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Category: Finance

  • MIL-OSI United Kingdom: G20 Development Meeting: Baroness Chapman’s speech

    Source: United Kingdom – Executive Government & Departments

    Speech

    G20 Development Meeting: Baroness Chapman’s speech

    Minister for Development, Baroness Chapman, gave a speech on the UK’s new approach to development at the G20 Development Ministerial Meeting in South Africa .

    Congratulations to the Presidency on hosting the first G20 in Africa.

    It has taken 20 years to meet in Africa. There is no world in which this should have taken so long. From the UK’s perspective, we should not wait another 20 years to do this again.

    This is at the core of what I want to use my intervention to say. That we in the UK believe we have to do development differently now.

    We cannot start from the idea that ‘we know best’. We must not just pay lip service to what our partners tell us. When we say partnership and not paternalism – we have to mean it.

    The solutions of 2005 are not the solutions of 2025. And with environmental shocks, health crises, and more conflicts than at any time since the middle of the last century, all hitting the poorest hardest, we have to face up to reality.

    This is the only way to rise to the global challenge that Mandela gave us – to Make Poverty History.

    There are three specific ways in which we are transforming the UK’s approach.

    One – we are listening. Our new approach is already informing our new strategy. But there is a long way to go.

    New leadership from across the globe is changing what is possible, again. Powerful voices like President of the African Development Bank, Akinwumi Adesina. The new Commonwealth Secretary General, Shirley Botchwey. Nigerian Health Minister, Muhammad Ali Pate.

    These are just a few of the 47 African governments and multilateral bodies, and over 200 businesses and communities that the UK has consulted – following our Foreign Secretary’s visit to Cape Town last year.

    Two – we are thinking like investors, not donors, and bringing all the UK’s strengths to the table.

    In partnership, we can share everything from world-class health and tech know-how, to new ways of getting finance flowing into emerging and developing markets – from the world’s green finance hub in London.

    I saw some of this yesterday at an agri-business in this region, with British International Investment helping to create 400 local jobs. Critical for the economy and for supporting South Africa’s Just Energy Transition Partnership.

    We’re making headway on getting money in place before disasters hit, and unlocking private capital – as we discussed together in Seville, at FFD4 two weeks ago.

    The private sector is vital – which is why we matched private funding for Gavi, so we can get new ideas and fresh thinking into how we keep our populations healthy.

    And third – this is all part of our shared mission for economic growth and opportunity. That is how we get countries on a journey out of development and aid – and help millions more people out of poverty.

    So, I want to thank the Presidency for choosing themes that go to the heart of how we can work together.

    On illicit finance – my friend the Foreign Secretary is leading the UK’s efforts to tackle this shared challenge, and he will host a global conference.

    There is more though for us all to do – to give people confidence that they can trust governments to use their money well, and combat criminals laundering money through the world’s financial centres.

    And on social protection – together, we are developing systems every government needs, to reach the most vulnerable people facing hunger and poverty.

    That includes the work my colleague Lord Collins is co-leading, alongside Somalia’s Deputy Prime Minister – to make sure this can be felt in the most fragile places on earth.

    Finally, these auspicious occasions, as I am sure you all know, can happen with such frequency that we show up and we repeat positions we have been stuck on for years. But instead, I want to use every occasion we come together as an opportunity to leave ‘business as usual’ behind – and push for the change we all know is needed.

    So we are going to work together, harder – to secure reform at the United Nations, the International Monetary Fund, and the World Bank.

    To improve and expand the G20’s approach to debt, ahead of the leaders summit.

    To back Brazil’s work to make the next climate summit count.

    And to champion ambition and innovation at the African Development Bank – as well as the replenishment of the Global Fund, that we are proud to co-host alongside South Africa.

    This is how we remake development for the next 20 years. Making sure we don’t wait decades to meet in Africa again.

    Starting with the idea that we need to learn from one another – and drop the old idea that ‘we know best’.

    And facing up to reality. So we listen to our partners. Think like investors. And bringing all our strengths to bear, in pursuit of the economic growth and opportunity that we need – to help millions more people put poverty behind them.

    Thank you.

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: CE meets Deputy PM of Vanuatu

    Source: Hong Kong Information Services

    Chief Executive John Lee today met Deputy Prime Minister and Minister of Finance & Economic Management of Vanuatu Johnny Koanapo Rasou to discuss issues of mutual interest.

    Welcoming Mr Rasou and his delegation to Hong Kong to attend economic and trade co-operation events, Mr Lee said the city is leveraging its advantages under the “one country, two systems” principle of connecting the Mainland and the world, and is actively deepening international co-operation.

    The Chief Executive said that apart from strengthening traditional markets, Hong Kong will further explore emerging markets comprising Belt & Road countries and expand economic and trade networks with countries of the Global South countries including Vanuatu.

    He added that as a functional platform for the Belt & Road Initiative, Hong Kong boasts a highly internationalised, market-oriented, and business-friendly environment, making it an ideal place for companies to expand global operations.

    Mr Lee welcomed enterprises from Vanuatu to leverage the city’s role as a “super connector” and “super value-adder” to explore overseas and Mainland markets, enhancing trade and business exchanges. 

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Fisheries and Seafood Scheme 2025 closed following strong demand

    Source: United Kingdom – Executive Government & Departments

    News story

    Fisheries and Seafood Scheme 2025 closed following strong demand

    The latest round of the Fisheries and Seafood Scheme (FaSS) closes following high demand and interest from across the seafood and marine sectors.

    Since re-opening in June, the Fisheries and Seafood Scheme (FaSS) has once again attracted a high volume of interest from across the seafood and marine sectors in England. Due to the number and total value of applications received, the scheme is now closed to new applications.

    This year’s £6 million funding allocation builds on the more than £35 million already committed through FaSS to over 1,700 projects, supporting innovation and growth across the catching, aquaculture, processing, charity and recreational sectors, as well as efforts to enhance the marine environment.

    Applications to FaSS are processed on a first-come, first-served basis. All applications submitted before the closure date are currently being reviewed. Applicants who have received an acknowledgement from the MMO’s grants team will continue through the assessment process. The team will also contact any recent applicants who have not yet received confirmation to advise them of next steps.

    Paul Errington, Acting Director of Finance and Resources at MMO, said:

    We’re pleased to see another strong response to FaSS this year, with applications that demonstrate the sector’s drive to innovate, build a resilient seafood sector and grow sustainably. The projects that FaSS supports will help boost local economies in our coastal communities and create long-term opportunities across the seafood supply chain.

    Applications submitted after 5pm on 25 July 2025 will not be considered. The FaSS panel will meet in September to assess all eligible applications for projects with total costs of £150,000 or more that were submitted before the 21 July 2025 deadline.

    All funded projects must be completed by 31 March 2026. All applicants will be notified directly, once all projects have been considered.

    Further information

    For more information about FaSS, please visit: www.gov.uk/guidance/fisheries-and-seafood-scheme

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: ABAC Issued Declaration on Sustainable AI Infrastructure and Investment Hai Phong, Viet Nam | 25 July 2025 APEC Business Advisory Council

    Source: APEC Secretariat

    The APEC Business Advisory Council (ABAC) released its Declaration on Sustainable Artificial Intelligence (AI) Infrastructure and Investment, underscoring the business community’s commitment to a sustainable AI future.

    AI is rapidly transforming economies and societies across the region. It holds immense potential to unlock innovation, drive productivity, and promote inclusive growth. However, none of this works without infrastructure—underpinned by data centers and the electricity grids that support them. The full benefits of AI cannot be realized without resilient, efficient, and sustainable infrastructure to support its development and deployment.

    “Energy gaps are deepening inequality and limiting participation in the digital economy. The digital divide isn’t just about tech anymore—it’s about capital access, grid resilience and human capacity. Our declaration reaffirms our commitment to APEC’s 2025 vision of ‘Building a Sustainable Tomorrow’,” said Jan De Silva, Chair of ABAC’s AI and Digital Innovation Working Group.

    This meeting took place in advance of APEC’s first Digital and AI Ministerial meeting taking place August 4-6 in Incheon, Korea. ABAC has committed to four priority actions:

    • Accelerating Investment in Sustainable AI Infrastructure
    • Embedding Sustainability into the AI Lifecycle
    • Fostering Cross-Economy Collaboration and Investment
    • Advocating for Enabling Policies and Standards

    “ABAC reaffirms its commitment to shaping an AI-powered future that is not only innovative and inclusive but also sustainable and resilient. We invite governments, industry, academia, and civil society to join us in this shared effort to build responsible AI across the APEC region,” said ABAC Chair, HS Cho.

    The full declaration can be found here.

    For further information, please contact:

    Amanda Doyle (Ms), AIDIWG Lead Staffer at +1-905-467-0019 and [email protected]
    Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

    MIL OSI Economics –

  • MIL-OSI: HTX Hot Listings Weekly Recap (July 15 – 21): Ethereum Leads the Rally as Market Trends Ignite Wealth Effect

    Source: GlobeNewswire (MIL-OSI)

    HTX Hot Listings Weekly Recap

    PANAMA CITY, July 25, 2025 (GLOBE NEWSWIRE) — HTX, a leading global crypto exchange, recorded robust performance from its newly listed and featured assets during the third week of July. The period was characterized by an intensified rotation of trending narratives across the crypto market, with capital increasingly shifting from established mainstream assets to promising emerging tokens and high-potential sectors.

    Ethereum ($ETH) once again stood out as the “hottest mainstream asset”, gaining an impressive 23% and reinforcing its appeal as a core market anchor. This consistent performance positions ETH as a primary allocation target for capital seeking both safety and stable growth. The escalating ETH 2.0 staking yields, the flourishing Layer 2 ecosystem, and sustained institutional accumulation continue to solidify ETH’s status as a core asset for substantial investments.

    Crucially, HTX’s strategic selection of key new listings proved highly effective, with several tokens across categories such as Meme, NFT, DeFi, Social, and Infrastructure more than doubling in value within a single week. Below is a highlight of the week’s top performers:

    Emerging Assets Fuel Gains, Boosting the Wealth Effect

    • Ani Grok Companion ($ANI): Crowned the week’s top gainer with a staggering 137% increase in just seven days. This AI+Meme project blends the “gooning” meme with xAI and Elon Musk’s Grok image, combining AI trends with community-driven content creation. Driven by organic community buzz, innovative gameplay, and short-term trading opportunities, ANI was one of the platform’s fastest-growing tokens by trading volume.
    • Elixir ($ELX): Signaled a strong resurgence of DeFi narratives, posting an impressive 115% weekly gain. Elixir is a blockchain project dedicated to advancing DeFi and liquidity solutions. With a TVL exceeding $300 million, Elixir has also introduced deUSD, a synthetic USD stablecoin that maintains stability via a “Delta Neutral Strategy” and generates returns through funding rates.
    • Decentralized Information Asset ($DIA): This on-chain infrastructure token also saw a 115% gain over the week. $DIA is a decentralized oracle platform that delivers reliable data feeds for DeFi and other blockchain applications. Its primary function is to provide on-chain and off-chain market data, price feeds, and oracle services. DIA’s positive price momentum was supported by increased Web3 development activity and rising expectations of application-layer adoption.
    • Pudgy Penguins ($PENGU): Following last week’s surge in NFT concept assets, PENGU maintained robust performance this week with a 111% gain. The Pudgy Penguins NFT collection features 8,888 unique penguin avatars known for their strong IP attributes and deeply engaged community. PENGU’s rise reflects renewed enthusiasm and potential in the NFT sector during the current cycle.

    Infrastructure and Public Chain Sectors Rotate Actively with Layer 1 Market Heating Up

    A notable structural rotation took place this week in the Layer 1 sector, with several key tokens experiencing sharp upward moves.

    • Conflux ($CFX): Rose 104% over the week. Conflux operates as a public Layer 1 blockchain, designed to power dApps, e-commerce, and Web 3.0 infrastructure by offering superior scalability, decentralization, and security compared to existing protocols. $CFX performed exceptionally well, driven by increased on-chain activity in Asia and the rollout of ecosystem support programs.
    • Tezos ($XTZ): Gained 62% this week. As a veteran Layer1 project, Tezos identified governance deficiencies in blockchain networks as early as 2014 and pioneered on-chain governance solutions. Tezos empowers token holders to determine the network’s upgrade roadmap and priorities, effectively resolving disputes and bypassing the need for disruptive network hard forks. Recent upgrades have further propelled its ecosystem expansion, and it has also garnered pilot adoption by several institutional entities.
    • Litecoin ($LTC): Increased 22% weekly. Litecoin’s adoption as a payment method has grown over the years, widely accepted by various merchants and organizations, including the American Red Cross, Newegg, and Twitch. Beyond its consistent price stability, its growing integration with traditional financial concepts has attracted considerable market attention. Recently, LTC was designated as one of the initial assets linked to a “crypto stock fund” launched by a major U.S. brokerage, endowing it with new “crypto ETF-like” attributes.

    HTX Hot Token Listing Winners

    About HTX

    Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

    As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

    To learn more about HTX, please visit https://www.htx.com/ or HTX Square , and follow HTX on X, Telegram, and Discord. For further inquiries, please contact glo-media@htx-inc.com.

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

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/bffad256-800a-488c-afb6-f8158fc13554

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5696437e-b9f3-4a34-907f-0e05c36de15e

    The MIL Network –

  • MIL-OSI: HTX Hot Listings Weekly Recap (July 15 – 21): Ethereum Leads the Rally as Market Trends Ignite Wealth Effect

    Source: GlobeNewswire (MIL-OSI)

    HTX Hot Listings Weekly Recap

    PANAMA CITY, July 25, 2025 (GLOBE NEWSWIRE) — HTX, a leading global crypto exchange, recorded robust performance from its newly listed and featured assets during the third week of July. The period was characterized by an intensified rotation of trending narratives across the crypto market, with capital increasingly shifting from established mainstream assets to promising emerging tokens and high-potential sectors.

    Ethereum ($ETH) once again stood out as the “hottest mainstream asset”, gaining an impressive 23% and reinforcing its appeal as a core market anchor. This consistent performance positions ETH as a primary allocation target for capital seeking both safety and stable growth. The escalating ETH 2.0 staking yields, the flourishing Layer 2 ecosystem, and sustained institutional accumulation continue to solidify ETH’s status as a core asset for substantial investments.

    Crucially, HTX’s strategic selection of key new listings proved highly effective, with several tokens across categories such as Meme, NFT, DeFi, Social, and Infrastructure more than doubling in value within a single week. Below is a highlight of the week’s top performers:

    Emerging Assets Fuel Gains, Boosting the Wealth Effect

    • Ani Grok Companion ($ANI): Crowned the week’s top gainer with a staggering 137% increase in just seven days. This AI+Meme project blends the “gooning” meme with xAI and Elon Musk’s Grok image, combining AI trends with community-driven content creation. Driven by organic community buzz, innovative gameplay, and short-term trading opportunities, ANI was one of the platform’s fastest-growing tokens by trading volume.
    • Elixir ($ELX): Signaled a strong resurgence of DeFi narratives, posting an impressive 115% weekly gain. Elixir is a blockchain project dedicated to advancing DeFi and liquidity solutions. With a TVL exceeding $300 million, Elixir has also introduced deUSD, a synthetic USD stablecoin that maintains stability via a “Delta Neutral Strategy” and generates returns through funding rates.
    • Decentralized Information Asset ($DIA): This on-chain infrastructure token also saw a 115% gain over the week. $DIA is a decentralized oracle platform that delivers reliable data feeds for DeFi and other blockchain applications. Its primary function is to provide on-chain and off-chain market data, price feeds, and oracle services. DIA’s positive price momentum was supported by increased Web3 development activity and rising expectations of application-layer adoption.
    • Pudgy Penguins ($PENGU): Following last week’s surge in NFT concept assets, PENGU maintained robust performance this week with a 111% gain. The Pudgy Penguins NFT collection features 8,888 unique penguin avatars known for their strong IP attributes and deeply engaged community. PENGU’s rise reflects renewed enthusiasm and potential in the NFT sector during the current cycle.

    Infrastructure and Public Chain Sectors Rotate Actively with Layer 1 Market Heating Up

    A notable structural rotation took place this week in the Layer 1 sector, with several key tokens experiencing sharp upward moves.

    • Conflux ($CFX): Rose 104% over the week. Conflux operates as a public Layer 1 blockchain, designed to power dApps, e-commerce, and Web 3.0 infrastructure by offering superior scalability, decentralization, and security compared to existing protocols. $CFX performed exceptionally well, driven by increased on-chain activity in Asia and the rollout of ecosystem support programs.
    • Tezos ($XTZ): Gained 62% this week. As a veteran Layer1 project, Tezos identified governance deficiencies in blockchain networks as early as 2014 and pioneered on-chain governance solutions. Tezos empowers token holders to determine the network’s upgrade roadmap and priorities, effectively resolving disputes and bypassing the need for disruptive network hard forks. Recent upgrades have further propelled its ecosystem expansion, and it has also garnered pilot adoption by several institutional entities.
    • Litecoin ($LTC): Increased 22% weekly. Litecoin’s adoption as a payment method has grown over the years, widely accepted by various merchants and organizations, including the American Red Cross, Newegg, and Twitch. Beyond its consistent price stability, its growing integration with traditional financial concepts has attracted considerable market attention. Recently, LTC was designated as one of the initial assets linked to a “crypto stock fund” launched by a major U.S. brokerage, endowing it with new “crypto ETF-like” attributes.

    HTX Hot Token Listing Winners

    About HTX

    Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

    As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

    To learn more about HTX, please visit https://www.htx.com/ or HTX Square , and follow HTX on X, Telegram, and Discord. For further inquiries, please contact glo-media@htx-inc.com.

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

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/bffad256-800a-488c-afb6-f8158fc13554

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5696437e-b9f3-4a34-907f-0e05c36de15e

    The MIL Network –

  • MIL-OSI: Defiance Launches AIPO: The First ETF Focused on AI Power Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 25, 2025 (GLOBE NEWSWIRE) — Defiance ETFs, a leader in thematic and leveraged exchange-traded funds, today announced the launch of the Defiance AI & Power Infrastructure ETF (Nasdaq: AIPO). This innovative ETF provides investors with targeted exposure to U.S.-listed companies at the forefront of artificial intelligence (AI) and critical power infrastructure, addressing the surging energy demands of AI technologies through decentralized energy solutions, electrical grids, data centers, and AI hardware.

    AIPO seeks to track the MarketVector™ US Listed AI and Power Infrastructure Index, offering a passive approach to high-growth themes without the need for margin accounts. AIPO empowers retail investors to capitalize on the intersection of AI innovation and power infrastructure, including sub-themes like nuclear energy generation, data center operations, and AI-enabling semiconductor hardware.

    Why AI & Power Infrastructure? The explosive growth of AI is straining global energy resources, creating unprecedented opportunities in power generation and infrastructure. Companies in decentralized energy technologies, electric utilities, construction, and AI hardware are poised for expansion as data centers and computing demands escalate. AIPO targets firms deriving at least 50% of revenue from these areas, providing amplified exposure to themes like nuclear power, energy storage, and AI-specific components. This first-mover ETF positions investors to potentially benefit from the high-growth convergence of AI and sustainable power solutions.

    “Defiance continues to drive innovation in thematic ETFs, and AIPO represents a timely opportunity for investors to access the critical link between AI advancements and power infrastructure,” said Sylvia Jablonski, CEO of Defiance ETFs. “As AI technologies require massive energy inputs, companies building the next generation of grids, data centers, and hardware are essential. AIPO offers precise, forward-looking exposure to this dynamic sector, empowering active investors to pursue high-growth potential.”

    About Defiance Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

    IMPORTANT DISCLOSURES

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383.

    Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

    Market Risk: The Fund’s investments may decline in value due to general market conditions, economic events, or factors affecting specific industries or issuers.

    Index Tracking Risk: The Fund may not perfectly replicate the performance of the Index due to fees, expenses, and other operational factors.

    Sector Concentration Risk: Because the Fund may invest heavily in technology, utilities, and energy sectors, it is more vulnerable to adverse developments in these areas.

    AI and Technology Risk: Companies involved in AI hardware and data centers are subject to rapid innovation cycles, competitive pressures, and regulatory challenges.

    Energy and Infrastructure Risk: Power generation and utility companies can be impacted by commodity price volatility, regulatory changes, and environmental factors.

