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Category: Economy

  • MIL-OSI Global: Local elections: what would a good night look like for Nigel Farage’s Reform?

    Source: The Conversation – UK – By Hannah Bunting, Senior Lecturer in Quantitative British Politics and Co-director of The Elections Centre, University of Exeter

    English local elections on May 1 mark the first time widespread voting has happened in the UK since last year’s general election. They are therefore the first big test for the Labour government – but also for Reform’s Nigel Farage. Farage has led his party into elections before but not since becoming an MP.

    Reform achieved 14.3% of the vote in July 2024 and opinion polls put them at around 25% now. Farage has declared his party is therefore the “opposition to the Labour government”.

    These elections in 23 English local authorities are about selecting the representatives that will serve communities, both in day-to-day essential operations, and during council reorganisations amid plans for decentralisation of British democracy. Yet attention is also being paid to the challenge Reform have set themselves – can they continue the transition from anti-establishment outsiders to a winning party engine?

    There are 1,641 local councillor vacancies up for election this week, in 1,401 wards. Reform are contesting more seats than any other party. In fact, there’s only a handful without their candidate on the ballot, amounting to 99.3% coverage. This is a major step forward for the party. Ukip contested 80% of this set of seats near the height of its popularity 12 years ago.

    The Conservatives are contesting 97.2%, Labour 94%, the Liberal Democrats 85.1% and the Greens 72.2%. There are candidates from others and independents, including local parties, also standing in every local authority.

    This year’s elections see the Conservative heartlands up for grabs. Known as the shire counties, some of these local authorities, such as Devon and Leicestershire, have been solidly Conservative for over 20 years. So if Reform see themselves as replacing the Tories, then these are the contests Farage’s party should be winning.

    Notably, these seats also have the lowest female representation, which has partly been driven by the Conservative dominance. Analysis of this year’s candidates shows that Reform is fielding the fewest women, meaning this gender disparity could be about to get worse.

    The gender distribution of candidates per party, with women represented in the lighter shades and men in the darker.
    H Bunting, CC BY-ND

    Recent successes

    There have been 241 vacancies in council byelections across Britain since the general election. Reform has won 15 of them. Where it fielded candidates, they’ve generally received significant vote shares, taking seats from both the Conservatives and Labour and gaining momentum. In the six-month period between October and March, Reform contested 64 of 78 council byelections (82%) and either won or came second in half of them.

    This shows that Reform can be successful – and usually on the low turnouts generally seen in byelections. With turnout being less than a third at the last two local election cycles, followed by the second lowest ever general election turnout, it’s these dedicated voters who will be affecting change this week.

    The seats up for election now were last contested in 2021 – when a “vaccine bounce” for Boris Johnson delivered the Conservatives their best local results since 2008. Now they are bracing for a bad night. If Reform and the Liberal Democrats wipe out the Tories in different areas but to the same degree, there may be no Conservative heartlands left in the country.

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    Labour, meanwhile, did so badly in 2021 that it could even make gains due to the areas up for election. In council byelections, Reform has taken seats from Labour in some of the areas that are up now (Lancashire and Kent) but overall these locals are in Tory heartlands. Labour is defending 287 of the seats up this time – and at least 25 are vulnerable.

    How will Reform fare?

    However, local elections are often fought on local issues, which puts Reform in a difficult spot. On one hand, they could position the new faces they are putting forward for councils as members of the community.

    On the other, the party is often seen as a national entity whose main messages are on immigration and the economy, which councils don’t control. And while Farage has set his sights on damaging the two main parties in a continuation of anti-establishment sentiment, he is now trying to do so as a semi-establishment figure.

    In similar local elections in 2013, Ukip received more than a fifth of votes but only ended up with a tenth of the seats. Therein lies the biggest hurdle for new entrants to the British voting system.

    Farage’s parties have often polled well but failed to gain the concentrated pockets of support needed to win representatives. This was most recently in evidence at the general election, where Reform received a higher vote share than the Liberal Democrats but only came away with five seats, compared to Ed Davey’s 72.

    This is a particularly difficult set of elections to call for a number of reasons. Boundary changes in more than 42% of seats are confusing the picture, for one thing, and the fact that such a small number of areas are voting makes projections more difficult. Reform is also so new to these races that there aren’t past comparisons to draw on.

    But as an indicator, there are around 200 seats with no boundary changes that are particularly vulnerable to a challenger win. Of these, 60% are defended by the Conservatives, and it’s feasible that Reform could take a chunk of them. More than 900 seats are considered a Tory defence (when boundary changes are taken into consideration), but at least 400 of them are relatively safe.

    Some local authorities sit in areas that returned a Reform MP in July, such as Boston and Skegness in Lincolnshire, and many of them house constituencies that saw Reform come in second place. However, there are also areas like Cornwall where the Liberal Democrats are a strong challenger.

    What it may come down to is the strength of the party engine. Reform has found the candidates, but the test is whether its campaign has built on a growing base of support. If Reform wins are in the hundreds, they’ll be able to claim they’re on track.

    But Reform candidates then have to start the hard work of being councillors. They’ll need to adapt their “Britain is broken” slogan to start evidencing that they’re fixing it. That takes more than words.

    Hannah Bunting receives funding from the Economic and Social Research Council (ESRC).

    – ref. Local elections: what would a good night look like for Nigel Farage’s Reform? – https://theconversation.com/local-elections-what-would-a-good-night-look-like-for-nigel-farages-reform-255641

    MIL OSI – Global Reports –

  • MIL-OSI China: During visit to Eswatini, Foreign Minister Lin meets with Prime Minister Dlamini and announces additional funding for women’s microfinance revolving fund

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    April 24, 2025

    No. 115

    Minister of Foreign Affairs Lin Chia-lung is currently visiting Eswatini as President Lai Ching-te’s special envoy. He continues to carry out important engagements in Taiwan’s African ally. 

     

    On the morning of April 23, the second day of his visit, Special Envoy Lin called on Prime Minister Russell Dlamini to thank him for his friendship with Taiwan. Prime Minister Dlamini, who assumed office in November 2023, led a delegation to Taiwan in March 2024. In the same year, he spoke up for Taiwan on behalf of the government of Eswatini at major international events, including the United Nations General Assembly and the 29th Conference of the Parties to the UN Framework Convention on Climate Change, demonstrating staunch support for the diplomatic alliance between the two countries.

     

    Prime Minister Dlamini warmly welcomed Special Envoy Lin to Eswatini and thanked Taiwan for its long-standing support. He reaffirmed that relations with Taiwan were rock-solid and emphasized that Eswatini, as a sovereign nation, had the right to choose its own friends without being influenced by other countries. He underlined that Eswatini was firmly committed to standing shoulder to shoulder with Taiwan.

     

    Also on the morning of April 23, Special Envoy Lin joined Deputy Prime Minister Thulisile Dladla; Minister of Foreign Affairs and International Cooperation Pholile Shakantu; Minister of Commerce, Industry and Trade Manqoba Khumalo; and other high-level officials at an event to showcase the results of a microfinance revolving fund implemented by Taiwan and Eswatini to help women start businesses.

     

    In his remarks, Special Envoy Lin stated that Taiwan had announced an investment of US$1 million to establish the revolving fund in September 2023. He said the program provided start-up loans for women in rural areas, increased household incomes, and contributed to the economic and social development of Eswatini. In the past year or more since the fund was launched, over 500 loans had been approved, leading to changes in people’s lives and helping women achieve economic independence, he added. Highlighting a touching result of the initiative, Special Envoy Lin noted that one beneficiary had named her newborn baby Taiwan to thank Taiwan for its assistance. He further announced that the Taiwan government would inject an additional US$500,000 into the fund to further expand the virtuous cycle.  Special Envoy Lin said this underscored Taiwan’s strong commitment to economic empowerment in Eswatini.

     

    Speaking at the event, Deputy Prime Minister Dladla recalled her 2019 visit to Taiwan as foreign minister, during which she presented a proposal to the Taiwan government for the revolving fund on behalf of Queen Mother Ntombi Tfwala. She said that in 2020 the Technical Mission of the International Cooperation and Development Fund in Eswatini had introduced the Women’s Microenterprise Mentoring and Capacity Building Project, under which more than 6,000 women had received entrepreneurship skills training. Deputy Prime Minister Dladla said this was followed by a bilateral cooperation agreement to launch the fund, signed at a ceremony witnessed by the heads of state of both nations in September 2023. She praised the results that the program had achieved since it was launched just over a year ago in effectively giving women in rural areas of Eswatini an avenue to finance their start-up plans.

     

    Around 100 beneficiaries of the fund attended the event. Participants sang classic Taiwanese songs such as “Fight to Win,” creating a warm and lively atmosphere. Special Envoy Lin presented a stuffed leopard cat to the child named Taiwan, highlighting the profound friendship between Taiwan and Eswatini.

     

    The Ministry of Foreign Affairs will continue to work with the government of Eswatini to enhance the well-being of the peoples of both countries and further deepen bilateral relations. (E)

    MIL OSI China News –

  • MIL-OSI USA: ICYMI: Warren Reads 100 Acts of Trump Corruption Into Congressional Record To Mark 100 Days of the Trump Administration

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    April 30, 2025
    “[I]nstead of following through on his promise [to lower costs], Trump and his administration have paved the way for the president, his top officials, and his billionaire buddies to personally feed at the trough of government corruption.” 
    “That’s 100 corrupt acts in 100 days. Americans deserve accountability. We need to fight back—all of us.” 
    Video of Speech (YouTube)
    Washington, D.C. – On the 100th day of this Trump administration, U.S. Senator Elizabeth Warren (D-Mass.) read 100 reports of corruption from President Trump’s term so far into the Congressional record. 
    Senator Warren pointed to all the ways President Trump, his family, and associates like Elon Musk have used the presidency to enrich themselves, give favors to donors, and made it more difficult to hold him accountable for corruption. 
    Transcript: “One Hundred Days, One Hundred Acts of Corruption”U.S. Senate FloorApril 29, 2025
    As Prepared for Delivery
    Senator Elizabeth Warren: So here we are: one hundred days; one hundred acts of corruption.
    Today, I’m reading into the congressional record 100 reports of corruption from Donald Trump’s first 100 days in office. When he ran for office, Trump promised repeatedly that he would lower costs “on day 1.”  But instead of following through on his promise, Trump and his administration have paved the way for the president, his top officials, and his billionaire buddies to personally feed at the trough of government corruption. 
    So, count with me: In just one hundred days, Donald Trump, his family, and his Administration have:
    Turned the White House into a Tesla dealership.
    Fired independent commissioners at the FTC.
    Punished former officials who opposed his 2020 election lies.
    Paid for the White House Easter Egg roll by soliciting corporate sponsors who have business pending with the government.
    Helped Trump’s son set up a club — pay $500,000 for access to Trump’s cabinet.
    Declared that there would be NO tariff exceptions. Then permitted Apple’s CEO “behind the scenes” access — and poof, iPhone tariffs were cut.
    Created an opening for insider trading by reportedly giving Wall Street exclusive information about trade talks.
    Hosted million-dollar dinners between Big Pharma CEOs and their regulator RFK Jr.
    Launched crypto memecoin right before inauguration to make millions of dollars, then increased the value of those coins by signing executive orders making crypto a priority.
    Launched a meme coin for Melania, too. 
    Promised his “rich-as-hell” donors a giant tax handout, and is working to deliver. 
    Weakened rules insulating government workers from politics.
    Limited corporate foreign bribery investigations.
    Halted enforcement of the Corporate Transparency Act.
    Offered a private dinner with Trump himself—and a special tour of the White House—for the top 220 holders of his memecoin, permitting Trump and his family to profit both from the run up in the value of the coin AND the increase in trading on the Trump platform.
    Accepted $40 million for First Lady Melania’s documentary from Jeff Bezos – way above the market rate.
    Pointed to Bezos’s multi-million-dollar documentary payment as a model, when Warner Bros. asked Trump’s team how to improve its own relationship with the White House.
    Struck a deal with Amazon to stream Trump’s old show The Apprentice, which will mean more money for Trump as Amazon seeks tax breaks and other federal benefits.
    Coercing law firms to offer almost $1 billion in free legal work in an arrangement that experts say could run afoul of anti-bribery laws.
    Started undermining Medicare’s ability to negotiate drug prices after Big Pharma companies gave millions to Trump’s inauguration.
    Filed a meritless lawsuit against 60 Minutes and launched a baseless FCC investigation.
    Tried to get the AP to bend the knee and kicked them out of the White House briefing room when they refused.
    Hired Defense Secretary Hegseth’s younger brother to serve in a key role.
    Hired a longtime former partner of Don Jr. to serve as Ambassador to Greece. 
    Nominated Jared Kushner’s father to serve as Ambassador to France. 
    Selected Tiffany Trump’s father-in-law to serve as an adviser.
    Appointed an oil and gas executive to lead the Department of Energy.
    Selected a Chief of Staff who was a big-time lobbyist for clients like tobacco and mining companies.
    Named officials who had recently lobbied for oil and chemical giants to help write E-P-A rules.
    Appointed Mehmet Oz, who has close ties to Medicare Advantage insurers, to lead CMS to set payment rates and otherwise help out Medicare Advantage insurers.
    Appointed John Phelan, a major donor with no military or government experience, to lead the Navy and hand out Navy construction contracts.  
    Appointed Pam Bondi, a former lobbyist for a federal detention contractor, to lead the DOJ.
    Announced the DOJ would stop prioritizing enforcement of restrictions on foreign lobbyists, under the leadership of Bondi, who herself is a former foreign lobbyist for Qatar.
    Appointed Howard Lutnick, who has billions invested in companies accused of illegally facilitating crypto money laundering, to lead the Commerce Department.
    Appointed Marty Makary, the former executive of a company selling weight-loss drugs, to lead the FDA, which would regulate his company.
    Appointed Sean Duffy, who lobbied for the airline industry, to Transportation Secretary.
    Tapped Pete Hegseth, whose wife owns stock in large defense contractors, to lead the Defense Department.
    Tapped Doug Burgum — who made money from leasing land to Big Oil — to lead the Interior Department.
    Nominated a Big Oil lobbyist to run the Bureau of Ocean Energy Management.
    Nominated as IRS head Billy Long, an aggressive salesman for a fraud-riddled tax credit, who received donations after being nominated to clear old campaign debts. 
    Tapped Paul Atkins, a former crypto lobbyist, to lead the SEC.
    Appointed a former tax lobbyist, to lead tax policy.
    Appointed RFK Jr., who planned to get paid for anti-vax lawsuits while heading up HHS.
    Appointed a top Pentagon official who led a firm investing in defense contractors and has directed D-O-D to outsource as much as it can.
    Appointed someone who lobbied to privatize Medicare to lead OMB’s healthcare budget.
    Installed Steve Davis to effectively lead DOGE while also leading a Musk company.
    Installed another DOGE leader to control Treasury’s payment system while still holding down his day job as a software CEO.
    Handed power over crypto policy to a White House crypto czar who leads a venture capital firm that heavily invests in crypto.
    Selected a border czar who led a firm that got tens of millions of dollars of federal contracts for homeland security companies.
    Appointed Treasury Secretary Bessent who is gutting the IRS so that it can’t audit rich tax cheats — he’s a tax-dodging mega-millionaire.
    Pardoned Rod Blagojevich, former Illinois governor convicted for corruption, after his vocal support for Trump.
    Pardoned January 6 insurrectionists who tried to overturn an election he lost.
    Pardoned a Trump loyalist found guilty of wire fraud.
    Pardoned the son of a longtime Republican donor.
    Pardoned a corporation that had been fined $100 million for money laundering.
    Launched his own stablecoin while preparing to sign legislation that will help the stablecoin and let him oversee it. 
    Sold merch with presidential branding.
    Disbanded DOJ’s crypto unit after business talks between Binance and a Trump-backed crypto company ramped up.
    Halted SEC enforcement actions against crypto companies that enriched Trump. 
    Met with crypto executives who are asking Treasury to back off of oversight of their companies — all while exploring a deal to list a Trump-linked crypto company’s new stablecoin.
    Maintained financial ties between Trump officials and Trump’s media company. That includes: FBI Director Kash Patel who was gifted a huge award of Trump media company stock.
    Nominated Attorney General Bondi who owned $2 million in DJT shares.
    Paid the Education Secretary almost $1 million in Trump Media company shares.
    Intelligence Board nominees who have millions in Trump Media company shares.
    Selected a Special Envoy to the Middle East who wants to develop real estate in Gaza while running his own real estate firm.
    Appointed an FBI Director who consulted for the Qatari government.
    Picked that FBI Director even though he also received millions from a Cayman Island holding company with ties to China.
    Decided to cancel the Direct File program, which will help the bottom line of Intuit, which gave $1 million to Trump’s inauguration.
    Took its largest inauguration donation from a poultry company under DOJ scrutiny. After the donation, the SEC approved its parent company for the New York Stock Exchange.
    Dropped a probe into sexual misconduct allegations against Trump’s Education Secretary’s husband.
    Hosted dozens of foreign, federal, and state officials at Mar-a-Lago, helping enrich Trump. 
    Hosted a GOP retreat at another one of Trump’s resorts.
    Circumvented the normal contracting process to pick a company with close ties to Trump’s former campaign manager.
    Awarded a $30 million ICE contract to Trump insider Peter Thiel.
    Continued developing new Trump properties overseas, including in Saudi Arabia and the UAE.
    Hatched a plan for the State Department to pay Tesla $400 million dollars.
    Accepted a $4 million inauguration donation from a GOP megadonor and nominated him as UK ambassador the same day.
    And Donald Trump took actions that could advance the personal interests of his co-president Elon Musk: 

