual companies, this is an all-hands-on-deck effort to build stronger industries and a stronger province.”

    Quotes:

    “Innovation truly thrives when industry and government actively join forces, combining expertise to drive meaningful progress and accelerate impactful change. Oberland welcomes opportunities to partner with the Government of Nova Scotia to advance sustainable solutions that turn local challenges into global leadership.”
    — Greg Wanger, founder and CEO, Oberland Agriscience Inc.

    “We’re pleased to see this investment as a positive step forward for Nova Scotia’s agriculture industry. Strategic support like this helps strengthen our competitiveness, drives innovation and creates opportunities for sustainable growth in the sector.”
    — Alicia King, President, Nova Scotia Federation of Agriculture

    “The members of the Nova Scotia Seafood Alliance are experiencing first-hand the challenges of tariffs and the changing expectations of our global seafood customers. We need an industry that is innovative, resilient and adaptive to meet the needs of more diverse markets and customers so that we can maximize the economic value of the seafood sector for Nova Scotia’s seafood producers and for Nova Scotians. The alliance is pleased that with the launch of the new Nova Scotia Seafood and Agriculture Strategic Investment Fund, the Province is showing its continued commitment to supporting the innovation and diversification efforts of the seafood sector as we continue to evolve to provide the highest quality seafood to the world.”
    — Allan MacLean, President, Nova Scotia Seafood Alliance

    Quick Facts:

    • the Province is providing $4.71 million for the fund
    • funded projects must be completed by January 2027
    • the fund will be managed by Perennia, a provincial development agency with a mission to support growth, transformation and economic development in Nova Scotia’s agriculture, seafood and food and beverage sectors

    Additional Resources:

    Nova Scotia Seafood and Agriculture Strategic Investment Fund: https://www.perennia.ca/sasi/

    News release – New Mapping Tool Supports Aquaculture Growth: https://news.novascotia.ca/en/2025/07/03/new-mapping-tool-supports-aquaculture-growth

    News release – Seafood Companies Receive Climate Change Funding: https://news.novascotia.ca/en/2025/06/27/seafood-companies-receive-climate-change-funding

    News release – Province Partners with Horticulture Nova Scotia to Extend Growing Season: https://news.novascotia.ca/en/2025/06/04/province-partners-horticulture-nova-scotia-extend-growing-season

    News release – New Food Safety Pilot Program to Help Local Producers Expand: https://news.novascotia.ca/en/2025/04/25/new-food-safety-pilot-program-help-local-producers-expand

    Other than cropping, Province of Nova Scotia photos are not to be altered in any way.

    MIL OSI Canada News –

  • MIL-OSI USA: Carbajal Co-Leads Bipartisan Immigration Reform Bill

    Source: United States House of Representatives – Representative Salud Carbajal (CA-24)

    U.S. Representative Salud Carbajal (D-CA-24) joined Representatives Veronica Escobar (D-TX-16) and Maria Elvira Salazar (R-FL-27), along with 17 of their colleagues, to reintroduce the bipartisan immigration reform bill, the Dignity Act of 2025. The bill includes commonsense reforms to legal status and protections for undocumented immigrants, border security investments, and improved asylum and visa processes.

    “Our country needs to reform our broken immigration system,” said Rep. Carbajal. “Immigrants have long been key to the American economy’s success, and I believe it’s in our country’s best interests to ensure the world’s talent can continue to come here. I’m proud to co-sponsor the bipartisan Dignity Act to provide a commonsense solution that will create improved pathways for legal immigration while bolstering our border security.”

    This comprehensive bill makes meaningful reforms to several aspects of our immigration system:

    • It grants legal status and protections to undocumented immigrants already living in the United States;
    • It reforms the asylum screening process to provide opportunity for review and access to council;
    • It creates new regional processing centers, so migrants do not have to make the perilous journey to the U.S./ Mexico border to seek asylum;
    • It invests in border security and modernizes our land ports of entry;
    • It mandates accountability for Immigration and Customs Enforcement (ICE);
    • It provides a pathway to citizenship for Dreamers.