    New Fund Risk: As a newly organized fund, it has no operating history, making it difficult for investors to assess performance or management effectiveness.

    Passive Investment Risk: The Fund does not actively manage its portfolio and will not take defensive positions if the Index declines.

    Liquidity Risk: Shares may trade at prices other than NAV, and certain underlying holdings may have limited liquidity.

    Underlying Index Risk: Errors, changes, or delays in the Index calculation could impact Fund performance.

    Third-Party Data Risk: The Fund relies on external data providers for Index construction, and inaccuracies or delays may affect tracking.

    Operational Risk: Failures or errors by service providers, counterparties, or systems could disrupt Fund operations.

    The MarketVector™ US Listed AI and Power Index (MVAIPO) is a thematic index tracking the performance of companies contributing to critical electrical grid and artificial intelligence infrastructure through nuclear and other decentralized energy technologies, electric equipment and related engineering and construction services, electrical utilities, data center operations, and AI related computing hardware.

    Note: The Fund is not suitable for all investors and is designed for those who understand thematic sector exposures and are willing to monitor their portfolios.

    Distributed by Foreside Fund Services, LLC.

    Contact: David Hanono, info@defianceetfs.com, 833.333.9383

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4c82c07c-54f0-426d-9cc3-92e69df8e8bf

    The MIL Network –

  • MIL-OSI: Inception Growth Acquisition Limited Announces Adjournment of the Special Meeting to August 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    New York, July 25, 2025 (GLOBE NEWSWIRE) — Inception Growth Acquisition Limited (the “Company”), a blank check company, today announced that it convened its special meeting (“Special Meeting”) and immediately adjourned the Special Meeting, without conducting any business, to August 8, 2025. The Special Meeting was adjourned as to all of the proposals contained in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (“SEC”) on May 27, 2025, as supplemented by the supplement to the definitive proxy statement on June 26, 2025 (the “Proxy Statement”), including the proposal to approve the proposed business combination with AgileAlgo Holdings Ltd.

    As a result of the adjournment, the Special Meeting will now be held at 10:00 AM Hong Kong Time on August 8, 2025, and virtually via teleconference using the following dial-in information: 

    US Toll Free   +1 866 213 0992
    Hong Kong Toll   +852 2112 1888
    Participant Passcode   2910077#

    The record date for determining the Company stockholders entitled to receive notice of and to vote at the Special Meeting remains the close of business on May 27, 2025 (the “Record Date”). Stockholders as of the Record Date are eligible to vote, even if they have subsequently sold their shares.

    The Company’s stockholders who have questions regarding the adjournment, or the Special Meeting, or would like to request documents may contact the Company’s proxy solicitor, Advantage Proxy, Inc., at (877) 870-8565, or banks and brokers can call (206) 870-8565, or by email at ksmith@advantageproxy.com.

    If you have already voted, you do not need to vote again unless you would like to change or revoke your prior vote on any proposal. In addition, stockholders who have already submitted a redemption request with respect to the shares held by them may withdraw such request by contacting our transfer agent. If you would like to change or revoke your prior vote on any proposal, or reverse a redemption request, please refer to the Proxy Statement for additional information on how to do so.
      
    If you have already submitted a proxy and do not wish to change your vote, you need not take any further action. If you have submitted a proxy and wish to change your vote, you may revoke your proxy at any time before it is exercised at the Special Meeting as provided in the Original Proxy Statement. Please note, however, that if your shares are held in street name by a broker or other nominee and you wish to revoke a proxy, you must contact the broker or nominee to revoke any prior voting instructions.

    About Inception Growth Acquisition Limited

    Inception Growth Acquisition Limited is a blank check company incorporated under the laws of Delaware whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities.

    Forward Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including but not limited to the date of the Special Meeting, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Additional Information and Where to Find It

    On May 27, 2025, the Company filed a definitive proxy statement, and on June 26, 2025, the Company filed a supplement to the definitive proxy statement with the SEC in connection with its solicitation of proxies for the Special Meeting. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE SUPPLEMENT, THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the definitive proxy statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or by contacting the Company’s proxy solicitor.

    Participants in the Solicitation

    The Company and its respective directors and officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Special Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the definitive proxy statement. You may obtain free copies of these documents using the sources indicated above.

    Contact

    Inception Growth Acquisition Limited
    Investor Relationship Department
    (315) 636-6638

    The MIL Network –

  • MIL-OSI: Inception Growth Acquisition Limited Announces Adjournment of the Special Meeting to August 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    New York, July 25, 2025 (GLOBE NEWSWIRE) — Inception Growth Acquisition Limited (the “Company”), a blank check company, today announced that it convened its special meeting (“Special Meeting”) and immediately adjourned the Special Meeting, without conducting any business, to August 8, 2025. The Special Meeting was adjourned as to all of the proposals contained in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (“SEC”) on May 27, 2025, as supplemented by the supplement to the definitive proxy statement on June 26, 2025 (the “Proxy Statement”), including the proposal to approve the proposed business combination with AgileAlgo Holdings Ltd.

    As a result of the adjournment, the Special Meeting will now be held at 10:00 AM Hong Kong Time on August 8, 2025, and virtually via teleconference using the following dial-in information: 

    US Toll Free   +1 866 213 0992
    Hong Kong Toll   +852 2112 1888
    Participant Passcode   2910077#

    The record date for determining the Company stockholders entitled to receive notice of and to vote at the Special Meeting remains the close of business on May 27, 2025 (the “Record Date”). Stockholders as of the Record Date are eligible to vote, even if they have subsequently sold their shares.

    The Company’s stockholders who have questions regarding the adjournment, or the Special Meeting, or would like to request documents may contact the Company’s proxy solicitor, Advantage Proxy, Inc., at (877) 870-8565, or banks and brokers can call (206) 870-8565, or by email at ksmith@advantageproxy.com.

    If you have already voted, you do not need to vote again unless you would like to change or revoke your prior vote on any proposal. In addition, stockholders who have already submitted a redemption request with respect to the shares held by them may withdraw such request by contacting our transfer agent. If you would like to change or revoke your prior vote on any proposal, or reverse a redemption request, please refer to the Proxy Statement for additional information on how to do so.
      
    If you have already submitted a proxy and do not wish to change your vote, you need not take any further action. If you have submitted a proxy and wish to change your vote, you may revoke your proxy at any time before it is exercised at the Special Meeting as provided in the Original Proxy Statement. Please note, however, that if your shares are held in street name by a broker or other nominee and you wish to revoke a proxy, you must contact the broker or nominee to revoke any prior voting instructions.

    About Inception Growth Acquisition Limited

    Inception Growth Acquisition Limited is a blank check company incorporated under the laws of Delaware whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities.

    Forward Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including but not limited to the date of the Special Meeting, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Additional Information and Where to Find It

    On May 27, 2025, the Company filed a definitive proxy statement, and on June 26, 2025, the Company filed a supplement to the definitive proxy statement with the SEC in connection with its solicitation of proxies for the Special Meeting. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE SUPPLEMENT, THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the definitive proxy statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or by contacting the Company’s proxy solicitor.

    Participants in the Solicitation

    The Company and its respective directors and officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Special Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the definitive proxy statement. You may obtain free copies of these documents using the sources indicated above.

    Contact

    Inception Growth Acquisition Limited
    Investor Relationship Department
    (315) 636-6638

    The MIL Network –

  • MIL-OSI: Southside Bancshares, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    • Second quarter net income of $21.8 million;
    • Second quarter earnings per diluted common share of $0.72;
    • Tax-equivalent net interest margin(1)linked quarter increased nine basis points to 2.95%;
    • Annualized return on second quarter average assets of 1.07%;
    • Annualized return on second quarter average tangible common equity of 14.38%(1); and
    • Nonperforming assets remain low at 0.39% of total assets.

    TYLER, Texas, July 25, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside” or the “Company”) (NYSE: SBSI) today reported its financial results for the quarter ended June 30, 2025. Southside reported net income of $21.8 million for the three months ended June 30, 2025, a decrease of $2.9 million, or 11.6%, compared to $24.7 million for the same period in 2024. Earnings per diluted common share decreased $0.09, or 11.1%, to $0.72 for the three months ended June 30, 2025, from $0.81 for the same period in 2024. The annualized return on average shareholders’ equity for the three months ended June 30, 2025 was 10.73%, compared to 12.46% for the same period in 2024. The annualized return on average assets was 1.07% for the three months ended June 30, 2025, compared to 1.19% for the same period in 2024.

    “We reported excellent financial results for the second quarter ended June 30, 2025, which included earnings per share of $0.72, a return on average assets of 1.07%, and a return on average tangible common equity of 14.38%,” stated Lee R. Gibson, Chief Executive Officer of Southside. “Linked quarter, the net interest margin(1) increased nine basis points to 2.95%, net interest income increased $414,000 to $54.3 million, and deposits net of public fund and brokered deposits increased $90.1 million. The linked quarter total loans increased $35 million, while average loans decreased $106 million due primarily to heavy payoffs during the first two months of the quarter. Total loan growth during the month of June was $104 million. Our loan pipeline is solid and we currently anticipate three to four percent loan growth for all of 2025. During the quarter we expensed $1.2 million related to the write-off and demolition of an existing branch that was replaced with a new building.”

    Operating Results for the Three Months Ended June 30, 2025

    Net income was $21.8 million for the three months ended June 30, 2025, compared to $24.7 million for the same period in 2024, a decrease of $2.9 million, or 11.6%. Earnings per diluted common share were $0.72 for the three months ended June 30, 2025, compared to $0.81 for the same period in 2024, a decrease of 11.1%. The decrease in net income was a result of increases in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income and a decrease in income tax expense. Annualized returns on average assets and average shareholders’ equity for the three months ended June 30, 2025 were 1.07% and 10.73%, respectively, compared to 1.19% and 12.46%, respectively, for the three months ended June 30, 2024. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 55.67% and 53.70%, respectively, for the three months ended June 30, 2025, compared to 54.90% and 52.71%, respectively, for the three months ended June 30, 2024, and 57.04% and 55.04%, respectively, for the three months ended March 31, 2025.

    Net interest income for the three months ended June 30, 2025 was $54.3 million, an increase of $0.7 million, or 1.2%, compared to the same period in 2024. The increase in net interest income was due to decreases in the average rate paid on and average balance of our interest bearing liabilities, partially offset by decreases in the average yield of and average balance of our interest earning assets. Linked quarter, net interest income increased $0.4 million, or 0.8%, compared to $53.9 million for the three months ended March 31, 2025, due to the decrease in the average balance of interest bearing liabilities, the increase in the average yield on our interest earning assets and the decrease in the rate paid on interest bearing liabilities, partially offset by the decrease in the average balance of our interest earning assets.

    Our net interest margin and tax-equivalent net interest margin(1) increased to 2.82% and 2.95%, respectively, for the three months ended June 30, 2025, compared to 2.74% and 2.87%, respectively, for the same period in 2024. Linked quarter, net interest margin and tax-equivalent net interest margin(1) increased from 2.74% and 2.86%, respectively, for the three months ended March 31, 2025.

    Noninterest income was $12.1 million for the three months ended June 30, 2025, an increase of $0.6 million, or 5.1%, compared to $11.6 million for the same period in 2024. The increase was primarily due to a decrease in net loss on sale of securities available for sale (“AFS”) and increases in other noninterest income and trust fees, partially offset by a decrease in bank owned life insurance income (“BOLI”). On a linked quarter basis, noninterest income increased $1.9 million, or 18.8%, compared to the three months ended March 31, 2025. The increase was primarily due to an increase in other noninterest income, a decrease in net loss on sale of securities AFS, and increases in deposit services income, trust income and brokerage services income. The increase in other noninterest income was primarily due to an increase in swap fee income for the three months ended June 30, 2025.

    Noninterest expense increased $3.5 million, or 9.8%, to $39.3 million for the three months ended June 30, 2025, compared to $35.8 million for the same period in 2024, primarily due to increases in other noninterest expense, professional fees and salaries and employee benefits expense. On a linked quarter basis, noninterest expense increased by $2.2 million, or 5.8%, compared to the three months ended March 31, 2025, due to increases in other noninterest expense and net occupancy expense. The increase in other noninterest expense was primarily due to a one-time charge of $1.2 million on the demolition of an old branch facility following completion of the new branch during the three months ended June 30, 2025.

    Income tax expense decreased $0.5 million, or 9.5%, for the three months ended June 30, 2025, compared to the same period in 2024. On a linked quarter basis, income tax expense remained the same at $4.7 million. Our effective tax rate (“ETR”) increased slightly to 17.8% for the three months ended June 30, 2025, compared to 17.4% for the three months ended June 30, 2024, and decreased slightly from 18.0% for the three months ended March 31, 2025. The higher ETR for the three months ended June 30, 2025 compared to the same period in 2024, was primarily due to an increase in state income tax expense.

    Operating Results for the Six Months Ended June 30, 2025

    Net income was $43.3 million for the six months ended June 30, 2025, compared to $46.2 million for the same period in 2024, a decrease of $2.9 million, or 6.2%. Earnings per diluted common share were $1.42 for the six months ended June 30, 2025, compared to $1.52 for the same period in 2024, a decrease of 6.6%. The decrease in net income was a result of increases in noninterest expense and provision for credit losses, partially offset by increases in net interest income and noninterest income and a decrease in income tax expense. Returns on average assets and average shareholders’ equity for the six months ended June 30, 2025 were 1.05% and 10.65%, respectively, compared to 1.11% and 11.74%, respectively, for the six months ended June 30, 2024. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 56.34% and 54.36%, respectively, for the six months ended June 30, 2025, compared to 56.41% and 54.11%, respectively, for the six months ended June 30, 2024.

    Net interest income was $108.1 million for the six months ended June 30, 2025, compared to $107.0 million for the same period in 2024, an increase of $1.2 million, or 1.1%, due to decreases in the average rate paid on and average balance of our interest bearing liabilities, partially offset by the decrease in the average yield of interest earning assets.

    Our net interest margin and tax-equivalent net interest margin(1) were 2.78% and 2.91%, respectively, for the six months ended June 30, 2025, compared to 2.73% and 2.87%, respectively, for the same period in 2024.

    Noninterest income was $22.4 million for the six months ended June 30, 2025, an increase of $1.1 million, or 5.1%, compared to $21.3 million for the same period in 2024. The increase was primarily due to increases in trust fees, other noninterest income and gain on sale of loans, partially offset by a decrease in BOLI income.

    Noninterest expense was $76.3 million for the six months ended June 30, 2025, compared to $72.6 million for the same period in 2024, an increase of $3.7 million, or 5.1%. The increase was primarily due to increases in other noninterest expense and professional fees, partially offset by a decrease in salaries and employee benefits expense.

    Income tax expense decreased $0.4 million, or 4.0%, for the six months ended June 30, 2025, compared to the same period in 2024. Our ETR was approximately 17.9% and 17.6% for the six months ended June 30, 2025 and 2024, respectively. The higher ETR for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to an increase in state income tax expense.

    Balance Sheet Data

    At June 30, 2025, Southside had $8.34 billion in total assets, compared to $8.52 billion at December 31, 2024 and $8.36 billion at June 30, 2024.

    Loans at June 30, 2025 were $4.60 billion, an increase of $12.6 million, or 0.3%, compared to $4.59 billion at June 30, 2024. Linked quarter, loans increased $34.7 million, or 0.8%, due to increases of $28.8 million in commercial real estate loans, $12.3 million in construction loans and $9.0 million in commercial loans. These increases were partially offset by decreases of $7.5 million in municipal loans, $5.3 million in 1-4 family residential loans and $2.5 million in loans to individuals.

    Securities at June 30, 2025 were $2.73 billion, an increase of $18.1 million, or 0.7%, compared to $2.71 billion at June 30, 2024. Linked quarter, securities decreased $6.2 million, or 0.2%, from $2.74 billion at March 31, 2025.

    Deposits at June 30, 2025 were $6.63 billion, an increase of $136.0 million, or 2.1%, compared to $6.50 billion at June 30, 2024. Linked quarter, deposits increased $41.1 million, or 0.6%, from $6.59 billion at March 31, 2025.

    At June 30, 2025, we had 178,970 total deposit accounts with an average balance of $34,000. Our estimated uninsured deposits were 38.5% of total deposits as of June 30, 2025. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 21.1% as of June 30, 2025. Our noninterest bearing deposits represent approximately 20.6% of total deposits. Linked quarter, our cost of interest bearing deposits decreased one basis point from 2.83% in the prior quarter to 2.82%. Linked quarter, our cost of total deposits remained at 2.26%.

    Our cost of interest bearing deposits decreased 16 basis points, from 2.99% for the six months ended June 30, 2024, to 2.83% for the six months ended June 30, 2025. Our cost of total deposits decreased 11 basis points, from 2.37% for the six months ended June 30, 2024, to 2.26% for the six months ended June 30, 2025.

    Capital Resources and Liquidity

    Our capital ratios and contingent liquidity sources remain solid. During the second quarter ended June 30, 2025, we purchased 424,435 shares of the Company’s common stock at an average price of $28.13 per share, pursuant to our Stock Repurchase Plan. Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. Subsequent to June 30, 2025, and through July 23, 2025, we purchased 2,443 shares of common stock at an average price of $30.29 pursuant to the Stock Repurchase Plan.

    As of June 30, 2025, our total available contingent liquidity, net of current outstanding borrowings, was $2.33 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit.

    Asset Quality

    Nonperforming assets at June 30, 2025 were $32.9 million, or 0.39% of total assets, an increase of $26.0 million, or 375.7%, compared to $6.9 million, or 0.08% of total assets, at June 30, 2024, due primarily to an increase of $27.4 million in restructured loans. The increase in restructured loans was due to the extension of maturity in the first quarter of 2025 on a $27.5 million commercial real estate loan to allow for an extended lease up period. Linked quarter, nonperforming assets increased $0.7 million, or 2.2%, from $32.2 million at March 31, 2025.

    The allowance for loan losses totaled $44.4 million, or 0.97% of total loans, at June 30, 2025, compared to $44.6 million, or 0.98% of total loans, at March 31, 2025. The allowance for loan losses was $42.4 million, or 0.92% of total loans, at June 30, 2024. The increase in allowance as a percentage of total loans compared to June 30, 2024 was primarily due to an increase in economic uncertainty forecasted in the CECL model.

    For the three months ended June 30, 2025, we recorded a provision for credit losses for loans of $0.7 million, compared to a reversal of provision of $0.9 million and a provision of $42,000 for the three months ended June 30, 2024 and March 31, 2025, respectively. Net charge-offs were $0.9 million for the three months ended June 30, 2025, compared to net charge-offs of $0.3 million for the three months ended June 30, 2024 and March 31, 2025. Net charge-offs were $1.2 million for the six months ended June 30, 2025, compared to net charge-offs of $0.6 million for the six months ended June 30, 2024.

    We recorded a reversal of provision for credit losses on off-balance-sheet credit exposures of $19,000 for the three months ended June 30, 2025, compared to provision for losses on off-balance-sheet credit exposures of $0.4 million and $0.7 million for the three months ended June 30, 2024 and March 31, 2025, respectively. We recorded a provision for losses on off-balance-sheet credit exposures of $0.6 million for the six months ended June 30, 2025, compared to a reversal of provision for credit losses on off-balance-sheet credit exposures of $0.7 million for the six months ended June 30, 2024. The balance of the allowance for off-balance-sheet credit exposures was $3.8 million and $3.2 million at June 30, 2025 and 2024, respectively, and is included in other liabilities.

    Dividend

    Southside Bancshares, Inc. declared a second quarter cash dividend of $0.36 per share on May 8, 2025, which was paid on June 5, 2025, to all shareholders of record as of May 22, 2025.

    _______________

    (1) Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
       

    Conference Call

    Southside’s management team will host a conference call to discuss its second quarter ended June 30, 2025 financial results on Friday, July 25, 2025 at 11:00 a.m. CDT. The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events.

    Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register-conf.media-server.com/register/BIad8374913fda48e3a6a27e230e7c4225 to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process.

    For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

    Non-GAAP Financial Measures

    Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments.

    Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE). Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe that this measure is the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread.

    Efficiency ratio (FTE). The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio.

    These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure.

    Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables.

