Category: Finance

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

    Source: United States Attorneys General 7

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

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

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

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

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

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

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

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

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

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

    MIL Security OSI

  • MIL-OSI: XA Investments Reports Record $227 billion in Managed Assets in its Second Quarter 2025 Market Update

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 22, 2025 (GLOBE NEWSWIRE) — XA Investments LLC (“XAI”), an alternative investment management and consulting firm, announced today that its Non-Listed Closed-End Funds Second Quarter 2025 Market Update shows accelerated growth in the market, a surge in fund launches, and a shift toward greater investor accessibility.

    “The non-listed CEF market continues to show record growth with 17% or 50 funds in the market reaching over $1 billion in assets under management and seven of those funds hitting the $1 billion milestone this quarter” stated Kimberly Flynn, the president of XAI. “As more assets continue to flow into the interval / tender offer fund market, we believe the market’s trajectory will remain positive, with significant opportunities for expansion throughout the rest of the year,” she added.

    The market update is a comprehensive research report detailing current market trends and industry highlights. The non-listed closed-end fund (CEF) market includes all interval and tender offer funds. The report highlights the removal of accredited investor suitability restrictions, divergence of positioning in the market, dominance of interval funds with a daily NAV and no suitability restrictions, increased performance coverage, and coverage of Specialty Structures.

    The non-listed CEF market reached a new peak with 288 interval and tender offer funds with a total of $196 billion in net assets and $227 billion in total managed assets, inclusive of leverage, as of June 30, 2025. The market includes 144 interval funds which comprise 59% of the total managed assets at $132.8 billion and 144 tender offer funds which comprise the other 41% with $93.9 billion in total managed assets.

    This is a significant change from previous quarters, as the number of interval funds has caught up to the total number of tender funds. In Q2 2025, 23 new funds entered the market, representing an increase of 13 funds compared to the 10 funds launched in Q2 2024. Market-wide net assets increased $15 billion in Q2 2025 from the prior quarter.

    In total, there are 150 unique fund sponsors in the interval and tender offer fund space, with 54 fund sponsors that have two or more interval and/or tender offer funds currently in the market. Additionally, there are 22 funds currently in the Securities and Exchange Commission registration process from fund sponsors looking to launch another fund.

    Displaying the growth of new funds in the market, the market share of the top 20 funds continues to decrease, falling to 59% in Q2 2025 from 60% in Q1 2025 and 65% in Q4 2024. Among the new funds launched in Q2 2025, there were nine new interval fund sponsors, including Corient, Coatue, and Select Equity Group.

    XAI also noted the emergence of Specialty Structures within the market. These funds are continuously offered, evergreen, semi-liquid private funds designed for accredited investors and qualified purchasers. They are exempt from the Investment Company Act of 1940 but still governed by federal securities laws. These evergreen funds provide access to alternative strategies while offering limited liquidity and reduced reporting obligations for the manager compared to registered funds.

    The current landscape of 13 Specialty Structures funds is dominated by large private equity firms including Blackstone, KKR, and Apollo. While Specialty Structures and interval / tender offer funds have some similarities, the fund structures differ in how they handle liquidity, investor eligibility, reporting obligations, and tax treatment.

    “Understanding Specialty Structures helps managers better align product design with strategy and audience, which is increasingly critical in a growing and competitive market” Flynn said.

    In this quarterly report, XAI covers the Q1 2025 net flows which are lagged by reporting cycles. In Q1 2025 funds had positive net flows, totaling over $13 billion, with 67% of funds reporting positive net flows. The majority of net flows in Q1 2025 went into daily NAV funds without suitability restrictions, attracting 58% of marketwide net flows.

    Two-thirds or 67% of net flows went into funds with no suitability restrictions, while 12% went into funds limited to accredited investors, and 21% went into funds limited to qualified clients. In aggregate, the top 20 largest interval/tender offer funds accounted for 50% of total net flows including many of the market leaders such as the Cliffwater Corporate Lending Fund, Partners Group Private Equity (Master Fund), LLC, and ACAP Strategic Fund.

    “The non-listed CEF market continues to grow with a total of 51 funds in the SEC registration process at the end of the first quarter,” Flynn noted. “While the SEC backlog decreased by seven funds from the end of Q1 2025 to the end of Q2 2025, we believe there will still be significant growth in the market this year. So far in 2025, there have been 46 new SEC filings, compared to 27 new filings from this point in 2024, representing a 70% increase in registrations” she added.

    Newly launched non-listed CEFs spent around six months in the SEC registration process, with the fund’s asset class continuing to be the main driver of time spent in the SEC review process. Tax-Free Bond funds were the quickest to launch, at 150 days on average spent in registration.

    At 53%, the majority of interval and tender offer funds do not have any suitability restrictions for investors imposed at the fund level — 27% of funds are available to accredited investors and 20% are only available to qualified clients. The amount of funds offered with no suitability restrictions is also predicted to increase with recent changes in a SEC Staff position. Following this change in position, many interval and tender offer funds have filed prospectus supplements removing accredited investor requirements.

    According to Flynn, “We expect more funds to reduce their suitability requirements in the near future and for many new funds to forgo accredited investor requirements.” Alternative funds without suitability restrictions also prove to be more accessible and have gathered more assets at $130.5 billion in managed assets or 57% of market-wide assets.

    For more information on the interval fund market and to read our full quarterly report on non-listed CEFs, please visit the CEF Market research page linked here and click ‘Subscribe’ for access to XA Investments’ online research portal and pricing information. In addition, please contact info@xainvestments.com or 888-903-3358 with questions.

    About XA Investments
    XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund, respectively the XAI Octagon Floating Rate & Alternative Income Trust, the XAI Madison Equity Premium Income Fund, and the Octagon XAI CLO Income Fund. In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, marketing and fund management. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. For more information, please visit www.xainvestments.com.

    Note: Net flows are reported in Form NPORT-P (“NPORTs”), which are filed quarterly with the SEC. NPORT filings are typically lagged 60 days from the end of the reporting period. The net flows data in this report is as of 3/31/2025 and represents the latest publicly available data.

    Sources: XA Investments; CEFData.com; SEC Filings.

    Notes: All information as of 6/30/2025 unless otherwise noted. Total managed assets is inclusive of leverage. The non-listed CEF market is subject to lags in reporting and limited data availability. Data such as asset levels, net flows, and performance are delayed up to 90 days after quarter-end and are not available for all funds. All data in the report is the most current available. Please contact our team if you have any questions about the non-listed CEF marketplace.

    The MIL Network

  • MIL-OSI: XA Investments Reports Record $227 billion in Managed Assets in its Second Quarter 2025 Market Update

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 22, 2025 (GLOBE NEWSWIRE) — XA Investments LLC (“XAI”), an alternative investment management and consulting firm, announced today that its Non-Listed Closed-End Funds Second Quarter 2025 Market Update shows accelerated growth in the market, a surge in fund launches, and a shift toward greater investor accessibility.

    “The non-listed CEF market continues to show record growth with 17% or 50 funds in the market reaching over $1 billion in assets under management and seven of those funds hitting the $1 billion milestone this quarter” stated Kimberly Flynn, the president of XAI. “As more assets continue to flow into the interval / tender offer fund market, we believe the market’s trajectory will remain positive, with significant opportunities for expansion throughout the rest of the year,” she added.

    The market update is a comprehensive research report detailing current market trends and industry highlights. The non-listed closed-end fund (CEF) market includes all interval and tender offer funds. The report highlights the removal of accredited investor suitability restrictions, divergence of positioning in the market, dominance of interval funds with a daily NAV and no suitability restrictions, increased performance coverage, and coverage of Specialty Structures.

    The non-listed CEF market reached a new peak with 288 interval and tender offer funds with a total of $196 billion in net assets and $227 billion in total managed assets, inclusive of leverage, as of June 30, 2025. The market includes 144 interval funds which comprise 59% of the total managed assets at $132.8 billion and 144 tender offer funds which comprise the other 41% with $93.9 billion in total managed assets.

    This is a significant change from previous quarters, as the number of interval funds has caught up to the total number of tender funds. In Q2 2025, 23 new funds entered the market, representing an increase of 13 funds compared to the 10 funds launched in Q2 2024. Market-wide net assets increased $15 billion in Q2 2025 from the prior quarter.