    The last time Congress passed immigration reform was in 1996. That bill eliminated several legal immigration pathways, essentially making fewer people eligible for legal status while making more people deportable. As we are witnessing historic executive overreach and redirection of resources to our border, it is clear Congress needs to update our immigration laws.

    A summary of the bill can be found here and full text can be found here.

    Last week, Carbajal reintroduced the Fight for the American Dream Act, legislation that allows participants of the Deferred Action for Childhood Arrival (DACA) program to serve in the United States military and provides them a pathway toward U.S. citizenship after their service.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Missouri Small Businesses, Private Nonprofits and Residents Affected by April Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses, private nonprofits, and residents in Missouri of the Aug. 22 deadline to apply for low interest federal disaster loans to offset physical damage caused by severe storms, tornadoes, straight-line winds, heavy rains, large hail, flooding and flash flooding occurring April 29.

    The disaster declaration covers the Missouri counties of Barry, Christian, Dade, Dallas, Greene, Jasper, Lawrence, McDonald, Newton, Polk, Stone and Webster as well as the Kansas county of Cherokee, and the Oklahoma county of Ottawa.

    Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans.”

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP) organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    Interest rates can be as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return physical damage applications is Aug. 22.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Idaho Small Businesses and Private Nonprofits Affected by the Gwen Fire

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding small businesses  and private nonprofit (PNP) organizations in Idaho of the Aug. 22, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the Gwen Fire occurring July 24‑Aug. 9, 2024.

    The disaster declaration covers the Idaho counties of Clearwater, Idaho, Latah, Lewis and Nez Perce as well as the Oregon county of Wallowa, and the Washington counties of Asotin and Whitman.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs impacted by financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the small business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than Aug. 22.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI: ASM reports second quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Almere, The Netherlands
    July 22, 2025, 6 p.m. CET
     
    Solid Q2 results against a backdrop of continued mixed market conditions

    ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q2 2025 results (unaudited).

    Financial highlights

    € million Q2 2024 Q1 2025 Q2 2025
    New orders 755.4 834.2 702.5
    yoy change % at constant currencies 56% 14% (4%)
           
    Revenue 706.1 839.2 835.6
    yoy change % as reported 6% 31% 18%
    yoy change % at constant currencies 6% 26% 23%
           
    Gross profit 352.0 447.8 433.2
    Gross profit margin % 49.8  % 53.4  % 51.8  %
           
    Operating result 177.6 266.2 258.5
    Operating result margin % 25.1  % 31.7 % 30.9  %
           
    Adjusted operating result 1 182.3 271.0 263.2
    Adjusted operating result margin %1 25.8  % 32.3 % 31.5  %
           
    Net earnings (losses) 159.0 (28.9) 202.4
    Adjusted net earnings 1 164.7 191.9 173.0

    1 Adjusted figures are non-IFRS performance measures. Refer to Annex 3 for a reconciliation of non-IFRS performance measures.

    • New orders of €702 million in Q2 2025 decreased by 4% over the same period last year at constant currency (decreased by 7% as reported). Compared to Q1 2025, orders decreased by 10% at constant currency. This sequential decrease is explained by lower advanced logic/foundry orders due to timing of orders. The y-o-y decrease was mainly due to the lumpy nature of quarterly order intake and compared to a relatively high memory contribution in Q2 2024.
    • Revenue of €836 million increased by 23% at constant currencies (increased by 18% as reported) from Q2 last year. At constant currencies, revenue increased by 7% compared to Q1 2025, which was above our guidance range of +1% to +6% at constant currencies. Revenue in Q2 2025 was driven by foundry, followed by memory, and logic.
    • Gross profit margin of 51.8% in Q2 2025 improved compared to 49.8% in Q2 last year, while it decreased, as expected, compared to 53.4% in Q1 2025. Q2 2025 margin remained healthy thanks to mix, including continued strong sales to China.
    • Adjusted operating result margin of 31.5% increased by 5.7% points compared to the same period last year and slightly decreased by 0.8% points compared to previous quarter. The y-o-y improvement is mainly due to higher gross profit margin this quarter, and a one-off tax charge which resulted in a higher SG&A cost last year.
    • Reported net earnings included a reversal of impairment of €34 million from our stake in ASMPT (Q1 included a €215 million impairment), triggered by the increase in market valuation in the recent period. There is no cash impact. Following the impairment, and in line with our accounting policy, the changes in the market value of ASMPT will be included in our quarterly net results in case of further decline or until the impairment charge has been reversed.