    A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

    About Southside Bancshares, Inc.

    Southside Bancshares, Inc. is a bank holding company with approximately $8.34 billion in assets as of June 30, 2025, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 71 ATMs/ITMs.

    To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com.

    Forward-Looking Statements

    Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements. For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company’s ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate changes, tax reform, inflation, tariffs, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations, including the impact of changes in interest rates on our financial projections, models and guidance, and general economic and recessionary concerns, as well as the effects of declines in the real estate market, tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment and increasing insurance costs, as well as the financial stress to borrowers as a result of the foregoing, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, and our ability to manage liquidity in a rapidly changing and unpredictable market.

    Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

    Southside Bancshares, Inc.
    Consolidated Financial Summary (Unaudited)
    (Dollars in thousands)
     
      As of
        2025       2024  
      Jun 30,   Mar 31,   Dec 31,   Sep 30,   Jun 30,
    ASSETS                  
    Cash and due from banks $ 109,669     $ 103,359     $ 91,409     $ 130,147     $ 114,283  
    Interest earning deposits   260,357       293,364       281,945       333,825       272,469  
    Federal funds sold   20,069       34,248       52,807       22,325       65,244  
    Securities available for sale, at estimated fair value   1,457,124       1,457,939       1,533,894       1,408,437       1,405,944  
    Securities held to maturity, at net carrying value   1,272,906       1,278,330       1,279,234       1,288,403       1,305,975  
    Total securities   2,730,030       2,736,269       2,813,128       2,696,840       2,711,919  
    Federal Home Loan Bank stock, at cost   24,384       34,208       33,818       40,291       32,991  
    Loans held for sale   428       903       1,946       768       1,352  
    Loans   4,601,933       4,567,239       4,661,597       4,578,048       4,589,365  
    Less: Allowance for loan losses   (44,421 )     (44,623 )     (44,884 )     (44,276 )     (42,407 )
    Net loans   4,557,512       4,522,616       4,616,713       4,533,772       4,546,958  
    Premises & equipment, net   147,263       142,245       141,648       138,811       138,489  
    Goodwill   201,116       201,116       201,116       201,116       201,116  
    Other intangible assets, net   1,333       1,531       1,754       2,003       2,281  
    Bank owned life insurance   138,826       137,962       138,313       137,489       136,903  
    Other assets   148,979       135,479       142,851       124,876       133,697  
    Total assets $ 8,339,966     $ 8,343,300     $ 8,517,448     $ 8,362,263     $ 8,357,702  
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY                  
    Noninterest bearing deposits $ 1,368,453     $ 1,379,641     $ 1,357,152     $ 1,377,022     $ 1,366,924  
    Interest bearing deposits   5,263,511       5,211,210       5,297,096       5,058,680       5,129,008  
    Total deposits   6,631,964       6,590,851       6,654,248       6,435,702       6,495,932  
    Other borrowings and Federal Home Loan Bank borrowings   611,367       691,417       808,352       865,856       763,700  
    Subordinated notes, net of unamortized debt
    issuance costs    		   92,115       92,078       92,042       92,006       91,970  
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,277       60,276       60,274       60,273       60,272  
    Other liabilities   137,043       92,055       90,590       103,172       144,858  
    Total liabilities   7,532,766       7,526,677       7,705,506       7,557,009       7,556,732  
    Shareholders’ equity   807,200       816,623       811,942       805,254       800,970  
    Total liabilities and shareholders’ equity $ 8,339,966     $ 8,343,300     $ 8,517,448     $ 8,362,263     $ 8,357,702  
     
    Southside Bancshares, Inc.
    Consolidated Financial Summary (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
        2025       2024  
      Jun 30,   Mar 31,   Dec 31,   Sep 30,   Jun 30,
    Income Statement:                  
    Total interest and dividend income $ 98,562     $ 100,288     $ 101,689     $ 105,703     $ 104,186  
    Total interest expense   44,296       46,436       47,982       50,239       50,578  
    Net interest income   54,266       53,852       53,707       55,464       53,608  
    Provision for (reversal of) credit losses   622       758       1,384       2,389       (485 )
    Net interest income after provision for (reversal of) credit losses   53,644       53,094       52,323       53,075       54,093  
    Noninterest income                  
    Deposit services   6,125       5,829       6,084       6,199       6,157  
    Net gain (loss) on sale of securities available for sale   —       (554 )     —       (1,929 )     (563 )
    Gain (loss) on sale of loans   99       55       138       115       220  
    Trust fees   1,879       1,765       1,773       1,628       1,456  
    Bank owned life insurance   833       799       848       857       1,767  
    Brokerage services   1,219       1,120       1,054       1,068       1,081  
    Other   1,990       1,209       2,384       233       1,439  
    Total noninterest income   12,145       10,223       12,281       8,171       11,557  
    Noninterest expense                  
    Salaries and employee benefits   22,272       22,382       22,960       22,233       21,984  
    Net occupancy   3,621       3,404       3,629       3,613       3,750  
    Advertising, travel & entertainment   950       924       884       734       795  
    ATM expense   405       378       378       412       368  
    Professional fees   1,401       1,520       1,645       1,206       1,075  
    Software and data processing   3,027       2,839       2,931       2,951       2,860  
    Communications   342       383       320       423       410  
    FDIC insurance   955       947       931       939       977  
    Amortization of intangibles   198       223       249       278       307  
    Other   6,086       4,089       4,232       3,543       3,239  
    Total noninterest expense   39,257       37,089       38,159       36,332       35,765  
    Income before income tax expense   26,532       26,228       26,445       24,914       29,885  
    Income tax expense   4,719       4,721       4,659       4,390       5,212  
    Net income $ 21,813     $ 21,507     $ 21,786     $ 20,524     $ 24,673  
                       
    Common Share Data:      
    Weighted-average basic shares outstanding   30,234       30,390       30,343       30,286       30,280  
    Weighted-average diluted shares outstanding   30,308       30,483       30,459       30,370       30,312  
    Common shares outstanding end of period   30,082       30,410       30,379       30,308       30,261  
    Earnings per common share                  
    Basic $ 0.72     $ 0.71     $ 0.72     $ 0.68     $ 0.81  
    Diluted   0.72       0.71       0.71       0.68       0.81  
    Book value per common share   26.83       26.85       26.73       26.57       26.47  
    Tangible book value per common share   20.10       20.19       20.05       19.87       19.75  
    Cash dividends paid per common share   0.36       0.36       0.36       0.36       0.36  
                       
    Selected Performance Ratios:                  
    Return on average assets   1.07 %     1.03 %     1.03 %     0.98 %     1.19 %
    Return on average shareholders’ equity   10.73       10.57       10.54       10.13       12.46  
    Return on average tangible common equity (1)   14.38       14.14       14.12       13.69       16.90  
    Average yield on earning assets (FTE) (1)   5.25       5.23       5.24       5.51       5.45  
    Average rate on interest bearing liabilities   2.98       3.03       3.12       3.28       3.32  
    Net interest margin (FTE) (1)   2.95       2.86       2.83       2.95       2.87  
    Net interest spread (FTE) (1)   2.27       2.20       2.12       2.23       2.13  
    Average earning assets to average interest bearing liabilities   129.33       128.10       129.55       128.51       128.62  
    Noninterest expense to average total assets   1.92       1.78       1.80       1.73       1.72  
    Efficiency ratio (FTE) (1)   53.70       55.04       54.00       51.90       52.71  
    (1) Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
       
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
        2025       2024  
      Jun 30,   Mar 31,   Dec 31,   Sep 30,   Jun 30,
    Nonperforming Assets: $ 32,909     $ 32,193     $ 3,589     $ 7,656     $ 6,918  
    Nonaccrual loans   4,998       4,254       3,185       7,254       6,110  
    Accruing loans past due more than 90 days   —       —       —       —       —  
    Restructured loans   27,512       27,505       2       —       145  
    Other real estate owned   380       388       388       388       648  
    Repossessed assets   19       46       14       14       15  
                       
    Asset Quality Ratios:                  
    Ratio of nonaccruing loans to:                  
    Total loans   0.11 %     0.09 %     0.07 %     0.16 %     0.13 %
    Ratio of nonperforming assets to:                  
    Total assets   0.39       0.39       0.04       0.09       0.08  
    Total loans   0.72       0.70       0.08       0.17       0.15  
    Total loans and OREO   0.72       0.70       0.08       0.17       0.15  
    Ratio of allowance for loan losses to:                  
    Nonaccruing loans   888.78       1,048.97       1,409.23       610.37       694.06  
    Nonperforming assets   134.98       138.61       1,250.60       578.32       613.00  
    Total loans   0.97       0.98       0.96       0.97       0.92  
    Net charge-offs (recoveries) to average loans outstanding   0.08       0.03       0.08       0.04       0.02  
                       
    Capital Ratios:                  
    Shareholders’ equity to total assets   9.68       9.79       9.53       9.63       9.58  
    Common equity tier 1 capital   13.36       13.44       13.04       13.07       12.72  
    Tier 1 risk-based capital   14.41       14.49       14.07       14.12       13.76  
    Total risk-based capital   16.91       17.01       16.49       16.59       16.16  
    Tier 1 leverage capital   10.03       9.73       9.67       9.61       9.40  
    Period end tangible equity to period end tangible assets (1)   7.43       7.54       7.33       7.38       7.33  
    Average shareholders’ equity to average total assets   9.94       9.75       9.76       9.67       9.52  

     

    (1) Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
       
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
        2025       2024  
    Loan Portfolio Composition Jun 30,   Mar 31,   Dec 31,   Sep 30,   Jun 30,
    Real Estate Loans:                  
    Construction $ 470,380     $ 458,101     $ 537,827     $ 585,817     $ 546,040  
    1-4 Family Residential   736,108       741,432       740,396       755,406       738,037  
    Commercial   2,606,072       2,577,229       2,579,735       2,422,612       2,472,771  
    Commercial Loans   380,612       371,643       363,167       358,854       359,807  
    Municipal Loans   363,746       371,271       390,968       402,041       416,986  
    Loans to Individuals   45,015       47,563       49,504       53,318       55,724  
    Total Loans $ 4,601,933     $ 4,567,239     $ 4,661,597     $ 4,578,048     $ 4,589,365  
                       
    Summary of Changes in Allowances:                  
    Allowance for Securities Held to Maturity                  
    Balance at beginning of period $ 64     $ —     $ —     $ —     $ —  
    Provision for (reversal of) securities held to maturity   (9 )     64       —       —       —  
    Balance at end of period $ 55     $ 64     $ —     $ —     $ —  
                       
    Allowance for Loan Losses                  
    Balance at beginning of period $ 44,623     $ 44,884     $ 44,276     $ 42,407     $ 43,557  
    Loans charged-off   (1,194 )     (613 )     (1,232 )     (773 )     (721 )
    Recoveries of loans charged-off   342       310       277       365       444  
    Net loans (charged-off) recovered   (852 )     (303 )     (955 )     (408 )     (277 )
    Provision for (reversal of) loan losses   650       42       1,563       2,277       (873 )
    Balance at end of period $ 44,421     $ 44,623     $ 44,884     $ 44,276     $ 42,407  
                       
    Allowance for Off-Balance-Sheet Credit Exposures                  
    Balance at beginning of period $ 3,793     $ 3,141     $ 3,320     $ 3,208     $ 2,820  
    Provision for (reversal of) off-balance-sheet credit exposures   (19 )     652       (179 )     112       388  
    Balance at end of period $ 3,774     $ 3,793     $ 3,141     $ 3,320     $ 3,208  
    Total Allowance for Credit Losses $ 48,250     $ 48,480     $ 48,025     $ 47,596     $ 45,615  
     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Six Months Ended
      June 30,
        2025       2024  
    Income Statement:      
    Total interest and dividend income $ 198,850     $ 206,944  
    Total interest expense   90,732       99,988  
    Net interest income   108,118       106,956  
    Provision for (reversal of) credit losses   1,380       (427 )
    Net interest income after provision for (reversal of) credit losses   106,738       107,383  
    Noninterest income      
    Deposit services   11,954       12,142  
    Net gain (loss) on sale of securities available for sale   (554 )     (581 )
    Gain (loss) on sale of loans   154       (216 )
    Trust fees   3,644       2,792  
    Bank owned life insurance   1,632       2,551  
    Brokerage services   2,339       2,095  
    Other   3,199       2,498  
    Total noninterest income   22,368       21,281  
    Noninterest expense      
    Salaries and employee benefits   44,654       45,097  
    Net occupancy   7,025       7,112  
    Advertising, travel & entertainment   1,874       1,745  
    ATM expense   783       693  
    Professional fees   2,921       2,229  
    Software and data processing   5,866       5,716  
    Communications   725       859  
    FDIC insurance   1,902       1,920  
    Amortization of intangibles   421       644  
    Other   10,175       6,631  
    Total noninterest expense   76,346       72,646  
    Income before income tax expense   52,760       56,018  
    Income tax expense   9,440       9,834  
    Net income $ 43,320     $ 46,184  
    Common Share Data:      
    Weighted-average basic shares outstanding   30,311       30,271  
    Weighted-average diluted shares outstanding   30,397       30,310  
    Common shares outstanding end of period   30,082       30,261  
    Earnings per common share      
    Basic $ 1.43     $ 1.52  
    Diluted   1.42       1.52  
    Book value per common share   26.83       26.47  
    Tangible book value per common share   20.10       19.75  
    Cash dividends paid per common share   0.72       0.72  
           
    Selected Performance Ratios:      
    Return on average assets   1.05 %     1.11 %
    Return on average shareholders’ equity   10.65       11.74  
    Return on average tangible common equity (1)   14.26       15.99  
    Average yield on earning assets (FTE) (1)   5.24       5.42  
    Average rate on interest bearing liabilities   3.01       3.27  
    Net interest margin (FTE) (1)   2.91       2.87  
    Net interest spread (FTE) (1)   2.23       2.15  
    Average earning assets to average interest bearing liabilities   128.71       128.16  
    Noninterest expense to average total assets   1.85       1.74  
    Efficiency ratio (FTE) (1)   54.36       54.11  

     

    (1) Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
       
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Six Months Ended
      June 30,
        2025       2024  
    Nonperforming Assets: $ 32,909     $ 6,918  
    Nonaccrual loans   4,998       6,110  
    Accruing loans past due more than 90 days   —       —  
    Restructured loans   27,512       145  
    Other real estate owned   380       648  
    Repossessed assets   19       15  
           
    Asset Quality Ratios:      
    Ratio of nonaccruing loans to:      
    Total loans   0.11 %     0.13 %
    Ratio of nonperforming assets to:      
    Total assets   0.39       0.08  
    Total loans   0.72       0.15  
    Total loans and OREO   0.72       0.15  
    Ratio of allowance for loan losses to:      
    Nonaccruing loans   888.78       694.06  
    Nonperforming assets   134.98       613.00  
    Total loans   0.97       0.92  
    Net charge-offs (recoveries) to average loans outstanding   0.05       0.02  
           
    Capital Ratios:      
    Shareholders’ equity to total assets   9.68       9.58  
    Common equity tier 1 capital   13.36       12.72  
    Tier 1 risk-based capital   14.41       13.76  
    Total risk-based capital   16.91       16.16  
    Tier 1 leverage capital   10.03       9.40  
    Period end tangible equity to period end tangible assets (1)   7.43       7.33  
    Average shareholders’ equity to average total assets   9.84       9.43  
    (1)  Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
       
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Six Months Ended
      June 30,
    Loan Portfolio Composition   2025       2024  
    Real Estate Loans:      
    Construction $ 470,380     $ 546,040  
    1-4 Family Residential   736,108       738,037  
    Commercial   2,606,072       2,472,771  
    Commercial Loans   380,612       359,807  
    Municipal Loans   363,746       416,986  
    Loans to Individuals   45,015       55,724  
    Total Loans $ 4,601,933     $ 4,589,365  
           
    Summary of Changes in Allowances:      
    Allowance for Securities Held to Maturity      
    Balance at beginning of period $ —     $ —  
    Provision for (reversal of) securities held to maturity   55       —  
    Balance at end of period $ 55     $ —  
           
    Summary of Changes in Allowances:      
    Allowance for Loan Losses      
    Balance at beginning of period $ 44,884     $ 42,674  
    Loans charged-off   (1,807 )     (1,355 )
    Recoveries of loans charged-off   652       791  
    Net loans (charged-off) recovered   (1,155 )     (564 )
    Provision for (reversal of) loan losses   692       297  
    Balance at end of period $ 44,421     $ 42,407  
           
    Allowance for Off-Balance-Sheet Credit Exposures      
    Balance at beginning of period $ 3,141     $ 3,932  
    Provision for (reversal of) off-balance-sheet credit exposures   633       (724 )
    Balance at end of period $ 3,774     $ 3,208  
    Total Allowance for Credit Losses $ 48,250     $ 45,615  
     

    The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information.

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      June 30, 2025   March 31, 2025
      Average Balance   Interest   Average Yield/Rate (3)   Average Balance   Interest   Average Yield/Rate (3)
    ASSETS                      
    Loans (1) $ 4,519,668     $ 67,798   6.02 %   $ 4,625,902     $ 68,160   5.98 %
    Loans held for sale   1,108       16   5.79 %     752       11   5.93 %
    Securities:                      
    Taxable investment securities (2)   735,669       6,205   3.38 %     749,155       6,363   3.44 %
    Tax-exempt investment securities (2)   1,130,903       10,351   3.67 %     1,134,590       10,253   3.66 %
    Mortgage-backed and related securities (2)   1,003,887       13,040   5.21 %     1,041,038       13,523   5.27 %
    Total securities   2,870,459       29,596   4.14 %     2,924,783       30,139   4.18 %
    Federal Home Loan Bank stock, at cost, and equity investments   31,169       524   6.74 %     43,285       483   4.53 %
    Interest earning deposits   259,617       2,753   4.25 %     319,889       3,370   4.27 %
    Federal funds sold   27,778       308   4.45 %     43,813       478   4.42 %
    Total earning assets   7,709,799       100,995   5.25 %     7,958,424       102,641   5.23 %
    Cash and due from banks   84,419               89,703          
    Accrued interest and other assets   452,573               457,948          
    Less: Allowance for loan losses   (44,747 )             (45,105 )        
    Total assets $ 8,202,044             $ 8,460,970          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 596,125       1,451   0.98 %   $ 593,953       1,429   0.98 %
    Certificates of deposit   1,407,017       14,905   4.25 %     1,336,815       14,406   4.37 %
    Interest bearing demand accounts   3,311,330       21,071   2.55 %     3,406,342       21,412   2.55 %
    Total interest bearing deposits   5,314,472       37,427   2.82 %     5,337,110       37,247   2.83 %
    Federal Home Loan Bank borrowings   394,119       3,721   3.79 %     614,897       5,837   3.85 %
    Subordinated notes, net of unamortized debt issuance costs   92,097       935   4.07 %     92,060       932   4.11 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,276       1,015   6.75 %     60,275       1,014   6.82 %
    Repurchase agreements   72,295       634   3.52 %     75,291       666   3.59 %
    Other borrowings   28,022       564   8.07 %     33,061       740   9.08 %
    Total interest bearing liabilities   5,961,281       44,296   2.98 %     6,212,694       46,436   3.03 %
    Noninterest bearing deposits   1,339,463               1,334,933          
    Accrued expenses and other liabilities   85,827               88,450          
    Total liabilities   7,386,571               7,636,077          
    Shareholders’ equity   815,473               824,893          
    Total liabilities and shareholders’ equity $ 8,202,044             $ 8,460,970          
    Net interest income (FTE)     $ 56,699           $ 56,205    
    Net interest margin (FTE)         2.95 %           2.86 %
    Net interest spread (FTE)         2.27 %           2.20 %
    (1) Interest on loans includes net fees on loans that are not material in amount.
    (2) For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
    (3) Yield/rate includes the impact of applicable derivatives.
       