    In total, there are 150 unique fund sponsors in the interval and tender offer fund space, with 54 fund sponsors that have two or more interval and/or tender offer funds currently in the market. Additionally, there are 22 funds currently in the Securities and Exchange Commission registration process from fund sponsors looking to launch another fund.

    Displaying the growth of new funds in the market, the market share of the top 20 funds continues to decrease, falling to 59% in Q2 2025 from 60% in Q1 2025 and 65% in Q4 2024. Among the new funds launched in Q2 2025, there were nine new interval fund sponsors, including Corient, Coatue, and Select Equity Group.

    XAI also noted the emergence of Specialty Structures within the market. These funds are continuously offered, evergreen, semi-liquid private funds designed for accredited investors and qualified purchasers. They are exempt from the Investment Company Act of 1940 but still governed by federal securities laws. These evergreen funds provide access to alternative strategies while offering limited liquidity and reduced reporting obligations for the manager compared to registered funds.

    The current landscape of 13 Specialty Structures funds is dominated by large private equity firms including Blackstone, KKR, and Apollo. While Specialty Structures and interval / tender offer funds have some similarities, the fund structures differ in how they handle liquidity, investor eligibility, reporting obligations, and tax treatment.

    “Understanding Specialty Structures helps managers better align product design with strategy and audience, which is increasingly critical in a growing and competitive market” Flynn said.

    In this quarterly report, XAI covers the Q1 2025 net flows which are lagged by reporting cycles. In Q1 2025 funds had positive net flows, totaling over $13 billion, with 67% of funds reporting positive net flows. The majority of net flows in Q1 2025 went into daily NAV funds without suitability restrictions, attracting 58% of marketwide net flows.

    Two-thirds or 67% of net flows went into funds with no suitability restrictions, while 12% went into funds limited to accredited investors, and 21% went into funds limited to qualified clients. In aggregate, the top 20 largest interval/tender offer funds accounted for 50% of total net flows including many of the market leaders such as the Cliffwater Corporate Lending Fund, Partners Group Private Equity (Master Fund), LLC, and ACAP Strategic Fund.

    “The non-listed CEF market continues to grow with a total of 51 funds in the SEC registration process at the end of the first quarter,” Flynn noted. “While the SEC backlog decreased by seven funds from the end of Q1 2025 to the end of Q2 2025, we believe there will still be significant growth in the market this year. So far in 2025, there have been 46 new SEC filings, compared to 27 new filings from this point in 2024, representing a 70% increase in registrations” she added.

    Newly launched non-listed CEFs spent around six months in the SEC registration process, with the fund’s asset class continuing to be the main driver of time spent in the SEC review process. Tax-Free Bond funds were the quickest to launch, at 150 days on average spent in registration.

    At 53%, the majority of interval and tender offer funds do not have any suitability restrictions for investors imposed at the fund level — 27% of funds are available to accredited investors and 20% are only available to qualified clients. The amount of funds offered with no suitability restrictions is also predicted to increase with recent changes in a SEC Staff position. Following this change in position, many interval and tender offer funds have filed prospectus supplements removing accredited investor requirements.

    According to Flynn, “We expect more funds to reduce their suitability requirements in the near future and for many new funds to forgo accredited investor requirements.” Alternative funds without suitability restrictions also prove to be more accessible and have gathered more assets at $130.5 billion in managed assets or 57% of market-wide assets.

    For more information on the interval fund market and to read our full quarterly report on non-listed CEFs, please visit the CEF Market research page linked here and click ‘Subscribe’ for access to XA Investments’ online research portal and pricing information. In addition, please contact info@xainvestments.com or 888-903-3358 with questions.

    About XA Investments
    XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund, respectively the XAI Octagon Floating Rate & Alternative Income Trust, the XAI Madison Equity Premium Income Fund, and the Octagon XAI CLO Income Fund. In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, marketing and fund management. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. For more information, please visit www.xainvestments.com.

    Note: Net flows are reported in Form NPORT-P (“NPORTs”), which are filed quarterly with the SEC. NPORT filings are typically lagged 60 days from the end of the reporting period. The net flows data in this report is as of 3/31/2025 and represents the latest publicly available data.

    Sources: XA Investments; CEFData.com; SEC Filings.

    Notes: All information as of 6/30/2025 unless otherwise noted. Total managed assets is inclusive of leverage. The non-listed CEF market is subject to lags in reporting and limited data availability. Data such as asset levels, net flows, and performance are delayed up to 90 days after quarter-end and are not available for all funds. All data in the report is the most current available. Please contact our team if you have any questions about the non-listed CEF marketplace.

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Live Signals to Assist Users in Making Informed Decisions

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

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

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

    No Additional Charge or Complicated Installation

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

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

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

    Responding to a Need in the Market

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

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

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

    Supporting Smarter Trading, Not Automated Advice

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

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

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

    About MCGlobalHub

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

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

    Disclaimer: This press release is provided by MCGlobalHub. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.
    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    The MIL Network

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

    Source: Government of India

    Source: Government of India (4)

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

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

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

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

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

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

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

    Source: Government of India

    Source: Government of India (4)

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

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

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

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

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

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

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    The following table presents disaggregated net income (loss):

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

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

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

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

    Non-Interest Income

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

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

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

    Non-Interest Expense

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

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

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

    Income Taxes

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

    About the Company

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

    Forward Looking Statement

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

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

    The MIL Network

  • MIL-OSI: C&F Announces Expansion into Southwest Virginia

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 22, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, is proud to announce a significant expansion of its commercial banking operations with a seasoned team that will establish its presence in Southwest Virginia. This strategic move positions C&F to serve key markets including Roanoke, Lynchburg, Danville, Martinsville, and Blacksburg.

    Leading this expansion is Matt Hubbard, who joins as Southwest Virginia Regional President. With over 15 years of commercial banking leadership experience, most recently at Atlantic Union Bank, (formerly American National Bank). Matt brings deep market knowledge and a strong commitment to community engagement. He is a graduate of Radford University and the William & Mary Mason School of Business.

    Joining Matt are two highly respected banking professionals:

    • Sally SiveroniCommercial Credit Officer, began her banking career in 1986 and most recently served as Regional Credit Officer at Atlantic Union Bank. She is a graduate of James Madison University.
    • James LittleCommercial Banking Relationship Manager, has 17 years of experience in both retail and commercial banking. A fellow James Madison University graduate and VBA Bank School alumnus, James is also deeply involved in community initiatives.

    “We are thrilled to welcome Matt, Sally, and James to the C&F family,” said Tom Cherry, President and CEO of C&F Bank. “Their expertise and strong community ties will accelerate our growth in this promising region, where we already enjoy strong customer relationships.”

    With this expansion, C&F is now firmly positioned as one of the premier community banks serving the entire Commonwealth of Virginia—an achievement that underscores the company’s strategic vision and competitive strength.

    About C&F

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission, are available on the Corporation’s website at http://www.cffc.com.

    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e0101d3-4ffc-436f-a151-f7f79df53bdd

    The MIL Network

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

    Source: Government of Canada regional news

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

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

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

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


    Quotes:

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

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

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


    Quick Facts:

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

    Additional Resources:

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

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

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

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

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


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

    MIL OSI Canada News

  • MIL-OSI: ASM reports second quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

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

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

    Financial highlights

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

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

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

    Comment

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

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

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

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

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

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

    Outlook

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

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

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

    Share buyback program

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

    Investor Day

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

    Interim financial report

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

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

    About ASM

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

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

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

    Quarterly earnings conference call details

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

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

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

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

    The MIL Network

  • MIL-OSI: ASM reports second quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

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

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

    Financial highlights

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

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

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

    Comment

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

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

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

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

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

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

    Outlook

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

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

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

    Share buyback program

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

    Investor Day

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

    Interim financial report

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

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

    About ASM

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

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

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

    Quarterly earnings conference call details

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

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

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

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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


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

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

    Update to Nokia’s financial outlook for 2025 

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

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

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

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

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

    About Nokia

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

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

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

    Inquiries:

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

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

    FORWARD-LOOKING STATEMENTS 

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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


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

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

    Update to Nokia’s financial outlook for 2025 

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

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

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

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

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

    About Nokia

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

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

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

    Inquiries:

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

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

    FORWARD-LOOKING STATEMENTS 

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

    The MIL Network

  • MIL-OSI USA: Washington Hunting Guide and Outfitting Company Enter Guilty Pleas to Lacey Act Crime

    Source: US State of California

    Branden Trager of Brush Prairie, Washington, and his guiding company Mayhem Services LLC pleaded guilty yesterday in federal court in Tacoma to violating the Lacey Act.