    Comment

    “ASM continued to deliver solid quarterly results against a backdrop of mixed market conditions. Sales increased by 23% year-on-year at constant currencies to €836 million,” said Hichem M’Saad, CEO of ASM. “Compared to the first quarter of 2025 revenue increased by +7%, which was above the top end of our guidance. The y-o-y increase was led by the logic/foundry segment as well as continued momentum in our spares & services business.

    The market environment continued to show a mixed picture in the second quarter. Growth in AI is fueling ongoing capacity expansions in the leading-edge logic/foundry and HBM-related DRAM segments, while conditions in most of the other market segments are still slow.

    Bookings amounted to €702 million in Q2 2025, down 10% compared to Q1 at constant currencies, mainly due to lower advanced logic/foundry bookings. However, the underlying trend in this segment, particularly in gate-all-around (GAA), remains healthy and we expect related leading-edge logic/foundry bookings to pick up again in Q3.

    The gross margin, while down from a high level of 53.4%, remained strong at 51.8%, again driven by product and customer mix, improved operational efficiency and a better-than-expected contribution from China sales. For the full year 2025, we still expect the gross margin to be in the upper half of the target range of 46%-50%. This excludes any potential direct impact from tariffs, which at this point remains difficult to predict. We have various scenarios in place to mitigate potential financial impacts.

    Operating profit increased strongly in Q2, by approximately 40% adjusted for a one-off expense last year, on the back of increased sales, gross margin improvement and continued cost control, whilst continuing to invest in R&D.

    We are well positioned to at least maintain our ALD and epi market share from the first to the second GAA logic/foundry nodes and remain focused on further share gains in memory, as ALD and epi intensity grows in upcoming DRAM nodes.”

    Outlook

    We expect revenue in the second half of 2025 to be approximately similar to the level in the first half, at constant currencies. For Q3 2025, we expect total ASM revenue to be flat to slightly lower, in a range of 0% to -5% at constant currencies compared to Q2 2025. As a reminder, with the Q1 2025 results we changed our quarterly revenue guidance from absolute Euro amounts to growth rates at constant currencies, given the increased exchange rate volatility in the recent periods and ASM’s significant USD revenue exposure (>80% of sales).
    For Q3 2025, we expect advanced logic/foundry bookings to be higher than in Q2 2025 and China bookings to be lower, with the overall book-to-bill in Q3 projected to be below 1.

    Based on comparable sales in the second half versus the first half, we expect revenue growth at constant currencies in 2025 to be around the midpoint of the guidance range of +10% to +20%. We continue to expect to outperform the WFE market, which is forecasted to grow slightly this year. Uncertainties related to tariffs, geopolitical tensions and the overall economic outlook continue to be relatively high.
    The key growth driver for ASM this year is the high-volume manufacturing ramp of the 2nm GAA node. Despite some further shifts in capex forecasts among customers in this segment, our view for a strong increase in advanced logic/foundry sales in 2025 has not changed. Demand in advanced HBM-related DRAM applications remains solid, but conditions in the other parts of the memory market are sluggish. Against a very strong level last year, we still expect the memory contribution to drop this year (to less than 20% of equipment sales in 2025 versus 25% in 2024).