    Fired EEOC leaders investigating and suing Tesla.
    Illegally fired the NLRB Chair, which filed a complaint against SpaceX.
    Gutted CFPB staff and fired the Director after they investigated complaints against Musk’s companies.
    Gutted the Department of Labor office investigating Tesla and Space X.
    Fired the USAID Inspector General, who launched a probe into satellite terminals made by Musk’s Starlink. 
    Targeted the National Highway Traffic Safety Administration staff who were reportedly, quote, a “thorn in Tesla’s side.”
    Said Musk would self-police his conflicts of interest. Yeah right…
    Pressured the Administrator of the FAA, which fined Musk’s SpaceX, to resign .
    Permitted Musk to keep his financial disclosure hidden. I’ve got a new bill to fix that!
    Allowed Musk’s Starlink to start working with the FAA after Musk criticized the FAA’s air traffic telecom system. 
    Made Musk’s SpaceX the frontrunner for a new lucrative Golden Dome contract.
    Stood by Musk when his X executives told an advertising firm to increase ad revenue — threatening that Musk could interfere with a pending merger.
    Permitted Musk to join Trump’s interview with the Air Force secretary nominee while SpaceX held billions of dollars in contracts with the Air Force. 
    Permitted the National Transportation Safety Board to share news related to the airplane crashes in Washington and Philadelphia only on Musk-owned X.
    Permitted the Social Security Administration to only share important public communication on X.
    Dropped DOJ’s anti-discrimination complaint against Musk’s SpaceX.
    Fired FDA staffers reviewing Elon Musk’s Neuralink clinical trial applications.
    And for our closing six moves that make every bit of this corruption even harder to root out, Trump got rid of cops on the beat:

    Fired 18 Inspectors General who make sure the federal agencies follow the law.
    Fired the head of the Office of Special Counsel who protects whistleblowers and makes sure that civil service laws are fired.
    Fired the head of the Office of Government Ethics who watches to see that the President and his Administration follow the laws on conflicts of interest, bribery and other ethics issues.
    Fired DOJ prosecutors who worked on January 6th investigations.
    Sidelined DOJ’s office that reviews the legality of executive orders.
    Gutted DOJ’s office that prosecutes misconduct by public officials.
    That’s 100 corrupt acts in 100 days. Americans deserve accountability. We need to fight back—all of us. 

    MIL OSI USA News –

  • MIL-OSI Europe: Solicitation of expressions of interest for the role of bookrunner(s) in the upcoming offering of the State’s holding in Íslandsbanki hf.

    Source: Government of Iceland

    On 23 June 2024, the Icelandic Parliament passed legislation authorising the sale of the State’s remaining shares in Íslandsbanki hf. The legislation stipulates that the State’s shares are to be sold through one or more market-based public offerings, which may be structured in multiple tranches. The offering must adhere to the key principles of transparency, efficiency, objectivity, and equality, as outlined in the Public Finance Act. The law includes provisions specifying the structure of the offering, including the use of two separate order books, pricing methodology, and allocation criteria. Priority in allocation will be given to subscriptions submitted by individuals. On 14 March 2025, a proposed amendment to the legislation was introduced by the Minister of Finance and Economic Affairs, seeking i.a. to authorise a third order book to be used in the offering to ensure the participation of all investor groups. The proposed amendment is currently under review by the Icelandic Parliament.

    On 5 July 2024, Landsbankinn Corporate Finance was appointed as the Ministry’s independent financial advisor. On 21 August 2024, the Ministry announced the appointment of Barclays, Citi, and Kvika as joint global coordinators in connection with the offering.

    In accordance with the Act, the Ministry of Finance and Economic Affairs hereby invites expressions of interest from entities interested in acting as bookrunner(s). To be eligible, applicants must be authorised to place offerings of financial instruments without underwriting in Iceland, as provided for in the Act on Markets in Financial Instruments.

    Legal entities requesting to participate and that fulfil the requirements set out in the Act are invited to apply via email to [email protected]. Submissions should include:

    • A brief overview of the party’s relevant qualifications and experience;
    • Information on prospective investor reach and potential demand sources;
    • Any additional details the party deems relevant in support of their appointment.

    Submissions must be received before 16:00 GMT on 2 May 2025.
    All inquiries regarding the above should be directed to [email protected].

    MIL OSI Europe News –

  • MIL-OSI Russia: Financial News: Saint Petersburg to Host Economic Research Seminar on Monetary Policy

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    On July 1, the Bank of Russia, the New Economic School and the regulator’s basic department at the National Research University Higher School of Economics will hold the 15th seminar on economic research in St. Petersburg on the topic “Monetary policy and inflation: the effects of asymmetry and behavioral aspects.”

    The participants will discuss what information influences household inflation expectations, how stock prices and inflation are related, and the role of the money flow channel. Research on the conditions for the effectiveness of monetary policy communication and the Phillips curve in a network economy will also be presented.

    To participate offline or online you must: register.

    Preview photo: Gorbacheva_jul / Shutterstock / Fotodom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23587

    MIL OSI Russia News –

  • MIL-OSI: UAB “Atsinaujinančios energetikos investicijos” publishes its factsheet for the first quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its factsheet, providing information about the Company’s investment portfolio, key events, business strategy, operating segments, and financial indicators as of 31 March 2025.

    2025 Q1 KEY EVENTS

    • Total aggregated 2025 YTD Revenue and YTD EBITDA amounted to 2,437 kEUR and 1,226 kEUR, respectively.
    • Following the issuance of its audited financial statements for 2024, UAB “Atsinaujinančios Energetikos Investicijos” has retrospectively adjusted its net asset value (NAV) and share price as at 31 December 2024 and 31 March 2025, due to discrepancies identified in the fair value measurement of investment assets.

    Solar development in Poland:

    • The construction of 67.8 MW total capacity PV Energy Projects sp. z. o.o. portfolio nears completion.  As of reporting period, 46 MW are operational. 1 project (1 MW) was energized during this quarter and 4 projects (1 MW each) are planned to be energized in Q2 2025. The anticipated COD for the entire park is set for September 2025.
    • The PL SUN sp. z o.o. portfolio, with a total capacity of 113.97 MW, is divided into two phases. Construction works for the first phase (66.6 MW) were largely finalized in Q2 2024. Of this, 26.4 MW were energized in Q4. The remaining 40.2 MW are scheduled to be energized by Q2 2025. Construction of the second phase commenced in October 2024. The total capacity was reduced from 48.1 MW to 47.4 MW due to technical issues with the land plots of one project. Balance of System, technical advisory, and O&M contracts have been signed. Modules and inverters have been delivered to all sites. Mounting structure construction and module installation works have started at 7 sites (45.1 MW). Transformer stations were delivered to 2 sites (5.87 MW).

    Wind Projects:

    • The Energy Production license for the Anykščiai wind farm was obtained in August 2024, for Jonava and Rokiškis wind farms the license obtainal is schduled for Q2 2025.
    • The 112 MW wind farm developed under Zala Elektriba SIA is scheduled to reach RtB in Q2 2025. The turbine supply agreement was signed on 28th of March.

    Hybrid Projects:

    • The hybrid projects managed by UAB “Ekoelektra” and UAB “KNT Holding” are progressing, with the majority of land lease agreements and cable and road servitudes secured for the former, and approximately 50% secured for the latter.

    Contact person for further information:

    Mantas Auruškevičius

    Manager of the Investment Company

    mantas.auruskevicius@lordslb.lt

    www.lordslb.lt/AEI_green_bonds

    Attachment

    The MIL Network –

  • MIL-OSI Africa: African Mining Week 2025 to Feature Women in Leadership Forum

    Source: Africa Press Organisation – English (2) – Report:

    CAPE TOWN, South Africa, April 30, 2025/APO Group/ —

    As women take on increasingly influential roles in shaping the future of Africa’s mining sector, African Mining Week (AMW) 2025 – taking place from October 1–3 in Cape Town – will host a dedicated Women in Leadership Forum. This platform will bring together female leaders from across the mining value chain, connecting them with global investors, strategic partners and emerging project opportunities. 

    Women are playing a pivotal role in transforming the continent’s mining industry – championing policy reforms, driving investment, leading major companies,and advancing mineral diversification. Bogolo Kenewendo, Botswana’s Minister of Mining, is spearheading structural reforms aimed at strengthening investor partnerships and expanding the country’s diamond value chain. In February 2025, Botswana signed a landmark diamond sales agreement with De Beers, doubling its share of rough diamonds from the Debswana joint venture from 25% to 50% over the next decade. The agreement also extended Debswana’s mining license by 25 years, reinforcing the continued contribution of diamonds to Botswana’s economy, where the sector accounts for 80% of exports and 25% of GDP. 

    In Uganda, Minister of Energy and Mineral Development, Ruth Nankabirwa, is driving strategic partnerships to revitalize the country’s mineral sector. In March 2025, Uganda signed its first-ever Mineral Production Sharing Agreement for the redevelopment of the Kilembe copper mines with Sarrai Group Limited and Nile Fibreboard Limited. Uganda is also progressing toward its first commercial rare earth production at the Makuutu Project, developed in partnership with Ionic Rare Earths, with operations expected to begin in 2026. 

    Malawi’s Minister of Mining, Monica Chang’anamuno, is leading efforts to diversify the country’s mineral portfolio and enhance sector governance. The World Bank estimates that Malawi could earn up to $30 billion in mineral revenues between 2026 and 2040, driven by uranium, graphite and rare earth developments. Lotus Resources is targeting initial uranium production at the Kayelekera Mine in Q3 2025. Additionally, Malawi established its first-ever Mining Regulatory Authority in late 2024 to streamline approvals and accelerate project development.  

    Beyond the public sector, female executives are also steering the energy industry’s evolution. Kelly Ayuk Mealia, Chairperson and Co-founder of Energy Capital & Power – the organizer of African Mining Week – is a vocal advocate for investment and project development across the continent. Marie-Chantal Kaninda, President of Glencore DRC, plays a strategic role in maintaining the DRC’s global leadership in cobalt and copper. Nolitha Fakude, Chairperson of Anglo American South Africa, is a prominent voice on ESG and diversity, while Nombasa Tsengwa, CEO of Exxaro Resources, leads one of South Africa’s top coal producers. Other notable women in leadership include Elizabeth Rogo, CEO of Tsavo Oilfield Services (Kenya); Naomi Biney, CEO of Goldridge Ghana Limited (Ghana); and Nneka Ezeigwe, CEO of Eta Zuma Mining and Industries (Nigeria).  

    The Women in Leadership Forum at AMW 2025 will highlight how women are not only contributing to the industry – but actively redefining it for a more inclusive and sustainable future. 

    African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    MIL OSI Africa –

  • MIL-OSI: OTC Markets Group Welcomes Velo3D, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Velo3D, Inc. (OTCQX: VLDX), which produces metal additive three dimensional printers in the United States and internationally, has qualified to trade on the OTCQX® Best Market. Velo3D, Inc. upgraded to OTCQX from the Pink® market.

    Velo3D, Inc. begins trading today on OTCQX under the symbol “VLDX.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    “We are pleased to return to the OTCQX Best Market. Velo3D commits to continue providing transparent and timely disclosures to the investment public as we execute on our strategic plans,” said Arun Jeldi, CEO of Velo3D.

    About Velo3D, Inc.
    Velo3D, Inc. produces metal additive three dimensional printers in the United States and internationally. The company’s printers enable the production of components for space rockets, jet engines, fuel delivery systems, and other high value metal parts, which it sells or leases to customers for use in their businesses. It also offers Flow, a proprietary software platform, which scans part designs for geometrical features; Sapphire and Sapphire XC printers; Assure, a quality control software platform that includes process metrologies; and Intelligent Fusion, an underlying manufacturing process that unifies and manages the information flow, sensor data, and the advanced printing technology for precision control of the entire print. In addition, the company provides support services. Its customers range from small- and medium-sized enterprises to Fortune 500 companies in the space, aviation, defense, automotive, energy, and industrial markets.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Datatec Ltd to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Datatec Ltd (JSE: DTC; OTCQX: DTTLF, DTTLY), an international ICT solutions and services group, has qualified to trade on the OTCQX® Best Market.

    Datatec Ltd begins trading today on OTCQX under the symbols “DTTLF and DTTLY.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Admission to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors.  For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    Datatec management commented:
    “We are delighted to begin trading on the OTC Market’s premier tier, OTCQX. This additional trading venue will allow US investors access to Datatec shares quoted in US dollars and provides a platform to disseminate Datatec’s corporate disclosure to US investors with transparency. The company remains committed to maintaining the best possible disclosure for its shareholders.”

    About Datatec Ltd
    Datatec is a global digital channels group providing Cybersecurity, Networking and Hybrid Cloud infrastructure solutions and services in more than 50 countries across North America, Latin America, Europe, Africa, Middle East and Asia-Pacific. Through its core divisions, the group offers Value-added Technology Distribution (Westcon International) and Integration and Managed Services (Logicalis International and Logicalis Latin America). Datatec has been listed on the JSE Limited for the past 30 years.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Fitch updates Marex’s outlook to positive due to strong earnings and diversification of franchise

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — Fitch Ratings (Fitch) yesterday announced that it has revised the outlook of Marex Group plc’s Long-Term Issuer Default Rating (IDR) to positive from stable, and has affirmed its Long-Term IDR at ‘BBB-’.

    The revision of the outlook reflects Marex’s strong and growing earnings across variable market conditions, expansion and diversification of the franchise both organically and through bolt-on acquisitions, well-managed liquidity and adequate buffer over regulatory capital requirements.

    Ian Lowitt, CEO of Marex, commented: “Fitch’s upgrade to our outlook to positive from stable reflects the strength and scalability of our diversified global platform as well as our 10-year track record of sequential growth through a range of market environments. At the core of our strategy is Marex’s risk control framework, which keeps pace with our expanding business. We view our investment grade rating as a differentiator, and this is a further validation of our strategy.”

    Click here for the full Fitch press release.

    About Marex:
    Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 40 offices worldwide, the Group has over 2,400 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

    Enquiries please contact:
    Marex:
    Nicola Ratchford / Adam Strachan
    +44 778 654 8889 / +1 914 200 2508
    nratchford@marex.com/ astrachan@marex.com

    FTI Consulting US / UK
    +1 919 609 9423 / +44 777 611 1222
    marex@fticonsulting.com

    The MIL Network –

  • MIL-OSI Global: Tesla sales fall while its stock rallies – what this tells us about perceptions of Elon Musk

    Source: The Conversation – UK – By Akhil Bhardwaj, Associate Professor (Strategy and Organisation), School of Management, University of Bath

    bluestork/Shutterstock

    Electric vehicle maker Tesla recently shared the news of disappointing first-quarter results when its earnings report was weaker than most Wall Street analysts had expected. Tesla’s revenue had tumbled 9% and its profit was down 71%.

    Typically, this would result in a sharp decline in investor confidence and share prices. Tesla’s share prices have indeed dropped over 40% this year. But after the earnings report, Tesla’s stock rallied when CEO Elon Musk vowed to scale back his involvement with the US Department of Government Efficiency (Doge) and focus on Tesla instead.

    He said that he would spend a day or two a week on government matters at president Donald Trump’s request. In any case, Musk is a “special government employee”, which means he can work in that role for 130 days in a year. Assuming his role started on January 20 – Trump’s inauguration day – it would need to be terminated by the end of May had he continued to work five days a week.

    Tesla maintains that the slump in its earnings can be attributed to many factors, including concerns about supply chains and tariffs, as well as energy prices.

    But Musk’s unpopularity has probably affected sales, with his approval among consumers souring. There will be a multitude of factors at play that can explain Tesla’s decline. What is less ambiguous is the response of the market to Musk – just the fact that he said that he would devote time to Tesla rallied the investors.

    Apparently, the boss’s attention is highly valuable. To some extent, this is not surprising – what a CEO (or leader) chooses to focus on and what they ignore sets the tone within a firm.

    That said, it hardly seems to be the case that this is about setting a tone. Rather, the market (or the investors) seems to trust Musk. This is no mean feat for a CEO prone to engage in bluster. This investor trust contrasts with consumer trust and goodwill, which seem to be eroding at the same time.

    Musk has been called an absent CEO and analysts have noted that the demands on his time imply that he cannot be very active in running Tesla. Perhaps that is true.

    Or perhaps Musk thinks that Tesla is too big to fail and will be protected by the US government. Short-term bumps are less relevant for a firm that is pivoting away from its core business, as Tesla now appears to be doing.

    The future for Tesla

    Musk has stated that Tesla is increasingly an AI and robotics company, saying this is where the firm believes the “future lies”.