    Note: As of June 30, 2025 and March 31, 2025, loans totaling $5.0 million and $4.3 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      December 31, 2024   September 30, 2024
      Average Balance   Interest   Average Yield/Rate (3)   Average Balance   Interest   Average Yield/Rate (3)
    ASSETS                      
    Loans (1) $ 4,604,175     $ 70,155   6.06 %   $ 4,613,028     $ 72,493   6.25 %
    Loans held for sale   1,562       23   5.86 %     871       11   5.02 %
    Securities:                      
    Taxable investment securities (2)   784,321       6,949   3.52 %     791,914       7,150   3.59 %
    Tax-exempt investment securities (2)   1,138,271       10,793   3.77 %     1,174,445       11,825   4.01 %
    Mortgage-backed and related securities (2)   1,031,187       12,043   4.65 %     886,325       11,976   5.38 %
    Total securities   2,953,779       29,785   4.01 %     2,852,684       30,951   4.32 %
    Federal Home Loan Bank stock, at cost, and equity investments   37,078       591   6.34 %     41,159       582   5.63 %
    Interest earning deposits   273,656       3,160   4.59 %     281,313       3,798   5.37 %
    Federal funds sold   43,121       508   4.69 %     33,971       488   5.71 %
    Total earning assets   7,913,371       104,222   5.24 %     7,823,026       108,323   5.51 %
    Cash and due from banks   102,914               100,578          
    Accrued interest and other assets   454,387               455,091          
    Less: Allowance for loan losses   (44,418 )             (42,581 )        
    Total assets $ 8,426,254             $ 8,336,114          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 594,196       1,456   0.97 %   $ 598,116       1,490   0.99 %
    Certificates of deposit   1,187,800       13,537   4.53 %     1,087,613       12,647   4.63 %
    Interest bearing demand accounts   3,459,122       23,468   2.70 %     3,409,911       24,395   2.85 %
    Total interest bearing deposits   5,241,118       38,461   2.92 %     5,095,640       38,532   3.01 %
    Federal Home Loan Bank borrowings   572,993       5,557   3.86 %     618,708       6,488   4.17 %
    Subordinated notes, net of unamortized debt issuance costs   92,024       945   4.09 %     91,988       937   4.05 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,274       1,095   7.23 %     60,273       1,180   7.79 %
    Repurchase agreements   80,891       782   3.85 %     83,297       899   4.29 %
    Other borrowings   61,196       1,142   7.42 %     137,482       2,203   6.37 %
    Total interest bearing liabilities   6,108,496       47,982   3.12 %     6,087,388       50,239   3.28 %
    Noninterest bearing deposits   1,383,204               1,344,165          
    Accrued expenses and other liabilities   112,320               98,331          
    Total liabilities   7,604,020               7,529,884          
    Shareholders’ equity   822,234               806,230          
    Total liabilities and shareholders’ equity $ 8,426,254             $ 8,336,114          
    Net interest income (FTE)     $ 56,240           $ 58,084    
    Net interest margin (FTE)         2.83 %           2.95 %
    Net interest spread (FTE)         2.12 %           2.23 %
    (1) Interest on loans includes net fees on loans that are not material in amount.
    (2) For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
    (3) Yield/rate includes the impact of applicable derivatives.
       

    Note: As of December 31, 2024 and September 30, 2024, loans totaling $3.2 million and $7.3 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      June 30, 2024
      Average Balance   Interest   Average Yield/Rate (3)
    ASSETS          
    Loans (1) $ 4,595,980     $ 70,293   6.15 %
    Loans held for sale   1,489       24   6.48 %
    Securities:          
    Taxable investment securities (2)   783,856       7,009   3.60 %
    Tax-exempt investment securities (2)   1,254,097       12,761   4.09 %
    Mortgage-backed and related securities (2)   830,504       11,084   5.37 %
    Total securities   2,868,457       30,854   4.33 %
    Federal Home Loan Bank stock, at cost, and equity investments   40,467       573   5.69 %
    Interest earning deposits   300,047       4,105   5.50 %
    Federal funds sold   75,479       1,021   5.44 %
    Total earning assets   7,881,919       106,870   5.45 %
    Cash and due from banks   110,102          
    Accrued interest and other assets   424,323          
    Less: Allowance for loan losses   (43,738 )        
    Total assets $ 8,372,606          
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Savings accounts $ 604,753       1,454   0.97 %
    Certificates of deposit   1,020,099       11,630   4.59 %
    Interest bearing demand accounts   3,513,068       25,382   2.91 %
    Total interest bearing deposits   5,137,920       38,466   3.01 %
    Federal Home Loan Bank borrowings   606,851       6,455   4.28 %
    Subordinated notes, net of unamortized debt issuance costs   92,017       936   4.09 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,271       1,171   7.81 %
    Repurchase agreements   88,007       955   4.36 %
    Other borrowings   143,169       2,595   7.29 %
    Total interest bearing liabilities   6,128,235       50,578   3.32 %
    Noninterest bearing deposits   1,346,274          
    Accrued expenses and other liabilities   101,399          
    Total liabilities   7,575,908          
    Shareholders’ equity   796,698          
    Total liabilities and shareholders’ equity $ 8,372,606          
    Net interest income (FTE)     $ 56,292    
    Net interest margin (FTE)         2.87 %
    Net interest spread (FTE)         2.13 %

     

    (1) Interest on loans includes net fees on loans that are not material in amount.
    (2) For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
    (3) Yield/rate includes the impact of applicable derivatives.
       

    Note: As of June 30, 2024, loans totaling $6.1 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Six Months Ended
      June 30, 2025   June 30, 2024
      Average Balance   Interest   Average Yield/Rate   Average Balance   Interest   Average Yield/Rate
    ASSETS                      
    Loans (1) $ 4,572,492     $ 135,958   6.00 %   $ 4,577,791     $ 139,142   6.11 %
    Loans held for sale   931       27   5.85 %     5,162       42   1.64 %
    Securities:                      
    Taxable investment securities (2)   742,375       12,568   3.41 %     782,139       13,976   3.59 %
    Tax-exempt investment securities (2)   1,132,736       20,604   3.67 %     1,270,010       25,929   4.11 %
    Mortgage-backed and related securities (2)   1,022,360       26,563   5.24 %     797,608       21,203   5.35 %
    Total securities   2,897,471       59,735   4.16 %     2,849,757       61,108   4.31 %
    Federal Home Loan Bank stock, at cost, and equity investments   37,194       1,007   5.46 %     40,265       906   4.52 %
    Interest earning deposits   289,586       6,123   4.26 %     340,114       9,307   5.50 %
    Federal funds sold   35,751       786   4.43 %     69,039       1,859   5.41 %
    Total earning assets   7,833,425       203,636   5.24 %     7,882,128       212,364   5.42 %
    Cash and due from banks   87,046               112,241          
    Accrued interest and other assets   455,245               432,904          
    Less: Allowance for loan losses   (44,925 )             (43,356 )        
    Total assets $ 8,330,791             $ 8,383,917          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 595,045       2,880   0.98 %   $ 604,641       2,878   0.96 %
    Certificates of deposit   1,372,110       29,311   4.31 %     981,023       21,971   4.50 %
    Interest bearing demand accounts   3,358,573       42,483   2.55 %     3,574,001       51,815   2.92 %
    Total interest bearing deposits   5,325,728       74,674   2.83 %     5,159,665       76,664   2.99 %
    Federal Home Loan Bank borrowings   503,898       9,558   3.83 %     606,942       12,405   4.11 %
    Subordinated notes, net of unamortized debt issuance costs   92,079       1,867   4.09 %     92,956       1,892   4.09 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,275       2,029   6.79 %     60,271       2,346   7.83 %
    Repurchase agreements   73,785       1,300   3.55 %     90,092       1,922   4.29 %
    Other borrowings   30,528       1,304   8.61 %     140,228       4,759   6.82 %
    Total interest bearing liabilities   6,086,293       90,732   3.01 %     6,150,154       99,988   3.27 %
    Noninterest bearing deposits   1,337,210               1,342,329          
    Accrued expenses and other liabilities   87,131               100,558          
    Total liabilities   7,510,634               7,593,041          
    Shareholders’ equity   820,157               790,876          
    Total liabilities and shareholders’ equity $ 8,330,791             $ 8,383,917          
    Net interest income (FTE)     $ 112,904           $ 112,376    
    Net interest margin (FTE)         2.91 %           2.87 %
    Net interest spread (FTE)         2.23 %           2.15 %
    (1) Interest on loans includes net fees on loans that are not material in amount.
    (2) For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.
       

    Note: As of June 30, 2025 and 2024, loans totaling $5.0 million and $6.1 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

    The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented.

    Southside Bancshares, Inc.
    Non-GAAP Reconciliation (Unaudited)
    (Dollars and shares in thousands, except per share data)
     
        Three Months Ended   Six Months Ended
          2025       2024       2025       2024  
        Jun 30,   Mar 31,   Dec 31,   Sep 30,   Jun 30,   Jun 30,   Jun 30,
    Reconciliation of return on average common equity to return on average tangible common equity:                            
    Net income   $ 21,813     $ 21,507     $ 21,786     $ 20,524     $ 24,673     $ 43,320     $ 46,184  
    After-tax amortization expense     157       176       196       220       243       333       509  
    Adjusted net income available to common shareholders   $ 21,970     $ 21,683     $ 21,982     $ 20,744     $ 24,916     $ 43,653     $ 46,693  
                                 
    Average shareholders’ equity   $ 815,473     $ 824,893     $ 822,234     $ 806,230     $ 796,698     $ 820,157     $ 790,876  
    Less: Average intangibles for the period     (202,569 )     (202,784 )     (203,020 )     (203,288 )     (203,581 )     (202,676 )     (203,745 )
    Average tangible shareholders’ equity   $ 612,904     $ 622,109     $ 619,214     $ 602,942     $ 593,117     $ 617,481     $ 587,131  
                                 
    Return on average tangible common equity     14.38 %     14.14 %     14.12 %     13.69 %     16.90 %     14.26 %     15.99 %
                                 
    Reconciliation of book value per share to tangible book value per share:                            
    Common equity at end of period   $ 807,200     $ 816,623     $ 811,942     $ 805,254     $ 800,970     $ 807,200     $ 800,970  
    Less: Intangible assets at end of period     (202,449 )     (202,647 )     (202,870 )     (203,119 )     (203,397 )     (202,449 )     (203,397 )
    Tangible common shareholders’ equity at end of period   $ 604,751     $ 613,976     $ 609,072     $ 602,135     $ 597,573     $ 604,751     $ 597,573  
                                 
    Total assets at end of period   $ 8,339,966     $ 8,343,300     $ 8,517,448     $ 8,362,263     $ 8,357,702     $ 8,339,966     $ 8,357,702  
    Less: Intangible assets at end of period     (202,449 )     (202,647 )     (202,870 )     (203,119 )     (203,397 )     (202,449 )     (203,397 )
    Tangible assets at end of period   $ 8,137,517     $ 8,140,653     $ 8,314,578     $ 8,159,144     $ 8,154,305     $ 8,137,517     $ 8,154,305  
                                 
    Period end tangible equity to period end tangible assets     7.43 %     7.54 %     7.33 %     7.38 %     7.33 %     7.43 %     7.33 %
                                 
    Common shares outstanding end of period     30,082       30,410       30,379       30,308       30,261       30,082       30,261  
    Tangible book value per common share   $ 20.10     $ 20.19     $ 20.05     $ 19.87     $ 19.75     $ 20.10     $ 19.75  
                                 
    Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE):                            
    Net interest income (GAAP)   $ 54,266     $ 53,852     $ 53,707     $ 55,464     $ 53,608     $ 108,118     $ 106,956  
    Tax-equivalent adjustments:                            
    Loans     565       581       598       608       633       1,146       1,289  
    Tax-exempt investment securities     1,868       1,772       1,935       2,012       2,051       3,640       4,131  
    Net interest income (FTE) (1)     56,699       56,205       56,240       58,084       56,292       112,904       112,376  
    Noninterest income     12,145       10,223       12,281       8,171       11,557       22,368       21,281  
    Nonrecurring income (2)     —       554       (25 )     2,797       (576 )     554       (558 )
    Total revenue   $ 68,844     $ 66,982     $ 68,496     $ 69,052     $ 67,273     $ 135,826     $ 133,099  
                                 
    Noninterest expense   $ 39,257     $ 37,089     $ 38,159     $ 36,332     $ 35,765     $ 76,346     $ 72,646  
    Pre-tax amortization expense     (198 )     (223 )     (249 )     (278 )     (307 )     (421 )     (644 )
    Nonrecurring expense (3)     (2,090 )     (1 )     (919 )     (219 )     2       (2,091 )     19  
    Adjusted noninterest expense   $ 36,969     $ 36,865     $ 36,991     $ 35,835     $ 35,460     $ 73,834     $ 72,021  
                                 
    Efficiency ratio     55.67 %     57.04 %     56.08 %     53.94 %     54.90 %     56.34 %     56.41 %
    Efficiency ratio (FTE) (1)     53.70 %     55.04 %     54.00 %     51.90 %     52.71 %     54.36 %     54.11 %
                                 
    Average earning assets   $ 7,709,799     $ 7,958,424     $ 7,913,371     $ 7,823,026     $ 7,881,919     $ 7,833,425     $ 7,882,128  
                                 
    Net interest margin     2.82 %     2.74 %     2.70 %     2.82 %     2.74 %     2.78 %     2.73 %
    Net interest margin (FTE) (1)     2.95 %     2.86 %     2.83 %     2.95 %     2.87 %     2.91 %     2.87 %
                                 
    Net interest spread     2.15 %     2.08 %     1.99 %     2.10 %     2.00 %     2.11 %     2.01 %
    Net interest spread (FTE) (1)     2.27 %     2.20 %     2.12 %     2.23 %     2.13 %     2.23 %     2.15 %
    (1) These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.
    (2) These adjustments may include net gain or loss on sale of securities available for sale, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.
    (3) These adjustments may include foreclosure expenses, branch closure expenses and other miscellaneous expense, in the periods where applicable.

    The MIL Network –

  • MIL-OSI Africa: KZN Treasury withdraws support to Umkhanyakude District Municipality

    Source: Government of South Africa

    KwaZulu-Natal Treasury has officially withdrawn its financial support services to Umkhanyakude District Municipality, citing concerns over wasteful expenditure and lack of cooperation from municipal officials.

    Finance MEC Francois Rodgers confirmed the decision in a formal letter addressed to the municipality’s mayor, Siphile Mdaka, on Thursday.

    Rodgers said the decision was taken in a bid to conserve provincial government resources and redirect them where it is possible to work freely in the spirit of building a capable and ethical state.

    According to the MEC, KZN Treasury teams had on various occasions travelled to Umkhanyakhude a day in advance, to facilitate a full productive day with municipal officials.

    However, the teams have often found themselves subjected to late cancellations of sessions by municipal officials, either the evening before, the mornings of scheduled meetings.

    “These [recurring late cancellations] has resulted in fruitless and wasteful expenditure being incurred by KZN Provincial Treasury,” Rodgers said.

    In his letter to the mayor, Rodgers emphasised that Treasury has limited resources, and in determining which municipalities to support; the municipal manager is required to “commit to the initiative and to provide assurance that the Treasury teams will receive full cooperation.”

    “This clearly has not happened, and I have therefore instructed my team to withdraw from the municipality and to reassign the resources to other municipalities that desperately require our support,” Rodgers said.

    Intervention in municipality

    The withdrawal of support comes as Umkhanyakude District Municipality faces heightened scrutiny.

    KwaZulu-Natal MEC for Cooperative Governance and Traditional Affairs (COGTA), Thulasizwe Buthelezi, recently invoked Section 139(1)(b) of the Constitution to place the municipality under administration.

    The section empowers the provincial government to intervene when a municipality fails to fulfil its constitutional mandate to deliver services.

    Buthelezi has launched a forensic investigation under Section 106 of the Municipal Systems Act to probe allegations of corruption and maladministration within the municipality.

    “This investigation, being conducted in terms of Section 106 of the Municipal Systems Act, aims to thoroughly examine the various allegations. The intervention will ensure that officials are held accountable should any wrongdoing be uncovered by the investigators,” Buthelezi said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Sierra Leone and African Development Bank Target $90 Billion in Annual Illicit Financial Flows

    Source: APO

    A four-day high-level seminar concluded last week with concrete recommendations to combat the estimated $90 billion that Africa loses annually to illicit financial flows, as the African Development Bank Group (www.AfDB.org) and Sierra Leone Government intensify efforts to strengthen natural resource governance.

    More than 70 stakeholders from government, civil society, private sector, and international organizations gathered at The Place Resort in Tokeh  under the theme “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development.” Illicit financial flows are among Africa’s most pressing economic challenges.

    The dialogue produced specific policy recommendations, including establishing national communities of practice, implementing institutional reforms, and enhancing transparency in resource-backed lending (RBL). Participants agreed that RBLs should be treated as “an option of last resort” and used only with maximum transparency and for investments that directly contribute to repayment capacity.

    “This initiative can help us improve revenue from natural resources by blocking leakages through illegal natural resource trade and improved management of resource-backed lending,” said Sierra Leone’s Finance Minister Sheku Ahmed Fantamadi Bangura.

    The workshop sessions focused on identifying illicit financial flows, managing resource-backed lending, and developing transparent governance mechanisms. Participants reviewed findings from the Sierra Leone Country Diagnostic Report, which examined illegal natural resource trade and institutional capacity gaps.

    International expert Bernd Schlenter from Rand Sandton Consulting Group presented technical insights on illicit financial flows patterns and policy recommendations during the intensive sessions.

    Halima Hashi, African Development Bank Country Manager for Sierra Leone, noted the project aligns with the Bank’s Ten-Year Strategy 2024-2033 and Natural Resources Management and Investment Action Plan 2025-2029.

    Broader Impact

    The GONAT Project, funded by the African Development Bank’s Transitional Support Facility, has three pillars: policy analysis and diagnostics, capacity strengthening, and high-level policy dialogue. The initiative supports the African Development Bank’s mission to optimize Africa’s natural wealth for inclusive prosperity.

    “Achieving transparent and equitable natural resource management is not merely a technical exercise—it is a strategic imperative for Africa’s future,” said Dr. Eric Ogunleye, Director of the African Development Bank’s African Development Institute.

    The seminar produced a draft communique for national adoption, with participants pledging to transform the policy recommendations into actionable reforms.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media Contact:
    Natalie Nkembuh
    Communication and Media Relations Department
    media@afdb.org

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI Africa: Final Preparatory Meeting of the Commission de la Jeunesse et des Sports de l’Océan Indien (CJSOI) 2025 Organising Committee Chaired by President Ramkalawan

    Source: APO


    .

    The President of the Republic of Seychelles, Mr. Wavel Ramkalawan, today chaired a high-level preparatory meeting of the Organising Committee for the 13th edition of the Commission de la Jeunesse et des Sports de l’Océan Indien (CJSOI) Games, which Seychelles is proud to host from 1st to 11th August 2025.

    Held at State House, the meeting brought together all key stakeholders, including senior government officials, representatives of the Local Organising Committee, law enforcement and emergency services, youth and sports authorities, volunteers’ coordinators, and partners from both the public and private sectors.

    The meeting served as a comprehensive final review of operational readiness across key sectors, including logistics, infrastructure, security, medical services, and transportation. It also assessed the overall experience being curated for athletes and delegations from the Indian Ocean region. The President was briefed on progress and final preparations in each area, aimed at ensuring a successful and memorable edition of the Games.

    President Ramkalawan expressed his satisfaction with the level of commitment demonstrated by all teams involved and reiterated the importance of national unity, hospitality, and professionalism in showcasing Seychelles to the region. He commended the efforts of all those who have contributed to the months of planning and coordination leading up to the event.

    “The CJSOI Games is not just a sporting event—it is a celebration of youth, culture, and regional solidarity. As hosts, we have the opportunity to make this edition a legacy moment for our young people and the entire nation. Let us work together to deliver an exceptional event that reflects the warmth and spirit of Seychelles,” said President Ramkalawan.

    The 2025 CJSOI Games will see participation from seven member countries, with hundreds of young athletes competing across various disciplines, alongside cultural exchanges that promote friendship, understanding, and youth empowerment. Seychelles stands ready to welcome the Indian Ocean youth with open arms.