    In the power/analog/wafer segment equipment demand remains depressed with no meaningful sales recovery in the remainder of the year, despite some early signs of improvement in the related end markets.
    Demand in the Chinese market held up better than initially expected in the first half. We now expect China equipment sales in 2025 to be around the top end of the previously guided range of low to high 20s percentage of total ASM revenue. China sales and bookings in the second half are projected to be lower than in the first half.

    Share buyback program

    The €150 million share buyback program, announced in February 2025, started on April 30, 2025. On June 30, 2025, 40% of the program was completed at an average share price of €486.48 under ASM’s share buyback program (of which 28.6% has been delivered and settled in cash within the reporting period, and the remainder on July 1, 2025).

    Investor Day

    We will host our 2025 Investor Day on September 23. Speakers will include our CEO, CFO and other members of ASM’s senior management team. Further details will be announced later.

    Interim financial report

    ASM International N.V. (Euronext Amsterdam: ASM) today also publishes its Interim Financial Report for the six-month period ended June 30, 2025.

    This report includes an Interim Management Board Report, including ESG update, and condensed consolidated interim financial statements prepared in accordance with IAS 34 (Interim Financial Reporting). The Interim Financial Report comprises regulated information within the meaning of the Dutch Financial Markets Supervision Act (“Wet op het Financieel Toezicht”) and is available in full on our website www.asm.com.

    About ASM

    ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.

    Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, pandemics, epidemics and other risks indicated in the company’s reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Quarterly earnings conference call details

    ASM will host the quarterly earnings conference call and webcast on Wednesday, July 23, 2025, at 3:00 p.m. CET.

    Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.

    A simultaneous audio webcast and replay will be accessible at this link.

    Contacts  
    Investor and media relations Investor relations
    Victor Bareño Valentina Fantigrossi
    T: +31 88 100 8500 T: +31 88 100 8502
    E: investor.relations@asm.com E: investor.relations@asm.com

    The MIL Network –

  • MIL-OSI: ASM reports second quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Almere, The Netherlands
    July 22, 2025, 6 p.m. CET
     
    Solid Q2 results against a backdrop of continued mixed market conditions

    ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q2 2025 results (unaudited).

    Financial highlights

    € million Q2 2024 Q1 2025 Q2 2025
    New orders 755.4 834.2 702.5
    yoy change % at constant currencies 56% 14% (4%)
           
    Revenue 706.1 839.2 835.6
    yoy change % as reported 6% 31% 18%
    yoy change % at constant currencies 6% 26% 23%
           
    Gross profit 352.0 447.8 433.2
    Gross profit margin % 49.8  % 53.4  % 51.8  %
           
    Operating result 177.6 266.2 258.5
    Operating result margin % 25.1  % 31.7 % 30.9  %
           
    Adjusted operating result 1 182.3 271.0 263.2
    Adjusted operating result margin %1 25.8  % 32.3 % 31.5  %
           
    Net earnings (losses) 159.0 (28.9) 202.4
    Adjusted net earnings 1 164.7 191.9 173.0

    1 Adjusted figures are non-IFRS performance measures. Refer to Annex 3 for a reconciliation of non-IFRS performance measures.