    Setting aside energy, data is one of the most important resources powering AI. It is the key input for training large language models (LLMs) and machine algorithms.

    The quality of an AI algorithm is directly correlated with the data it trains on. The larger and more diverse the data set, the better (and more lucrative) the AI agent is likely to be. There seems to be substaintial overlap in the data that AI has been trained on, although details are closely guarded.

    In addition, there is a possibility of training data running out, which makes it an even more precious resource.

    Companies from OpenAI to Meta seem to be scraping the internet for the same publicly available information (while apparently ignoring copyright issues). Now Musk seems to have access to an unprecedented amount of data that is not available to his competitors.

    His department at Doge has reportedly pushed for access to sensitive social security information, for example, that includes dates of birth, citizenship status, income, addresses, other tax-related information.

    Musk-owned company xAI launched chatbot Grok in 2023.
    bella1105/Shutterstock

    Musk-owned interests have also developed an LLM chatbot called Grok. And while Musk and his spokespeople deny that they have siphoned data for training AI models, there seems to be some indicators that this could potentially be done.

    It appears that Musk has manoeuvred himself into a position where, despite his unpopularity among car buyers, he can still ensure that his companies will thrive.

    But what does Trump get in return? After all, the president of the US considers himself a dealmaker. At least one analyst has suggested that Musk is the “fall guy” to take the hit when the Doge cuts begin to bite ordinary Americans.

    Regardless, it does appear that some sort of bargain has been struck between Musk and Trump. And it seems to be paying off for Musk – regulations around self-driving cars have been slashed, leading to another surge in the price of Tesla stock.

    Trump has also signed an executive order for AI education in primary and secondary schools. This is sure to increase the size of the market, which is clearly good news for companies in the AI sector.

    It would be foolish to underestimate the world’s richest man or to bet against him. But it’s important not to lionise CEOs to the extent that they become cult figures.

    In the Wealth of Nations, 18th-century Scottish economist Adam Smith made the point that the butcher, brewer and baker do not act from altruism. Instead, it is their own self-interest that puts food and drink on people’s tables. We are far better served keeping that in mind to make sense of the actions of Musk – or the investors in Tesla.

    Akhil Bhardwaj does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Tesla sales fall while its stock rallies – what this tells us about perceptions of Elon Musk – https://theconversation.com/tesla-sales-fall-while-its-stock-rallies-what-this-tells-us-about-perceptions-of-elon-musk-255469

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Three Trustees appointed to the Imperial War Museum

    Source: United Kingdom – Executive Government & Departments

    News story

    Three Trustees appointed to the Imperial War Museum

    The Prime Minister has appointed Professor Dame Janet Beer, Emma Loxton and Sheena Wagstaff as Trustees of the Imperial War Museum for a four year term from 1 March 2025 to 31 October 2028.

    Professor Dame Janet Beer

    Professor Dame Janet Beer was the Vice-Chancellor at Oxford Brookes 2007-2015 and at the University of Liverpool 2015-2022. She was President of Universities UK 2017-2019 and was awarded a Damehood in the New Years Honours list 2018 for services to higher education and equality and diversity. She is Chair of the Sport and Recreation Alliance; a Member of the Board of the Baltic Centre for Contemporary Art, Newcastle; an Independent Governor of Northumbria University; a Trustee of the Imperial War Museum; Trustee of the Royal Anniversary Trust and serves on the National Leadership Advisory Board, Cabinet Office. She is also Patron of the Mark Evison Foundation which exists to provide opportunities for young people to undertake personally designed challenges.

    Emma Loxton

    Emma Loxton is a partner at McKinsey & Company where she co-leads McKinsey’s work with defence, transport, and industrial companies in the UK. Emma has over 15 years’ experience advising institutions in the private sector on strategy and transformation. She has provided extensive pro bono support to arts institutions and homelessness charities in the UK on strategy and financial sustainability.

    Sheena Wagstaff

    Sheena Wagstaff is former Chair of Modern and Contemporary Art at The Metropolitan Museum of Art, New York, honored in 2022 as Chair Emerita. Her tenure was distinguished by leading The Met Breuer, establishing a transnational collection of modern and contemporary art, initiating an acclaimed exhibition program plus two series of artist commissions within the context of the museum’s global collections spanning 5,000 years. As Chief Curator of Tate Modern (2001-12), she commissioned artists for the Turbine Hall and devised the exhibition program. Working at leadership level for 30 years for institutions with strong civic values, she was previously Head of Exhibitions & Displays at Tate Britain, and Director of Collections, Exhibitions & Education at the Frick Art Museum, Pittsburgh. Wagstaff has extensive experience collaborating with architects on capital design projects, including David Chipperfield Architects, Herzog & De Meuron, Selldorf Architects, and others. She serves on the Professional Fine Arts Committee of the Foundation for Art & Preservation in Embassies, Washington DC; the International Advisory Committee of Istanbul Modern; the Advisory Board of Delfina Foundation, London.

    Remuneration and Governance Code

    Trustees of the Imperial War Museum are not remunerated. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Dame Janet Beer declared that she canvassed on behalf of the Labour Party in 1997. Emma Loxton is married to Gareth Davies CB, who is the Permanent Secretary of the Department for Business and Trade. Sheena Wagstaff has not declared any significant political activity.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: The CMA’s approach to the new consumer enforcement regime

    Source: United Kingdom – Government Statements

    Speech

    The CMA’s approach to the new consumer enforcement regime

    Speech delivered by Emma Cochrane, Acting Executive Director, Consumer Protection at the Competition and Markets Authority (CMA).

    Introduction

    As everyone here will know, now is a pivotal time in consumer enforcement with direct enforcement. Today I want to talk about how we at the CMA are implementing our consumer protection work under the Digital Markets, Competition and Consumer Act (DMCCA).  

    This is a time of change and that’s exciting, including for me personally, as I take on the leadership of our consumer function. But importantly, what hasn’t changed is the CMA’s purpose, and our statutory mandate to promote competition and protect consumers.

    Those fundamentals remain. The protection of consumers – people – in the UK underpins everything that we do. The consumer welfare standard is central to competition policy and with the changes brought in by the DMCCA we have the opportunity to do our consumer protection work more effectively, more quickly and – hopefully – with even better outcomes for people in the UK.  

    In its steer the government emphasised the importance of the CMA using its consumer enforcement powers under the DMCCA. And, in particular, that the CMA should use its consumer enforcement functions to help to support economic growth and investment. 

    The CMA’s ambition for consumer protection

    The CMA’s ambition is an effective and independent consumer protection regime, which safeguards UK consumer interests and gives people the confidence they need that the CMA is standing up for them.   

    An effective consumer protection regime should also give fair dealing businesses the confidence to grow and invest on a level playing-field, knowing that their competitors cannot gain an unfair advantage by breaking the law. 

    We, together with other regulators, have been called upon to support the government’s push to unlock barriers to growth. Growth which will improve quality of life and ultimately support long-term prosperity for everyone in the UK.  

    To me, it is absolutely clear that free and fair competition and effective consumer protection support growth. And consumer protection does this in two ways.  

    First, enforcing consumer protection law protects people from harmful and unfair treatment. Protected consumers are confident consumers. When consumers are confident about spending money, markets thrive. Consumers need clear, accurate information about price and the other key features of products and services they buy so they can shop confidently and find the best deal for them. They need to be able to trust reviews of products on which they rely. They shouldn’t be misled into paying for goods or services they don’t want or would not choose if they had the full picture. And they need to be able to exercise their legal rights when things go wrong – when something they buy online doesn’t look how they expect or when goods or services simply are not fit for purpose. 

    Second, consumer protection supports growth when it levels the playing field on which businesses compete. Businesses can compete vigorously on the prices and quality of their products and services confident that their competitors are playing by the same rules and can’t gain an advantage by breaking the law. That way, businesses are incentivised to become more productive and innovative, rather than relying on unfair practices. As with competition enforcement, business and investor confidence in the level playing field is strengthened, with wider benefits across the economy. 

    Priorities in our first 12 months of direct enforcement

    With that ambition in mind, the CMA has 2 core priorities over the next 12 months. First to support compliance and help businesses to do the right thing. And second, to take action to protect consumers from harm where we see egregious breaches of the law.   

    On compliance, we will be continuing our extensive engagement with stakeholders across the business and advisory community as well as with consumer groups and other enforcers. We want to continue the dialogue that we have been building with business including through the CMA’s new Growth and Investment Council.  

    And we also want to make clear that we have listened to and acted upon the feedback we have received so far. In our consultation process, we heard that our guidance was overly long and too complex – making it difficult for non-lawyers to understand. So, we responded. Our unfair commercial practices guidance includes over 50 examples of how the law will apply in real life scenarios. And we published shorter, more digestible guides for businesses on unfair commercial practices and fake reviews.  

    Now, we are looking for views on how to further develop our guidance. We want to hear from you about the areas where you – or your clients – are still unclear about how to comply with consumer law. Where is there a need for further clarity? Where is there a need for greater predictability on how the CMA will take enforcement action? We want to hear from you and we will take these views into account when deciding which areas to prioritise because it is in everyone’s interests for businesses to get it right. When businesses comply, everyone benefits.    

    In terms of our priorities for the first 12 months our early enforcement action is likely to focus on more egregious practices where the law is clear. We have set out examples in our approach document, so that businesses have transparency on how the CMA intends to operate in the early days. We will focus on the more serious cases of consumer harm, for example: 

    • aggressive sales practices that prey on consumers especially those in vulnerable position
    • where information has been provided to consumers that is objectively false
    • where contract terms are in place that are clearly imbalanced and unfair

    In choosing which cases to pursue, we will continue to apply our public prioritisation principles – looking at whether we are best placed, whether we can be effective and really shift behaviour to create better outcomes for consumers.

    We will also continue to focus on areas of essential spend, to help people struggling with pressure on household budget. It’s always important that consumers are protected, but even more so when they have no choice but to engage with particular sectors. Our recent work in essential spend sectors includes heating, groceries and housing. We will be listening to what consumers say – including by engaging closely with consumer groups – to ensure we tackle issues the most important issues that matter to real people.

    New cases may well come out of the monitoring work we have been carrying out in the past few months. We have been monitoring business compliance with the new DMCCA provisions. It’s really positive to see that a number of businesses have changed their practices in response to the new regime coming into force. For those that haven’t changed their practices yet,we are continuing to monitor, and we will be making decisions about the cases which we will prioritise over the coming weeks.

    Approach to price transparency and fake reviews

    I wanted to talk briefly about the two main areas of change to substantive consumer law – the changes to the law on price transparency (or drip pricing) and the law on fake reviews. 

    Price transparency 

    On price transparency, section 230 of the DMCCA tells us that certain information has to be included in an invitation to purchase, including information about the total price of a product, which includes mandatory taxes, charges and other payments which the consumer will necessarily incur.  

    This provision has the effect of prohibiting drip pricing, which is where customers see a headline price and then, as they go through the transaction process, additional charges are added on, which means the final price ends up looking quite different to the advertised price. Government has published research estimating these unavoidable fees cost consumers £2.2 billion a year. It can also harm businesses that compete with a business that is drip pricing, because we know customers put a lot of weight on headline prices and so a business that complies with the law and presents a more expensive upfront price, may get fewer click throughs that one that conceals additional mandatory fees. We don’t think this is fair. 

    In our initial draft of the unfair commercial practices guidance, we set out guidance on how businesses could think about the requirement and could think about whether fees are mandatory or optional. We also provided guidance on particular types of contract such as fixed term monthly contracts.  

    We’ve received a lot of very helpful feedback from stakeholders who have asked questions about how this will work, often in an industry specific way, and who have suggested that some of the points we made in the guidance could result in unintended consequences. We want to reflect really carefully on how to answer those questions, on whether there are other ways to do things and to think about how to provide really clear guidance – noting of course that our remit covers all sectors across the economy.  

    For this reason, we have adopted a phased approach to the guidance. So what is set out in the recently published unfair commercial practices guidance is a slimmed down version of what the original draft provided, focusing on the core of drip pricing – untrailed, unexpected charges through the purchase process.  

    We will reflect on the feedback on some of the other aspects trailed in the draft Guidance and plan to re-consult on these in the summer, with new finalised guidance expected in the autumn. And we won’t take any enforcement cases on issues to be covered in this later guidance until it is published in its finalised form. 

    To round up on drip pricing, we were monitoring the pricing practices of a number of businesses as the DMCCA came into force. I am really pleased to say that many of the most serious and harmful examples of drip pricing were changed at the beginning of this month. This is a great outcome for consumers who will no longer be misled into clicking on a headline price that isn’t what they will ultimately pay. And it is also a great outcome for competitors of those businesses who can now compete fairly on price/on a LPF. But not all businesses have changed their practices and of those that did change their practices, not all will have come far enough so we are continuing to look at pricing practices across the economy, and where we have concerns about compliance, businesses can expect to hear from us.  

    Fake reviews 

    Turning now to fake reviews, which are covered in a new banned practice introduced in the DMCCA. Various practices involved in the supply chain for fake reviews are now prohibited including, creating reviews that conceal the fact they have been incentivised, and publishing reviews in a misleading way. It also imposes a duty on anyone who publishes reviews or review information to take effective steps to prevent and remove from publication fake and concealed incentivised reviews and false or misleading review information. 

    This is a new banned practice – but it is worth noting the CMA has been active in this space for a while. You may have seen that the CMA recently agreed undertakings with Google relating to its reviews practices and has an open investigation into Amazon. That followed undertakings signed with Facebook and eBay in relation to the sale of fake reviews on those platforms. And the CMA has previously taken action against sixteen influencers for not labelling endorsements as advertisements on social media, as well as the Instagram platform for not doing enough to tackle these practices on its platforms.

    Although we could already, and have already, tackled fake reviews under our existing powers, we recognise that the new provisions create very specific obligations on businesses that need to be operationalised and these may require changes to systems and compliance programmes.

    During our engagement with stakeholders, we have heard that businesses need time to bed these in, and so for the first 3 months of the new regime we will focus primarily on supporting businesses with their compliance efforts rather than taking enforcement action straight out the gates.

    But that is, of course, not to say that we won’t be doing anything until July. Our fake reviews enforcement strategy mirrors the new banned practice. We are looking across the fake reviews value chain and thinking about when and how to take enforcement action all across it. We are using the most up to date tech to help us to identify potential infringements at scale. We know customers rely on review data when taking decisions about which products to buy and the law now gives us the tools to hold to account those that fail to comply.

    Implementing the 4Ps

    I will now talk about a bit about the how – how we intend to use our DMCCA powers. You may have heard that the CMA has recently introduced ‘the 4Ps’ – a programme of meaningful changes to how the CMA will go about all our work, including consumer protection focusing on delivering good processes at pace, proportionately and predictability. The 4Ps framework reflects feedback we sought and heard clearly from businesses and investors, as well as themes from the draft government steer. 

    The 4Ps will enable businesses and investors to have confidence in UK’s competition and consumer protection regimes, providing a regulatory environment which is conducive to growth. 

    Pace 

    The CMA is committed to reaching decisions under its consumer enforcement regime as swiftly as possible – we aim to bring consumer harm to an end quickly and secure redress for consumers where appropriate. Of course, we must ensure decisions are robust, that processes are fair and that we respect the rights of defense of those we investigate.  

    To achieve this – first – we plan to publish timetables at the outset of investigations, so businesses are clear on what to expect and when. Our new case management system means that we will be able to administer cases more efficiently. We will use our information gathering powers in a targeted way, minimising the burden for businesses wherever possible whilst also being mindful of the need for our teams to have a full understanding of the conduct we are investigating and the context in which that takes place. 

    Where we can, we will seek to streamline cases, focusing on the most important areas of concern and dropping less important areas quickly. We will seek early resolution of cases where it is appropriate to do so through settlement. 

    Pace is a two-way street: we expect businesses and their advisers to play their part in progressing cases at pace. Parties will be expected to respond to information notices fully and on time, to work with us constructively and identify where there are issues they can be resolved or agreed early in the process.  

    Predictability 

    Core to predictability is our focus on helping businesses comply, in part by issuing further guidance that I have already spoken about. We know that at the start of a new regime there is an inherent level of uncertainty and we have worked hard to set out how we expect the regime to operate going forward. We are committing to communicating with businesses fairly and openly during the course of investigations. And as time progresses, businesses will be able to rely on the CMA’s precedent decisions to predict how consumer law could apply to different scenarios. 

    We are also exploring further ways to give businesses clarity on conduct which does not infringe the law, in particular, in areas where there is no legal precedent. And we are exploring new opportunities for businesses to seek advice for conduct they are considering introducing. 

    Proportionality 

    The burden of following the rules must be proportionate especially for small businesses. We recognise that businesses need time to review their compliance activities – our early enforcement action will focus on more egregious conduct and conduct where businesses should already be clear about their legal obligations as there is a clear marker in guidance or past cases.  

    The CMA will prioritise consumer redress, recognising that our primary focus is on stopping consumer harm. In determining the level of any penalty, we will take account of proactive steps businesses have taken to correct wrongdoing. We will also invest in monitoring the effectiveness of all our remedies, to ensure that where we do take action, it has the impact we hope to achieve.  