    Also present for the meeting were the Minister of Youth, Sport and Family, Mrs. Marie Celine Zialor, Minister for Lands and Housing, Mr. Billy Rangasamy, Principal Secretary for Youth and Sport, Mr. Ralph Jean Louis, Principal Secretary for the President’s Office, Ms. Theresa Dogley, CEO of Seychelles Infrastructure Agency (SIA), Mr. Gitesh Shah, CEO of the National Sport Council (NSC), Mr. Mark Arrisol, Commissioner of the CJSOI Games, Mr. Lucas George, Dr. Julie Shamlaye, and additional key representatives from the Ministry of Finance, Seychelles Police, National Sport Council, and the Seychelles National Youth Council.

    Distributed by APO Group on behalf of State House Seychelles.

    MIL OSI Africa –

  • MIL-OSI United Nations: At UN High-Level Political Forum, UNECE calls for engagement of all enablers and partnerships to achieve SDGs

    Source: United Nations Economic Commission for Europe

    With just five years remaining to realize the 2030 Agenda for Sustainable Development, the world faces a deepening social crisis. Economic insecurity, widening inequalities, and declining social trust undermine progress toward the Sustainable Development Goals (SDGs) and threaten the foundations of peaceful, inclusive societies.  

    Taking part in the High-Level Political Forum on Sustainable Development in New York (14 – 23 July), UNECE Executive Secretary Tatiana Molcean outlined the tools, initiatives and partnerships from the UNECE region that can help develop efficient and inclusive policy solutions for some of the most pressing issues, including demographic pressure, education, employment, housing, and social care. This requires the full engagement of all of society and harnessing of several key enablers. 

    Enablers and partnerships to advance SDGs 

    To advance the 2030 Agenda, and identify efficient and inclusive policy solutions, UNECE engages key enablers and all relevant stakeholders: 

    These enablers and stakeholders play a strong role in co-creating and implementing standards and policies, guiding progress in many technology-driven areas, such as autonomous vehicles, the smart energy transition, cross-border connectivity, but also in environmental governance, namely transboundary water cooperation, noted the Executive Secretary at the HLPF regional session. 

    To unlock financing for the SDGs, UNECE prioritizes bringing together the public and private sectors through its PPP and Infrastructure Evaluation and Rating System (PIERS), a quality assurance tool that helps governments and stakeholders ensure that PPP and infrastructure projects are well designed and aligned with the SDGs and can therefore attract investors. They are crucial for building resilient infrastructure and maintaining public services. 

    Given the importance of local policies and action in advancing SDGs, UNECE’s Forum of Mayors promotes exchanges between cities and gives them a voice at the multilateral level.  

    Finally, with their valuable perspectives, civil society and youth play an important role in finding and devising policy solutions across many areas of UNECE work, which is why they are an important pillar of the UNECE Regional Forum on Sustainable Development.  

    Strengthening social inclusion and adequate housing 

    Despite considerable wealth and innovation, the UNECE region is witnessing deep and growing disparities: between urban and rural areas, generations, and different groups. Social protection systems facing significant demographic pressures, fiscal constraints, and new labour dynamics. This requires investing in inclusive education, training and re-skilling initiatives, especially for disadvantaged groups, such as youth, women and older people, noted the Executive Secretary at the UNDESA global policy dialogue “Accelerating Social Progress to Boost SDG Implementation.”  

    UNECE’s work in this area shows that investing in adequate care infrastructure is not only a social imperative but also economically beneficial as it empowers people to participate in society and the economy. The upcoming World Summit for Social Development in Doha offers an important opportunity to act on commitments from the recent 4th International Conference on Financing for Development and to align both public spending and private finance with inclusive objectives. 

    Access to adequate and affordable housing has emerged as an issue central to achieving social inclusion and the SDGs. Through its Committee on Housing, Urban Development and Land Management, as well as the Forum of Mayors, UNECE supports national and local governments to design and implement inclusive, energy-efficient and climate-responsive urban policies and help them transform housing into a pillar of social stability, the Executive Secretary stressed at the high-level dialogue on adequate housing, co-hosted by the UN Economic and Social Council (ECOSOC) and UN-Habitat. 

    The upcoming UNECE Forum of Mayors in October 2025 will feature a dedicated segment on adequate housing, with discussion feeding into a Ministerial Meeting on Housing Affordability and Sustainability on 8 October in Geneva. 

    Role of UNECE and other UN Regional Commissions  

    The UN Regional Commissions play a key role in convening, coordinating and driving innovative policy solutions. As the custodian of several global conventions, agreements and treaties with strong implications for multiple industries, UNECE plays a unique role in helping UN Member States to achieve social and economic wellbeing.  

    UNECE’s policy, standard-setting and capacity-building work across areas, such as energy, environment, trade, transport and many more, helps to boost predictability, investor confidence, as well as institutional, regulatory and policy conditions to facilitate bankable projects.      

    In that respect the UN80 initiative, which aims to strengthen efficiencies and coordination across the UN system, can unlock further benefits for member States, noted the Executive Secretary during her exchanges with representatives of Denmark, France, The Netherlands, Slovenia, United States, and Uzbekistan.  

    Photo credits: UN / UNECE

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: InvestHK visits UK to forge stronger Hong Kong-UK partnerships on sustainability and green tech innovation (with photos)

    Source: Hong Kong Government special administrative region

         ​Invest Hong Kong (InvestHK) completed a fruitful visit to the United Kingdom (UK) from July 13 to 20, championing Hong Kong as a premier international green technology hub for UK companies seeking growth and collaboration opportunities in Asia and beyond.

         During the visit, the Senior Vice President (Sustainability) for Technology, Innovation and Entrepreneurship at InvestHK, Ms Olivia To, engaged with key stakeholders in London and Cambridge to foster two-way business opportunities and deepen co-operation in sustainability and green tech innovation.

         In London, Ms To held extensive discussions with leading UK’s new energy, new materials and digital companies, as well as UK Research and Innovation, the national funding agency investing in science and research, Sustainable Ventures, a leading green tech hub and ecosystem provider, Generation Investment Management, a sustainable investment management firm, London & Partners, London’s business growth and destination agency, and London GreenCity, a clean technology entrepreneurs accelerator providing prototyping lab and collaborative community.

         In Cambridge, Ms To spoke at the event titled “Powering Tomorrow: Deep Tech Innovations for a Sustainable Energy Future”, co-organised by the University of Cambridge Institute for Sustainability Leadership and Full Vision Capital, highlighting the competitive advantages Hong Kong offers energy and technology companies to grow and thrive across the region. The conference featured dynamic keynotes on growth strategies for clean energy start-ups, panel discussions on disruptive energy innovations, and a start-up demo where over 30 start-ups showcased their cutting-edge solutions. The event culminated in the announcement of the 4th TERA-Award Winner receiving a prize of US$1 million and a celebratory Gala Dinner, fostering further global networking and collaboration opportunities.

         Ms To said, “Hong Kong’s unparalleled status as a global financial powerhouse connects the East and West markets, bolstered by its dynamic green tech ecosystem and visionary government initiatives like the Green Tech Fund, the Innovation and Technology Fund and the Hong Kong Science and Technology Parks Corporation’s GreenTech Hub, and positions it as the premier gateway for UK companies to amplify green innovations across Asia. This visit underscores our dedication to fostering collaboration in sustainability and green technology between Hong Kong and the UK. We look forward to supporting more UK companies in establishing and expanding their presence in Hong Kong, utilising our robust financial infrastructure to facilitate financing and IPO listings that attract international capital.”

         The Executive Chairman of the TERA-Award, Mr Alan Chan, stated, “It was our pleasure to have InvestHK’s participation in our TERA-Award event. Together, we are building a stronger global innovation ecosystem that connects investors, start-ups, and green organisations, fostering groundbreaking solutions in smart energy. We look forward to working closely with InvestHK to further expand our promotion of the TERA-Award to the global market and establish a bridge between the international energy contexts.”

         The Chief Innovation Officer from the Cambridge Institute for Sustainability Leadership, Mr James Cole, said, “We are delighted to welcome InvestHK’s participation in our event, enhancing the collaboration between the UK and Hong Kong economies, supporting sustainability start-ups and strengthening the ecosystem. This collaboration ignites our commitment to forge global partnerships that will propel deep tech innovations, fostering a greener and more resilient future. Together, we anticipate to deepen our collaboration to accelerate the transition to a sustainable future and empower the next generation of innovators.”

         Co-Founder of London GreenCity Mr Laith Anezi said, “Both Hong Kong and the UK share a strong commitment to driving innovation in green technology. InvestHK’s visit has forged a robust foundation for strengthening ties between Hong Kong and British sustainability and green tech companies. We are excited to deepen our partnership with InvestHK, driving innovation to shape a sustainable world together.”

         Hong Kong, as the world’s third-largest financial hub, is well positioned to be the global leader in green tech and finance. The city is transitioning to cleaner energy sources, targeting carbon neutrality by 2050, supported by the Strategy of Hydrogen Development in Hong Kong and significant investments in the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone.

         In green mobility, Hong Kong’s roadmap for electric vehicles has seen 70 per cent of newly registered private cars in 2024 be electric, with plans to establish the city as a green maritime fuel bunkering centre.

         This visit to the UK is a testament to Hong Kong’s dedication to fostering international collaboration and driving the global transition to a sustainable future. By attracting more UK companies in sustainable technology and innovation, Hong Kong aims to accelerate the adoption of innovative solutions that address the world’s most pressing environmental challenges.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Webcast details for Orrön Energy’s Q2 presentation

    Source: GlobeNewswire (MIL-OSI)

    Orrön Energy AB (“Orrön Energy”) will publish its financial report for the second quarter 2025 on Wednesday, 6 August 2025 at 07:30 CEST, followed by a webcast at 14:00 CEST.

    Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and describing the latest developments in Orrön Energy at a webcast on 6 August 2025 at 14:00 CEST, followed by a question-and-answer session.

    Registration for the webcast presentation is available on the website and the below link:
    https://orron-energy.events.inderes.com/q2-report-2025

    For further information, please contact:

    Robert Eriksson
    Corporate Affairs and Investor Relations
    Tel: +46 701 11 26 15
    robert.eriksson@orron.com

    Jenny Sandström
    Communications Lead
    Tel: +41 79 431 63 68
    jenny.sandstrom@orron.com

    Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany and France. With significant financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

    Forward-looking statements
    Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

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    The MIL Network –

  • MIL-OSI: COFICERT : ORGANIZATION OF AN INTERNATIONAL CEREMONY FOR THE AWARDING OF FINANCIAL AND NON-FINANCIAL COMPLIANCE CERTIFICATES AT EURONEXT

    Source: GlobeNewswire (MIL-OSI)

                 

    ORGANIZATION OF AN INTERNATIONAL CEREMONY FOR THE AWARDING OF FINANCIAL AND NON-FINANCIAL COMPLIANCE CERTIFICATES AT EURONEXT

    On Tuesday, June 25, COFICERT, in partnership with IGSF, hosted an official ceremony to award financial and non-financial compliance certificates at the Euronext headquarters, located at the Paris Stock Exchange.

    Several delegations from institutions known for their dedication to compliance and responsible finance, representing almost fifteen nations, came together for this event. A number of organisations received compliance certificates in line with globally accepted standards, such as the AML 30001® Standard (AML/CFT 2025 version), which is focused on counter-terrorism financing and anti-money laundering, and the MSI 20000® Standard, which is focused on governance and financial quality. The ISO 37001® Standard, which focusses on anti-corruption, and the ESG 1000® Standard, which is dedicated to governance and quality of non-financial governance structures, were also emphasised during the event.

    The ceremony was attended by Véronique de la Bachelerie, President of IGSF, Jérôme Gacoin, President of COFICERT, and Souheil Skander, CEO of COFICERT. It also gathered representatives from the European Commission, the World Bank, the OECD, and the EU Global Facility on AML/CFT, reflecting the growing importance attached to certification to these standards and international cooperation between Europe, Africa, and the Middle East in these areas. This convergence around a shared normative framework demonstrates a collective will to foster greater transparency and a standardized language, serving as a catalyst for universal compliance.

    The companies certified during this ceremony belong to strategic sectors, placing them in a position to drive change within their respective countries or regions, thereby fostering the widespread adoption of best practices and contributing to enhanced integrity across the financial system. Notably, the companies that made the trip to Paris are among the leading financial and economic players on the African continent. West and Central Africa were represented by BSIC and NSIA Bank (Benin, Guinea, Togo, Senegal), as well as BGFIBank Group (Côte d’Ivoire, Gabon, Cameroon, DRC), all of which hold prominent regional positions. North Africa was well represented by Tunisia, Morocco, and Egypt, with leading institutions such as Bank of Tunisia, Tunisie Leasing & Factoring, Tunisie Valeurs, Hannibal Lease, BSB TOYOTA, Attawfiq Microfinance, and Alamana Microfinance. The diversity of these profiles illustrates the inclusive and structuring purpose of the MSI 20000® Standard, uniting key transformational actors at a regional level and compliance drivers at an international level.

    The organization of this event, along with the presence of official delegations and international organizations, underscores the growing importance attributed to financial and non-financial compliance as a pillar of performance, responsibility, and ultimately, value creation.

    Ms. Véronique de la Bachelerie, President of IGSF, emphasized: “The financial and non-financial certifications standardized by IGSF and ISO provide a guarantee of confidence in the financial sustainability of a company (MSI 20000), a guarantee of confidence in the quality of its governance and its risk management policies regarding financial crime through anti-money laundering and counter-terrorism financing (AML 30001), the fight against corruption (ISO 37001), and finally a guarantee of confidence in its ability to address all environmental and social challenges through the quality of its non-financial governance. More broadly, this contributes to the company’s sustainability – that is the value proposition of ESG 1000, in support of sustainable finance.”

    Mr. Jérôme Gacoin, President of COFICERT, stated: “We have just experienced a moment that is both symbolic and foundational. Symbolic, because the adoption of these standards reflects the commitment of companies and institutions to comply with demanding, internationally recognized standards. Foundational, because it contributes to a dynamic of trust, transparency, and responsibility at both the European and global levels. Furthermore, the Paris Stock Exchange, a crossroads of markets and investments, perfectly embodies COFICERT’s mission: to raise standards, secure economic relationships, and recognize the value of committed organizations.”

    Mr. Souheil Skander, CEO of COFICERT, added: “The companies certified to the MSI 20000, ISO 37001, and AML 30001 standards have successfully turned what was once a constraint into an opportunity and a powerful lever of attractiveness and value creation. Certifications today serve as true benchmarks – they are closely observed and highly valued. They offer undeniable competitive and differentiation advantages, effectively acting as a qualitative filter. These certifications have become tools of assurance, opportunity, and synergy for business development.”

    IGSF (International Group for Sustainability Finance) is a non-profit NGO based in Luxembourg, whose activities aim to channel and organise international efforts in financial and extra-financial standard-setting. As a standard-setting body, IGSF operates along two main axes: first, the technical organization of standards related to financial and extra-financial governance; and second, the dissemination of standards and best practices. The issues addressed by IGSF include financial governance, the fight against financial crime and the social responsibility of companies and organisations of all types.

    COFICERT is a French certification body specializing in financial and non-financial certifications, operating in nearly 50 countries across 3 continents. COFICERT is recognized for its expertise in governance, anti-financial crime, and sustainable finance. It certifies organizations in areas related to sound financial governance (MSI 20000), extra-financial governance (ESG 1000), anti-money laundering and counter-terrorism financing (AML 30001), and anti-corruption (ISO 37001).

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    The MIL Network –

  • MIL-OSI Europe: Euro area economic and financial developments by institutional sector: first quarter of 2025

    Source: European Central Bank

    25 July 2025

    • Euro area net saving decreased to €799 billion in four quarters to first quarter of 2025, compared with €813 billion one quarter earlier
    • Household debt-to-income ratio decreased to 81.7% in first quarter of 2025 from 83.8% one year earlier
    • Non-financial corporations’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in first quarter of 2025 from 68.4% one year earlier
    • Share of net wealth held by wealthiest 10% of households stood at 57.3% in 2024, largely unchanged from previous years.

    Total euro area economy

    Euro area net saving decreased to €799 billion (6.5% of euro area net disposable income) in the four quarters to the first quarter of 2025 compared with €813 billion in the four quarters to the previous quarter. Euro area net non-financial investment was broadly unchanged at €441 billion (3.6% of net disposable income), due to broadly unchanged net investment of all sectors (see Chart 1 and Table 1 in the Annex).

    Euro area net lending to the rest of the world decreased to €388 billion (from €401 billion previously) reflecting the decreased net saving and broadly unchanged net non-financial investment. Non-financial corporations’ net lending decreased to €130 billion (1.1% of net disposable income) from €156 billion, while that of households increased to €598 billion (4.9% of net disposable income) from €588 billion. Financial corporations’ net lending (€123 billion, 1.0% of net disposable income) and general government net borrowing were broadly unchanged, the latter contributing negatively to euro area net lending (-€463 billion, -3.8% of net disposable income).

    Chart 1

    Euro area saving, investment and net lending to the rest of the world

    (EUR billions, four-quarter sums)

    Sources: ECB and Eurostat.

    * Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

    Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

    Households

    Household financial investment increased at a broadly unchanged annual rate of 2.5% in the first quarter of 2025. Among its components, investment in currency and deposits grew at an unchanged rate of 3.0%. Investment in debt securities increased at a lower rate (3.0%, after 8.2%), while investment in shares and other equity grew at a higher rate (2.3%, after 1.8%) – the latter mainly due to investment fund shares.

    Households purchased, in net terms, mainly debt securities issued by the rest of the world, general government, and other financial institutions (see Table 1 below and Table 2.2. in the Annex). Households were overall net sellers of listed shares, selling predominantly listed shares of MFIs, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area non-money market investment fund shares, and continued to purchase money market fund shares, while purchases of investment fund shares issued by the rest of the world decelerated.

    The household debt-to-income ratio[1] decreased, to 81.7% in the first quarter of 2025 from 83.8% in the first quarter of 2024. The household debt-to-GDP ratio decreased, to 51.2% in the first quarter of 2025 from 52.3% in the first quarter of 2024 (see Chart 2).

    Table 1

    Financial investment and financing of households, main items

    (annual growth rates)

    Financial transactions

    2024 Q1

    2024 Q2

    2024 Q3

    2024 Q4

    2025 Q1

    Financial investment*

    2.0

    2.3

    2.4

    2.4

    2.5

    Currency and deposits

    1.5

    2.3

    2.5

    3.0

    3.0

    Debt securities

    41.4

    29.8

    17.1

    8.2

    3.0

    Shares and other equity**

    0.2

    0.4

    0.9

    1.8

    2.3

    Life insurance

    0.0

    0.4

    1.3

    1.6

    1.7

    Pension schemes

    2.0

    1.8

    1.9

    1.8

    2.1

    Financing***

    0.9

    1.2

    1.2

    1.6

    1.8

    Loans

    0.6

    0.6

    0.9

    1.3

    1.7

    Source: ECB.

    * Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

    ** Includes investment fund shares.

    *** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

    Data for financial investment and financing of households (Table 1)

    Chart 2

    Debt ratios of households and NFCs

    (percentages of GDP)

    Sources: ECB and Eurostat.

    * Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
    ** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
    *** Outstanding amount of loan liabilities.

    Data for debt ratios of households and non-financial corporations (Chart 2)

    Developments in household wealth distribution in 2024

    The Distributional Wealth Accounts show that household net wealth continued to increase in 2024, while wealth inequality, as measured by the Gini coefficient of net wealth, has remained broadly unchanged in recent years (see Chart 3). The share of household net wealth held by the wealthiest 10% of households stood at 57.3% at the end of 2024, largely unchanged from previous years.

    Chart 3

    Household net wealth distribution and wealth inequality

    (left-hand scale: EUR trillions; right-hand scale: percentages)

    Sources: ECB.

    The growth in net wealth across the various household wealth groups was primarily driven by valuation effects of both financial and non-financial assets, while contribution of net saving was stable but lower. Since the fourth quarter of 2019, net wealth has risen substantially across all wealth groups, with increases of 32% for the bottom 50% of the wealth distribution, 24% for the next 40%, and 26% for the top 10%. The developments varied between different asset classes, resulting in distinct portfolio dynamics across household wealth groups (see Chart 4). A significant portion of overall net wealth growth – more than half in each wealth group – was driven by increases in housing wealth. For the bottom 50% of households, deposits were the second-largest contributor (+9 percentage points), with smaller contributions from other wealth components. Among the next 40% of households, deposits also made a positive contribution (+4 percentage points) to net wealth growth, though this was largely offset by the negative effect of increasing mortgages (-3 percentage points). For the wealthiest 10% of households, the growth in net wealth was also supported by significant increases in business wealth (+6 percentage points) and investment fund shares (+3 percentage points).