    • New orders of €702 million in Q2 2025 decreased by 4% over the same period last year at constant currency (decreased by 7% as reported). Compared to Q1 2025, orders decreased by 10% at constant currency. This sequential decrease is explained by lower advanced logic/foundry orders due to timing of orders. The y-o-y decrease was mainly due to the lumpy nature of quarterly order intake and compared to a relatively high memory contribution in Q2 2024.
    • Revenue of €836 million increased by 23% at constant currencies (increased by 18% as reported) from Q2 last year. At constant currencies, revenue increased by 7% compared to Q1 2025, which was above our guidance range of +1% to +6% at constant currencies. Revenue in Q2 2025 was driven by foundry, followed by memory, and logic.
    • Gross profit margin of 51.8% in Q2 2025 improved compared to 49.8% in Q2 last year, while it decreased, as expected, compared to 53.4% in Q1 2025. Q2 2025 margin remained healthy thanks to mix, including continued strong sales to China.
    • Adjusted operating result margin of 31.5% increased by 5.7% points compared to the same period last year and slightly decreased by 0.8% points compared to previous quarter. The y-o-y improvement is mainly due to higher gross profit margin this quarter, and a one-off tax charge which resulted in a higher SG&A cost last year.
    • Reported net earnings included a reversal of impairment of €34 million from our stake in ASMPT (Q1 included a €215 million impairment), triggered by the increase in market valuation in the recent period. There is no cash impact. Following the impairment, and in line with our accounting policy, the changes in the market value of ASMPT will be included in our quarterly net results in case of further decline or until the impairment charge has been reversed.

    Comment

    “ASM continued to deliver solid quarterly results against a backdrop of mixed market conditions. Sales increased by 23% year-on-year at constant currencies to €836 million,” said Hichem M’Saad, CEO of ASM. “Compared to the first quarter of 2025 revenue increased by +7%, which was above the top end of our guidance. The y-o-y increase was led by the logic/foundry segment as well as continued momentum in our spares & services business.

    The market environment continued to show a mixed picture in the second quarter. Growth in AI is fueling ongoing capacity expansions in the leading-edge logic/foundry and HBM-related DRAM segments, while conditions in most of the other market segments are still slow.

    Bookings amounted to €702 million in Q2 2025, down 10% compared to Q1 at constant currencies, mainly due to lower advanced logic/foundry bookings. However, the underlying trend in this segment, particularly in gate-all-around (GAA), remains healthy and we expect related leading-edge logic/foundry bookings to pick up again in Q3.

    The gross margin, while down from a high level of 53.4%, remained strong at 51.8%, again driven by product and customer mix, improved operational efficiency and a better-than-expected contribution from China sales. For the full year 2025, we still expect the gross margin to be in the upper half of the target range of 46%-50%. This excludes any potential direct impact from tariffs, which at this point remains difficult to predict. We have various scenarios in place to mitigate potential financial impacts.

    Operating profit increased strongly in Q2, by approximately 40% adjusted for a one-off expense last year, on the back of increased sales, gross margin improvement and continued cost control, whilst continuing to invest in R&D.

    We are well positioned to at least maintain our ALD and epi market share from the first to the second GAA logic/foundry nodes and remain focused on further share gains in memory, as ALD and epi intensity grows in upcoming DRAM nodes.”

    Outlook

    We expect revenue in the second half of 2025 to be approximately similar to the level in the first half, at constant currencies. For Q3 2025, we expect total ASM revenue to be flat to slightly lower, in a range of 0% to -5% at constant currencies compared to Q2 2025. As a reminder, with the Q1 2025 results we changed our quarterly revenue guidance from absolute Euro amounts to growth rates at constant currencies, given the increased exchange rate volatility in the recent periods and ASM’s significant USD revenue exposure (>80% of sales).
    For Q3 2025, we expect advanced logic/foundry bookings to be higher than in Q2 2025 and China bookings to be lower, with the overall book-to-bill in Q3 projected to be below 1.

    Based on comparable sales in the second half versus the first half, we expect revenue growth at constant currencies in 2025 to be around the midpoint of the guidance range of +10% to +20%. We continue to expect to outperform the WFE market, which is forecasted to grow slightly this year. Uncertainties related to tariffs, geopolitical tensions and the overall economic outlook continue to be relatively high.
    The key growth driver for ASM this year is the high-volume manufacturing ramp of the 2nm GAA node. Despite some further shifts in capex forecasts among customers in this segment, our view for a strong increase in advanced logic/foundry sales in 2025 has not changed. Demand in advanced HBM-related DRAM applications remains solid, but conditions in the other parts of the memory market are sluggish. Against a very strong level last year, we still expect the memory contribution to drop this year (to less than 20% of equipment sales in 2025 versus 25% in 2024).