    In pleading guilty, Trager admitted he and Mayhem Services violated the Migratory Bird Treaty Act (MBTA) during a January 2023 hunting trip in western Washington and then transported the taken birds in violation of the Lacey Act. Enacted 125 years ago, the Lacey Act protects the nations wildlife resources by prohibiting wildlife violations that cross state or international borders. Trager also acknowledged that in 2022 he brought hunters into British Columbia, Canada, where he guided waterfowl hunting trips targeting the harlequin duck. He could not operate as a hunting guide under Canadian law.

    The harlequin duck (Histrionicus histrionicus) is a small sea duck with a habitat ranging from Alaska to California. Hunters prize the harlequin as a trophy and as part of a challenge to hunt 41 North American waterfowl species. Washington closed harlequin hunting for the 2022-2023 season, but limited hunting remained open in British Columbia.

    According to plea agreements filed in court, the recommended fines are $100,000 for Trager and $75,000 for Mayhem Services. The parties also agreed to recommend that the court order the defendants to make a public statement expressing contrition and emphasizing the importance of hunting, guiding, and wildlife regulations. Sentencing is scheduled for Oct. 16.

    According to a Joint Factual Statement filed in court, the MBTA prohibits, among other things, taking migratory birds using a motor vehicle; taking migratory birds by using a vehicle to concentrate, drive, or rally them; taking migratory birds in excess of daily bag limits; taking or crippling a migratory bird and not make reasonable efforts to retrieve it; and transporting taken migratory birds belonging to another individual without tagging them. Taking includes pursuing, hunting, shooting, wounding, killing, trapping, capturing, or collecting.

    The Lacey Act is the nation’s oldest wildlife trafficking law. It prohibits, among other things, transporting wildlife that had been illegally taken under federal, state, tribal or foreign law. The MBTA is a U.S. law that implemented treaties with Canada and other nations to ensure sustainable populations of migratory birds.

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

    The U.S. Fish and Wildlife Service Office of Law Enforcement led the investigation along with Homeland Security Investigations, British Columbia Conservation Officer Service, and the Washington Department of Fish & Wildlife.

    Senior Trial Attorney Ryan Connors and Trial Attorney Sarah Brown of the Justice Department’s Environmental Crimes Section prosecuted the case with assistance from the U.S. Attorney’s Office for the Western District of Washington.

    MIL OSI USA News

  • MIL-OSI Security: Washington Hunting Guide and Outfitting Company Enter Guilty Pleas to Lacey Act Crime

    Source: United States Attorneys General

    Branden Trager of Brush Prairie, Washington, and his guiding company Mayhem Services LLC pleaded guilty yesterday in federal court in Tacoma to violating the Lacey Act.

    In pleading guilty, Trager admitted he and Mayhem Services violated the Migratory Bird Treaty Act (MBTA) during a January 2023 hunting trip in western Washington and then transported the taken birds in violation of the Lacey Act. Enacted 125 years ago, the Lacey Act protects the nations wildlife resources by prohibiting wildlife violations that cross state or international borders. Trager also acknowledged that in 2022 he brought hunters into British Columbia, Canada, where he guided waterfowl hunting trips targeting the harlequin duck. He could not operate as a hunting guide under Canadian law.

    The harlequin duck (Histrionicus histrionicus) is a small sea duck with a habitat ranging from Alaska to California. Hunters prize the harlequin as a trophy and as part of a challenge to hunt 41 North American waterfowl species. Washington closed harlequin hunting for the 2022-2023 season, but limited hunting remained open in British Columbia.

    According to plea agreements filed in court, the recommended fines are $100,000 for Trager and $75,000 for Mayhem Services. The parties also agreed to recommend that the court order the defendants to make a public statement expressing contrition and emphasizing the importance of hunting, guiding, and wildlife regulations. Sentencing is scheduled for Oct. 16.

    According to a Joint Factual Statement filed in court, the MBTA prohibits, among other things, taking migratory birds using a motor vehicle; taking migratory birds by using a vehicle to concentrate, drive, or rally them; taking migratory birds in excess of daily bag limits; taking or crippling a migratory bird and not make reasonable efforts to retrieve it; and transporting taken migratory birds belonging to another individual without tagging them. Taking includes pursuing, hunting, shooting, wounding, killing, trapping, capturing, or collecting.

    The Lacey Act is the nation’s oldest wildlife trafficking law. It prohibits, among other things, transporting wildlife that had been illegally taken under federal, state, tribal or foreign law. The MBTA is a U.S. law that implemented treaties with Canada and other nations to ensure sustainable populations of migratory birds.

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

    The U.S. Fish and Wildlife Service Office of Law Enforcement led the investigation along with Homeland Security Investigations, British Columbia Conservation Officer Service, and the Washington Department of Fish & Wildlife.

    Senior Trial Attorney Ryan Connors and Trial Attorney Sarah Brown of the Justice Department’s Environmental Crimes Section prosecuted the case with assistance from the U.S. Attorney’s Office for the Western District of Washington.

    MIL Security OSI

  • MIL-OSI: SOITEC REPORTS FIRST QUARTER REVENUE OF FISCAL YEAR 2026

    Source: GlobeNewswire (MIL-OSI)

    SOITEC REPORTS FIRST QUARTER REVENUE OF FISCAL YEAR 2026

    • Q1’26 revenue: €92m, down 16% year-on-year on an organic1basis, slightly better than the guidance
    • Q1’26 year-on-year revenue development reflects, as expected, ongoing RF-SOI inventory correction among customers, a weak automotive market, the anticipated phase-out of first-generation Imager-SOI, and the strong momentum in Photonics-SOI
    • Q2’26 revenue is expected to grow around 50% versus Q1’26, on an organic basis

    Bernin (Grenoble), France, July 22nd, 2025 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced unaudited consolidated revenue of 92 million Euros for the first quarter of FY’26 (ended on June 29th, 2025), down 24% on a reported basis compared with 121 million Euros achieved in the first quarter of FY’25. This reflects a 16% decline on an organic basis, a negative currency impact of 5% and a negative scope effect2 of 3% related to the divestment of Dolphin Design’s businesses.

    Pierre Barnabé, Soitec’s CEO, commented: “Q1’26 revenue was slightly better than the guidance, down 16% year-on-year on an organic basis. This includes the phase-out of Imager-SOI. Artificial Intelligence continues to support strong growth in Edge & Cloud AI division, with traction both at the edge and in the cloud accelerating adoption of FD-SOI for Edge AI and Photonics-SOI for data centers. Conversely, the correction of RF-SOI inventories among our direct customers, and the ongoing weakness in the Automotive market continued to impact our revenue.

    Looking ahead, we expect Q2’26 revenue to grow around 50% versus Q1’26, on an organic basis. This reflects ongoing RF-SOI inventory correction in Mobile Communications, continued weakness in Automotive & Industrial, and strong growth in Edge & Cloud AI.

    In an uncertain and volatile environment, we remain focused on the factors within our control to prepare Soitec for the future. We are broadening our end-market exposure and customer base to diversify the company’s foundations. In parallel, we are accelerating the expansion of our product portfolio – across both SOI and compound semiconductors – to serve a wider range of applications. At the same time, we are building robust ecosystems that support the adoption of our products, with the ambition of establishing them as new industry standards.”