    Chart 4

    Contributions to growth of household net wealth between Q1 2019 and Q4 2024

    (percentage points, percentage change)

    Sources: ECB.

    Note: The left-hand scale measures the percentage growth of net wealth and the percentage point contributions to net wealth growth of all other legend items.

    Non-financial corporations

    Financing of NFCs increased at a higher annual rate of 1.3% in the first quarter of 2025 (after 0.9% in the previous quarter). This was the result of an acceleration in financing by loans (2.0% after 1.3%) and trade credits (4.1% after 3.6%), while the financing via the issuance of debt securities and of equity grew at broadly unchanged rates (see Table 2).The acceleration in loan financing is mainly due to loans granted by MFIs (2.6% after 1.6%, see Table 3.2 in the Annex), by the rest of the world (1.6% after -0.2%), and by other financial institutions (-0.5% after -2.5%).

    NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in the first quarter of 2025, from 68.4% first quarter of 2024; the non-consolidated, wider debt measure decreased to 138.9% from 140.6% (see Chart 2).

    Table 2

    Financing and financial investment of NFCs, main items

    (annual growth rates)

    Financial transactions

    2024 Q1

    2024 Q2

    2024 Q3

    2024 Q4

    2025 Q1

    Financing*

    0.8

    0.9

    1.0

    0.9

    1.3

    Debt securities

    2.0

    2.9

    2.5

    1.5

    1.6

    Loans

    1.6

    1.4

    1.4

    1.3

    2.0

    Shares and other equity

    0.3

    0.6

    0.6

    0.4

    0.5

    Trade credits and advances

    1.0

    2.0

    2.5

    3.6

    4.1

    Financial investment**

    1.7

    1.8

    2.0

    1.8

    2.0

    Currency and deposits

    0.2

    2.6

    1.7

    2.4

    2.1

    Debt securities

    10.9

    8.1

    3.9

    2.1

    4.1

    Loans

    3.9

    3.7

    3.2

    2.6

    2.8

    Shares and other equity

    1.1

    0.9

    1.2

    0.7

    0.4

    Source: ECB.

    * Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.

    ** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

    Data for financial investment and financing of non-financial corporations (Table 2)

    For queries, please use the statistical information request form.

    Notes

    • These data come from a second release of quarterly euro area sector accounts for the first quarter of 2025 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 3 July 2025.
    • The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
    • The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters up to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters up to the reference quarter for both numerator and denominator.
    • The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
    • Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
    • The release of results of experimental Distributional Wealth Accounts (DWA) for the first quarter of 2025 is planned for 29 August 2025 (tentative date).

    MIL OSI Europe News –

  • MIL-OSI Europe: Euro area economic and financial developments by institutional sector: first quarter of 2025

    Source: European Central Bank

    25 July 2025

    • Euro area net saving decreased to €799 billion in four quarters to first quarter of 2025, compared with €813 billion one quarter earlier
    • Household debt-to-income ratio decreased to 81.7% in first quarter of 2025 from 83.8% one year earlier
    • Non-financial corporations’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in first quarter of 2025 from 68.4% one year earlier
    • Share of net wealth held by wealthiest 10% of households stood at 57.3% in 2024, largely unchanged from previous years.

    Total euro area economy

    Euro area net saving decreased to €799 billion (6.5% of euro area net disposable income) in the four quarters to the first quarter of 2025 compared with €813 billion in the four quarters to the previous quarter. Euro area net non-financial investment was broadly unchanged at €441 billion (3.6% of net disposable income), due to broadly unchanged net investment of all sectors (see Chart 1 and Table 1 in the Annex).

    Euro area net lending to the rest of the world decreased to €388 billion (from €401 billion previously) reflecting the decreased net saving and broadly unchanged net non-financial investment. Non-financial corporations’ net lending decreased to €130 billion (1.1% of net disposable income) from €156 billion, while that of households increased to €598 billion (4.9% of net disposable income) from €588 billion. Financial corporations’ net lending (€123 billion, 1.0% of net disposable income) and general government net borrowing were broadly unchanged, the latter contributing negatively to euro area net lending (-€463 billion, -3.8% of net disposable income).

    Chart 1

    Euro area saving, investment and net lending to the rest of the world

    (EUR billions, four-quarter sums)

    Sources: ECB and Eurostat.

    * Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

    Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

    Households

    Household financial investment increased at a broadly unchanged annual rate of 2.5% in the first quarter of 2025. Among its components, investment in currency and deposits grew at an unchanged rate of 3.0%. Investment in debt securities increased at a lower rate (3.0%, after 8.2%), while investment in shares and other equity grew at a higher rate (2.3%, after 1.8%) – the latter mainly due to investment fund shares.

    Households purchased, in net terms, mainly debt securities issued by the rest of the world, general government, and other financial institutions (see Table 1 below and Table 2.2. in the Annex). Households were overall net sellers of listed shares, selling predominantly listed shares of MFIs, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area non-money market investment fund shares, and continued to purchase money market fund shares, while purchases of investment fund shares issued by the rest of the world decelerated.

    The household debt-to-income ratio[1] decreased, to 81.7% in the first quarter of 2025 from 83.8% in the first quarter of 2024. The household debt-to-GDP ratio decreased, to 51.2% in the first quarter of 2025 from 52.3% in the first quarter of 2024 (see Chart 2).

    Table 1

    Financial investment and financing of households, main items

    (annual growth rates)

    Financial transactions

    2024 Q1

    2024 Q2

    2024 Q3

    2024 Q4

    2025 Q1

    Financial investment*

    2.0

    2.3

    2.4

    2.4

    2.5

    Currency and deposits

    1.5

    2.3

    2.5

    3.0

    3.0

    Debt securities

    41.4

    29.8

    17.1

    8.2

    3.0

    Shares and other equity**

    0.2

    0.4

    0.9

    1.8

    2.3

    Life insurance

    0.0

    0.4

    1.3

    1.6

    1.7

    Pension schemes

    2.0

    1.8

    1.9

    1.8

    2.1

    Financing***

    0.9

    1.2

    1.2

    1.6

    1.8

    Loans

    0.6

    0.6

    0.9

    1.3

    1.7

    Source: ECB.

    * Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

    ** Includes investment fund shares.

    *** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

    Data for financial investment and financing of households (Table 1)

    Chart 2

    Debt ratios of households and NFCs

    (percentages of GDP)

    Sources: ECB and Eurostat.

    * Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
    ** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
    *** Outstanding amount of loan liabilities.

    Data for debt ratios of households and non-financial corporations (Chart 2)

    Developments in household wealth distribution in 2024

    The Distributional Wealth Accounts show that household net wealth continued to increase in 2024, while wealth inequality, as measured by the Gini coefficient of net wealth, has remained broadly unchanged in recent years (see Chart 3). The share of household net wealth held by the wealthiest 10% of households stood at 57.3% at the end of 2024, largely unchanged from previous years.

    Chart 3

    Household net wealth distribution and wealth inequality

    (left-hand scale: EUR trillions; right-hand scale: percentages)

    Sources: ECB.

    The growth in net wealth across the various household wealth groups was primarily driven by valuation effects of both financial and non-financial assets, while contribution of net saving was stable but lower. Since the fourth quarter of 2019, net wealth has risen substantially across all wealth groups, with increases of 32% for the bottom 50% of the wealth distribution, 24% for the next 40%, and 26% for the top 10%. The developments varied between different asset classes, resulting in distinct portfolio dynamics across household wealth groups (see Chart 4). A significant portion of overall net wealth growth – more than half in each wealth group – was driven by increases in housing wealth. For the bottom 50% of households, deposits were the second-largest contributor (+9 percentage points), with smaller contributions from other wealth components. Among the next 40% of households, deposits also made a positive contribution (+4 percentage points) to net wealth growth, though this was largely offset by the negative effect of increasing mortgages (-3 percentage points). For the wealthiest 10% of households, the growth in net wealth was also supported by significant increases in business wealth (+6 percentage points) and investment fund shares (+3 percentage points).

    Chart 4

    Contributions to growth of household net wealth between Q1 2019 and Q4 2024

    (percentage points, percentage change)

    Sources: ECB.

    Note: The left-hand scale measures the percentage growth of net wealth and the percentage point contributions to net wealth growth of all other legend items.

    Non-financial corporations

    Financing of NFCs increased at a higher annual rate of 1.3% in the first quarter of 2025 (after 0.9% in the previous quarter). This was the result of an acceleration in financing by loans (2.0% after 1.3%) and trade credits (4.1% after 3.6%), while the financing via the issuance of debt securities and of equity grew at broadly unchanged rates (see Table 2).The acceleration in loan financing is mainly due to loans granted by MFIs (2.6% after 1.6%, see Table 3.2 in the Annex), by the rest of the world (1.6% after -0.2%), and by other financial institutions (-0.5% after -2.5%).

    NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in the first quarter of 2025, from 68.4% first quarter of 2024; the non-consolidated, wider debt measure decreased to 138.9% from 140.6% (see Chart 2).

    Table 2

    Financing and financial investment of NFCs, main items

    (annual growth rates)

    Financial transactions

    2024 Q1

    2024 Q2

    2024 Q3

    2024 Q4

    2025 Q1

    Financing*

    0.8

    0.9

    1.0

    0.9

    1.3

    Debt securities

    2.0

    2.9

    2.5

    1.5

    1.6

    Loans

    1.6

    1.4

    1.4

    1.3

    2.0

    Shares and other equity

    0.3

    0.6

    0.6

    0.4

    0.5

    Trade credits and advances

    1.0

    2.0

    2.5

    3.6

    4.1

    Financial investment**

    1.7

    1.8

    2.0

    1.8

    2.0

    Currency and deposits

    0.2

    2.6

    1.7

    2.4

    2.1

    Debt securities

    10.9

    8.1

    3.9

    2.1

    4.1

    Loans

    3.9

    3.7

    3.2

    2.6

    2.8

    Shares and other equity

    1.1

    0.9

    1.2

    0.7

    0.4

    Source: ECB.

    * Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.

    ** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

    Data for financial investment and financing of non-financial corporations (Table 2)

    For queries, please use the statistical information request form.

    Notes

    • These data come from a second release of quarterly euro area sector accounts for the first quarter of 2025 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 3 July 2025.
    • The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
    • The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters up to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters up to the reference quarter for both numerator and denominator.
    • The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
    • Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
    • The release of results of experimental Distributional Wealth Accounts (DWA) for the first quarter of 2025 is planned for 29 August 2025 (tentative date).

    MIL OSI Europe News –

  • MIL-OSI China: Beijing’s budget revenue rises 2.6% in H1

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

    Beijing’s economy showed continued stability and growth in the first half of 2025, driving a 2.6% increase in municipal budget revenue that maintained the city’s top position nationwide for revenue quality, local officials said Wednesday.

    Han Jie, director of the Beijing Municipal Finance Bureau, told the city legislature that general public budget revenue reached 357.12 billion yuan ($50 billion) in the first six months, exceeding the half-year target by 3.9 percentage points.

    All three main tax categories posted positive growth, with tax revenue accounting for 87.3% of total revenue, the highest rate nationwide, Han said during his report to the 18th session of the Standing Committee of the 16th Beijing Municipal People’s Congress.

    The figures reflect Beijing’s sustained economic momentum and high-quality fiscal performance, officials said.

    Key economic sectors drove the fiscal growth. Scientific and technological services posted a 13.4% increase in tax revenue, while information services grew 7.7%.

    On the spending front, Beijing’s general public budget expenditures totaled 459 billion yuan, surpassing the half-year target by 4.6 percentage points. The city allocated more than 80% of its budget to public welfare, prioritizing livelihood and development programs.

    Spending also increased across key areas, including science and technology, education, health care, culture and sports, social security, employment and urban-rural development.

    Science and technology investment rose to 58.49 billion yuan, up 3.5% and ranking among the nation’s highest both in scale and proportion of total spending, officials said.

    Eight newly established government investment funds deployed 18.86 billion yuan across 212 projects, leveraging about 72.8 billion yuan in private capital to support high-tech and advanced manufacturing industries.

    The city also strengthened budget oversight, expanding pre-spending evaluations to all major new projects and cutting 1.22 billion yuan from 214 projects.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: CE meets Deputy Prime Minister and Minister of Finance and Economic Management of Vanuatu (with photo)

    Source: Hong Kong Government special administrative region

    The Chief Executive, Mr John Lee, met with the Deputy Prime Minister and Minister of Finance and Economic Management of Vanuatu, Mr Johnny Koanapo Rasou, today (July 25) to exchange views on issues of mutual interest. The Acting Secretary for Commerce and Economic Development, Dr Bernard Chan, also attended the meeting.
     
    Mr Lee welcomed Mr Rasou and his delegation to Hong Kong to attend economic and trade co-operation events. Mr Lee said that Hong Kong is leveraging its advantages under the “one country, two systems” principle of connecting the Mainland and the world and is actively deepening international exchanges and co-operation. He said that, apart from strengthening traditional markets, Hong Kong will further explore emerging markets including Belt and Road countries and expand economic and trade networks with Global South countries including Vanuatu.
     
    Mr Lee noted that, as a functional platform for the Belt and Road Initiative, Hong Kong boasts a highly internationalised, market-oriented, and business-friendly environment, making it an ideal place for companies to expand their global operations. He welcomed enterprises from Vanuatu to leverage Hong Kong’s role as a “super connector” and “super value-adder” to explore overseas and Mainland markets, enhancing bilateral trade and business exchanges.    

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

    Joint statement from UK and Australia on the Australia-UK Ministerial Consultations (AUKMIN) July 2025

    1 . On 25 July 2025, the Minister for Foreign Affairs Senator the Hon Penny Wong and the Deputy Prime Minister and Minister for Defence the Hon Richard Marles MP hosted the Secretary of State for Foreign, Commonwealth and Development Affairs the Rt Hon David Lammy MP and the Secretary of State for Defence the Rt Hon John Healey MP for the Australia-UK Ministerial Consultations (AUKMIN) in Sydney.

    2 . Ministers noted the global security environment had become more dangerous and unpredictable since they last met in December 2024. They recognised the elevated importance of the enduring Australia-UK relationship in responding together to address these challenges.

    3 . Ministers agreed to significantly increase their cooperation to bolster Australia and the UK’s defence and national security, enhance economic security and mitigate and address the impacts of climate change. Ministers agreed on the enduring importance of the UK-Australia relationship in delivering economic growth to our peoples and globally.

    4 . Ministers underscored the role Australia and the UK play in upholding the rules, norms and institutions, including respect for universal human rights, that underpin global prosperity and security, and noted their deep, clear and longstanding commitment to the multilateral system. They committed to consider joint initiatives and advocacy on multilateral reform, including on the UN Secretary-General’s UN80 Initiative, to ensure the multilateral system is able to continue to deliver on critical core functions and mandates.

    Closer cooperation in the Indo-Pacific

    5 . Ministers reaffirmed that the security, resilience and prosperity of the Indo-Pacific and Euro-Atlantic regions are interconnected. They committed to continue to expand efforts to safeguard internationally agreed rules and norms and respect for sovereignty. Ministers agreed on the need to shape a world characterised by adherence to rules and norms, rather than power or coercion.

    6 . Ministers committed to further strengthen cooperation, bilaterally and with regional partners, to ensure a peaceful, stable and prosperous Indo-Pacific. Ministers agreed the UK and Australia’s enduring engagement in the Indo-Pacific was important to shaping a favourable strategic balance in the region.

    7 . Recognising the deteriorating geostrategic environment, Ministers emphasised the need for all countries to manage strategic competition responsibly, and the importance of dialogue and practical measures to reduce the risks of miscalculation, escalation and conflict.

    8 . Ministers reiterated their strong opposition to coercive or destabilising activities by China’s Coast Guard, naval vessels and maritime militia in the South China Sea, including sideswiping, water cannoning and close manoeuvres that have resulted in injuries, endangered lives and created risks of miscalculation and escalation. Ministers agreed to continue cooperating to support freedom of navigation and overflight in the region, including through participation in joint activities. They also reiterated their concern about the situation in the East China Sea.

    9 . Ministers emphasised the obligation of all states to adhere to international law, particularly the United Nations Convention on the Law of the Sea (UNCLOS), which provides the comprehensive legal framework for all activities in the ocean and seas. They agreed that maritime disputes must be resolved peacefully and in accordance with international law. Ministers reaffirmed that the 2016 South China Sea Arbitral Tribunal decision is final and binding on the parties. They emphasised any South China Sea Code of Conduct must be consistent with UNCLOS and not undermine the rights of States under international law.

    10 . Ministers agreed on the critical importance of peace and stability across the Taiwan Strait. They called for the peaceful resolution of cross-Strait issues through dialogue and not through the threat or use of force or coercion, and reaffirmed their opposition to unilateral changes to the status quo. They expressed concern at China’s destabilising military exercises around Taiwan. Ministers recognised that the international community benefits from the expertise of the people of Taiwan and committed to support Taiwan’s meaningful participation in international organisations where statehood is not a pre-requisite or as an observer or guest where it is. They reiterated their will to continue to deepen relations with Taiwan in the economic, trade, scientific, technological, and cultural fields.

    11 . Ministers strongly condemned the DPRK’s ongoing nuclear and ballistic missile programs and called for the complete, verifiable and irreversible denuclearisation of the DPRK. Ministers also expressed grave concern over the DPRK’s malicious cyber activity, including cryptocurrency theft and use of workers abroad to fund the DPRK’s unlawful weapons of mass destruction and ballistic missile programs.

    12 . Ministers emphasised their commitment to ASEAN centrality and recognised the critical role of ASEAN-led architecture in promoting peace, stability and prosperity in the region. They reaffirmed their ongoing commitment to support the practical implementation of the ASEAN Outlook on the Indo-Pacific.

    13 . Ministers underscored their commitment to deepen engagement on trade and investment diversification in Southeast Asia, including through Invested: Australia’s Southeast Asia Economic Strategy to 2040, Australia’s AUD 2 billion Southeast Asian Investment Financing Facility and dedicated Southeast Asia Investment Deal Teams, and the UK’s enhanced economic engagement. Ministers agreed to continue to strengthen coordination on clean energy transition in Southeast Asia and cooperation to bolster the region’s economic resilience through the mobilisation of private finance for climate objectives and green infrastructure, exploring collaboration on financing of low-carbon energy projects, and coordination of support to the ASEAN Power Grid.

    14 . Ministers reaffirmed their commitment to combat people smuggling, human trafficking and modern slavery in South and Southeast Asia, recognising that women and girls were most impacted, with a focus on trafficking into scam centres.

    15 . Ministers reiterated their commitment to the Indian Ocean Rim Association (IORA) as the premier ministerial-level forum in the Indian Ocean region. They agreed to continue collaboration on shared priorities in the Indian Ocean, including maritime security.

    16 . Ministers reiterated their serious concern at the deepening humanitarian crisis and escalating violence in Myanmar, compounded by the devastating earthquake in March. They strongly condemned the Myanmar regime’s violent oppression of its people, including the continued bombardment of civilian infrastructure. They called for all parties to prioritise the protection of civilians. They called on the regime to immediately cease violence, release those arbitrarily detained, allow safe and unimpeded humanitarian access, and return Myanmar to the path of inclusive democracy. Ministers reiterated their support for ASEAN’s efforts to resolve the crisis, including through the Five Point Consensus and the work of the ASEAN Special Envoy and UN Special Envoy. They welcomed ASEAN leaders’ recent call for an extended and expanded ceasefire, and inclusive national dialogue.