    In the power/analog/wafer segment equipment demand remains depressed with no meaningful sales recovery in the remainder of the year, despite some early signs of improvement in the related end markets.
    Demand in the Chinese market held up better than initially expected in the first half. We now expect China equipment sales in 2025 to be around the top end of the previously guided range of low to high 20s percentage of total ASM revenue. China sales and bookings in the second half are projected to be lower than in the first half.

    Share buyback program

    The €150 million share buyback program, announced in February 2025, started on April 30, 2025. On June 30, 2025, 40% of the program was completed at an average share price of €486.48 under ASM’s share buyback program (of which 28.6% has been delivered and settled in cash within the reporting period, and the remainder on July 1, 2025).

    Investor Day

    We will host our 2025 Investor Day on September 23. Speakers will include our CEO, CFO and other members of ASM’s senior management team. Further details will be announced later.

    Interim financial report

    ASM International N.V. (Euronext Amsterdam: ASM) today also publishes its Interim Financial Report for the six-month period ended June 30, 2025.

    This report includes an Interim Management Board Report, including ESG update, and condensed consolidated interim financial statements prepared in accordance with IAS 34 (Interim Financial Reporting). The Interim Financial Report comprises regulated information within the meaning of the Dutch Financial Markets Supervision Act (“Wet op het Financieel Toezicht”) and is available in full on our website www.asm.com.

    About ASM

    ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.

    Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, pandemics, epidemics and other risks indicated in the company’s reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Quarterly earnings conference call details

    ASM will host the quarterly earnings conference call and webcast on Wednesday, July 23, 2025, at 3:00 p.m. CET.

    Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.

    A simultaneous audio webcast and replay will be accessible at this link.

    Contacts  
    Investor and media relations Investor relations
    Victor Bareño Valentina Fantigrossi
    T: +31 88 100 8500 T: +31 88 100 8502
    E: investor.relations@asm.com E: investor.relations@asm.com

    The MIL Network –

  • MIL-OSI: Inside Information: Nokia lowers 2025 operating profit guidance due to currency  

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Inside information
    22 July 2025 at 19:00 EEST

    Inside Information: Nokia lowers 2025 operating profit guidance due to currency
      

    • Nokia lowers its comparable operating profit guidance range to EUR 1.6 billion to EUR 2.1 billion from EUR 1.9 billion to EUR 2.4 billion.  
    • Adjustment relates to currency headwinds from the weaker USD and tariffs. 
    • Reports preliminary Q2 financial results of approximately EUR 4.55 billion net sales and EUR 0.3 billion comparable operating profit.  


    Espoo, Finland – Nokia is today providing an update to its financial guidance for full year 2025. Nokia’s underlying business performed as expected through the first half, however, considering currency and tariff headwinds which are outside its control and have transpired since its Q1 results, the company feels it is prudent at this point to lower its operating profit outlook range. Nokia is lowering its comparable operating profit outlook range to EUR 1.6 billion to EUR 2.1 billion (previously EUR 1.9 billion to EUR 2.4 billion). Nokia’s guidance for free cash flow conversion from comparable operating profit remains 50% to 80%. Nokia’s guidance is now based on a EUR:USD rate of 1.17, while the currency rate used in January was 1.04.

    Since Nokia provided guidance in January for the full year 2025, two headwinds outside its control are impacting the 2025 outlook. The largest headwind is currency fluctuations (particularly the weaker USD), an approximately EUR 230 million negative impact (EUR 140 million operationally and EUR 90 million from non-cash venture fund currency revaluations). Also, the current tariff landscape is expected to impact full year operating profit by EUR 50 million to EUR 80 million.  