    Process 

    Finally the CMA intends to implement a process which works for all businesses, large and small, constructively and collaboratively. For that reason the CMA has consulted on its guidance extensively, both through formal consultations and business roundtables.  

    In terms of engagement throughout the lifetime of a case, the CMA’s direct enforcement process, has a lot of parallels with the competition process – and so businesses and their advisors can expect similar opportunities to engage on a case. 

    Leveraging the CMA’s expertise

    Finally, I wanted to talk briefly about an important topic which will be discussed later in one of the panel sessions later this afternoon including my colleague Karen Croxson, our Chief Data, Technology and Insight Officer. How at the CMA we intend to use the full range of our tools, including our in-house digital, data, technological and behavioural expertise.  

    Our data team provide invaluable input to our consumer function across the life cycle of our cases. From helping us draw on the very latest technology to identify at scale traders that may be infringing the law; to informing our prioritisation decisions; to gathering evidence, simulating consumer journeys to an evidential standard; evaluating evidence submitted by parties, and then all the way through to supporting our case teams with design and evaluation of potential remedies. We work closely with our DTI team and will continue to do so even more closely as we move into a direct enforcement model.  

    Of course, whether a commercial practice or contract term is illegal is, ultimately, a legal question. Exactly what types of evidence will be needed to prove an infringement will vary case by case. Behavioural evidence can shine a light on how consumers respond, but it won’t always be necessary or proportionate to undertake extensive complex analysis.  

    The expertise of the data team is also incredibly valuable in informing our work in supporting compliance including through guidance and principles we publish for businesses. The team provided extensive input into our discount and reference pricing principles in the mattress sector and in other papers and research published by the CMA – for example our Online Choice Architecture evidence review.  

    I’m looking forward to hearing more on this topic in the panel discussion later this afternoon.  

    Concluding remarks

    I would like to finish by re-emphasising the role an effective CMA consumer enforcement function has in today’s world. Effective, proportionate consumer protection will protect and safeguard UK consumer interests and should give UK consumers the confidence they need that the CMA is standing up for them. And when consumers are confident about spending their money, markets thrive.  

    An effective consumer protection regime should also give fair dealing businesses the confidence to grow and invest on a level playing-field, knowing that their competitors cannot gain an unfair advantage by breaking the law. 

    Reflecting the strategic steer from government, the CMA will use its new powers to properly and independently exercise our statutory function of consumer protection – promoting consumer trust and confidence and deterring poor corporate practices. I am confident this approach will deliver robust protections for consumers and support economic growth. 

    Thank you very much for listening.  

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: During visit to Eswatini, Foreign Minister Lin meets with Prime Minister Dlamini and announces additional funding for women’s microfinance revolving fund

    Source: Republic of China Taiwan

    April 24, 2025
    No. 115

    Minister of Foreign Affairs Lin Chia-lung is currently visiting Eswatini as President Lai Ching-te’s special envoy. He continues to carry out important engagements in Taiwan’s African ally. 
     
    On the morning of April 23, the second day of his visit, Special Envoy Lin called on Prime Minister Russell Dlamini to thank him for his friendship with Taiwan. Prime Minister Dlamini, who assumed office in November 2023, led a delegation to Taiwan in March 2024. In the same year, he spoke up for Taiwan on behalf of the government of Eswatini at major international events, including the United Nations General Assembly and the 29th Conference of the Parties to the UN Framework Convention on Climate Change, demonstrating staunch support for the diplomatic alliance between the two countries.
     
    Prime Minister Dlamini warmly welcomed Special Envoy Lin to Eswatini and thanked Taiwan for its long-standing support. He reaffirmed that relations with Taiwan were rock-solid and emphasized that Eswatini, as a sovereign nation, had the right to choose its own friends without being influenced by other countries. He underlined that Eswatini was firmly committed to standing shoulder to shoulder with Taiwan.
     
    Also on the morning of April 23, Special Envoy Lin joined Deputy Prime Minister Thulisile Dladla; Minister of Foreign Affairs and International Cooperation Pholile Shakantu; Minister of Commerce, Industry and Trade Manqoba Khumalo; and other high-level officials at an event to showcase the results of a microfinance revolving fund implemented by Taiwan and Eswatini to help women start businesses.
     
    In his remarks, Special Envoy Lin stated that Taiwan had announced an investment of US$1 million to establish the revolving fund in September 2023. He said the program provided start-up loans for women in rural areas, increased household incomes, and contributed to the economic and social development of Eswatini. In the past year or more since the fund was launched, over 500 loans had been approved, leading to changes in people’s lives and helping women achieve economic independence, he added. Highlighting a touching result of the initiative, Special Envoy Lin noted that one beneficiary had named her newborn baby Taiwan to thank Taiwan for its assistance. He further announced that the Taiwan government would inject an additional US$500,000 into the fund to further expand the virtuous cycle.  Special Envoy Lin said this underscored Taiwan’s strong commitment to economic empowerment in Eswatini.
     
    Speaking at the event, Deputy Prime Minister Dladla recalled her 2019 visit to Taiwan as foreign minister, during which she presented a proposal to the Taiwan government for the revolving fund on behalf of Queen Mother Ntombi Tfwala. She said that in 2020 the Technical Mission of the International Cooperation and Development Fund in Eswatini had introduced the Women’s Microenterprise Mentoring and Capacity Building Project, under which more than 6,000 women had received entrepreneurship skills training. Deputy Prime Minister Dladla said this was followed by a bilateral cooperation agreement to launch the fund, signed at a ceremony witnessed by the heads of state of both nations in September 2023. She praised the results that the program had achieved since it was launched just over a year ago in effectively giving women in rural areas of Eswatini an avenue to finance their start-up plans.
     
    Around 100 beneficiaries of the fund attended the event. Participants sang classic Taiwanese songs such as “Fight to Win,” creating a warm and lively atmosphere. Special Envoy Lin presented a stuffed leopard cat to the child named Taiwan, highlighting the profound friendship between Taiwan and Eswatini.
     
    The Ministry of Foreign Affairs will continue to work with the government of Eswatini to enhance the well-being of the peoples of both countries and further deepen bilateral relations. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China’s National Health Commission answers questions on white paper from press

    Source: People’s Republic of China Ministry of Health

    BEIJING — China’s State Council Information Office on Wednesday released a white paper titled “Covid-19 Prevention, Control and Origins Tracing: China’s Actions and Stance.”

    The National Health Commission has responded to questions raised by the press regarding the white paper.

    Q1: What’s the background of issuing the white paper, Covid-19 Prevention, Control and Origins-Tracing: China’s Actions and Stance, and what information does it contain?

    A: Since the outbreak of Covid-19, China has been open and transparent in sharing information, and generous and selfless in providing aid. Its efforts in response and commitment to transparency have been highly acclaimed by the international community. However, the US District Court for the Eastern District of Missouri accused China of “hoarding medical supplies” and ruled that China must pay Missouri 24.49 billion USD in compensation for COVID-related losses; and recently, an article published on the official website of the White House blamed the origin of the virus on China, where some US politicians made spurious allegations, accusing China of concealing pandemic information from the world and hoarding medical supplies.

    In such context, China released this white paper to present a systematic overview of China’s key achievement in tracing the origins of Covid-19, to attest to its contribution to international cooperation in the response to the global pandemic, and to advance scientific endeavors and foster global collaboration as a responsible major country in this critical domain. Despite being the world’s largest economy and most developed country, the US failed to make contributions commensurate with its capabilities; even worse, it blamed its own problems on others and sabotaged collaborative global efforts to address the crisis. China firmly opposes and strongly condemns such practice.

    The white paper contains a preface, the main body, and a conclusion, in total 14,000 Chinese characters. The main body has three chapters: “Contributing Chinese Wisdom to the Study of the Origins of SARS-CoV-2”, “China’s Contribution to the Global Fight against Covid-19”, and “The Mismanaged Response of the US to the Covid-19 Pandemic”.

    Q2: How is the origins study of SARS-CoV-2 going in China? Where should the next step be taken?

    A: Since the outbreak of Covid-19, China has consistently dedicated substantial resources to collaborative research into the origins of the virus participated by Chinese and international scientists. Upholding its commitment to international responsibilities and scientific soundness with openness and transparency, the country spearheaded research initiatives in critical fields such as clinical epidemiology, molecular epidemiology, environmental epidemiology, and the identification of intermediate animal hosts. China closely cooperated with the World Health Organization (WHO) on the study of the virus origins with a strong sense of global responsibility and transparency, and in 2020 and 2021 invited WHO expert teams to China to carry out joint investigations. On March 30, 2021, the WHO organized a member state information session and press conference to present the findings about the origins of the SARS-CoV-2 virus and published the “WHO-convened Global Study of Origins of SARS-CoV-2: China Part-Joint WHO-China Study” on its official website. To date, no findings have contradicted the conclusions of the “Joint WHO-China Study”.

    The next phase of the origins study should be conducted mainly in the US. A large number of studies have pinned the origin of the virus outside of China. A US CDC study reveals that out of 7,389 serological survey samples collected from nine states from December 13, 2019 to January 17, 2020, 106 were Covid-19 antibody positive. This suggests that the virus existed in the US before the first official case was identified. Similarly, the NIH “All of Us” Research Program tested 24,079 blood samples collected from participants across 50 states from January 2 to March 18, 2020, identifying nine containing Covid-19 antibodies. The earliest two were collected on January 7 and 8, respectively. These findings show that the virus was circulating in the US at a low level as early as December 2019, well before the first official cases were recorded. An expert associated with The Lancet suggested that SARS-CoV-2 might not have come from nature; instead, it probably came from an incident at a US bio-technology lab. Between 2006 and 2013, the US reported at least 1,500 serious laboratory incidents involving coronaviruses and other highly dangerous pathogens linked to diseases such as SARS, MERS, Ebola, anthrax, smallpox, and avian influenza.

    These questionable events all suggest that Covid-19 may have emerged earlier than the US official timeline, and earlier than the outbreak in China. A thorough and in-depth investigation into the origins of the virus should be conducted in the US The US must not continue to turn a deaf ear to this call; rather, it should respond to the reasonable concern of the international community, share the data of earlier suspected cases with the WHO, and give a responsible answer to the world.

    Q3: How does China comment on the performance of the US in its response to Covid-19?

    A: The delayed and ineffective response to Covid-19 in the US made it the worst performing country in handling of the pandemic.

    In January 2020, the federal government of the US, choosing to downplay the severity of the transmission, labelled the novel coronavirus pneumonia as a case of “bad flu” which would “disappear” automatically one day, touted hydroxychloroquine and azithromycin as “wonder drugs” without solid scientific evidence, and even advocated the use of detergents to control infections and transmissions, becoming a laughing stock in the scientific community. The US government also deprived its citizens of the right to be informed of updated pandemic information. From March 3, 2020, the US CDC stopped releasing key data on Covid-19, including tallying the people tested for the virus, on the grounds that its information might not be “accurate”. Over the next three years or so, people in the US could only find information about the pandemic from estimated data collected and reported by non-governmental institutions such as the Johns Hopkins University. By mid-April 2020, the number of confirmed Covid-19 cases in the US had exceeded 660,000. However, with an eye on the upcoming presidential elections, the Administration announced that the pandemic had “passed the peak,” and rushed to roll out plans to reopen the economy. Insisting that citizens should be “free to choose,” the government of Florida demanded schools across the state to reopen, leading to widespread infection among teachers and students.

    Covid-19 overwhelmed the costly and profit-driven US medical system, and vulnerable groups such as the impoverished, ethnic minorities, and senior citizens were the first to be abandoned in treatment. According to a report from the Associated Press in June 2020, of every 10 deaths in the US, eight were people over 65 years old. With a strained medical system, infected people could not receive timely care and death toll surged. The American people’s rights to life and health were in no way being guaranteed on an equal basis.

    Data from the US National Center for Health Statistics shows that the life expectancy in the country fell from 78.8 years in 2019 to 77 in 2020, and further declined to 76.1 in 2021, a decrease of 2.7 years from 2019. For comparison, life expectancy in China rose from 77.3 years in 2019, to 77.93 in 2020, 78.2 in 2021, 78.3 in 2022, and 78.6 in 2023, signaling a steady improvement in population health.

    US CDC data released in May 2023 revealed that deaths due to Covid-19 in the US totaled 1.13 million, accounting for 16.4 percent of concurrent global deaths reported by the WHO. These figures were out of alignment with the overall population size, economic strength, and level of medical technology of the US, and were indicative of its ineffective and unscientific response policies.

    The US not only botched its own response to Covid-19, but also obstructed and sabotaged international cooperation in various ways. The deliberate concealment of information by the US government misled other countries and the WHO in the research and analysis of Covid-19 trends. The US government publicly announced that it would take an America First approach in vaccine supply and vaccination, keeping hoarding excess vaccines and agitating vaccine nationalism on the one hand, and waging a smear campaign to discredit China’s vaccines on the other. A US think tank criticized the US for its reluctance to provide foreign aid, saying this practice would expose the country as a “selfish isolationist when its help was most desperately needed.”

    Q4: The Missouri and other US state governments have initiated groundless lawsuits against China, holding China accountable for the pandemic. What is China’s comment on this?

    A: The groundless lawsuit of Missouri is a politically motivated farce orchestrated by state governments out of political self-interest that has ignored basic facts and violated fundamental legal norms. It is an affront to the sovereignty and dignity of all nations and to the international rule of law. China rejects such proceedings and will never accept a judgement delivered in absentia.

    The allegations in the judgement that China concealed pandemic information from the world and that China hoarded medical supplies are groundless. In the early stage of the outbreak, China provided clear information to the international community, adopting an open and transparent approach in releasing relevant information to the world. By May 31, 2020, the Joint Prevention and Control Mechanism and the Information Office of the State Council had held 161 press conferences, during which over 490 officials from more than 50 government departments answered over 1,400 questions from Chinese and foreign media.

    China tried every possible means to provide materials and assistance. From January 2020 to May 2022, China offered over 4.6 billion protective suits, 18 billion test kits, and 430 billion masks to 15 international organizations and 153 countries, including the US.

    In 2020, China sent 38 medical expert teams to 34 countries assisting in local pandemic control efforts, sharing China’s experience and practice in preventing and controlling the epidemic, and medical treatment plans.

    China made a significant contribution to the global fight against the pandemic, for which China deserves recognition and fair treatment, rather than blames and damage claims. In contrast, the incompetent responses of the Missouri state government led to a mortality rate ranking among the highest in the US Now the state government is trying to shift the blame for its failures, which is both irresponsible and unethical, a selfish and evading presence. China will never accede to demands for compensation claimed on baseless allegations, and will take resolute countermeasures in defense of its legitimate rights.

    Q5: How China played its roles as WHO member in global health governance?

    A: Since the outbreak of Covid-19, China lost no time in sharing information on the epidemic updates and genome sequencing to the international community including the WHO. China invited multiple WHO international expert missions to conduct joint research on its territory. China provided tremendous supplies and aid to the international community to the best of its ability and shared the experience of pandemic prevention, control, diagnosis and treatment. Constantly sticking to the shared idea of a community with a shared future for mankind, China has made significant contributions to the global fight against pandemic by carrying out international cooperations.

    In early 2020, the WHO dispatched warnings to the international community including the US, reminding of “a possible pandemic on a larger scale”. On April 10, the US government, which up till then had dismissed the WHO admonitions as sensational, began to accuse the media, WHO officials and Democratic congressmen of incompetence in fighting against the pandemic. On April 14, the US government announced for the first time that it would suspend funding to the WHO on the ground that the organization had not performed its fundamental duties.

    On January 20, 2025, the current US government again announced its withdrawal from the WHO on the excuses that it had failed in responding to the pandemic and yielded to China’s influence. Far from reflecting on its own incompetence during the pandemic, the US government has gone too far in shifting the blame, which will further harm its competence in responding to new emergencies to the public health.

    China supports the United Nations and the WHO in playing and enhancing their mandatory roles and the capacity building of global health governance. China has been, and will be, active in participating in the WHO’s efforts in preventing and responding to emergencies in public health, in implementing and amending the “International Health Regulations,” and in reviewing a “pandemic treaty.” China will be active in participating in the IPPPR of the WHO and its SAGO mission by contributing advice and opinions. China has contributed and will continue to contribute Chinese perspectives, solutions and strengths to building an efficient and sustainable global public health system for the benefit of all humanity and fortifying defenses for the lives and health of all. 

    MIL OSI China News –

  • MIL-OSI: Navient posts first quarter 2025 financial results

    Source: GlobeNewswire (MIL-OSI)

    HERNDON, Va., April 30, 2025 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) today posted its 2025 first quarter financial results. Complete financial results are available on the company’s website at Navient.com/investors. The materials will also be available on a Form 8-K on the SEC’s website at www.sec.gov.

    Navient will hold a live audio webcast today, April 30, 2025, at 8 a.m. ET, hosted by David Yowan, president and CEO, and Joe Fisher, CFO.

    Analysts and investors who wish to ask questions are requested to pre-register at Navient.com/investors at least 15 minutes ahead of start time to receive their personal dial-in access details. Others who wish to join in listen-only mode do not need to pre-register and may simply visit Navient.com/investors to access the webcast.