    First quarter FY’26 consolidated revenue

      Q1’26 Q1’25 Q1’26/Q1’25
             
             
    (Euros million)     change reported chg. at const. exch. rates & perimeter
             
    Mobile Communications 43 48 -12% -7%
    Automotive & Industrial 5 26 -82% -81%
    Edge & Cloud AI 44 46 -4% +13%
             
    Revenue 92 121 -24% -16%

    Mobile Communications

    Mobile Communications revenue reached 43 million Euros in Q1’26, down 7% year-on-year on an organic basis.

    After a strong seasonal tailwind in Q4’25, further correction was expected in RF-SOI customer inventories. As a result, sales of RF-SOI wafers decreased to a low level in Q1’26, below Q1’25. This mostly reflects a significant year-on-year decrease in 200-mm RF-SOI volumes sold. Sales of 300-mm RF-SOI wafers were higher than in Q1’25, driven by higher volumes, despite a slightly negative price / mix effect.

    Sales of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters were stable year-on-year, reflecting ongoing growth with key US customers and a temporary slowdown in Asia. POI is becoming the reference substrate for advanced Surface Acoustic Wave (SAW) filters, increasingly adopted by leading fabless globally.

    Sales of FD-SOI wafers, the only solution for fully integrated 5G mmWave system-on-chip, were significantly higher than in Q1’25. FD-SOI adoption is progressing with first design wins for Wi-Fi 7 SoCs, for premium Android smartphones.

    Automotive & Industrial

    In a persistently complicated automotive market, Automotive & Industrial revenue reached 5 million Euros in Q1’26, down 81% year-on-year on an organic basis.

    As expected, the Power-SOI inventory replenishment that took place at customer level in Q4’25, came at the expense of volumes in Q1’26, and will continue to impact Q2’26. Meanwhile, Soitec is accelerating the transition from 200-mm to 300-mm Power-SOI to address growing demand for Battery Management Systems.

    Automotive FD-SOI wafer sales were negligible in Q1’26, although the build-up of a solid ecosystem is supporting the strengthening of its adoption for analog/digital systems such as radars, microcontrollers and wireless connectivity.

    Regarding SmartSiCTM, the slower growth of the electric vehicle market combined with the longer qualification cycles confirms the delay in the production ramp-up, as already communicated.

    Edge & Cloud AI

    Edge & Cloud AI revenue reached 44 million Euros in Q1’26, up 13% on an organic basis compared to Q1’25 despite the discontinuation of the first generation of Imager-SOI wafers for 3D imaging applications, which recorded 25 million Dollars in revenue in Q1’25. On a reported basis, Edge & Cloud AI revenue went down 4% due to the scope effect of the divestment of Dolphin Design’s businesses combined with a negative currency impact.

    Soitec delivered another strong performance in Photonics-SOI in Q1’26, with sales significantly above Q1’25 levels. As AI computing power expands, driving demand for faster and more efficient data centers, Photonics-SOI stands out as the optimal solution for high-speed, high-bandwidth optical links, whether for pluggable transceivers or Co-Packaged Optics (CPOs). Soitec is capitalizing on strong Cloud infrastructure investments from Big Tech and AI players and is accelerating its Photonics-SOI roadmap with AI leaders.

    FD-SOI sales were also above Q1’25 levels. Thanks to its benefits in power efficiency, performance, thermal management, and reliability, FD-SOI is a key enabler of AI-driven IoT applications across consumer, healthcare, and industrial markets.

    Q2’26 outlook

    Q2’26 revenue is expected to grow around 50% versus Q1’26, on an organic basis. The impact from the phasing out of Imager-SOI will be less pronounced than in Q1’26, as Imager-SOI revenue amounted to approximately 7 million Dollars in Q2’25.

    Excluding Imager-SOI, Edge & Cloud AI is expected to maintain solid momentum and should be slightly up vs. Q1’26. Mobile Communications revenue will remain low, despite nearly doubling from Q1’26, as customers continue to work through excess RF-SOI inventory. As in Q1’26, Automotive & Industrial revenue in Q2’26 is expected to decline sharply versus Q2’25.

    Projected FY’26 Capex cash-out is confirmed around 150 million Euros, down from 230 million Euros in FY’25.

    Key events of Q1’26

    Soitec has successfully issued a new 200 million Euros Schuldschein loan

    This is a 200 million Euros Schuldschein loan offering a floating rate coupon with an average maturity of 4.1 years, which was subscribed by high quality European investors.
    The offering is structured in tranches of 3, 4, 5 & 7 years, with 72% of the transaction on the 4-year and 5-year tenors. The 100 million Euros initially planned were significantly oversubscribed, reflecting investor interest and confidence in Soitec’s financial profile and strategy, despite a volatile environment.
    The proceeds of the new Schuldschein loan will be used to partially refinance the 325 million Euros convertible bonds maturing in October 2025 and for general corporate purposes. Through this transaction, Soitec is actively managing its debt profile and extending its debt maturity.

    Soitec and PSMC collaborate on ultra-thin TLT technology for nm-scale 3D stacking

    On June 3rd, 2025, Soitec announced a strategic collaboration with Powerchip Semiconductor Manufacturing Corporation (PSMC). Under the collaboration, Soitec will supply PSMC 300mm substrates incorporating a release layer, Transistor Layer Transfer (TLT) ready, to support a new demonstration of advanced 3D chip stacking at the wafer level. This marks the first public announcement of Soitec’s TLT technology. The technology is an enabler for next-generation semiconductor designs that allow for more powerful, compact and energy-efficient chips – with potential applications ranging from smartphones, tablets and AI devices to autonomous driving systems.

    CEA-Leti and Soitec announce strategic partnership to leverage FD-SOI for enhanced security of integrated circuits

    On June 18th, 2025, CEA-Leti and Soitec announced a strategic partnership to enhance the cybersecurity of integrated circuits (ICs) through the innovative use of fully depleted silicon-on-insulator (FD-SOI) technologies. This collaboration aims to position FD-SOI as a foundational platform for secure electronics by leveraging and extending its inherent resistance to physical attacks. At the heart of the initiative is a joint effort to experimentally validate and augment the security benefits of FD-SOI—from the substrate level up to circuit design. The project aims to deliver concrete data, practical demonstrations, and roadmap guidance to meet the surging cybersecurity demands in critical markets such as automotive, industrial IoT, and secure infrastructure

    # # #

    Analysts conference call to be held in English on Wednesday 23rdJuly at 8:00 am CET.

    To listen to this conference call, the audiocast is available live and in replay at the following address: https://channel.royalcast.com/soitec/#!/soitec/20250723_1

    # # #

    Agenda

    Q2’26 revenue and H1’26 results are due to be published on November 19th, 2025, after market close.

    # # #

    Disclaimer

    This document is provided by Soitec (the “Company”) for information purposes only.

    The Company’s business operations and financial position are described in the Company’s Universal Registration Document (which notably includes the Annual Financial Report) which was filed on June 11th, 2025, with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.25-0439. The French version of the 2024-2025 Universal Registration Document, together with English courtesy translation for information purposes of this document, are available for consultation on the Company’s website (www.soitec.com), in the section Company – Investors – Financial Reports.

    Your attention is drawn to the risk factors described in Chapter 2.1 (Risk factors and controls mechanism) of the Company’s Universal Registration Document.

    This document contains summary information and should be read in conjunction with the Universal Registration Document.

    This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance. The occurrence of any of the risks described in Chapter 2.1 (Risk factors and controls mechanism) of the Universal Registration Document may have an impact on these forward-looking statements.

    The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.

    The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document.

    This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.

    Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.

    # # #

    About Soitec

    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 0.9 billion Euros in fiscal year 2024-2025. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI. The company relies on the talent and diversity of more than 2,200 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Nearly 4,300 patents have been registered by Soitec.

    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

    For more information: visit our website and follow us on LinkedIn and X

    # # #

    Media Relations: media@soitec.com

    Investor Relations: investors@soitec.com

    # # #

    Consolidated revenue per quarter

    Quarterly revenue Q1’25 Q2’25 Q3’25 Q4’25 Q1’26  
    (Euros millions)            
    Mobile Communications 48   124   154   220 43    
    Automotive & Industrial 26 33 25 45 5  
    Edge & Cloud AI 46 61 47 63 44  
                 
    Revenue 121   217   226   327 92    
    Change in quarterly revenue Q1’26/Q1’25
    (vs. previous year) Reported
    change
    Organic change1
         
    Mobile Communications -12% -7%
    Automotive & Industrial -82% -81%
    Edge & Cloud AI -4% +13%
         
    Revenue -24% -16%

    1         At constant exchange rates and comparable scope of consolidation:

    • in Q1’26 there is a negative scope effect related to the divestment of Dolphin Design’s mixed signal IP activities (completed on October 31st, 2024) and the divestment of Dolphin Design’s ASIC activities (completed on December 30th, 2024).