    17 . Ministers highlighted their commitment to continue to work with Pacific island countries through existing regional architecture, recognising the centrality of the Pacific Islands Forum. They agreed on the importance of pursuing Pacific priorities as set out in the 2050 Strategy for the Blue Pacific Continent. Ministers joined Pacific partner calls for increased access to climate finance, including further support to Pacific-owned and led mechanisms such as the Pacific Resilience Facility. Ministers welcomed ongoing reform of multilateral climate funds, including the Green Climate Fund (GCF), to provide better outcomes for Pacific island countries, noting encouraging progress made regarding the accreditation of Direct Access Entities and GCF regional presence. Ministers welcomed the UK’s continued contributions to Pacific security through their assistance in the removal of explosive remnants of war via their participation in the Australian-led Operation Render Safe. Ministers agreed to continue to work together to advance transparent and high-quality development in line with the Pacific Quality Infrastructure Principles (PQIPs), including through the Pacific Business Club. Ministers committed to work collaboratively on respective approaches to the Multilateral Development Banks (MDBs) to encourage reform consistent with the PQIPs. Ministers underscored our shared commitment to cyber coordination and capacity-building in the Pacific including through support to the inaugural Pacific Cyber Week in August 2025, a concept endorsed by the Pacific Islands Forum. Ministers emphasised the importance of sharing expertise and strengthening people-to-people links for a more cyber-resilient Pacific.

    Ambitious partners, facing global challenges together

    18 . Ministers unequivocally condemned Russia’s full-scale invasion of Ukraine and called on Russia to immediately withdraw its troops from Ukraine’s internationally recognised territory, and adhere fully to its obligations under international law, including in relation to the protection of civilians and treatment of prisoners of war. They reiterated their commitment to making sure that Ukraine gets the military and financial support it needs to defend itself in the fight now and agreed to step up action against Russia’s war machine. They emphasised the importance of taking further action against Russia’s shadow fleet, acknowledging the sanctions both countries had imposed in this regard. They also called on Russia to immediately cease their illegal deportation of Ukrainian children and reunify those already displaced with their families and guardians in Ukraine.

    19 . Ministers reiterated their deep concerns about the role of third countries in supporting Russia’s illegal war in Ukraine and the associated impact for the security of the Indo-Pacific. They called on China to prevent its companies from supplying dual-use components to Russia’s war effort, and exercise its influence with Russia to stop Moscow’s military aggression and enter negotiations to end the war in good faith. Ministers strongly condemned the DPRK’s support for Russia through the supply of munitions and deployment of DPRK personnel to enable Russia’s war efforts. Ministers called on Iran to cease all support for Russia’s illegal war against Ukraine and halt the transfer of ballistic missiles, UAVs and related technology.

    20 . Ministers agreed deepening military cooperation between Russia and the DPRK was a dangerous expansion of Russia’s war that has significant implications for security in the Indo-Pacific region. They expressed deep concerns about any political, military or economic support Russia may be providing to the DPRK’s nuclear and ballistic missile programs. Ministers affirmed their commitment to cooperating with international partners to strengthen efforts to hold the DPRK to account for violations and evasions of UN Council Resolutions (UNSCRs) including as founding members of the Multilateral Sanctions Monitoring Team (MSMT). Ministers acknowledged the release of the MSMT’s first report, which shines a light on unlawful DPRK-Russia military cooperation including arms transfers and Russia’s training of DPRK troops. Ministers urged all UN Member States to abide by their international obligations under the UNSCRs to implement sanctions, including the prohibition on the transfer or procurement of arms and related material to or from the DPRK.

    21 . Ministers called on Iran and Israel to adhere to the ceasefire and urged Iran to resume negotiations with the US. Ministers stated their determination that Iran must never develop a nuclear weapon. It is essential that Iran act promptly to return to full compliance with its safeguards obligations, cooperate fully with the International Atomic Energy Agency, and refrain from actions that would compromise efforts to address the security situation in the Middle East. Ministers condemned Iran’s unjust detention of foreign nationals and raised ongoing concerns over the human rights situation in Iran, particularly the escalation of the use of the death penalty as a political tool during the 12-day conflict, and the ongoing repression of women, girls and human rights defenders.

    22 . Ministers reiterated their support for Israel’s security and condemnation of Hamas’ horrific attacks on 7 October 2023, and underlined that Israeli actions must abide by international law. They called for an immediate ceasefire in Gaza, an end to Israeli blocks on aid, and the urgent and unconditional release of all hostages.

    23 . Ministers reaffirmed their conviction that an immediate and sustained ceasefire, alongside urgent steps towards a credible and irreversible pathway to a two-state solution are the only ways to deliver lasting peace, security and stability for Israelis, Palestinians and the wider region.

    24 . Ministers expressed grave concerns at the horrific and intolerable situation in Gaza. They continue to be appalled by the immense suffering of civilians, including Israel’s blocking of essential aid. They reiterated their call for Israel to immediately enable full, safe and unhindered access for UN agencies and humanitarian organisations to work independently and impartially to save lives, end the suffering and deliver dignity. Ministers also condemned settler violence in the West Bank, which has led to deaths of Palestinian civilians and the displacement of whole communities, and expressed opposition to any attempt to expand Israel’s illegal settlements.

    25 . Ministers expressed their deep concern for the safety and security of humanitarian personnel working in conflict settings around the world. They reaffirmed their commitment to finalise a Declaration for the Protection of Humanitarian Personnel and implement practical actions to ensure greater respect for and protection of humanitarian personnel. Ministers also called on all countries to endorse the Declaration once launched and to reaffirm their responsibility to uphold humanitarian principles and ensure respect for international humanitarian law. Ministers discussed the essential role of the humanitarian system which is critical to saving lives and livelihoods and avoiding mass displacement. Ministers noted that the core work of the UN, the Red Cross and Red Crescent Movement, and international, national and local humanitarian organisations, must be preserved. Ministers also reiterated support for the Emergency Relief Coordinator’s humanitarian reset.

    26 . Ministers committed to continue close collaboration on protecting and promoting gender equality internationally and countering rollback of rights, including through Australia-UK Strategic Dialogues on Gender Equality and progressing subsequent agreed commitments, such as the UK-Australia Gender Based Violence MoU.

    27 . Ministers reaffirmed their commitment to the full implementation of the Women Peace and Security (WPS) agenda. They acknowledged the 25th anniversary of UN Security Council Resolution 1325 and agreed to continue working together on implementing the WPS agenda, promoting the full, equal, meaningful and safe participation and leadership of women in conflict prevention, mediation and resolution, and working together on preventing conflict-related sexual violence and ending impunity.

    28 . Ministers reiterated their serious shared concerns about human rights violations in China, including the persecution and arbitrary detention of Uyghurs and Tibetans and the erosion of their religious, cultural, education and linguistic rights and freedoms. They expressed their deep concern with the transfer of a cohort of 40 Uyghurs to China against their will in February this year. Ministers shared grave concerns about the ongoing systemic erosion of Hong Kong’s autonomy, freedom, rights and democratic processes, including through the imposition of national security legislation and the prosecution of individuals such as British national Jimmy Lai and Australian citizen Gordon Ng. They shared their deep concern over the actions of Hong Kong authorities in targeting pro-democracy activists both within Hong Kong and overseas, including in Australia and the UK.

    29 . Ministers expressed growing concern over foreign information manipulation and interference (FIMI) and attempts to undermine security and democratic institutions and processes. They committed to working closely to analyse and respond to FIMI in order to raise the costs for malign actors, and build collective responses to FIMI, including in multilateral fora, and to promote resilient, healthy, open and fact-based environments.

    30 . Ministers acknowledged the unprecedented opportunities presented by critical and emerging technologies, including artificial intelligence, and the need to mitigate harms to build trust and confidence. They committed to collaborate on reciprocal information sharing on advanced AI capabilities and research, including between Australian agencies and the UK AI Security Institute, and working together to capture the opportunities of AI through the bilateral Cyber and Critical Technology Partnership.

    31 . Australia welcomed the UK’s new Laboratory for AI Security Research (LASR) and looked forward to exploring the opportunities for cooperation between our nations. The lab will pull together our world-class industry, academia and government agencies to ensure we reap the benefits of AI, while detecting, disrupting and deterring adversaries who would use it to undermine our national security and economic prosperity.

    32 . Ministers expressed shared concern over the persistent threat of malicious cyber activities impacting our societies and economies and agreed to continue to work closely on leveraging all tools of deterrence, including the use of attributions and sanctions to impose reputational, financial costs and travel bans on these actors. Our respective statements calling out the egregious activity of Russia’s GRU on Friday 18 July is a good example of such cooperation.

    33 . The UK is pleased to welcome Australia as a partner to the Common Good Cyber Fund, designed to strengthen cybersecurity for individuals most at risk from digital transnational repression. The Fund was first launched by the Prime Ministers of the UK and Canada under the G7 Rapid Response Mechanism. This participation underscores the growing commitment among G7 partners and like-minded nations to counter this threat and to deliver support to those who may be targeted.

    34 . Ministers reiterated their commitment to the Commonwealth as a unique platform for cross-regional dialogue and cooperation. They noted the importance of the Commonwealth in elevating the voices of small developing states on issues of global importance. Ministers took note of the important role of the Commonwealth Small States Offices in New York and Geneva, and committed to looking into options for expansion of this offer.

    Building shared defence capability

    35 . Ministers welcomed the continued growth in the bilateral defence relationship including the deployment of a British Carrier Strike Group to Australia for Exercise Talisman Sabre 2025 as part of an Indo-Pacific deployment. HMS Prince of Wales is the first UK aircraft carrier to visit Australia since 1997 and the deployment demonstrates the UK’s ongoing commitment to increase interoperability with Australia in the Indo-Pacific following significant contributions to Exercises Pitch Black and Predator’s Run in 2024. Ministers look forward to future opportunities in Australia and the wider region, including leveraging the Royal Navy’s (RN) offshore patrol vessels persistently deployed in the Indo-Pacific.

    36 . Ministers also welcomed the success of the inaugural Australia-UK Staff Level Meeting, with the second meeting set to take place in Australia later this year. This forum will continue to progress joint strategic and operational objectives, supporting the evolution of the bilateral relationship.

    37 . Ministers reaffirmed their enduring commitment to the generational AUKUS partnership, which is supporting security and stability in the Indo-Pacific and beyond, enhancing our collective deterrence against shared threats. This capability and technology sharing partnership will deliver military advantage to deter adversaries and promote regional security. The partnership also provides new pathways for innovation, boosting interoperability between partners and strengthening our combined defence industrial base.

    38 . Ministers announced their intent to sign a bilateral AUKUS treaty between the UK and Australia on Saturday, 26 July. The Treaty is a landmark agreement, which will underpin the next 50 years of UK-Australian bilateral cooperation under AUKUS Pillar I.

    39 . The Treaty will enable comprehensive cooperation on the design, build, operation, sustainment, and disposal of our SSN-AUKUS submarines; support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia’s nuclear-powered submarine program; and realise increased port visits and the rotational presence of a UK Astute Class submarine at HMAS Stirling under Submarine Rotational Force – West.

    40 . The Treaty will enable our two countries to deliver a cutting-edge undersea capability through the SSN-AUKUS, in conjunction with our partner the US. Through working together we are supporting stability and security in the Indo-Pacific and beyond for decades to come, creating thousands of jobs, strengthening our economies and supply chains, building our respective submarine industrial bases and providing new opportunities for industry partners.

    41 . Ministers welcomed the significant progress made towards delivering Pillar I, including the entry into force of the AUKUS Naval Nuclear Propulsion Agreement between Australia, the UK and US on 17 January 2025 and the progress in design of the SSN-AUKUS submarines that will be operated by the RN and the Royal Australian Navy (RAN).

    42 . Ministers welcomed the UK’s June commitment, in its Strategic Defence Review, to build up to 12 SSN-A submarines, and continuous submarine production through investments in Barrow and Raynesway that will allow the UK to produce a submarine every 18 months, and recognised the UK’s additional investment to transform the UK’s submarine industrial base.

    43 . Ministers reaffirmed Australia and the UK’s strong and ongoing commitment to the delivery of the AUKUS Optimal Pathway. Reflecting the UK’s enduring dedication to this partnership, and long-standing engagement in the Indo-Pacific, Ministers welcomed the planned deployment of a RN submarine to undertake a port visit to Australia in 2026, delivering a varied programme of operational and engagement activities. The visit will support preparations for the establishment of the Submarine Rotational Force – West from as early as 2027, and represents another step forward on the shared path towards the delivery of SSN-AUKUS – ensuring our navies are ready, integrated, and capable of operating together to promote security and stability in the region.

    44 . Ministers underscored the importance of ensuring Australia’s acquisition of a conventionally-armed, nuclear-powered submarine capability sets the highest non-proliferation standard, and endorsed continued close engagement with the International Atomic Energy Agency.

    45 . Ministers affirmed their commitment under AUKUS Pillar II to continue to deliver tangible advanced capabilities to our defence forces and welcomed progress to date. By leveraging advanced technologies, our forces become more than the sum of their parts. They underlined the importance of Pillar II in streamlining capability acquisition and strengthening our defence innovation and industry sectors.

    46 . As part of Talisman Sabre 25, AUKUS partners participated in Maritime Big Play activities as well as groundbreaking AI and undersea warfare trials. The partners tested the remote operation of the UK’s Extra Large Unmanned Underwater Vehicle, Excalibur, controlled from Australia while operating in UK waters. The exercise once again accelerated interoperability between our forces and the accelerated integration of remote and autonomous systems.

    47 . Ministers noted the successful UK E-7A Seedcorn training program in Australia. The program, which is set to conclude in December 2025, was established to preserve a core of Airborne Early Warning and Control expertise within the Royal Air Force (RAF) and to lay a strong foundation for the introduction of the UK’s own Wedgetail aircraft. Thanks to the exceptional support of the Royal Australian Air Force (RAAF), since its inception in 2018, 30 RAF personnel – including pilots, mission crew, engineer officers, aircraft technicians, and operations specialists – have benefited from world-class training and exposure to the Wedgetail capability.

    48 . Ministers welcomed the upcoming deployment of a RAAF E-7A Wedgetail to Europe in August under Operation Kudu to help protect vital supply lines for humanitarian aid and military assistance into Ukraine. Delivering upon the vision for true interchangeability detailed in the Wedgetail Trilateral Joint Vision Statement in 2023, this deployment will see the Wedgetail jointly crewed by Australian and British service members in a live operational setting.  Ministers also welcomed Australia’s decision to extend support for training Ukrainian personnel under Operation Interflex, through Operation Kudu, to the end of 2026. Australia and the UK will also continue to work closely together to share insights and observations from the conflict.

    49 . Ministers reiterated their nations’ continued investment in the Five Power Defence Arrangements (FPDA) as a unique multilateral arrangement that plays a constructive role in building habits of cooperation and enhancing the warfighting capabilities of its members. They look forward to Exercise Bersama Lima 2025 which will feature high-end warfighting serials and next-generation assets such as Australia’s F-35s and the UK’s Carrier Strike Group.

    50 . Ministers affirmed their shared ambition to conduct a bilateral defence industry dialogue at both the Senior Official and Ministerial levels, providing a forum to deepen defence industry collaboration, enhance joint capability development, and cooperate on procurement reform to ensure improved efficiency in capability acquisition and sustainment.

    51 . Ministers agreed to deepen cooperation on using Active Electronically Scanned Array (AESA) radar technology in both nations. This includes exploring the potential of using Australian AESA radar technologies for UK integrated air and missile defence applications. They agreed to undertake a series of targeted risk reduction activities in the near future to inform future decisions.”

    52 . Ministers agreed to progress personnel exchanges that support the future combat effectiveness of the Australian Hunter Class and British Type 26 Frigates. To support the introduction of these platforms into service, the RAN and RN will undertake a series of maritime platform familiarisation activities that enable our people to gain experience in critical capabilities, including underwater and above water weapon systems, primary acoustical intelligence analysis, and overall signature management.

    53 . Ministers agreed to strengthen their sovereign defence industries through closer collaboration between the UK’s Complex Weapons Pipeline and Australia’s Guided Weapons and Explosive Ordnance Enterprise. As a first step the Ministers announced a collaborative effort to develop modular, low cost components for next-generation weapon systems.

    54 . Ministers acknowledged the shared legacy and the contribution of veterans to the bilateral relationship. They reaffirmed their commitment to identify avenues for closer collaboration on improving veterans’ health and transition services.

    Partnering on trade, climate and energy

    55 . Ministers agreed to work closely to safeguard and strengthen the role that free and fair trade and the rules-based multilateral trading system plays in economic prosperity and building resilience against economic shocks.

    56 . Ministers reaffirmed the importance of the rules-based multilateral trading system, with the World Trade Organization (WTO) at its core, to economic security and prosperity. Ministers agreed to deepen cooperation to reform and reposition the Organization, and the broader global trading system, to meet the trade challenges of the new economic and geopolitical environment. Ministers agreed to continue working together to overcome blockages in multilateral rulemaking, including by working in smaller and more agile plurilateral groupings to address contemporary challenges, such as non-market policies and practices, which could complement ongoing multilateral efforts. They welcomed cooperation on plurilateral rulemaking, including efforts to have the E-Commerce Agreement incorporated into WTO architecture and brought into force as soon as possible. They reaffirmed the importance of restoring a fully-functioning dispute settlement system as soon as possible, welcoming the UK’s decision to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) while our countries work to fix the system.

    57 . Ministers welcomed the entry into force of the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in December 2024 and welcomed Australia as 2025 Chair. Ministers affirmed the need to work cooperatively together to ensure the CPTPP remains high standard and fit-for-purpose in addressing evolving challenges through continued progress on the CPTPP General Review and expansion of the membership. They looked forward to planned CPTPP trade and investment dialogues with the EU and with ASEAN.

    58 . Ministers welcomed the second meeting of the Australia-United Kingdom Free Trade Agreement (A-UKFTA) Joint Committee on 3 June which celebrated the strong and growing trade and investment relationship between the UK and Australia and the strong uptake of the agreement’s benefits.

    59 . Ministers welcomed close engagement on economic security under the annual United Kingdom-Australia Economic Security Dialogue, noting that its establishment by AUKMIN in 2023 was timely in preparing for future needs. They reflected on the closer integration of our analysis capabilities and committed to a joint-funded track 1.5 to generate practical insights and informal policy dialogue that will inform our joint economic security efforts.

    60 . As both countries continue to develop their bilateral partnership through the UK-Australia FTA, the Economic Security Dialogue, and other fora, Ministers committed to deepening cooperation in key sectors of mutual interest. Ministers view this as an opportunity to explore new areas of collaboration and share best practices in the interests of boosting bilateral trade and investment, facilitating innovation and research, and supporting our mutual economic security and resilience. This year, officials in relevant departments will compare approaches with the aim to identify areas of common interest or complementary strength and discuss further opportunities for related cooperation. This may include initiatives to advance supply chain resilience, frontier research, investment promotion, public finance cooperation, and effective regulation.

    61 . Ministers affirmed the calls in the Global Stocktake under the Paris Agreement for countries to come forward in their next NDCs with ambitious emissions reduction targets aligned with keeping 1.5 degrees within reach. In that context, Ministers recognised the immense economic opportunities in ambitious climate action and a rapid transition to renewable energy. Ministers welcomed the UK’s ambitious NDC and looked forward to Australia’s NDC and Net-Zero Plan. Ministers further welcomed the report released by the UN Secretary General titled ‘Seizing the Moment of Opportunity: Supercharging the new energy era of renewables, efficiency, and electrification’ that highlighted the compelling economic case for the rapidly declining cost of renewable energy, and the rapidly growing role of the clean energy economy in powering jobs and economic growth. Ministers affirmed their determination to fulfil multilateral climate commitments and reiterated the importance of reforming the finance system and improving access to climate finance for developing countries. Ministers recommitted to building nature-positive economies to support a central theme of Brazil’s COP Presidency. The UK reiterated its support for Australia’s bid to host COP31 in partnership with the Pacific and expressed the hope that a decision would soon be reached. Ministers welcomed UK sharing its hosting experience and agreed to explore secondments to support COP31 planning. The UK and Australia welcome the close collaboration between our countries in the Intergovernmental Negotiating Committee (INC) negotiations for an international legally binding instrument on plastic pollution, including through our shared membership of the High Ambition Coalition to End Plastic Pollution. At this critical juncture ahead of INC-5.2, the final opportunity to secure an agreement, we call upon all members of the INC to recommit to working constructively to achieve an effective comprehensive agreement that addresses the full lifecycle of plastic. We recognise that Commonwealth countries are particularly affected by plastic pollution and in that regard we renew our commitment to collaborating through the Commonwealth Clean Ocean Alliance, to tackle plastic pollution in the commonwealth. Ministers pledged to deepen collaboration through the UK-Australia Climate and Clean Energy Partnership.