    Supplemental financial information and presentation slides used during the call will be available no later than the start time. A replay of the webcast will be available approximately two hours after the event’s conclusion.

    About Navient
    Navient (Nasdaq: NAVI) provides technology-enabled education finance solutions that help millions of people achieve success. Learn more at navient.com.

    Contact:
    Media: Cate Fitzgerald, 317-806-8775, catherine.fitzgerald@navient.com
    Investors: Jen Earyes, 703-984-6801, jen.earyes@navient.com

    The MIL Network –

  • MIL-OSI: CLIQ: Invitation to First Quarter 2025 Results Presentation

    Source: GlobeNewswire (MIL-OSI)

    DÜSSELDORF, 30 April 2025 – The CLIQ Group will report and present its first quarter 2025 financial results and highlights on Thursday, 8 May 2025.

    The 1Q 2025 Financial Report and a slides deck to accompany the earnings call will be available at https://cliqdigital.com/investors from 7.30 a.m. CEST.

    Earnings call

    A live audio webcast conducted in English will be held at 2.00 p.m. CEST on 8 May 2025 with presentations from Luc Voncken, CEO, and Ben Bos, member of the Management Board.

    Questions submitted before 12.00 p.m. CEST via email to investors@cliqdigital.com will be answered after the presentations.

    Please click on the link below to register for this webcast:

    https://cliqdigital.zoom.us/webinar/register/WN_HLObw8qZSw6QvktGjKh7_Q

    ZOOM details will be sent to you via email post registration and a replay of the webcast will be available shortly after the call at: https://cliqdigital.com/investors/financials/financial-reporting.

    Contacts

    Investor Relations:
    Sebastian McCoskrie, s.mccoskrie@cliqdigital.com, +49 151 52043659

    Media Relations:
    Daniela Münster, daniela.muenster@h-advisors.global, +49 174 3358111

    Financial calendar

    Financial report 1Q 2025 & earnings call Thursday 8 May 2025
    Annual General Meeting 2025 To be determined
    Half-year financial report 2025 & earnings call Thursday 7 August 2025
    Financial report 3Q/9M 2025 and earnings call Thursday 6 November 2025

    About CLIQ

    The CLIQ Group is a data-driven, online performance marketing company that sells bundled subscription-based digital products to consumers worldwide. The Group licenses content from partners, bundles it to digital products, and sells them via performance marketing. CLIQ is expert in turning consumer interest into sales by monetising online traffic using an omnichannel approach.

    CLIQ operated in 40 countries and employed 132 staff from 33 different nationalities as at 31 December 2024. The company is headquartered in Düsseldorf and has offices in Amsterdam and Paris. CLIQ is listed in the Scale segment of the Frankfurt Stock Exchange (ISIN: DE000A35JS40, GSIN/WKN: A35JS4) and is a constituent of the MSCI World Micro Cap Index.

    Visit our website at https://cliqdigital.com/investors. Here you will find all publications and further information about CLIQ. You can also follow us on LinkedIn.

    The MIL Network –

  • MIL-OSI United Kingdom: Historic Market Hall to reopen with free week of music, workshops and family fun

    Source: City of Derby

    The transformed Derby Market Hall will open with a spectacular week-long celebration packed with music, creative workshops, and family-friendly activities.

    The doors will officially open to the public at 11am on Saturday 24 May, almost 159 years to the day since its original grand opening. 

    The iconic Grade II listed building has undergone a significant £35.1 million restoration, creating a vibrant venue that brings together the best of the region’s independent shopping, eating, drinking, and entertainment under one beautiful roof.

    The Market Hall was officially declared open on 29 May 1866 by Mayor Frederick Longdon, with a special inaugural event that included a performance of Handel’s Messiah. The very performance inspired the formation of Derby Choral Union shortly afterwards.

    Exactly 159 years later, on Thursday 29 May 2025, Derby Choral Union will return to the Market Hall to celebrate the reopening with a performance of popular choral pieces, honouring their historic performance in the Market Hall. 

    The £35.1m transformation, partly funded with £9.43m from the Government’s Future High Streets Fund (FHSF) began with the Market Hall’s most iconic feature: the cast iron, copper, and glass roof. Designed by Melbourne engineer Rowland Mason Ordish, whose later work included the roof of London’s St Pancras railway station, this distinctive element needed significant repair.  

    As it reopens to the public, visitors will see at first hand the results of a careful, multi-million-pound restoration, aimed at preserving the rich heritage of the Grade-II listed building while also introducing modern enhancements.

    Visitors can also explore a diverse array of independent stalls and sample the cosmopolitan selection of food and drinks in the bustling food court. The opening week will also provide a taste of the exciting ongoing programme of entertainment and activities planned for the Market Hall. 

    The venue’s opening week coincides with the May half-term school break so there’s something planned for all ages! A detailed schedule of the week’s events is available on the Derby Market Hall website. All events are free of charge for visitors.

    Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for City Centre, Regeneration, Strategy and Policy, said: 

    I’m so pleased to be able to honour the historical significance of the Market Hall’s original opening ceremony by having Derby Choral Union performing a variety of popular choral pieces exactly 159 years later.

    The packed opening week programme is just the beginning and showcases how Derby Market Hall will be a vibrant flagship destination for shopping, dining and entertainment.

    The opening date is now just a few weeks away and I’m so excited for everyone to finally see the significant transformation and enjoy all the Market Hall has to offer. The transformed Market Hall will attract visitors from across the region and beyond.

    The grand opening day will kick off with the unique sounds of Deep Down Brass, setting a lively tone for the day. Throughout Saturday, visitors can enjoy live music from walkabout acts and sessions on the Market Hall stage. The musical entertainment will continue until 9:30pm, with a fantastic line-up of local talent including Carl North, Sura Laynes, Leah Wilcox, Anna Milne, and Masha Terry entertaining the crowds.

    Opening day will also feature engaging activities for all ages, including workshops in photography and illustration. Folk 3-D will guide a workshop to create beautiful paper flowers and, later, the Lost Boys will offer their innovative Ancestories Virtual Reality headset sessions for a unique and immersive experience. Some of the events and workshops will be held in the venue’s new upstairs multi-use space, the Ordish Room. The room is named after Rowland Mason Ordish, the Derbyshire-born engineer who designed the Market Hall’s iconic roof in the 1860s, in a nod to the building’s stunning built heritage. 

    The fun continues every day for the rest of the week and into the following weekend, with a packed programme featuring:

    • Live music from talented local artists on the Market Hall stage
    • Entertaining walkabout acts both indoors and outdoors, on Cornmarket and Osnabruck Square
    • Theatre performances and virtual reality sessions in the Market Hall’s multi-use space
    • Workshops in crafts, pottery, music, performance and songwriting

    Located at the heart of the city centre, linking Derbion and St Peter’s Quarter with the Cathedral Quarter and Becketwell, the redeveloped Market Hall will play a key role in widening the diversity of the city centre and is expected to generate £3.64m for the local economy every year.

    Follow Derby Market Hall on Facebook and Instagram to stay up to date with what’s going on. Full details of the programme of events are available on the Derby Market Hall website.

    Osnabruck Square, the space outside Derby Market Hall, is set to open in July 2025. 

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: GD scheme’s care service launches

    Source: Hong Kong Information Services

    The Social Welfare Department today announced that the New Home Association has been commissioned to provide Social & Care Support Service under the Residential Care Services Scheme in Guangdong starting from tomorrow to offer support to elderly participants and their families.

     

    The Social & Care Support Service is one of the measures announced in the 2024 Policy Address to help elderly participants of the scheme better adapt to life in residential care homes for the elderly (RCHEs) on the Mainland and receive timely assistance when needed.

     

    The association will provide support services for the elderly participants under the scheme, especially during the initial six-month trial period upon admission into the RCHEs.

     

    Such services will assist them in understanding the Mainland’s medical systems and care services, maintaining connections with their families in Hong Kong, and providing them with suitable advice and assistance in handling situations such as housing, medical care, and financial matters in Hong Kong.

     

    Continuous support will also be rendered in accordance with their needs upon completion of the trial period.

     

    The Social & Care Support Service will also conduct assessments under the Standardised Care Need Assessment Mechanism for Elderly Services and follow up applications for Hong Kong seniors who have settled in Guangdong Province and are interested in joining the scheme at their places of residence.

     

    Click here for details.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Pilot Study on Annual Survey of Services Sector Enterprises (ASSSE) to capture insights into the Incorporated Service Sector

    Source: Government of India

    Posted On: 30 APR 2025 4:00PM by PIB Delhi

    The pilot study was carried out in two phases using a GSTN frame primarily with an objective to test the suitability of the GSTN database as sampling frame, verify and update selected frame information (in Phase-I) and to test the operational modalities such as, response of the enterprises, adequacy of the instruction, structure of the questionnaire, collectability of information, etc. (in Phase-II).

    The pilot study covered those service sector enterprises from the GSTN database which are registered under Companies Act, 1956 or, Companies Act, 2013 or Limited Liability Partnership (LLP) Act, 2008.

    The pilot provides valuable operational insights and a foundation for launching a robust, full-scale annual survey of incorporated service sector enterprises from January 2026.

    Objective of the Pilot Survey on ASSSE

    1. The service sector is a key driver of India’s economy, contributing more than 50% to the country’s GDP and providing millions of jobs. Accurate and comprehensive data on this sector is crucial for informed policymaking, strategic planning, and investment decisions. While the unincorporated part of the service sector is covered in Annual Survey of Unincorporated Sector Enterprises (ASUSE) conducted by National Statistics Office, there is a lack of granular data on the economic and operational characteristics, employment, and other related aspects of the incorporated service sector. This gap in data is primarily due to the absence of a regular national-level survey covering the various sub-sectors of the incorporated non-agricultural non-manufacturing sectors.
    2. The main objective was to test operational processes – enterprise response, clarity of survey instructions, efficacy of the questionnaire and the availability of key data from official records such as books of accounts, profit and loss statements, and labour registers.

    Requirement of Pilot Study before launching full-fledged ASSSE

    To firm up the methodology, survey instruments and other operational aspects of conducting a full-fledged pan-India survey (ASSSE), there was a felt need to undertake a pilot. Accordingly, the Ministry of Statistics and Programme Implementation (MoSPI) has conducted the Pilot Study on ASSSE and releases its findings as a Technical Report in this press note.

    This pilot marks a pioneering effort in the Indian official survey ecosystem, utilizing a GSTN-based enterprise frame for the first time comprising of incorporated enterprises across the Construction, Trade, and Other Services categories including transport, accommodation and food services, information and communication, health, education, real estate, etc. Technical Report available in the website of the MoSPI viz. https://www.mospi.gov.in.

    Modalities of conducting the Pilot Study

    The Pilot Study on ASSSE has been conducted using an ‘enterprise approach’ where the term ‘enterprise’ is referred to as a GSTN unit conducting operations in a particular state. As per GSTN nomenclature, the term enterprise is analogous to ‘principal place of business’ which may have one or more ‘additional place of business’ (establishments) in the state. Combined data of all the additional places of businesses have been collected from the principal place of business in this pilot study.

    The two-phase pilot study, conducted through CAPI (Computer-Assisted Personal Interviewing) on tablets, aimed to test the suitability of GSTN database as sampling frame, validate and update selected frame information, test operational processes, and assess data availability from business records including balance sheets, books of accounts and labour registers maintained by the enterprises for the financial year 2022–2023.

    Phase I of the pilot was conducted during May 2024–August 2024 covering 10,005 enterprises primarily to verify and update address and activity information along with collecting some quantitative information such as gross sale value, employment, etc.

    Phase-II of the Pilot Study on 5020 enterprises selected from the list of eligible enterprises of Phase-I took place during November 2024 to January 2025. Data for this phase were collected under the Collection of Statistics Act, 2008 (as amended in 2017), with notices issued in October 2024.

    Major takeaway from the pilot study

    • Majority of the enterprises were found to be existent and operational.
    • Units with headquarters in other states required significant effort to collect the relevant data. Also, challenges were faced in bifurcating the GSTIN level information pertaining to the selected enterprises from Pan-India centralized records (often CIN based) maintained at headquarter level.
    • Majority of the responding units were found to be cooperative in furnishing information/data.
    • Barring a few blocks, the questionnaire was found to be reasonably easy to fill in.
    • The instructions were found to be mostly clear and unambiguous and easy to understand.

     

    Key finding of the pilot study (based on unweighted i.e without applying any multiplier on sample observations):

    1. Distribution of Enterprises by type of organization

    In Figure 1, distribution of enterprises by type of organization is presented. It can be seen that majority of the corporate entities in the pilot study on ASSSE are Private Limited Companies (82.40% at overall level) during FY 2022-23 followed by Public Limited Company and Limited Liability Partnership (each having nearly 8% share). The same trend is noticeable for all the Broad Activity Categories (BAC) i.e., Construction, Trade and Other Services.

    Figure 1: Distribution of enterprises by type of organization for each BAC

    1. Percentage share of economic indicators by different size classes of output (FY 2022-23)

    Size Class of Output (Rs.)

    No. of enterprises surveyed

    Indicator*

    Fixed Assets

    Net Fixed Capital Formation

    Gross Fixed Capital Formation

    Gross Value Added

    Net Value Added

    Total persons engaged

    Total compensation

    all-India

    Less than 10 cr.

    2720

    2.64

    2.19

    2.44

    1.19

    1.07

    9.28

    3.17

    10 cr. or more, but less than  100 cr.

    927

    9.58

    6.00

    8.32

    9.45

    9.38

    20.03

    11.43

    100 cr. or more, but less than 500 cr.

    326

    25.00

    29.08

    26.96

    19.90

    19.33

    33.73

    22.24

    500 cr. or more

    113

    62.77

    62.73

    62.28

    69.47

    70.21

    36.96

    63.17

    All

    4086

    100.00

    100.00

    100.00

    100.00

    100.00

    100.00

    100.00

     

    The following Table presents the percentage share of different important indicators over different size-classes of output.

    * generated based on sample data without using weights

    The data reveals that larger enterprises with output Rupees 500 crores and above dominate in terms of asset ownership (62.77%), net fixed capital formation (62.73%), gross value added (69.47%) and total compensation (63.17%). Further, data also reveals that enterprises (having output below Rupees 500 crores) make up almost  account for 63.03% of total employment and 36.84% of total compensation.

     

    Fig. 2: Enterprises with additional places of businesses in the state for each Broad Activity Categories.

    The above Figure (Figure 2) shows that overall, 28.5% of enterprises reported having additional places of business within the state. This percentage was observed to be the highest in the Trade sector with around 41.8% of enterprises belonging to this sector reported additional places of business in the state. As per GSTN nomenclature, the term enterprise is analogous to ‘principal place of business’ which may have one or more ‘additional place of business’ (establishments) in the state.

    Way Forward

    1. The pilot study on ASSSE represents a significant milestone in strengthening India’s statistical infrastructure for the service sector, a key contributor to both GDP and employment.
    2. The findings from the pilot study provide a strong foundation for launching the full-scale annual survey starting in January 2026.
    3. The pilot study confirmed the suitability of the GSTN database as a sampling frame for the survey.
    4. It highlighted the importance of proper verification and validation of survey instruments, the collectability of data from records maintained by selected enterprises and the challenges encountered during data collection.
    5. The pilot study offers valuable insights for planning and finalizing the sampling design, determining the sample size and refining the questionnaire for the full-fledged survey in consultation with major stakeholders.
    6. The major indicators of the survey include percentage share of Fixed Assets, Net fixed Capital Formation, Gross Fixed Capital Formation, GVA, NVA, number of persons engaged and compensation etc. over different size-classes of output.

     

    Important Caveat

    The basic purpose of the pilot study was experience gathering on various aspects of the survey (as mentioned in previous paras) rather than generating estimates. Considering the small sample size of only 5020 units and the fact that a number of selected units were found to be non-existing and/or non-responding for various reasons, no design-based estimate (using sampling weights) has been attempted in this pilot study. Hence the estimates of any sector or Broad Activity Category (BAC) obtained by summing the estimates of all enterprises belonging to that sector/BAC tend to be skewed towards the estimates of large units present in that sector/BAC. Thus, the estimates are not indicative of or comparable to the overall actual aggregates of the sector/BAC.

    ****

    Samrat/ Allen

    (Release ID: 2125454) Visitor Counter : 52

    MIL OSI Asia Pacific News –

  • MIL-OSI: Real Matters Reports Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the second quarter ended March 31, 2025.

    “We posted consolidated Net Revenue(A) of $10.1 million compared with $11.5 million in the second quarter of 2024 mainly due to a double-digit decline in the addressable U.S. purchase mortgage origination market. We continue to maintain our focus on operational efficiency and leveraged our network management model to deliver U.S. Appraisal Net Revenue(A) margins of 27.3% in the second quarter, up 80 basis points sequentially. Our U.S. Title segment delivered strong year-over-year growth driven by net market share gains with clients and higher refinance origination market volumes; refinance origination revenue was up 40% year-over-year and Net Revenue(A) for the segment was up 32%,” said Real Matters Chief Executive Officer Brian Lang. “With $45.7 million in cash and no debt, Real Matters remains well positioned for current market conditions and we are primed to scale up.”