    1 At constant exchange rates and perimeter

    2 The scope effect is related to the divestment of Dolphin Design’s mixed-signal IP activities (completed on October 31st, 2024) and that of Dolphin Design’s ASIC activities (completed on December 30th, 2024)

    Attachment

    The MIL Network

  • MIL-OSI Africa: Central African Pipeline System Gains Traction as Committee President Returns to African Energy Week (AEW) 2025

    Source: APO

    In line with the African Energy Week (AEW): Invest in African Energies conference’s vision to make African energy poverty history by 2030, Gabriel Mbaga Obiang Lima, President of the Strategic Partnership and Fund Committee for the Central African Pipeline System (CAPS), is returning to this year’s edition as a speaker. Lima’s participation comes as the development of CAPS – an integrated network of downstream and midstream oil and gas infrastructure – is advancing with an aim to enhance energy access, reduce fuel imports and spur industrial growth in Central Africa.

    In July 2025, a significant milestone was achieved when the Central African Economic and Monetary Community, the African Petroleum Producers’ Organization (APPO) and the Central Africa Business & Energy Forum signed a Memorandum of Understanding (MoU) to kick-start a feasibility study for CAPS. The MoU sets the foundation for participation from up to 11 Central African countries in evaluating the project’s viability, regional impact and national contributions. The 6,500km pipeline network will enhance Central Africa’s energy market resilience and affordability by optimizing the exploitation, local beneficiation and distribution of Africa’s estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas resources.

    With APPO finalizing the launch of the multi-billion African Energy Bank with the African Export-Import Bank this year, the organization’s participation in the MoU and interest in CAPS is timely. The MoU not only strengthens regional collaboration but also strategically positions CAPS to be shortlisted for financing from the new bank. Furthermore, with 18 oil-producing APPO member states focused on accelerating the exploitation of hydrocarbon resources, the organization’s involvement in CAPS represents a powerful step toward eradicating energy poverty and enhancing regional energy security. The CAPS project will encompass oil, gas and LPG pipelines, pumping stations, storage terminals, refineries and gas-fired power plants, all contributing to regional energy access and industrial transformation.

    AEW: Invest in African Energies serves as the continent’s premier platform for connecting high-impact African projects such as CAPS with global investors. Under the theme, Invest in African Energy: Positioning Africa as the Global Energy Champion, the event provides a strategic venue for Lima to present updates on CAPS milestones, development timelines and its alignment with Africa’s broader industrialization agenda. With the pipeline set to span various countries such as Angola, Burundi, Cameroon, Chad, Republic of the Congo, Democratic Republic of the Congo, Equatorial Guinea, Gabon, Rwanda and São Tomé & Príncipe, AEW: Invest in African Energies enables Lima to engage directly with policymakers and stakeholders vital to advancing the initiative.

    “As Africa advances its ‘drill baby drill’ agenda, building robust downstream and midstream infrastructure for local energy beneficiation and distribution is critical,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber. “The CAPS project, under Lima’s leadership, is a testament to Africa’s breakthrough in closing infrastructure gaps. Projects like CAPS are essential to lifting 600 million people out of energy poverty and providing access to clean cooking for over 900 million.”

    Distributed by APO Group on behalf of African Energy Chamber.

    About African Energy Week:
    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    Media files

    .

    MIL OSI Africa

  • MIL-OSI: GRANITESHARES YieldBOOST ETFs SURPASSES $120M AUM AS TRADING VOLUMES SURGE

    Source: GlobeNewswire (MIL-OSI)

    • YieldBOOSTTMETFs linked to tech stocks and Bitcoin drive increased AUM
    • Growing interest in options income generating ETFs

    NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — GraniteShares, an entrepreneurial ETF provider, today announces that its range of YieldBOOSTTM ETFs has surpassed $100m in assets under management (AUM), reaching $127.2 million at the close of market.

    “YieldBOOSTTM ETFs are options-based income ETFs that aim to generate high weekly distributions for investors” said Will Rhind, Founder and CEO of GraniteShares. “We are experiencing huge demand for weekly income strategies that can provide large distributions in volatile markets”

    GraniteShares YieldBOOSTTM ETFs are a suite of exchange-traded funds designed to generate high income through options-based strategies, primarily by selling put options on leveraged ETFs tied to specific assets, such as individual stocks (e.g., Tesla, NVIDIA), indices (e.g., S&P 500, Nasdaq-100), or cryptocurrencies (e.g., Bitcoin). These ETFs aim to provide investors with weekly income distributions while maintaining exposure to the performance of the underlying assets, subject to a cap on potential gains. The YieldBOOST family includes ETFs like TSYY (Tesla), NVYY (NVIDIA), XBTY (Bitcoin), YSPY (S&P 500) and TQQY (Nasdaq-100). The strategy involves selling put options to generate premium income and buying put options to mitigate extreme downside risks, aligning with GraniteShares’ philosophy of innovative, low-cost, and high-conviction investment solutions

    The first YieldBOOSTTM ETF, the GraniteShares YieldBOOST TSLA ETF (TSYY) was launched in December 2024. TSYY is the most popular ETF so far by AUM. The suite has since continued to grow both in size of funds and popularity.

    For more information, please visit www.graniteshares.com.

    Media contact:

    Gregory FCA for GraniteShares
    Te’a Gray, 203-815-4514
    graniteshares@gregoryfca.com

    About GraniteShares:

    GraniteShares is an award-winning global investment firm dedicated to creating and managing ETFs. Headquartered in New York City, GraniteShares provides products on U.S., U.K, German, French & Italian stock exchanges. The firm is a market leader in leveraged single-stock ETFs and provides innovative, cutting-edge investment solutions for the high-conviction investor. Graniteshares believes the future of investing lies at the nexus of alternative thinking, low fees, and disruptive product structures—the core of its high-conviction investment philosophy. The firm launched its first product in 2017 and is a fast-growing ETF issuer with approximately $10* Billion in assets under management spanning a full array of investment strategies.

    *As of July 17, 2025

    1An option is a contract that gives the holder the right, but not the obligation to buy or sell a specific asset at a predetermined price on or before a specified date. Options are a type of derivative, meaning their value is derived from the underlying asset.

    2A put option is a contract that gives the buyer the right, but not the obligation, to sell an underlying asset at a specified price (the strike price) by or on a specific fate (the expiration date).

    RISK FACTORS & IMPORTANT INFORMATION

    The Fund is newly launched and has risks associated with its limited operating history.

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (844) 476-8747. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that the Fun’s investment strategy will be properly implemented, and an investor may lose some or all of their investment.

    An Investment in these Funds is not an investment in the Underlying ETFs’

    The Fund’s strategy will cap its potential gain if the Underlying ETFs’ shares increase in value

    The Fund’s strategy is subject to all potential losses if the Underlying ETFs share declines, which may not be offset by the income received by the Fund,

    The Fund does not invest directly in the Underlying ETFs.

    Investment in the Fund is not an investment in the Underlying Stock.

    Fund shareholders are not entitled to any distribution paid by Underlying ETFs.

    Shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions, and frequent trading may incur brokerage costs that detract significantly from the returns.

    An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as option contracts and swaps is subject to market risks that may cause their price to include Risk of the Underlying ETF, Derivatives Risk, A Risk, Put Writing Strategy Risk, Option Market Liquidity Risk. These and other risks can be found in the prospectus.

    This information is not an offer to sell or a solicitation of an offer to buy the shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state, and local tax laws. You could lose money by investing in the ETFs. There can be no assurance that the investment objective of the Funds will be achieved. None of the Funds should be relied upon as a complete investment program.