    62 . Ministers welcomed close cooperation to support the development of resilient critical mineral supply chains governed by market principles. This includes developing a roadmap to promote a standards-based market to reflect the real costs of responsible production, processing and trade of critical minerals as agreed at the recent G7 meeting on 17 June. Ministers agreed upon the importance of the sustainable and responsible extraction and processing of critical minerals for the energy transition, and committed to working together on solutions. These include the new Critical Minerals Supply Finance developed by UK Export Finance (UKEF) which can provide finance support to overseas critical minerals projects that supply the UK’s high-growth sectors. UKEF has up to £5bn in finance support available for projects in Australia and will work closely with Export Finance Australia. Ministers also undertook to ensure the UK is consulted on the design and implementation of Australia’s Critical Minerals Strategic Reserve.

    63 . Ministers discussed the leading roles being played by Australia and the UK in the full and effective implementation of the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement welcoming in particular Australia’s role as Co-Chair of the Preparatory Commission. Ministers were encouraged by each country’s progress towards ratification of the treaty, which is a landmark agreement for protection of the world’s ocean.

    64 . Ministers discussed the increasing geostrategic, climatic, and resource pressures on the Antarctic and Southern Ocean region and reaffirmed their shared and long-standing commitment to the Antarctic Treaty System (ATS). Ministers committed to upholding together the ATS rules and norms of peaceful use, scientific research, international cooperation and environmental protection, and to deepen understanding of the impact of climate change on the oceans and the world through Antarctic research including in the context of the International Polar Year of 2032/33. Ministers welcomed the United Kingdom’s chairing of CCAMLR for 2024-5 and 2025-6.

    65 . Ministers agreed on the importance of ensuring all children have the right to grow up in a safe and nurturing family environment. Ministers recognised the transformative impact on children’s health, capacity to learn and economic prospects that growing up in a family-based environment can have. Ministers acknowledged the UK’s Global Campaign on Children’s Care Reform and agreed to work together to drive international awareness and demonstrate their commitment to children’s care reform.

    66 . Ministers reiterated their commitment to upholding shared values and continuing to invest in sustainable development, gender equality, disability equity and social inclusion, which underpin global prosperity. To support sustainable development, Ministers agreed to deepen cooperation with emerging donors of development assistance, to diversify funding, enhance development effectiveness, share lessons and build trust and transparency with partners. Ministers committed to work together to deliver sustainable solutions for Small Island Developing States (SIDS), recognising their unique vulnerabilities and to ensure meaningful engagement in international processes, including ODA graduation.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

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

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: SA signs US$474.6 million loan for Just Energy Transition

    Source: Government of South Africa

    Friday, July 25, 2025

    South Africa and the African Development Bank (AfDB) have signed a US$474.6 million loan agreement aimed at supporting the implementation of the Just Energy Transition (JET).

    The loan agreement with the AfDB follows the first policy loan concluded in 2023 to support South Africa’s Just Energy Transition. 

    “This new agreement highlights the importance of South Africa’s partnership with the AfDB in advancing South Africa’s development agenda. It strengthens efforts to improve energy security measures, accelerate the decarbonisation of the economy, and enhance the socio-economic benefits of the energy transition enabling inclusive economic growth and fostering job creation,” National Treasury said on Thursday.

    This loan is part of the third Development Policy Operation which includes participation from the World Bank, KFW Development Bank, Japan International Cooperation Agency, and the Organisation of the Petroleum Exporting Countries Fund for International Development (OPEC Fund) to support structural reforms to enhance the efficiency, resilience, and sustainability of the country’s infrastructure services.

    It offers favourable concessional financial terms at a nominal value of US$474.6 million with a maturity of 15 years and a 3-year grace period at an interest rate of a daily Secured Overnight Financing Rate (SOFR) plus 1.22%.

    “The National Treasury wishes to express its appreciation to the AfDB for its continued partnership and support of South Africa’s development objectives. 

    “This includes efforts to implement critical reforms in the energy and transport sectors, while also advancing the country’s Just Energy Transition goals and meeting foreign currency commitments at lower interest rates.” – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Hlabisa to lead third roundtable with business on local government review

    Source: Government of South Africa

    The Minister of Cooperative Governance and Traditional Affairs (CoGTA), Velenkosini Hlabisa, will lead the third CoGTA–National Business Initiative (NBI) Roundtable on the review of the 1998 White Paper on Local Government.

    According to the department, Hlabisa will be joined by Deputy Minister Dr Namane Dickson Masemola at the East London International Convention Centre in East London on Wednesday, 30 July 2025.

    The roundtable, themed ‘Every Municipality Must Work – A Call to Collective Action’, is part of an inclusive policy reform process aimed at shaping a modern and effective local government system.

    This engagement will allow the business sector to reflect on the legacy and limitations of the 1998 White Paper and identify policy priorities for a renewed local government framework. 

    The platform will also offer practical recommendations from business and provincial perspectives and strengthen partnerships to improve governance and infrastructure delivery.

    “Efficient local government is critical to economic growth and business sustainability. Poor service delivery increases operational costs, disrupts business, and threatens jobs. 

    “This roundtable offers business leaders a platform to influence policies that reduce investment risk and foster a conducive business environment,” the advisory read. 

    Attendees will include business leaders, key economic institutions, Buffalo City Metro executive leadership, NBI, local business chambers in the Eastern Cape, and other private sector stakeholders. 

    In April this year, Hlabisa officially published a discussion document on the Review of the 1998 White Paper on Local Government. 

    This represents a significant and necessary step towards creating a reimagined and results-oriented local government system in South Africa.

    This document, published under Notice No. 6118 (Gazette: 52498), initiates a national discussion aimed at producing a revised White Paper on Local Government by March 2026.

    According to the department, the review aims to incite fresh thinking, honest reflection, and decisive action toward building a fit-for-purpose local government system that truly serves the people of South Africa. 

    In addition, the document aims to assess and revise outdated assumptions of the 1998 White Paper on Local Government and strengthen cooperative governance among the three spheres of government. 

    The initiative aims to align reforms with related efforts, including amendments to the Municipal Finance Management Act (MFMA), the Municipal Structures Act, and the Spatial Planning and Land Use Management Act (SPLUMA). 

    It also seeks to enhance integration with traditional leadership, improve community participation, and address systemic challenges, such as municipal financial sustainability, over-politicisation, climate risk, and spatial inequality. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI: Bitcoin Swift Presale Enters Final 24 Hours of Stage 1 with Token Fixed at $1

    Source: GlobeNewswire (MIL-OSI)

    Stage 2 Will Introduce Price Increase and APY Adjustment as Project Prepares for Solana Deployment and AI-Driven Governance Rollout

    LUXEMBOURG, July 25, 2025 (GLOBE NEWSWIRE) — Bitcoin Swift (BTC3), a new decentralized infrastructure protocol focused on AI automation, privacy-first identity, and programmable staking, has officially entered the final 24 hours of its Stage 1 presale. During this period, the token remains available at a fixed price of $1.00 with an annual percentage yield (APY) of 143%, set to adjust at the start of Stage 2. The full presale is scheduled to conclude on September 18, 2025, with a planned launch price of $15.00.

    The limited-time window marks the last opportunity for early participants to gain access to the Bitcoin Swift ecosystem at its initial entry point. Stage 2 of the presale will begin with a 100% price increase and rebalanced staking terms aligned with the protocol’s Proof-of-Yield (PoY) mechanism.

    Building a Programmable Financial Layer

    Bitcoin Swift is introducing what it describes as a “programmable financial operating system” — integrating AI-powered smart contracts, zk-SNARK privacy layers, and decentralized identity for user-based governance.

    Rather than limiting functionality to post-launch phases, BTC3 is designed to allow token holders to interact with key protocol features during the presale itself. Users are able to stake tokens, participate in AI-curated governance decisions, and engage with beta smart contract modules backed by federated AI oracles.

    The platform utilizes a hybrid proof-of-work and proof-of-stake (PoW/PoS) consensus layer while incorporating AI oversight to enhance consensus efficiency and reward accuracy. Its modular design allows Bitcoin Swift to evolve as user behavior and network activity scale.

    Security and Compliance

    Bitcoin Swift has completed KYC verification for its core development team and has undergone audits by both Spywolf and Solidproof. According to project documentation, these evaluations assessed smart contract integrity, tokenomics security, and compliance readiness. A detailed audit summary is available on the Bitcoin Swift website.

    Upcoming Milestones on the Roadmap

    The Bitcoin Swift roadmap includes a staged rollout with the following key deliverables:

    • Q3–Q4 2025: Launch on Solana network; activation of Proof-of-Yield (PoY) rewards and presale utility access
    • Q1 2026: Integration of reinforcement learning modules into the smart contract engine
    • Q2 2026: Deployment of zk-ledger privacy infrastructure and beta release of shielded DeFi tools
    • Q3 2026: Activation of full DAO governance structure with AI-powered voting simulator
    • Q4 2026: Migration from Solana to native BTC3 chain through trustless 1:1 bridge and institutional onboarding

    Each phase represents a tangible product or infrastructure milestone with scheduled delivery dates. The current presale period enables community participation ahead of full mainnet deployment.

    Community and Ecosystem Growth

    Since the start of the presale, Bitcoin Swift has seen growing community engagement on its governance forums and social platforms. The protocol’s on-chain identity framework enables quadratic voting — a mechanism where governance influence is weighted by user reputation and verified credentials, rather than token quantity alone.

    The early traction reflects broader industry interest in decentralized ecosystems that offer programmable value accrual mechanisms and built-in security frameworks. The Proof-of-Yield (PoY) model distributes staking rewards at the close of each presale stage, incentivizing long-term engagement.

    Time-Sensitive Participation Window

    With Stage 1 concluding in less than 24 hours, the Bitcoin Swift presale is entering its first major transition point. Following this window, the token price will double to $2.00, and staking APY will be recalculated based on the updated tokenomics schedule. Only 64 total days have been allocated for the presale, with a hard stop date of September 18, 2025.

    The protocol’s structure offers early participants real-time access to evolving features, rather than requiring them to wait for mainnet activation. This model has attracted interest from a range of developers, users, and prospective governance delegates.

    About Bitcoin Swift

    Bitcoin Swift (BTC3) is a decentralized platform combining AI, privacy technology, and on-chain governance to create a scalable and adaptable financial protocol. It is built with a modular framework that supports programmable smart contracts, zk-SNARK privacy features, and a hybrid consensus mechanism optimized for real-world utility.

    The presale is currently live, with details, documentation, and roadmap updates available on the official website.

    For more information, visit:
    https://bitcoinswift.com

    Contact:
    Luc Schaus
    support@bitcoinswift.com 

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

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2262bfc1-38f1-4d98-9143-e444e8838e3e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1150a950-2f95-4a97-bcc8-4be8bc637e63

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1e943815-e52c-49ff-a5c2-d77949a0ec3e

    The MIL Network –

  • MIL-OSI: Stage 8 Presale Live for EVM Layer 2 Meme Coin Little Pepe, With Over $12M Raised in Total

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, July 25, 2025 (GLOBE NEWSWIRE) — Little Pepe (LILPEPE) is redefining what meme coins can accomplish in 2025. Built on an Ethereum Virtual Machine (EVM)-compatible Layer 2 community, this rapidly rising meme token has formally entered stage 8 of its presale. Priced at $0.0017, the latest stage follows a major milestone: over $12 million raised and more than 8.5 billion tokens sold so far. These numbers are turning heads across the crypto area, signaling both strong investor confidence and a brand-new wave of demand for meme coins that blend utility with viral culture.

    While many meme coins rely completely on internet hype and celebrity-pushed buzz, Little Pepe sticks out by way of turning in a scalable infrastructure built for long-term use. Its success in investment rounds and engaged network endorse that it can turn out to be one of the standout meme projects of the year.

    Layer 2 Power Meets Meme Energy

    What makes Little Pepe different is its Ethereum Layer 2 foundation, a crucial advancement that enhances the project’s overall utility and user experience. By operating on a Layer 2 chain, $LILPEPE can offer key benefits such as Lower transaction fees, Faster execution times, Reduced network congestion, and Ethereum-level security

    For users tired of expensive gas fees and slow transactions, Little Pepe’s infrastructure offers a welcome alternative. The EVM compatibility ensures seamless integration with existing Ethereum dApps and tools, increasing accessibility for developers and investors alike.

    This tech-forward approach gives Little Pepe a critical edge. While meme coins are typically seen as speculative, $LILPEPE is being increasingly viewed as a platform in development—a token with the architecture to support real-world applications in the near future.

    Over $12 Million Raised—and Counting

    Little Pepe’s presale has already crossed the $12 million mark, showcasing serious interest from retail and possibly even institutional investors. With each stage offering a higher price, whale investors have already seen the value of their holdings increase, reinforcing confidence in the project’s long-term prospects.

    More than 8.5 billion tokens have been sold, showing rapid and sustained interest as the presale progresses. Unlike many projects that struggle to maintain attention beyond initial hype, Little Pepe is building momentum with each passing week. The pace of this funding also indicates growing demand for Ethereum-based meme coins that offer something more. Investors aren’t just betting on humor—they’re betting on blockchain performance, future integrations, and scalability.

    Stage 8: A Crucial Presale Chapter

    Stage 8 marks a critical moment in the presale journey. At $0.0017, the current token price reflects the project’s rising profile and strong community support. As Little Pepe gets closer to potential exchange listings, this stage may represent one of the final opportunities for whale investors to secure a favorable entry point.

    Interest in Stage 8 is already climbing, mirroring the energy seen in previous rounds. With such a strong funding record and an increasingly global presence, it’s likely that this stage will sell out quickly—especially as the project approaches a broader marketing push and public launch. 

    As presale stages progress, each phase tends to close faster than the last. Investors following the project closely are now eyeing Stage 8 as a key moment to get in before $LILPEPE becomes more widely available.

    About Little Pepe

    Little Pepe is a next-gen Layer 2 blockchain designed to merge meme culture with high-speed, low-cost decentralized infrastructure. Built for scalability, security, and accessibility, Little Pepe supports EVM-compatible applications and is powered by means of the $LILPEPE token. The project’s mission is to create a meme coin environment wherein utility meets virality, empowering users through cutting-edge technology and lightning-fast transactions.

    For more information:

    Website: https://littlepepe.com/

    Telegram: https://t.me/littlepepetoken

    Twitter: https://x.com/littlepepetoken

    Contact Details: COO- James Stephen Email: media@littlepepe.com

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

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6e74c864-def7-475a-a4cf-261380ce4586

    The MIL Network –

  • MIL-OSI: Municipality Finance issues EUR 20 million zero coupon notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    25 July 2025 at 10:00 am (EEST)

    Municipality Finance issues EUR 20 million zero coupon notes under its MTN programme

    Municipality Finance Plc issues EUR 20 million zero coupon notes on 28 July 2025. The maturity date of the notes is 28 July 2065. MuniFin has a right, but no obligation, to redeem the notes early on 28 July 2033.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 July 2025.

    Goldman Sachs Bank Europe SE acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: 39/2025・Trifork Group: Reporting of transactions made by persons discharging managerial responsibilities

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 39 / 2025
    Schindellegi, Switzerland – 25 July 2025

    Reporting of transactions made by persons discharging managerial responsibilities

    Pursuant to the Market Abuse Regulation Article 19, Trifork Group AG (Swiss company registration number CHE-474.101.854) (“Trifork”) hereby notifies receipt of information of the following transactions made by persons discharging managerial responsibilities in Trifork in connection with fixed salaries paid in shares. Reference is made to company announcement no. 1/2025 on 21 January 2025.

    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Jørn Larsen
    2. Reason for the notification
    a) Position/status CEO
    b) Initial notification/
    Amendment    		 Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    		 Shares

    ISIN CH1111227810
    b) Nature of the transaction A share of 25% of the fixed monthly salary is paid out in shares as described in the company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 1,142
    d) Aggregated information
    —
    Aggregated volume —
    Price    		 N/A
    e) Date of the transaction 25 July 2025
    f) Place of the transaction Outside a trading venue
    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Kristian Wulf-Andersen
    2. Reason for the notification
    a) Position/status CFO
    b) Initial notification/
    Amendment    		 Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    		 Shares

    ISIN CH1111227810
    b) Nature of the transaction A share of 10% of the fixed monthly salary is paid out in shares as described in the company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 304
    d) Aggregated information
    —
    Aggregated volume —
    Price    		 N/A
    e) Date of the transaction 25 July 2025
    f) Place of the transaction Outside a trading venue


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

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

    Attachment

    The MIL Network –

  • MIL-OSI: Marex Group plc to acquire UK equity market maker Winterflood Securities

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 25, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’ or the ‘Group’; NASDAQ: MRX), the diversified global financial services platform, today announces that it has agreed to acquire UK equity market maker Winterflood Securities (Winterflood) from Close Brothers Group plc (Close Brothers) for approximately £103.9 million in cash, which represents a premium of £15 million.

    Winterflood is one of the UK’s leading equity market makers, delivering execution services to over 400 institutional clients and ranking consistently as a top three market counterparty with a market share of about 15% by volume on the London Stock Exchange1. Winterflood has well-established client connectivity through its proprietary technology platform.

    The acquisition is expected to enhance Marex’s existing UK cash equities business, consistent with its strategy to bring new clients and new capabilities onto its platform and diversify earnings. It is also expected to add a substantial distribution offering servicing the UK institutional community, in particular asset and wealth management companies, with the potential to deepen these relationships by offering access to a broader range of Marex’s products from across its platform.

    Winterflood also operates Winterflood Business Services, which provides outsourced dealing, settlement and custody services to a diverse range of clients, including large institutions, investment platforms, wealth managers, and retail aggregators.

    The deal is subject to regulatory approval and is expected to close in early 2026.

    Ian Lowitt, Marex Group Chief Executive Officer, commented:

    “This acquisition gives us an opportunity to transform our existing equity market making business into a leading franchise, utilising the technology and connectivity of what is the leading brand in this market. This deal is consistent with our strict financial criteria, and we see opportunities to materially improve Winterflood’s profitability and pay back its premium within two to three years. We believe we can gain economies from operating at scale and also benefit from Winterflood’s great technology and strong client relationships, which will enable us to introduce additional products and services from across our platform to a new set of clients.”

    Bradley Dyer, CEO of Winterflood Securities, commented:

    “We’re delighted to become part of Marex, which is a high-growth, global financial services company with a strong balance sheet. Our clients will continue to be served by the same team, while also benefitting from the backing of a large and growing company as well as access to a broader range of products and services from Marex. We’re excited to be joining a fast-paced organisation where our teams can thrive.”

    Mike Morgan, Close Brothers Group Chief Executive, commented:

    “We see Marex as an excellent steward for the business going forward, we thank the Winterflood team for their hard work and commitment over the years and wish them every success in their next chapter with Marex.”

    Forward-Looking Statements:
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including the expected acquisition of Winterflood Securities and the closing of the transaction as well as expected benefits from the acquisition. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
    These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) and our other reports filed with the SEC. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

    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

    +1 716 525 7239 / +44 7976870961

    marex@fticonsulting.com

    _______________________________

    1Rank and market share is based on Bloomberg data for London Stock Exchange market volumes from January 2019 to December 2024

    The MIL Network –

  • MIL-OSI: BW Energy: Invitation to Q2 2025 and half-year results presentation 01 August 

    Source: GlobeNewswire (MIL-OSI)

    Invitation to Q2 2025 and half-year results presentation 01 August  

    BW Energy will release its second quarter and half-year 2025 results on Friday, 01 August at 07:00 CEST.  

    A conference call followed by Q&A will be hosted by CEO Carl K. Arnet and CFO Brice Morlot the same day at 14:00 CEST. 

    You can follow the presentation via webcast:

    https://events.webcast.no/viewer-registration/qQC1bQEB/register

    Call-in information

    Participants dial in numbers:

    DK: +45 7876 8490
    SE: +46 8 1241 0952
    NO: +47 2195 6342
    UK: +44 203 769 6819
    US: +1 646-787-0157
    Singapore: 65-3-1591097
    France: 33-1-81221259

    Conference code: 980877

    For further information, please contact:

    Martin Seland Simensen, VP Investor Relations BW Energy

    +47 416 92 087, martin.simensen@bwenergy.no

    About BW Energy:

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

    The MIL Network –