    “As we have experienced in the past, economic and financial market uncertainties can create significant opportunity for the mortgage industry. Even minor decreases in interest rates like those we saw last fall can have a significant positive impact on origination volumes – especially from today’s historical low volumes. With nearly 10 million outstanding mortgages with rates above 6%, and nearly 7 million mortgages above 6.5%, the pool of refinance candidates continues to grow,” concluded Lang. “Solid execution of our strategy continues to broaden our client base and deepen our customer relationships, particularly in U.S. Title where we have significant runway for growth, which should allow us to better capitalize on market improvements and capture more volume.”

    Q2 2025 Summary

    • Consolidated revenue of $37.3 million, down 11% year-over-year as increased volumes in our U.S. Title and Canadian segments were offset by lower year-over-year U.S. Appraisal addressable volumes
    • Consolidated Adjusted EBITDA(A) of $(1.9) million compared with $0.7 million in Q2’24
    • Net loss of $2.2 million, down from net income of $2.1 million in Q2’24
    • Launched three new clients in Q2’25
    • Real Matters’ U.S. Appraisal mortgage origination volumes down 21% year-over-year mainly due to lower U.S. addressable purchase origination market volumes
    • Real Matters’ U.S. Title mortgage origination volumes up 32% year-over-year due to net market share gains with clients and higher refinance origination market volumes
    • Cash and cash equivalents of $45.7 million and no outstanding debt as at March 31, 2025

    Financial and Operational Summary

        Quarter ended       Six months ended   %
        2025     2025     2024     2024     2024     % Change1     2025     2024     Change1
        Q2   Q1   Q4   Q3   Q2   Quarter
    over
    Quarter    		 Year
    over
    Year    		   March 31 March 31   Year
    over
    Year
    Consolidated                                        
    Revenue $ 37.3   $ 41.0   $ 45.6   $ 49.5   $ 42.2     -9 % -11 %   $ 78.3   $ 77.6     1 %
    Net Revenue(A) $ 10.1   $ 10.9   $ 12.0   $ 13.1   $ 11.5     -7 % -13 %   $ 20.9   $ 21.2     -1 %
    Adjusted EBITDA(A) $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7   $ 0.7     -14 % -365 %   $ (3.5 ) $ (0.4 )   -881 %
    Net (loss) income $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1     -197 % -207 %   $ 0.1   $ (1.5 )   104 %
    Net (loss) income per diluted share $ (0.03 ) $ 0.03   $ –   $ 0.02   $ 0.03     -200 % -200 %   $ 0.00   $ (0.02 )   100 %
    Adjusted Net (loss) income(A) $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7   $ 1.3     -345 % -192 %   $ (1.5 ) $ 0.1     -1600 %
    Adjusted Net (loss) income(A) per diluted share $ (0.02 ) $ 0.00   $ 0.01   $ 0.02   $ 0.02     0 % -200 %   $ (0.02 ) $ 0.00     0 %
                                             
    U.S. Appraisal segment                                        
    Revenue $ 26.7   $ 29.4   $ 33.8   $ 37.5   $ 32.6     -9 % -18 %   $ 56.0   $ 59.3     -6 %
    Net Revenue(A) $ 7.3   $ 7.8   $ 9.0   $ 10.3   $ 9.2     -6 % -21 %   $ 15.1   $ 16.6     -10 %
    Net Revenue(A) margin   27.3 %   26.5 %   26.7 %   27.6 %   28.3 %           26.9 %   28.1 %    
    Adjusted EBITDA(A) $ 2.6   $ 2.4   $ 4.1   $ 5.5   $ 4.4     7 % -41 %   $ 5.0   $ 7.1     -30 %
    Adjusted EBITDA(A) margin   35.4 %   30.9 %   45.2 %   53.2 %   47.9 %           33.1 %   42.5 %    
                                             
    U.S. Title segment                                        
    Revenue $ 2.3   $ 2.5   $ 2.4   $ 2.1   $ 2.0     -11 % 11 %   $ 4.8   $ 4.1     18 %
    Net Revenue(A) $ 1.2   $ 1.4   $ 1.2   $ 0.9   $ 0.9     -13 % 32 %   $ 2.5   $ 1.9     36 %
    Net Revenue(A) margin   52.1 %   53.4 %   49.8 %   43.6 %   44.0 %           52.8 %   45.7 %    
    Adjusted EBITDA(A) $ (2.1 ) $ (1.8 ) $ (1.6 ) $ (1.9 ) $ (1.7 )   -18 % -28 %   $ (3.9 ) $ (3.3 )   -20 %
    Adjusted EBITDA(A) margin   -179.6 %   -132.3 %   -131.4 %   -209.8 %   -184.8 %           -154.3 %   -176.0 %    
                                             
                                             
    Canadian segment                                        
    Revenue $ 8.3   $ 9.1   $ 9.4   $ 9.9   $ 7.6     -8 % 11 %   $ 17.5   $ 14.2     23 %
    Net Revenue(A) $ 1.6   $ 1.7   $ 1.8   $ 1.9   $ 1.4     -8 % 11 %   $ 3.3   $ 2.7     24 %
    Net Revenue(A) margin   19.0 %   18.9 %   18.9 %   19.0 %   18.9 %           19.0 %   18.8 %    
    Adjusted EBITDA(A) $ 1.0   $ 1.1   $ 1.2   $ 1.3   $ 0.9     -8 % 17 %   $ 2.2   $ 1.6     37 %
    Adjusted EBITDA(A) margin   65.7 %   66.1 %   67.7 %   69.3 %   62.3 %           65.9 %   59.7 %    
                                             
    Corporate segment                                        
    Adjusted EBITDA(A) $ (3.4 ) $ (3.4 ) $ (3.1 ) $ (3.2 ) $ (2.9 )   0 % -15 %   $ (6.8 ) $ (5.8 )   -18 %
     

    Note 1 – Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.

    Conference Call and Webcast
    A conference call to review the results will take place at 10:00 a.m. (ET) on Wednesday, April 30, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.

    Conference call dial-in:

    • Participants can dial-in to the conference call; however, pre-registration is required. To register, visit: https://register-conf.media-server.com/register/BIb410bf1804714fc98c4a22b2351db181.
    • Once registered, you will receive an email including dial-in details and a unique access code required to join the live call.
    • Please ensure you have registered at least 10 minutes prior to the conference call start time.

    To listen to the live webcast of the call:

    The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.

    (A) Non-GAAP Measures
    The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by IFRS® Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three and six months ended March 31, 2025 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.

    Real Matters financial results for the three and six months ended March 31, 2025 are included in the unaudited interim condensed consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.

    Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:

                Quarter ended   Six months ended
        Q2 2025   Q1 2025   Q4 2024   Q3 2024   Q2 2024   March 31,
    2025    		 March 31,
    2024
                                   
    Net (loss) income $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1     $ 0.1   $ (1.5 )
    Operating expenses   12.1     12.7     12.6     11.8     11.2       24.6     22.8  
    Amortization   0.7     0.7     0.8     0.8     0.8       1.5     1.6  
    Restructuring expenses   –     0.4     –     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.2     0.2  
    Interest income   (0.5 )   (0.5 )   (0.5 )   (0.5 )   (0.4 )     (1.0 )   (0.8 )
    Net foreign exchange loss (gain)   0.2     (6.1 )   1.3     (0.9 )   (2.2 )     (6.0 )   (0.2 )
    Loss (gain) on fair value                              
    of derivatives   0.6     1.7     (1.9 )   (0.1 )   0.1       2.3     (0.1 )
    Income tax (recovery) expense   (0.9 )   (0.4 )   (0.2 )   0.2     (0.2 )     (1.3 )   (0.8 )
    Net Revenue $ 10.1   $ 10.9   $ 12.0   $ 13.1   $ 11.5     $ 20.9   $ 21.2  
     

    Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:

                Quarter ended   Six months ended
        Q2 2025   Q1 2025   Q4 2024   Q3 2024   Q2 2024   March 31,
    2025    		 March 31,
    2024
                                   
    Net (loss) income $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1     $ 0.1   $ (1.5 )
    Stock-based compensation expense   0.1     0.1     1.2     0.4     0.4       0.2     1.2  
    Amortization   0.7     0.7     0.8     0.8     0.8       1.5     1.6  
    Restructuring expenses   –     0.4     –     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.2     0.2  
    Interest income   (0.5 )   (0.5 )   (0.5 )   (0.5 )   (0.4 )     (1.0 )   (0.8 )
    Net foreign exchange loss (gain)   0.2     (6.1 )   1.3     (0.9 )   (2.2 )     (6.0 )   (0.2 )
    Loss (gain) on fair value                              
    of derivatives   0.6     1.7     (1.9 )   (0.1 )   0.1       2.3     (0.1 )
    Income tax (recovery) expense   (0.9 )   (0.4 )   (0.2 )   0.2     (0.2 )     (1.3 )   (0.8 )
    Adjusted EBITDA $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7   $ 0.7     $ (3.5 ) $ (0.4 )
     

    The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:

                Quarter ended   Six months ended
        Q2 2025   Q1 2025   Q4 2024   Q3 2024   Q2 2024   March 31,
    2025    		 March 31,
    2024
                                   
    Net (loss) income $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1     $ 0.1   $ (1.5 )
    Stock-based compensation expense   0.1     0.1     1.2     0.4     0.4       0.2     1.2  
    Amortization of intangibles   0.4     0.4     0.5     0.4     0.4       0.8     0.8  
    Restructuring expenses   –     0.4     –     –     –       0.5     –  
    Net foreign exchange loss (gain)   0.2     (6.1 )   1.3     (0.9 )   (2.2 )     (6.0 )   (0.2 )
    Loss (gain) on fair value                              
    of derivatives   0.6     1.7     (1.9 )   (0.1 )   0.1       2.3     (0.1 )
    Related tax effects   (0.3 )   0.9     –     0.2     0.5       0.6     (0.1 )
    Adjusted Net (Loss) Income $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7   $ 1.3     $ (1.5 ) $ 0.1  
     

    Forward-Looking Information
    This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

    The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

    The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2024, which is available on SEDAR+ at www.sedarplus.ca.

    Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

    About Real Matters
    Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

    For more information:
    Lyne Beauregard
    Vice President, Investor Relations and Corporate Communications
    Real Matters
    lbeauregard@realmatters.com
    416.994.5930

    The MIL Network –

  • MIL-OSI: Onity Group Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., April 30, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced its first quarter 2025 results and provided a business update.

    First Quarter 2025:

    • Net income attributable to common stockholders of $21 million; diluted EPS of $2.50; ROE of 19%
    • Adjusted pre-tax income* of $25 million, resulting in annualized adjusted ROE* of 22%
    • Book value per share improved to $58 as of March 31, 2025, up $2.15 year-over-year
    • $17 billion in total servicing additions
    • Average servicing UPB of $305 billion, up $13 billion year-over-year

    2025 Outlook:

    • Confirmed previous guidance including 2025 adjusted ROE* range of 16% – 18%
    • Some or all of $180 million deferred tax valuation allowance (US) as of December 31, 2024, could be released by year-end 2025

             * See “Note Regarding Non-GAAP Financial Measures” below

    “We are thrilled to report another strong quarter, with growth in revenue, adjusted pre-tax income, adjusted ROE, and book value per share compared to a year ago,” said Onity Group Chair, President and CEO Glen Messina. “Our results demonstrate the success of our strategy coupled with strong execution. Our balanced business continues to perform well regardless of interest rate cycles.”

    Messina continued, “We believe our demonstrated resiliency, customer focus, and award-winning servicing platform will enable us to successfully navigate interest rate volatility and economic uncertainties. We expect our actions to deliver balanced MSR and subservicing additions, expand high-margin products, and continuously strengthen recapture performance, will drive our growth in the coming quarters.”

    Additional First Quarter 2025 Operating and Business Highlights

    • Funded recapture volume up 2.7x year-over-year; refinance recapture rate is 1.6x industry average based on ICE Mortgage Monitor report as of April 2025
    • Originations volume of $7 billion, up 53% year-over-year, exceeding 8% industry growth
    • MSR additions (bulk purchases and originations) of $12 billion, up more than 2x year-over-year
    • Expanded high-margin products with launch of enhanced home equity and proprietary reverse mortgage (EquityIQ®) loans
    • Effective MSR hedge strategy resulting in minimal MSR fair value volatility in the quarter and continued alignment with operating and financial performance
    • Total liquidity (unrestricted cash plus available credit) at $239 million as of March 31, 2025

    Webcast and Conference Call

    Onity will hold a conference call on Wednesday, April 30, 2025, at 8:30 a.m. (ET) to review the Company’s first quarter 2025 operating results and to provide a business update. All interested parties are welcome to participate. You can access the conference call by dialing (800) 579-2543 or (785) 424-1789 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations. An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through May 14, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11158988.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding our 2025 outlook and guidance, our expectation of releasing our deferred tax valuation allowance by year-end 2025, our ability to drive growth, and navigate interest volatility and economic uncertainties. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements.

    Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the potential for ongoing disruption in the financial markets and in commercial activity generally as a result of U.S. and global political events, changes in monetary and fiscal policy, and other sources of instability; the impacts of inflation, employment disruption, and other financial difficulties facing our borrowers; whether we will release some or all of the valuation allowance offsetting our net U.S. deferred tax asset, and the timing and amount of such release; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, future draws on existing reverse loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; our ability to interpret correctly and comply with current or future liquidity, net worth and other financial and other requirements of regulators, the Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the GSEs), and the Government National Mortgage Association (Ginnie Mae), including our ability to implement a cost-effective response to Ginnie Mae’s risk-based capital requirements by the extended deadline granted to us by Ginnie Mae of October 1, 2025; our ability to timely reduce operating costs, or generate offsetting revenue, in proportion to the industry-wide decrease in originations activity; the impact of cost-reduction initiatives on our business and operations; the impact of our rebranding initiative; the amount of senior debt or common stock or that we may repurchase under any repurchase programs, the timing of such repurchases, and the long-term impact, if any, of repurchases on the trading price of our securities or our financial condition; breach or failure of Onity’s, our contractual counterparties’, or our vendors’ information technology or other security systems or privacy protections, including any failure to protect customers’ data, resulting in disruption to our operations, loss of income, reputational damage, costly litigation and regulatory penalties; our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations; the future of our long-term relationship with Rithm Capital Corp. (Rithm); our ability to close acquisitions of MSRs and other transactions, including the ability to obtain regulatory approvals; our ability to grow our reverse servicing business; our ability to retain clients and employees of acquired businesses, and the extent to which acquisitions and our other strategic initiatives will contribute to achieving our growth objectives; increased servicing costs based on increased borrower delinquency levels or other factors; uncertainty related to past, present or future claims, litigation, cease and desist orders and investigations regarding our servicing, foreclosure, modification, origination and other practices brought by government agencies and private parties, including state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD); the reactions of key counterparties, including lenders, the GSEs and Ginnie Mae, to our regulatory engagements and litigation matters; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to effectively manage our regulatory and contractual compliance obligations; our ability to comply with our servicing agreements, including our ability to comply with the requirements of the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including any future downgrades; as well as other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024. Anyone wishing to understand Onity’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

    Note Regarding Non-GAAP Financial Measures

    This press release contains references to adjusted pre-tax income (loss) and adjusted ROE, both non-GAAP financial measures.

    We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition, because they are measures that management uses to assess the financial performance of our operations and allocate resources. In addition, management believes that this presentation may assist investors with understanding and evaluating our initiatives to drive improved financial performance. Management believes, specifically, that the removal of fair value changes of our net MSR exposure due to changes in market interest rates and assumptions provides a useful, supplemental financial measure as it enables an assessment of our ability to generate earnings regardless of market conditions and the trends in our underlying businesses by removing the impact of fair value changes due to market interest rates and assumptions, which can vary significantly between periods. However, these measures should not be analyzed in isolation or as a substitute to analysis of our GAAP pre-tax income (loss) or GAAP pre-tax ROE nor a substitute for cash flows from operations. There are certain limitations to the analytical usefulness of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE and, accordingly, we use these adjustments only for purposes of supplemental analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Onity’s reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Readers are cautioned not to place undue reliance on analysis of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE.

    The Company has not provided reconciliations of guidance for adjusted ROE, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include the change in fair value of our net MSR exposure due to changes in market interest rates and assumptions which can vary significantly between periods and are difficult to predict in advance in order to include in a GAAP estimate.

    Notables

    In the table below, we adjust GAAP pre-tax income for the following factors: MSR valuation adjustments, expense notables, and other income statement notables. MSR valuation adjustments are comprised of changes to Forward MSR and Reverse mortgage valuations due to rates and assumption changes. Expense notables include significant legal and regulatory settlement expenses, severance and retention costs, LTIP stock price changes, consolidation of office facilities and other expenses (such as costs associated with strategic transactions). Other income statement notables include non-routine transactions that are not categorized in the above.