    THE FUNDS ARE DISTRIBUTED BY ALPS DISTRIBUTORS, INC. GRANITESHARES IS NOT AFFILIATED WITH ALPS DISTRIBUTORS, INC.

    ©2025 GraniteShares Inc. All rights reserved. GraniteShares, GraniteShares ETFs, and the GraniteShares logo are registered and unregistered trademarks of GraniteShares Inc., in the United States and elsewhere. All other marks are the property of their respective owners.

    The MIL Network

  • MIL-OSI: Anterix Sets First Quarter Fiscal 2026 Earnings Conference Call for Wednesday, August 13, at 9:00 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    WOODLAND PARK, N.J., July 22, 2025 (GLOBE NEWSWIRE) — Anterix (NASDAQ: ATEX) announced today that it will hold a conference call on Wednesday, August 13, 2025, at 9:00 a.m. ET. Anterix senior management, led by President and CEO Scott Lang, will discuss the Company’s first quarter fiscal 2026 results. A press release regarding the results will be issued after the close of the market on Tuesday, August 12, 2025.

    Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain a dial-in number and unique PIN. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast live and will be accessible on the Investor Relations section of Anterix’s website at https://investors.anterix.com/events-presentations. Following the event, a replay of the call will also be available on the Anterix website.

    About Anterix Inc.

    At Anterix, we work with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 125 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.

    Shareholder Contact

    Natasha Vecchiarelli
    Vice President, Investor Relations & Corporate Communications
    Anterix
    973-531-4397
    nvecchiarelli@anterix.com

    The MIL Network

  • MIL-OSI: Guaranteed Approval Loans for Bad Credit with No Credit Check from 1F Cash Advance in 2025

    Source: GlobeNewswire (MIL-OSI)

    BOULDER, Colo., July 22, 2025 (GLOBE NEWSWIRE) — In a significant move to support borrowers with poor or no credit history, 1F Cash Advance has rolled out a new line of guaranteed approval payday loans for Americans facing financial hardships in 2025. With loan amounts ranging from $100 to $1,000, these flexible online loan solutions are designed to offer speed, security, and accessibility, even for people with poor credit or no credit score.

    A Fast, Flexible Lifeline for Bad Credit Borrowers

    Traditional lenders often reject applicants with low credit scores, but 1F Cash Advance offers an alternative by providing access to no credit check loans with guaranteed approval. Borrowers can apply online in minutes, receive an instant decision, and get funds deposited into their bank accounts as soon as the same day.

    “Millions of Americans are just one emergency away from a financial crisis. We built our platform to offer fast, stress-free access to cash, no matter your credit score,” said Adrienne Bailey, Public Relations Specialist for 1F Cash Advance.

    What’s a Payday Loan?

    Payday loans are a short-term way to get up to $1,000 in difficult financial circumstances quickly. Whether it’s an unexpected bill, a car repair, or another emergency expense, these loans are designed to help you cover urgent needs. They’re typically meant to be repaid in full, along with fees and interest, by your next payday, usually within 14 to 31 days.

    Payday loans are especially helpful for people who may not qualify for traditional bank loans due to factors such as a low credit score, inconsistent income, or unemployment. The application process is typically quick and easy, often requiring only proof of income, an active bank account, and a few other basic documents.

    APPLY FOR NO CREDIT CHECK PAYDAY LOANS

    How Do Payday Loans Work?

    Payday loans are straightforward to get. You fill out an application, and if you meet the requirements, the money is deposited directly into your bank account, often the same day.

    Unlike traditional loans, which often involve a mountain of paperwork and require waiting for days, payday loans are much more streamlined. The entire process is typically handled online, from application to approval and receiving the funds. Automated systems speed things up by checking your eligibility in real time, so you don’t have to wait in line or deal with unnecessary steps.

    Once you’re approved, you’ll receive the details of the loan agreement, including repayment terms and fees. You can review everything and decide whether to accept the offer—no pressure.

    Who Can Apply?

    Just like with any loan, there are a few basic requirements you’ll need to meet before you can get approved for a payday loan. Most people qualify without much difficulty. Here’s what lenders typically look for:

    • You need to be a U.S. citizen or permanent resident
    • You must be at least 18 years old
    • You should have a reliable source of income
    • A bank account to deposit the funds into
    • And a phone number or email so the lender can contact you

    Because these requirements are so straightforward, payday loans tend to have a high approval rate. Most people, even with bad credit, find that they meet all the criteria without needing to jump through hoops, making it a quick and accessible option when money is tight.

    Why Borrowers with Bad Credit Face Challenges While Getting Loans

    Borrowers with poor credit often encounter difficulties when seeking loans due to several important factors:

    Increased Lending Risk

    Credit scores serve as a tool for lenders to assess the likelihood that a borrower will repay a loan. A low credit score indicates past financial struggles, such as missed payments or high debt, making lenders hesitant to lend money.

    Costlier Loan Terms

    Because these borrowers are considered riskier, lenders typically offset this by charging higher interest rates and additional fees. This increases the overall cost of borrowing and can make loans less affordable.

    Fewer Lending Opportunities

    Traditional financial institutions usually set minimum credit standards. Borrowers with bad credit may find themselves rejected or limited to only a small selection of loan products.

    Tougher Conditions

    Loans approved for those with poor credit often come with stricter conditions, such as shorter repayment terms, higher fees, or the need for collateral, which can be difficult to provide.

    Discouragement and Hesitation

    Experiencing loan denials or steep borrowing conditions can reduce a borrower’s confidence, causing some to avoid applying for loans altogether.

    Risk of Predatory Lending

    In their search for financing, some borrowers with bad credit may turn to high-risk lenders offering loans with exorbitant interest rates and unfair terms, potentially trapping them in a cycle of debt.

    CHECK OUT NO CREDIT CHECK PAYDAY LOAN OPTIONS

    What Makes 1F Cash Advance Stand Out?

    In 2025, more people are looking for fast, no-hassle loan options, especially those who don’t qualify with traditional banks. That’s where 1F Cash Advance comes in. Here’s what sets it apart:

    • Guaranteed approval for most applicants, regardless of credit score
    • No hard credit checks during the application process
    • Loan amounts from $100 to $1,000
    • 1-hour payday loans available
    • Same-day or next-business-day funding
    • Simple and secure online form that takes 5 minutes to complete

    This service is ideal for anyone facing unexpected expenses, such as car repairs, medical bills, or rent, and doesn’t want to deal with paperwork, rejections, or long waits.

    Smarter Ways to Handle Financial Emergencies

    Here are some smarter, more manageable ways to handle those money problems:

    1. Figure Out What You’re Dealing With

    Before you jump into problem-solving mode, take a moment to consider details. Ask yourself:

    • How much money do I need?
    • Is this urgent, or do I have a little time?
    • Can I split this cost up or delay part of it?

    Getting clear on what’s going on can help you avoid rash decisions and unnecessary stress.

    2. Use Your Emergency Savings (If You’ve Got It)

    If you’ve managed to stash away even a little emergency fund, now’s the time to dip into it. That money is there for a reason, to help you stay out of deeper debt when life throws you a financial punch.

    3. Consider a Short-Term Loan from a Trusted Source

    If savings won’t cover it, borrowing might make sense, but not from just anywhere. That’s where 1F Cash Advance can help:

    • No credit check is required to explore available options.
    • Applications are reviewed quickly, often in minutes.
    • Funds can be available as soon as the same day or by the next business day.
    • Rates, terms, and fees are clearly presented upfront—no hidden surprises.


    4. Reach Out Before Things Spiral

    If the emergency involves rent, bills, or services, contact the relevant parties. Contact your landlord to see if you can split the rent. Ask your utility company about payment options. Check out local organizations that help with food, transportation, or temporary expenses. You might be surprised at how many options are available, especially if you ask early.

    5. Be Careful with Payday Loans

    The trick is knowing which ones are fair and which ones are traps. Avoid lenders who charge crazy interest rates or try to keep you stuck in a cycle of borrowing. Take time to read reviews and compare offers side by side — these extra steps can protect you from shady deals.

    6. Plan for Next Time

    Once the emergency is handled, take a moment to regroup. Setting aside $5 or $10 a week helps build a small buffer for the next unexpected expense. It doesn’t have to be big, just consistent.