    Update to Nokia’s financial outlook for 2025 

      Updated  Previous (Issued 30 Jan) 
    Comparable Operating Profit1  EUR 1.6 billion to EUR 2.1 billion  EUR 1.9 billion to EUR 2.4 billion 
    Free cash flow conversion from comparable operating profit  50% to 80%  50% to 80% 

    1 Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.

    In the second quarter, based on its preliminary financials, Nokia expects to report net sales of approximately EUR 4.55 billion and comparable operating profit of EUR 300 million. The Q2 comparable operating profit includes a negative impact from its venture funds of EUR 50 million primarily related to currency.  

    Nokia will release its second quarter and half year 2025 financial results on Thursday 24th July 2025.  

    Nokia will conduct a conference call with analysts and investors to discuss its second quarter performance and business outlook on 24 July 2025 at 11:30am EEST / 09:30am BST / 04:30am US EST.  

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507 
    Email: investor.relations@nokia.com

    FORWARD-LOOKING STATEMENTS 

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    The MIL Network –

  • MIL-OSI: Inside Information: Nokia lowers 2025 operating profit guidance due to currency  

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Inside information
    22 July 2025 at 19:00 EEST

    Inside Information: Nokia lowers 2025 operating profit guidance due to currency
      

    • Nokia lowers its comparable operating profit guidance range to EUR 1.6 billion to EUR 2.1 billion from EUR 1.9 billion to EUR 2.4 billion.  
    • Adjustment relates to currency headwinds from the weaker USD and tariffs. 
    • Reports preliminary Q2 financial results of approximately EUR 4.55 billion net sales and EUR 0.3 billion comparable operating profit.  


    Espoo, Finland – Nokia is today providing an update to its financial guidance for full year 2025. Nokia’s underlying business performed as expected through the first half, however, considering currency and tariff headwinds which are outside its control and have transpired since its Q1 results, the company feels it is prudent at this point to lower its operating profit outlook range. Nokia is lowering its comparable operating profit outlook range to EUR 1.6 billion to EUR 2.1 billion (previously EUR 1.9 billion to EUR 2.4 billion). Nokia’s guidance for free cash flow conversion from comparable operating profit remains 50% to 80%. Nokia’s guidance is now based on a EUR:USD rate of 1.17, while the currency rate used in January was 1.04.

    Since Nokia provided guidance in January for the full year 2025, two headwinds outside its control are impacting the 2025 outlook. The largest headwind is currency fluctuations (particularly the weaker USD), an approximately EUR 230 million negative impact (EUR 140 million operationally and EUR 90 million from non-cash venture fund currency revaluations). Also, the current tariff landscape is expected to impact full year operating profit by EUR 50 million to EUR 80 million.  

    Update to Nokia’s financial outlook for 2025 

      Updated  Previous (Issued 30 Jan) 
    Comparable Operating Profit1  EUR 1.6 billion to EUR 2.1 billion  EUR 1.9 billion to EUR 2.4 billion 
    Free cash flow conversion from comparable operating profit  50% to 80%  50% to 80% 

    1 Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.

    In the second quarter, based on its preliminary financials, Nokia expects to report net sales of approximately EUR 4.55 billion and comparable operating profit of EUR 300 million. The Q2 comparable operating profit includes a negative impact from its venture funds of EUR 50 million primarily related to currency.  

    Nokia will release its second quarter and half year 2025 financial results on Thursday 24th July 2025.  

    Nokia will conduct a conference call with analysts and investors to discuss its second quarter performance and business outlook on 24 July 2025 at 11:30am EEST / 09:30am BST / 04:30am US EST.  

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507 
    Email: investor.relations@nokia.com

    FORWARD-LOOKING STATEMENTS 

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    The MIL Network –

  • MIL-OSI Russia: Uzbekistan’s Economy Grew by 7.2% in First Half of Year

    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

    Tashkent, July 22 (Xinhua) — Uzbekistan’s economy grew by 7.2 percent year-on-year in the first half of this year, local media reported on Tuesday, citing the National Statistics Committee of the Republic of Uzbekistan.