    Beginning with the three months ended December 31, 2024, for purposes of calculating Income Statement Notables and Adjusted Pre-Tax Income, we changed the methodology used to calculate Other Income Statement Notables to include change in fair value due to interest rates for reverse loan buyouts (reported in gain/loss on loans held for sale, at fair value). We made this change to align with the change to our risk management approach to include changes in fair value of reverse loan buyouts due to interest rates in our MSR hedge strategy, consistent with other notables, such as Forward MSR Valuation Adjustments due to rates and assumption changes, net and Reverse Mortgage Fair Value Change due to rates and assumption changes.

    Other Income Statement Notables (a component of Other Notables) for the first three quarters of 2024 have been revised from prior presentations to reflect the methodology we adopted during the fourth quarter of 2024.

     (Dollars in millions) Q1’25 Q4’24 Q1’24
    I Net Income (Loss) Attributable to Common Stockholders 21 (29) 30
      A. Preferred Stock Dividend (1) (1) –
    II Reported Net Income (Loss) [I – A] 22 (28) 30
      B. Income Tax Benefit (Expense) 13 6 (2)
    III Reported Pre-Tax Income (Loss) [II – B] 9 (34) 32
      Forward MSR Valuation Adjustments due to rates and assumption changes, net (a)(b) (12) 14 18
      Reverse Mortgage Fair Value Change due to rates and assumption changes (b)(c) 10 (15) 1
    IV Total MSR Valuation Adjustments due to rates and assumption changes, net (2) (1) 19
      Significant legal and regulatory settlement expenses (14) (2) (2)
      Severance and retention (d) (0) (0) (2)
      LTIP stock price changes (e) 0 (1) 3
      Office facilities consolidation (0) (0) (0)
      Other expense notables (f) 1 (0) (1)
      C. Total Expense Notables (14) (4) (2)
      D. Gain (loss) on extinguishment of debt – (51) 1
      E. Gain on sale of MAV canopy – 14 –
      F. Other Income Statement Notables (g) (0) (3) (2)
    V Total Other Notables [C + D + E + F] (14) (44) (2)
    VI Total Notables (h) [IV + V] (16) (45) 17
    VII Adjusted Pre-Tax Income (i) [III – VI] 25 11 15
    a) MSR valuation adjustments that are due to changes in market interest rates, valuation inputs or other assumptions, net of overall fair value gains / (losses) on MSR hedge, including FV changes of Pledged MSR liabilities associated with MSR transferred to MAV, Rithm and others and ESS financing liabilities that are due to changes in market interest rates, valuation inputs or other assumptions, a component of MSR valuation adjustments, net
    b) The changes in fair value due to market interest rates were measured by isolating the impact of market interest rate changes on the valuation model output as provided by our third-party valuation expert
    c) FV changes of loans HFI and HMBS related borrowings due to market interest rates and assumptions, a component of gain on reverse loans held for investment and HMBS-related borrowings, net
    d) Severance and retention due to organizational rightsizing or reorganization
    e) Long-term incentive program (LTIP) compensation expense changes attributable to stock price changes during the period
    f) Contains costs associated with but not limited to rebranding and other strategic initiatives and transactions
    g) Contains non-routine transactions including but not limited to fair value assumption changes on other investments recorded in other income/expense
    h) Certain previously presented notable categories with nil numbers for each period shown have been omitted
    i) Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted PTI would be $14M in Q1’24 and $8M in Q4’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information
       

    Adjusted ROE Calculation

    (Dollars in millions) Q1’25 Q4’24 Q1’24
      GAAP ROE (after tax) 19% (25%) 29%
    I Reported Net Income (Loss) 22 (28) 30
    II Notable Items (16) (45) 17
    III Income Tax Benefit (Expense) 13 6 (2)
    IV Adjusted Pre-Tax Income (Loss) [I – II – III] 25 11 15
    V Annualized Adjusted Pre-tax Income [IV * 4 for qtr.] 102 46 59
      Equity      
           A Beginning Period Equity 443 468 402
                C Ending Period Equity 460 443 432
                D Equity Impact of Notables 16 45 (17)
           B Adjusted Ending Period Equity [C + D] 477 488 415
    VI Average Adjusted Equity [(A + B) / 2] 460 478 408
    VII Adjusted ROE (a) [V / VI] 22% 10% 14%
    a) Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted pre-tax income would be $14M in Q1’24 and $8M in Q4’24; without this change, adjusted ROE would be 14% in Q1’24 and 7% in Q4’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information
       

    Condensed Consolidated Balance Sheets (Unaudited)

    Assets (Dollars in millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Cash and cash equivalents 178.0 184.8 185.1
    Restricted cash 58.9 80.8 66.1
    Mortgage servicing rights (MSRs), at fair value 2,547.4 2,466.3 2,374.7
    Advances, net 514.0 577.2 602.7
    Loans held for sale, at fair value 1,402.2 1,290.2 1,028.9
    Loans held for investment, at fair value 10,812.5 11,125.3 8,130.5
    Receivables, net 222.3 176.4 152.1
    Investment in equity method investee – – 37.6
    Premises and equipment, net 10.8 11.0 11.8
    Other assets 106.0 111.3 84.3
    Contingent loan repurchase asset 407.2 412.2 416.3
    Total Assets 16,259.3 16,435.4 13,090.1
           
    Liabilities, Mezzanine & Stockholders’ Equity (Dollars in millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value 10,587.6 10,872.1 7,945.0
    Other financing liabilities, at fair value 835.5 846.9 906.8
    Advance match funded liabilities 377.5 417.1 440.2
    Mortgage loan financing facilities, net 1,577.4 1,528.2 1,108.9
    MSR financing facilities, net 1,136.0 957.9 964.1
    Senior notes, net 488.0 487.4 552.0
    Other liabilities 340.0 420.6 324.7
    Contingent loan repurchase liability 407.2 412.2 416.3
    Total Liabilities 15,749.2 15,942.5 12,658.0
    Mezzanine Equity 49.9 49.9 –
    Stockholders’ Equity 460.2 442.9 432.1
    Total Liabilities, Mezzanine and Stockholders’ Equity 16,259.3 16,435.4 13,090.1
           

    Condensed Consolidated Statements of Operations (Unaudited)

      For the Quarter Ending
    (Dollars in millions) March 31, 2025 December 31, 2024 March 31, 2024
    Revenue      
    Servicing and subservicing fees 203.3 206.0 204.5
    Gain on reverse loans held for investment and HMBS-related borrowings, net 23.8 0.6 15.4
    Gain on loans held for sale, net 11.8 5.9 10.9
    Other revenue, net 10.9 12.4 8.3
    Total revenue 249.8 224.8 239.1
    MSR valuation adjustments, net (38.9) (20.4) (11.6)
    Operating expenses      
    Compensation and benefits 57.4 64.3 53.6
    Servicing and origination 13.0 12.3 15.0
    Technology and communications 15.0 14.1 12.7
    Professional services 22.6 12.5 12.0
    Occupancy, equipment and mailing 8.2 8.3 7.7
    Other expenses 3.6 4.1 3.4
    Total operating expenses 119.9 115.6 104.4
    Other income (expense)      
    Interest income 26.2 28.8 17.5
    Interest expense (67.0) (74.2) (67.4)
    Pledged MSR liability expense (41.9) (42.1) (44.9)
    Gain (loss) on extinguishment of debt – (51.2) 1.4
    Earnings of equity method investee – 16.2 2.7
    Other, net 0.9 0.1 (0.6)
    Other income (expense), net (81.9) (122.4) (91.3)
    Income before income taxes 9.1 (33.7) 31.8
    Income tax expense (13.0) (5.6) 1.7
    Net Income (Loss) 22.1 (28.1) 30.1
    Preferred stock dividend (1.0) (0.5) –
    Net Income (Loss) attributable to common stockholders 21.1 (28.6) 30.1
    Basic EPS $2.68 ($ 3.63) $3.91
    Diluted EPS $2.50 ($ 3.63) $3.74
           

    For Further Information Contact:

    Investors:

    Valerie Haertel, VP, Investor Relations
    (561) 570-2969
    shareholderrelations@onitygroup.com

    Media:

    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on CONY (102.91%), FIAT (100.78%), CVNY (86.83%), ULTY (81.75%), YMAX (67.85%), and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group C ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name Distribution
    Frequency    		 Distribution
    per Share    		 Distribution
    Rate    2,4    		 30-Day
    SEC Yield3    		 ROC5 Ex-Date &
    Record Date    		 Payment
    Date
    CHPY YieldMax™ Semiconductor Portfolio Option Income ETF Weekly $0.6229 – – 87.69% 5/1/25 5/2/25
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2926 38.49% 0.00% 100.00% 5/1/25 5/2/25
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4721 65.90% 0.00% 100.00% 5/1/25 5/2/25
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call ETF Weekly $0.3362 43.92% 0.00% 100.00% 5/1/25 5/2/25
    RDTY YieldMax™ R2000 0DTE Covered Call ETF Weekly $0.4696 56.41% 0.00% 100.00% 5/1/25 5/2/25
    SDTY YieldMax™ S&P 500 0DTE Covered Call ETF Weekly $0.3110 38.70% 0.00% 100.00% 5/1/25 5/2/25
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.0936 81.75% 2.21% 100.00% 5/1/25 5/2/25
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.1010 35.45% 69.89% 79.99% 5/1/25 5/2/25
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.1744 67.85% 96.57% 73.04% 5/1/25 5/2/25
    ABNY YieldMax™ ABNB Option Income Strategy ETF Every 4 Weeks $0.6020 64.20% 3.62% 94.97% 5/1/25 5/2/25
    AMDY YieldMax™ AMD Option Income Strategy ETF Every 4 Weeks $0.3365 62.42% 2.97% 94.47% 5/1/25 5/2/25
    CONY YieldMax™ COIN Option Income Strategy ETF Every 4 Weeks $0.6510 102.91% 4.42% 96.77% 5/1/25 5/2/25
    CVNY YieldMax™ CVNA Option Income Strategy ETF Every 4 Weeks $2.6816 86.83% 2.44% 68.30% 5/1/25 5/2/25
    FIAT YieldMax™ Short COIN Option Income Strategy ETF Every 4 Weeks $0.5618 100.78% 1.73% 0.00% 5/1/25 5/2/25
    MSFO YieldMax™ MSFT Option Income Strategy ETF Every 4 Weeks $0.5255 42.19% 3.75% 92.04% 5/1/25 5/2/25
    NFLY YieldMax™ NFLX Option Income Strategy ETF Every 4 Weeks $0.9230 64.06% 3.58% 95.72% 5/1/25 5/2/25
    PYPY YieldMax™ PYPL Option Income Strategy ETF Every 4 Weeks $0.5519 55.23% 4.19% 94.52% 5/1/25 5/2/25
    Weekly Payers & Group D ETFs scheduled for next week: CHPY GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX AIYY AMZY APLY DISO MSTY SMCY WNTR XYZY YQQQ


    Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at     www.yieldmaxetfs.com

    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

    Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

    2The Distribution Rate shown is as of close on April 29, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended March 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory, and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting, and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI United Kingdom: December Labour Market report published30 April 2025 ​​​Statistics Jersey have today published the December 2024 Labour Market report. This report is published every six months and covers key aspects of the job market for both the private and public sector.… Read more

    Source: Channel Islands – Jersey

    30 April 2025

    ​​​Statistics Jersey have today published the December 2024 Labour Market report. This report is published every six months and covers key aspects of the job market for both the private and public sector. ​​ 

    Summary for the Labour Market Report in December 2024

    • The total number of jobs was 64,790. This was made up of 54,910 jobs in the private sector and 9,880 jobs in the public sector. The number of jobs, in both private and public sectors, were at their highest December value recorded to date.
    • There was an annual increase of 530 jobs (0.8%) since December 2023.
      • In the private sector there was an annual increase of 100 jobs (0.2%).
      • In the public sector there was an annual increase of 430 jobs (4.6%). This increase was driven by an increase of 410 in the number of Government of Jersey (GOJ) core jobs (permanent and fixed term employees). The departments with the largest annual increase in core staff were Health and Care Jersey (up 190) and Children, Young People, Education and Skills (up 170).

    In the private sector at the sectoral level

    • Four sectors saw notable annual increases in jobs:
      • 300 jobs in financial and legal activities (up 2%)
      • 140 jobs in private education, health and other services (up 2%)
      • 70 jobs in transport and storage (up 3%)
      • 50 jobs in agriculture and fishing (up 6%)
    • Four sectors recorded notable annual decreases in jobs:
      • 270 jobs in construction and quarrying (down 4%)
      • 100 jobs in hotels, restaurants and bars (down 2%)
      • 80 jobs in wholesale and retail (down 1%)
      • 70 jobs in information and communication (down 4%)

    Over the last five years (from December 2019 to December 2024)

    • There was an increase of 3,410 all sector jobs (up 5.6%) from December 2019.
      • The total number of private sector jobs increased over five years by 1,650 (up 3.1%).
      • Public sector jobs increased by 1,750 from December 2019 to December 2024 (up 21.5%), which has brought the proportion of workforce jobs in Government of Jersey core jobs (13.6%) above the average for the last two decades (12.2%). The departments with the largest changes over this period were Children, Young People, Education and Skills, up 680, and Health and Care Jersey, up 380. 

    Labour Market December 2024​​

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Boost to local services from taxes on empty shops and second homes

    Source: Scotland – City of Edinburgh

    Hundreds of buildings have been brought back into use and over £10 million has been raised for council services thanks to new tax-raising powers adopted by the council.

    Since 1 April 2024, following changes to Scottish Government legislation, a 200% Council Tax charge has been applied to second homes. At the same time, non-domestic rates relief on empty commercial properties has been capped at three months.

    The move has encouraged the occupation and active use of at least 206 commercial properties and 52 homes, helping to stimulate the local economy and lived in homes during Edinburgh’s Housing Emergency.

    Finance and Resources Convener, Councillor Mandy Watt, said: 

    By making these changes, we’re not only raising millions of pounds for the council at a time when we face huge financial challenges – we’re successfully encouraging property owners to bring buildings back into their proper use. 

    It is well known that Edinburgh faces a chronic shortage of housing, which led us to become the first city in Scotland to declare a housing emergency. it is in the whole city’s best interests to allow those who have more than one home to contribute where they can towards addressing this crisis and supporting their local services.

    Likewise, I’m pleased to see our new rate relief policy working well. It’s about enhancing communities, stimulating the economy and putting underused buildings to better use. Some of these properties have been empty for years and under the previous regulations owners didn’t have to pay rates. 
     

    Published: April 30th 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Lord Mayor’s charity walk takes sporting theme

    Source: City of Leicester

    A CHARITY walk with a sporting theme is taking place in Leicester later this week – and it’s open to everyone.

    On Friday 2 May, walkers are invited to set out at 12noon from Leicester City Football Club on a 5 mile fund-raising circular walk that will take in the Leicester Tigers stadium and the home of county cricket at Grace Road before returning the to the football stadium.

    The walk has been organised by United Leicester, a partnership project delivered by local professional sports clubs in Leicester through their official charities – Leicester City in the Community, Leicester Riders Foundation, Leicester Tigers Foundation, Leicestershire County Cricket Club in the Community and Leicester Hockey Club.  Their combined work aims to improve health and wellbeing in the community.

    It costs £6 to take part, which is payable on the day. All the funds raised will go to the Lord Mayor of Leicester’s chosen charity, PASIC Cancer Support for Children and Young People.

    Lord Mayor of Leicester Cllr Bhupen Dave said: “PASIC is a wonderful charity, providing crucial emotional, practical, and financial assistance to families of children and young people with cancer in the East Midlands. This support is offered during their most challenging times of distress and disruption.

    “I am delighted to be able to support them as my chosen charity as Lord Mayor, and I am really looking forward to joining this walk and helping to raise funds for their vital work.”

    Matt Bray from Leicester City in the Community said: “We’re very happy to support this charity and the Lord Mayor. The walk should be great fun and highlights Leicester’s strong sporting history.

    “Leicester City in the Community was formed in 2007 to engage, inspire and empower local people and since that time, we’ve been proud to work with local charities and organisations to help transform thousands of lives. It is our pleasure to support the Lord Mayor and United Leicester with this fund-raising effort.”

    To sign up for the walk, go to United Leicester – Lord Mayor’s Charity Walk – Friday 2nd May | Leicester City in the Community

    ends

    MIL OSI United Kingdom –

  • MIL-OSI: Banco Itaú Chile Announces First Quarter 2025 Management Discussion & Analysis Report

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, April 30, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today its Management Discussion & Analysis Report (“MD&A Report”) for the first quarter ended March 31, 2025. For the full MD&A Report, please refer to the following link:

    https://ir.itau.cl/MDAQ12025

    On Thursday, May 8, 2025, at 9:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by André Gailey, CEO; Emiliano Muratore, CFO; and Andrés Perez, Chief Economist.

    Webinar Details:

    Online registration: 

    https://mzgroup.zoom.us/webinar/register/WN_jun0W4C_RSCXLRHeMsyD4A#/registration

    All participants must pre-register using this link to join the webinar. Upon registering, each participant will be provided with details to connect to the call.

    Q&A session:

    The Q&A session will be available for participants through the webinar, where attendees will be allowed to present their questions – we will answer selected questions verbally.