    How Are Payday Loans Different from Traditional Loans?

    Payday loans and conventional (or traditional) loans both offer ways to borrow money, but they’re designed for very different situations and come with some key differences. Here’s how they stack up:

    1. Loan Amounts. Payday loans are meant for smaller, short-term needs, typically ranging from $100 to $1,000. Conventional loans can be significantly larger, sometimes reaching tens or even hundreds of thousands of dollars, depending on their intended use (such as buying a home or car).
    2. Repayment Terms. With a payday loan, you’re expected to repay the full amount, plus interest and fees, by your next paycheck—usually within a couple of weeks. Traditional loans give you much more time to repay. Payments are spread out over several months or even years, depending on the type of loan.
    3. Interest and Fees. Payday loans typically carry higher interest rates and fees. Since they’re short-term and don’t rely heavily on credit history, lenders take on more risk and charge accordingly. Conventional loans generally offer lower interest rates, especially if you have good credit.
    4. Credit Requirements. Most payday lenders either skip credit checks or perform a soft pull, meaning your credit score won’t be affected. Traditional lenders, like banks or credit unions, typically require a full credit check, and your approval depends heavily on your credit score, credit history, and sometimes even collateral.
    5. Approval Speed. Payday loans are focused on speed. Many are approved and funded within hours. Conventional loans often take several days or even weeks due to paperwork, underwriting, and approval processes.
    6. Eligibility Criteria. Payday loans are designed for people who may not have a perfect credit history or any credit history at all. They’re more accessible if you’re working with limited financial options. Traditional loans are more likely to be extended to borrowers with strong credit profiles, stable income, and a solid financial history.


    What They’re Used For

    People usually turn to payday loans when they need quick cash for:

    • Medical bills or prescription expenses
    • Emergency car or home repairs
    • Utility bills to avoid service shut-offs
    • Rent payments to avoid eviction
    • Unexpected travel expenses
    • Everyday necessities when short on funds
    • Covering gaps between paychecks

    Payday loans can be an option not only for those with jobs but also for students, retirees, single parents, or even unemployed individuals. The key requirement is having proof of a stable income source—this could be wages, benefits, pensions, or regular assistance payments.

    Conventional loans, on the other hand, are typically used for bigger financial needs, such as:

    • Buying a home
    • Financing a vehicle
    • Covering education expenses
    • Consolidating debts
    • Starting or expanding a business

    To wrap up, payday loans are fast, simple, and accessible, but they’re also more expensive. Conventional loans take longer to process and require stronger credit profiles, but usually come with better terms. The right choice depends on your FICO score, how urgently you need the money, and what you plan to use it for.

    The Pros and Cons of Payday Loans

    Payday loans can offer a quick financial fix when you’re in a pinch, but they also come with serious risks. Before applying, it’s essential to weigh both sides. Here’s a clear look at the upsides and downsides of payday loans:

    Upsides of Payday Loans

    1. Fast Access to Cash. One of the biggest perks of payday loans is speed. Many lenders offer same-day or next-day funding, which can be a lifesaver if you’re facing an urgent bill or emergency expense.
    2. No Credit Check Required. If your credit score isn’t great or you don’t have a credit history at all, payday lenders are often more forgiving. Most don’t require a hard credit check, which makes these loans accessible to a wider range of borrowers.
    3. Simple Qualifications. You don’t need perfect financials to qualify. Typically, the required documentation includes proof of income, a valid ID, a bank account, and a means of contact (such as a phone number or email address).
    4. Convenient Application Process. You can apply online or in person, and most applications take only a few minutes to complete. If you’d rather avoid the hassle of going to a bank, this is a flexible and convenient option.


    Downsides of Payday Loans

    1. The Debt Trap Risk. Because payday loans come with high fees and short repayment terms, many borrowers struggle to pay them back on time. This can lead to a dangerous cycle where you take out another loan just to cover the first, and the debt continues to grow.
    2. Extremely High Interest Rates. Payday loans are among the most expensive forms of borrowing, with APR rates typically ranging from 300% to 400%. Even a small loan can become very costly if you can’t repay it quickly.


    FAQs

    Can I Still Get a Payday Loan with Bad Credit?

    Yes, you can. Many payday lenders don’t even check your credit the traditional way. So, having bad credit or no credit at all usually won’t stop you from getting approved. Instead, they’ll look at your income and ability to repay the loan.

    What Happens If I Can’t Repay a Payday Loan?

    If you miss your repayment, things can get complicated. Lenders may charge late fees or other penalties, and in some cases, this could harm your credit score, especially if the loan is sent to collections. That can make it harder to borrow in the future. Some lenders may also attempt alternative methods to recover the money, such as multiple attempts to withdraw funds from your bank account. Contact your lender immediately if you anticipate difficulty repaying. They can offer options.

    Will Applying for a Payday Loan Hurt My Credit Score?

    Not when you apply through 1F Cash Advance. We only perform a soft credit check, which means it won’t show up on your credit report or affect your FICO score. Your credit score is only at risk if you default on the loan and it goes to collections.

    How Fast Can I Get a Payday Loan?

    Very fast! Most payday lenders aim to provide you with the money on the same day or by the next business day. You can often apply online in just a few minutes, and if approved, funds could be deposited into your bank account within hours.

    Media Contact Info

    Mailing Address

    1F Cash Advance, LLC

    1942 Broadway St., STE 314C Boulder, CO 80302

    Main Office Location

    2770 Canyon Blvd, Boulder, CO 80302

    Website: https://1firstcashadvance.org

    E-mail: info@1firstcashadvance.org

    Phone: (720) 428-2247

    Social Media:

    Disclaimer & Affiliate Disclosure

    This article is intended for informational and commercial purposes only. It’s not financial advice, legal guidance, or an official endorsement of any specific loan provider. While we strive to keep information accurate and up to date, we can’t guarantee its completeness or reliability. Please conduct your own research and, if necessary, consult with a licensed financial advisor or legal expert before making any financial decisions.

    The loan products mentioned here, including payday loans and other financial services, may not be suitable for everyone. Terms, rates, and eligibility vary by lender and location. Approval is never guaranteed, and every lender has its own criteria, including income verification, ID checks, and compliance with state or federal regulations.

    Some links in this content may be affiliate links. That means if you click and take action (such as applying for a loan), we may earn a small commission at no additional cost to you. These commissions help support our content, but they don’t affect our editorial integrity or influence what we write. We aim to provide honest, helpful, and unbiased information at all times.

    By reading or using this content, you agree that we, including the publisher, content creator, partners, and affiliates, aren’t liable for any losses, inaccuracies, or problems that may arise from the information provided here. This includes issues such as loan denials, outdated terms, or disputes with lenders.

    Mentions of companies like “1F Cash Advance” are for informational comparison only. We do not have a formal relationship or endorsement agreement with any specific company unless stated otherwise. For questions about a specific service or offer, please contact the company directly.

    All trademarks and company names belong to their respective owners.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/679bdf0b-cc82-4b57-80b4-72f1e4722a20

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    The MIL Network

  • MIL-OSI Security: U.S. Marshals Lone Star Fugitive Task Force Commemorates 20 Years Investigating, Apprehending West Texas Fugitives

    Source: US Marshals Service

    San Antonio, TX – The U.S. Marshals Service (USMS) is commemorating the Lone Star Fugitive Task Force’s 20 years of service as part of the Western District of Texas.

    The Lone Star Fugitive Task Force (LSFTF) is a multi-agency task force focused on the reduction of violence within the Western District of Texas through the identification, investigation, and apprehension of fugitives wanted for egregious crimes against the community. Since its inception in March 2005, the task force has investigated and apprehended over 58,991 fugitives, including 1,795 wanted for murder.  

    The Western District of Texas consists of 93,000 square miles, 68 counties, 809 miles of border with Mexico, with eight divisions located in Austin, Alpine, Del Rio, El Paso, Midland, Pecos, San Antonio and Waco.

    Notable historical cases, arrests, and awards in the Western District of Texas include: 

    In April 2017, the Austin division was presented the Outstanding Team Award at the 34th Annual 100 Club of Central Texas Awards Banquet. 