    According to preliminary data, the gross domestic product (GDP) of Uzbekistan for January-June 2025 increased by 7.2 percent compared to the same period in 2024.

    It is noted that the country’s foreign trade turnover increased by 16.1 percent in the first six months of 2025.

    In June, the press service of the President of Uzbekistan reported, citing the head of state Shavkat Mirziyoyev, that over the past 8 years, the country’s GDP has doubled and the goal has been set to bring it to 200 billion US dollars by 2030. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI USA: H.R. 589, FACE Act Repeal Act

    Source: US Congressional Budget Office

    H.R. 589 would repeal a section of federal law that prohibits actions that interfere with a person’s ability to access or provide reproductive health services or to engage in religious worship. Under the bill, individuals and states attorneys general would no longer be able to file civil lawsuits in federal court for violations of the law and the government could not impose civil or criminal penalties related to those actions.

    As a result, CBO expects that enacting H.R. 589 would reduce revenues and direct spending. Criminal and civil fines are recorded in the budget as revenues. Criminal fines are deposited in the Crime Victims Fund and later spent without further appropriation. Generally, civil fines are returned to the Treasury and are not available for spending without further appropriation. CBO estimates that any reduction in the collection of civil and criminal penalties would be insignificant.

    Additionally, CBO estimates that enacting H.R. 589 would reduce the number of civil cases filed in federal court. Under current law, the federal judiciary charges fees to file suits in district courts. Those fees are recorded in the budget as revenues and the courts can spend those fees without further appropriation. CBO estimates that any reduction in the collections of those fees would be insignificant. In total, CBO estimates that enacting H.R. 589 would reduce revenues and the associated direct spending by less than $500,000 in every year and over the 2025-2035 period.

    H.R. 589 would impose an intergovernmental and private-sector mandate as defined in the Unfunded Mandates Reform Act (UMRA) by removing the ability of individuals and state attorneys general to pursue civil remedies for conduct that interfered with the receipt or provision of reproductive health services or participation in religious activities.

    The cost of this mandate would be the lost financial awards from successful litigation. CBO cannot anticipate the number of cases that would be prohibited under this bill, the outcome of such cases, or the financial awards from successful litigation. Therefore, CBO cannot determine whether the cost of the mandate would exceed the UMRA intergovernmental and private-sector thresholds ($103 million and $206 million respectfully, in 2025, adjusted annually for inflation).

    The CBO staff contacts for this estimate are Jeremy Crimm (for federal costs) and Erich Dvorak (for mandates). The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI USA: Federal Court Upholds Bureau of Reclamation’s Conversion of Water Service Contracts in Central Valley of California

    Source: US State of California

    Last week, a judgment entered by the U.S. District Court for the Eastern District of California confirmed the ability of the Bureau of Reclamation to convert water service contracts to long term repayment contracts pursuant to the Water Infrastructure and Improvements for the Nation Act. The converted contracts eliminate the need for future renewals and associated costs and allow contractors to lower their overall costs by prepaying their share of project construction costs. The converted contracts also benefit the government by facilitating faster repayment of construction costs which can provide funding for future water storage projects.

    The Court agreed with Reclamation’s interpretation of the WIIN Act, that

    • the WIIN Act requires contract conversion upon request, and
    • WIIN Act § 4011(a)(4)(c) strips Reclamation of discretion to modify any “water service … contractual rights” other than those related to the financial terms specifically addressed by the WIIN Act.

    Because those provisions removed Reclamation’s discretion, Reclamation was not required to conduct an analysis under the National Environmental Policy Act, or consult under the Endangered Species Act, as part of the contract conversions.

    Acting Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division (ENRD) made the announcement.

    Trial Attorneys David Gehlert and Jeff Candrian of ENRD’s Natural Resources Section handled the case. 

    MIL OSI USA News –