    Investor Relations – Itaú Chile

    IR@itau.cl / ir.itau.cl

    The MIL Network –

  • MIL-OSI Europe: Press release – Europeans celebrate 75 Years of unity and solidarity on Europe Day 2025

    Source: European Parliament 3

    The Schuman Declaration laid the foundations for the European Union and paved the way for an unprecedented era of prosperity, peace, democracy, solidarity and cooperation in Europe.

    To mark the occasion, many events will take place in EU Member States and around the world, bringing together citizens from all walks of life. The EU institutions will open their doors and invite citizens to visit their premises, discover their work and engage in a wide range of educational and entertaining activities.

    Landmark buildings and monuments across the globe will be illuminated in the EU colours, while a special Europe Day programme is planned for Expo 2025 in Osaka, Japan.

    In times of global uncertainty, Europe remains an anchor of stability – a place of opportunity and protection for its citizens. The EU and its institutions are working towards the common goal of ensuring prosperity and competitiveness, guaranteeing our security and defence, while upholding the fundamental values Europeans care about.

    European Parliament

    On 4 May, citizens of all ages will be able to attend the official Europe Day opening ceremony and take a seat in the hemicycle of the European Parliament in Strasbourg. The ceremony will begin with a video message from President Roberta Metsola, followed by a speech from Vice-President Younous Omarjee, and a musical performance by the Voix de Stras’ ensemble. Through various exhibits and interactive activities, visitors will learn how the Parliament works, how laws are made, and why European politics matters. Visitors will also be able to visit the “Changemakers” exhibition. On 10 May, the public will once again be given the chance to discover European democracy in action at the Parliament’s hemicycle in Brussels, with day-long activities emphasising the importance of citizen participation. In Luxembourg, special activities will mark the first anniversary of the Visitors’ Centre on 9 May, including the recently inaugurated Europa Experience. The following day, a rich cultural programme is planned in the Echternach Abbey courtyard. Full programme and events organised in the 27 EU countries.

    European Council/Council of the European Union

    On 10 May, the Council of the European Union will also open its doors, granting citizens an opportunity to follow in EU leaders’ footsteps. Guided tours throughout the day will offer visitors a rare look at where important European decisions are made. Each of the 27 Member States will host a stand, showcasing their culture, traditions, culinary specialties and more. Younger visitors can also expect tailor-made activities, including a treasure hunt and a “fun fact” quest designed specifically for kids. In honour of the Council’s 50th anniversary, the public will even be able to travel back in time and take a selfie with the leaders of 1974.

    European Commission

    On 10 May, citizens will also have the opportunity to visit the Commission’s iconic Berlaymont building in Brussels. Here, they will have the chance to learn about the Commission’s role and priorities, engage in series of activities, and find out more about initiatives and concrete benefits for their daily lives. Among others, visitors will have an opportunity to learn about the Commission’s efforts to boost European competitiveness both, promote social cohesion, protect democracy and protect fundamental rights, at home and abroad.

    European Central Bank

    As part of its Europe Day celebrations on 10 May, the European Central Bank (ECB) will bring the vibrant spirit of Europe to its hometown, Frankfurt am Main, by participating in the city’s Europa-Fest. Visitors will find the ECB at the “European Marketplace” on the Römerberg plaza, alongside Frankfurt-based European Insurance and Occupational Pensions Authority and the Authority for Anti-Money Laundering and Countering the Financing of Terrorism. In such a special year, celebrating 40 years of Schengen and the 75th anniversary of the Schuman Declaration, many themed activities have been organised, with the ECB even planning a lightshow, to be projected onto the west wing of the city’s Grossmarkthalle. In Brussels, the ECB will also host its own stand at the Commission’s Europe Day event.

    European Investment Bank

    The European Investment Bank (EIB) Group will welcome visitors to its stand at the Council of the European Union’s Justus Lipsius building as part of its Open Day on 10 May in Brussels. EIB Group staff will inform visitors of how its financing and advisory services improve lives and advance EU policy goals. This includes anything from innovation, security and defence to social and territorial cohesion, and the transition towards a net-zero economy. The stand itself will be enhanced by various activities and media, such as quizzes, games and audiovisual material showcasing EIB-financed projects.

    European Court of Auditors

    On 10 May, as part of the Europe Day celebrations in Echternach, EU auditors will host a series of interactive and engaging activities at the European Court of Auditors’ premises. Among other things, visitors will have the chance to partake in an engaging quiz to test their audit skills. Families and people of all ages are welcome to discover how the European Court of Auditors, the guardian of the EU’s finances, helps protect EU citizens’ money.

    European External Action Service

    The European External Action Service (EEAS) will open its doors to the public on 10 May for its “Travel the World in a Day“. Travel the World in a Day” event. Visitors to the EU’s diplomatic headquarters in Brussels will be given an opportunity to learn about the work of the EEAS and its 144 delegations and offices worldwide. Through interactive exhibits and activities, visitors will discover the EU’s role as a global leader and reliable partner for prosperity, peace, security, multilateralism, democracy, and a rules-based order. The event will also include a digital booth to help explore the EU pavilion at Expo 2025 in Japan, as well as live dance performances, workshops and family-friendly activities that celebrate global diversity.

    European Economic and Social Committee

    This year, the European Economic and Social Committee (EESC) will also host a special celebration of the Schuman Declaration’s 75th anniversary. To honour this seminal text, the EESC – the house of European organised civil society – is putting together a range of activities on its premises, through which it will inform and engage with citizens, while offering insights into its various Sections’ and Groups’ advisory work. The day itself will offer entertainment for all, with a real-time voting simulation allowing visitors to step into EESC members’ shoes and discover the process for themselves.

    European Committee of the Regions

    On 10 May, the European Committee of the Regions (CoR) – ideally located between the European Parliament and Council in Brussels – will open its doors to the public as well, showcasing how it represents regions and cities in the EU, and everything that regional and local elected politicians do for citizens. Visitors will learn how their region voices its interests in the EU, and they will have the chance to meet local and regional elected politicians and discuss European issues in a direct, informal atmosphere. The traditional Festival of Regions and Cities will treat visitors to a showcase of their preferred tourist spots, traditional music and dance, and various culinary specialties.

    Background

    Europe Day held on 9 May every year celebrates peace and unity in Europe. The date marks the anniversary of the ‘Schuman declaration’, a historic proposal made by Robert Schuman, French Foreign Minister, in 1950 that laid out the foundation of European cooperation. Schuman’s proposal is considered to be the beginning of what is now the European Union.

    In 2025, Europe Day is a special occasion, as we are celebrating 75 years since the Schuman declaration. To learn more about each institution’s programme, visit the Europe Day 2025 website.

    MIL OSI Europe News –

  • MIL-OSI Europe: War in Gaza: Sciences Po Mobilises…

    Source: Universities – Science Po in English

    Since the beginning of the conflict in October 2023, Sciences Po has fully played its role as a major international university, by taking actions in defence of academic freedom and offering a wide range of teaching formats to shed light on the situation in Gaza from the perspective of the humanities and social sciences.

    In doing so, Sciences Po is perfectly in line with the doctrine adopted earlier this year according to which positions taken by Sciences Po are considered legitimate if they are linked to the primary missions of the institution and to its activities as a research and educational academic institution.

    To protect students and researchers

    The ongoing war in Gaza has significantly disrupted the education of all 625,000 students in the region and deeply affected the lives and livelihoods of thousands of teachers. The lack of access to learning not only has immediate consequences but also long-term effects, especially given the widespread damage and destruction of most university buildings.

    As a university, Sciences Po’s priority has been the safety of our students impacted by the war. Sciences Po has supported tens of students whose families are directly affected by the conflicts in the region, providing material and financial assistance.

    In 2024, Sciences Po signed a partnership agreement with Birzeit University in the West Bank, which allowed 9 exchange students to be hosted this year with full scholarships provided by Sciences Po (flight and living allowance). This funding has been renewed for 2025-2026, with 5 mobility scholarships financed by Sciences Po again. From 2026-2027, the Erasmus MIC programme (international credit mobility) will be providing support to the exchange students.

    The partnership with Birzeit University brings to two the number of exchange agreements in place with Palestinian universities, Sciences Po having already signed with Al-Quds University, also located in the West Bank, several years ago. Five Erasmus + scholarships were granted in 2024-25 to students from Al Quds University, and five more are planned for 2025-26.

    In Gaza, 90,000 university students have lost access to education. Sciences Po decided last year to participate in the Technical Education Support for Higher Education Students Initiative – TESI. It aims at empowering Gaza students to complete their university education remotely as visiting students in West Bank Universities, with no financial burden on the students or their respective universities.

    Sciences Po also recruited Dr. Sanaa AlSarghali from An-Najah University-Nablus (on the West Bank) as a visiting professor to the Law School. Dr. Alsarghali is the first woman to ever earn a Ph.D. in Constitutional Law in Palestinen.  

    Finally, as part of the PAUSE programme which supports scientists and artists in exile by facilitating their hosting in higher education and research institutions or cultural institutions, Palestinian artist Maha Issa Al-Daya is jointly hosted by the Columbia Institute for Ideas and Imagination, the Columbia Paris Global Center, and Sciences Po for a year. Affiliated to Sciences Po Institute for the Arts & Creation, she already took part in an event titled “Art in times of war” in March. On 14 April, Maha Issa Al-Daya attended the exhibition opening about “the salvaged treasures of Gaza” set by the Institut du Monde Arabe, during which President Emmanuel Macron symbolically held a map of Palestine embroidered by the artist.

    To analyse the situation in Gaza and Palestine

    As a university, Sciences Po believes it is its role to share knowledge and context regarding the current situation in Gaza. To do so, the institution has been organising many events, classes, conferences, for its students but also for a larger audience, in Paris and on the Menton Campus mainly. A cycle of 12 lessons, designed by the Middle East North Africa Programme, was offered in Paris this year to shed light on the war using the tools of different social sciences: history, political science, sociology, and economics.

    Sciences Po Library published a selection of books, articles, reports by discipline (as well as a selection of films and novels), a selection of archival documents and an exhaustive and structured “Israel-Palestine Transverse Fund“, giving access to all the available resources (in French and/or English).

    • Series of 12 conferences on the Middle East conflict:

    – “The emergence of the Palestine question (1897-1947)” by Vincent Lemire, Professor of History at Gustave Eiffel University, 3 October 2024

    – “Zionism: why should Israel exist?” by Alain Dieckhoff, CNRS Research Professor at Sciences Po CERI, 17 October 2024

    – “Palestinian refugees in the Middle East” by Kemal Doraï, researcher at the CNRS and at the MIGRINTER laboratory of the University of Poitiers, 7 November 2024

    – “The making of a nation: Israel” by Denis Charbit, professor of political science at Israel’s Open University, 14 November 2024

    – “Palestinians facing Israel” by Laetitia Bucaille, professor of political sociology at INALCO, 28 November 2024

    – “Israel, what kind of democracy?’ by Samy Cohen, Emeritus Research Professor at Sciences Po CERI, 5 December 2024

    – “Living and taking action in the West Bank and Gaza” by Stéphanie Latte Abdallah, Director of Research at the CNRS, 6 February 2025

    – “Israel versus the Palestinians (1948-2025)” by Mark Tessler, Professor of Political Science at the University of Michigan, 20 February 2025

    – “The political economy of the Israeli-Palestinian conflict” by Sami Miaari, Professor of Economics at Tel Aviv University and Yale University, 6 March 2025

    – “The Hizbullah and Israel, between tension and confrontation” by Joseph Bahout, Director of the Issam Farès Institute for Public Policy and International Affairs at the American University of Beirut, 20 March 2025

    – “US policy towards the Israeli-Palestinian conflict” by Camille Mansour, editor-in-chief of the Interactive Encyclopaedia of the Palestine Question, 3 April 2025

    – “The Gulf monarchies and the Israeli-Palestinian conflict” by Laurence Louër, Deputy Director for Scientific Affairs at Sciences Po CERI and Associate Professor, 17 April 2025

    • Two-day training organised by Sciences Po Law School and MENA Programme about “Navigating Uncertainty: The Case for Interim Constitutions in Syria and Palestine”, 15-16 May 2025.
    • Movie cycle on Gaza and Palestine: 

    – Gaza mon amour (December 2023), 

    – Voyage à Gaza (November 2024),

    – Bye Bye Tibériade (November 2024).

    • Organisation of a conference with Palestinian artist, photographer and painter Mohamed Abusal, from Gaza (November 2024).
    • Discussion autour de la guerre entre Israël et le Hamas with Gérard Araud et Ghassan Salamé, PSIA, 12 October,
    • Israël/ Palestine : le retour de la guerre, et après ? with Karim Bitar, Laetitia Bucaille, Alain Dieckhoff and Stéphane Lacroix, Collège universitaire, 26 October,
    • Israël/ Palestine : Building spaces for diplomacy with reserachers from CERI et UN representatives (Ariel Colonomos, Bernardino Leon, Julie Trottier, Bruno Stagno Ugarte) PSIA, 7 November,
    • Discussing the Israel-Hamas Conflict : challenge for political humanities, Cercle des humanités politiques (Ariel Colonomos, Astrid Von Busekist, Rebecca Mignot-Mahdavi and Frederique Leichter-Flack), 13 November,
    • Religions et nationalismes en Israël/ Palestine with Alain Dieckhoff, Chaire d’étude du fait religieux, 14 November,
    • Hamas-Israël : quels buts de guerre dans quel contexte international ? Association française de Science Politique, 18 December,
    • Israël/ Hamas : la guerre, de quel droit ?, with Julia Grignon, Samy Cohen, Étienne Dignat, Sharon Weill, CERI, 7 February,
    • 60 minutes with Filippo Grandi, Haut commissaire aux réfugiés ONU, PSIA, 1 March,
    • Conflit Israël / Hamas : quel rôle du religieux ?, Mgr Pierre d’Ornellas, Frédéric Gros, Hélène Le Gal, Moshé Lewin, Tareq Oubrou, Emouna, 11 March,
    • Gaza and our world with Bertrand Badie, Dima Alsajdeya, Jean D’aspremont, Louise Bichet, Sbeih Sbeih, CERI, 30 April,
    • What is next for Palestinians ? Internal debates vs. external demandes, Sanaa Al Sarghali and Guillaume Tusseau, École de droit.
    • Crise israélo-palestinienne, tensions au Moyen-Orient : décryptage d’une actualité brûlante et de ses répercussions en France, Masterclass de Gilles Kepel, 4-6 December 2023,
    • Le processus de rédaction de la constitution palestinienne, conférence de Sanaa Alsarghali, constitutionnaliste palestinienne, 8 December 2023,
    • Conférence de Clothilde Mraffko, correspondante du journal Le Monde à Jérusalem, 16 février 2024,
    • Conférence de Denis Charbit, professeur franco-israélien de science politique, 18 avril 2024.
    •  Hamas-Israël : quels buts de guerre dans quel contexte international ? Association française de Science Politique, 18 décembre,
    • Israel/ Hamas : la guerre, de quel droit ?, avec Julia Grignon, Samy Cohen, Étienne Dignat, Sharon Weill, CERI, 7 février,
    • What is next for Palestinians ? Internal debates vs. external demandes, Sanaa Al Sarghali, et Guillaume Tusseau, École de droit.

    Cover image caption: Earth photo at night, City Lights of Europe, Middle East, Turkey, Italy, Black Sea, Mediterranean Sea from space. Elements of this image furnished by NASA. (credits: GizemG / Shutterstock)

    MIL OSI Europe News –

  • MIL-OSI Economics: Sectoral Deployment of Bank Credit – March 2025

    Source: Reserve Bank of India

    Data on sectoral deployment of bank credit for the month1 of March 2025 collected from 41 select scheduled commercial banks (SCBs), accounting for about 95 per cent of the total non-food credit deployed by all SCBs, are set out in Statements I and II.

    On a year-on-year (y-o-y) basis, non-food bank credit2 as on the fortnight ended March 21, 2025, grew3 by 12.0 per cent as compared to 16.3 per cent during the corresponding fortnight of the previous year (i.e., March 22, 2024).

    Highlights of the sectoral deployment of bank credit3 are given below:

    • Credit to agriculture and allied activities registered a growth of 10.4 per cent (y-o-y) as on the fortnight ended March 21, 2025 (20.0 per cent in the corresponding fortnight of the previous year).

    • Credit to industry expanded by 8.0 per cent (y-o-y) as on the fortnight ended March 21, 2025, same as in the corresponding fortnight of the previous year. Among major industries, outstanding credit to ‘petroleum, coal products and nuclear fuels’, ‘basic metal and metal products’, ‘all engineering’ and ‘construction’ recorded an accelerated y-o-y growth. However, credit growth in the infrastructure segment decelerated.

    • Credit to services sector increased by 13.4 per cent (y-o-y) as on the fortnight ended March 21, 2025 (20.8 per cent in the corresponding fortnight of the previous year), primarily due to decelerated growth in credit to ‘non-banking financial companies’ (NBFCs). Credit growth (y-o-y) to ‘professional services’ and ‘trade’ segments remained robust.

    • Credit to personal loans segment registered a growth of 14.0 per cent (y-o-y) as on the fortnight ended March 21, 2025, as compared with 17.6 per cent a year ago, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/217

    MIL OSI Economics –