    June 2022, the Austin division conducted a fugitive investigation that led to the arrest of Kaitlin Armstrong, sought for the May 2022 murder of professional cyclist Moriah “Mo” Wilson. Armstrong was apprehended at a hostel in Costa Rica following a 43-day fugitive investigation with assistance from the U.S. Marshals Office of International Operations, Homeland Security Investigations, and the Department of State Diplomatic Security Service.

    February 2024, the Alpine division investigated the whereabouts of Ivan Ramos-Hernandez, who fled from Presidio Police, engaging them in a high-speed pursuit and firing gunshots. Ramos-Hernandez fled to Ojinaga, Mexico, where he was apprehended by Mexican authorities following a multi-agency collaboration with assistance provided from Homeland Security Investigations, Custom Border Protection, U.S. Probation, Texas Department of Public Safety Criminal Investigation Division, Presidio Police and Mexican officials. Ramos-Hernandez attempted a violent escape one last time during transport that was halted by authorities. 

    January 2022, the Del Rio division was contacted by the Gulf Coast Violent Offenders Fugitive Task Force to locate and apprehend Oscar Rosales, who was wanted for capital murder, when he shot and killed Corporal Charles Galloway with the Harris County Constables Office during a traffic stop. Rosales fired multiple rounds from an assault rifle and fled from the scene. Rosales was added to the Texas10 Most Wanted Fugitive list and was believed to have fled to Mexico. Investigators in the Del Rio division worked directly with Mexican authorities and coordinated his apprehension in Acuna, Mexico. 

    August 2017, the El Paso division initiated a fugitive investigation to apprehend Javier Gonzalez and Manual Gallegos, members of the Kinfolk Outlaw Motorcycle Gang sought for multiple counts of engaging in organized criminal activity and aggravated assault with a deadly weapon. Gonzales and Gallegos were arrested in two separate incidents within a 10-day span with additional assistance from El Paso Police Department’s SWAT team.

    April 2025, the Midland division adopted the apprehension of Noah Gilbert Olgin, who was wanted for aggravated assault with a deadly weapon, injury to a child, deadly conduct and a federal supervised release violation for possession of a firearm, following an incident where he was involved in a drive-by-shooting in Odessa, that resulted in a serious injury to a child.  Olgin was arrested in Midland with assistance from the Midland SWAT team. 

    November 2022, the Pecos division arrested Jose Hernandez, a Texas 10 Most Wanted Fugitive apprehended in Monterey, Nuevo Leon, Mexico, through a coordinated effort with the Gulf Coast Violent Offenders Fugitive Task Force and Mexican authorities. Hernandez was sought on a bond violation for two counts of aggravated sexual assault of a child. 

    January 2024, the San Antonio division joined efforts to apprehend Romeo Nance, who was wanted in connection with a mass shooting in Joliet, Illinois, that killed eight people and wounded one other person. The Great Lakes Regional Fugitive Task Force, Joliet Police Department, and the Will County Sheriff’s Department requested immediate assistance from the LSFTF who located and observed Nance at a gas station in Natalia, Texas. As members of the LSFTF attempted to contain Nance in his vehicle, he fled on foot, taking his own life with a self-inflicted gunshot wound. 

    June 2020, the Waco division was contacted by the U.S. Army Criminal Investigation Division to locate 20-year-old Pfc. Class Vanessa Guillen, a Fort Hood soldier who had been reported missing under unusual circumstances in April 2020. Joining CID’s investigation, task force members determined Guillen had been murdered by another soldier. Less than 24 hours after Guillen’s remains were located in a shallow grave near a river, the LSFTF identified Spc. Aaron David Robinson and his girlfriend Cecily Aguilar as primary suspects in her murder. As task force members attempted to take Robinson into custody, he fatally shot himself. Aguilar pleaded guilty in federal court and was sentenced to 30 years of incarceration. In 2021, the Waco Division received the Distinguished Group Award for District Task Forces at the 40th United States Marshals Service Director’s Honorary Awards in recognition of locating Guillen’s remains and identifying those responsible for her death. In July of 2022, personnel in the Waco Division were recognized for their outstanding service, selfless pursuit of justice, and assisting in bringing closure for Guillen’s family and friends by being granted the 69th Attorney General’s Award for Distinguished Service.   

    On June 2, the Waco Division received the Distinguished Group Award for the District Task Forces at the 43rd United States Marshals Service Director’s Honorary Awards for a two-year-old cold case from Leon County, involving a missing child, and possible homicide of the child’s mother. The division conducted an intensive investigation that resulted in the recovery of the mother’s decomposed remains found buried in a field and completed a multifaceted arrest operation that resulted in the arrest of the suspect and safe recovery of the missing child. During the conclusion of the arrest, multiple firearms, ammunition, body armor, and narcotics were seized, and the suspect was indicted on capital murder.

    “I am immensely proud of the Deputy U.S. Marshals and the numerous task force officers of the Lone Star Fugitive Task Force, men and women who are fully devoted to making their communities safer for their fellow citizens by apprehending offenders wanted for the most serious crimes such as murder and child abuse, while ensuring the equal application of justice for all,” said Marshal Susan Pamerleau, U.S. Marshal of the Western District of Texas.  

    U.S. Marshals task forces combine the efforts of federal, state, and local law enforcement agencies to locate and arrest the most dangerous fugitives. Fifty-eight local task forces are dedicated to reducing violent crime by locating and apprehending wanted criminals. They also serve as the central point for agencies to share information on fugitive matters.  Task force officers are state and local police officers who receive special deputations with the U.S. Marshals. While on a task force, these officers can exercise U.S. Marshals authorities, such as crossing jurisdictional lines.

    Members of the Lone Star Fugitive Task Force across the Western District of TexasSAN ANTONIO – The U.S. Marshals Service is commemorating the Lone Star Fugitive Task Force’s 20 years of service as part of the Western District of Texas.

    The Lone Star Fugitive Task Force (LSFTF) is a multi-agency task force focused on the reduction of violence within the Western District of Texas through the identification, investigation, and apprehension of fugitives wanted for egregious crimes against the community. Since its inception in March 2005, the task force has investigated and apprehended over 58,991 fugitives, including 1,795 wanted for murder.  

    The Western District of Texas consists of 93,000 square miles, 68 counties, 809 miles of border with Mexico, with eight divisions located in Austin, Alpine, Del Rio, El Paso, Midland, Pecos, San Antonio and Waco.

    Notable historical cases, arrests, and awards in the Western District of Texas include: 
    In April 2017, the Austin division was presented the Outstanding Team Award at the 34th Annual 100 Club of Central Texas Awards Banquet. 
    June 2022, the Austin division conducted a fugitive investigation that led to the arrest of Kaitlin Armstrong, sought for the May 2022 murder of professional cyclist Moriah “Mo” Wilson. Armstrong was apprehended at a hostel in Costa Rica following a 43-day fugitive investigation with assistance from the U.S. Marshals Office of International Operations, Homeland Security Investigations, and the Department of State Diplomatic Security Service.
    February 2024, the Alpine division investigated the whereabouts of Ivan Ramos-Hernandez, who fled from Presidio Police, engaging them in a high-speed pursuit and firing gunshots. Ramos-Hernandez fled to Ojinaga, Mexico, where he was apprehended by Mexican authorities following a multi-agency collaboration with assistance provided from Homeland Security Investigations, Custom Border Protection, U.S. Probation, Texas Department of Public Safety Criminal Investigation Division, Presidio Police and Mexican officials. Ramos-Hernandez attempted a violent escape one last time during transport that was halted by authorities. 
    January 2022, the Del Rio division was contacted by the Gulf Coast Violent Offenders Fugitive Task Force to locate and apprehend Oscar Rosales, who was wanted for capital murder, when he shot and killed Corporal Charles Galloway with the Harris County Constables Office during a traffic stop. Rosales fired multiple rounds from an assault rifle and fled from the scene. Rosales was added to the Texas10 Most Wanted Fugitive list and was believed to have fled to Mexico. Investigators in the Del Rio division worked directly with Mexican authorities and coordinated his apprehension in Acuna, Mexico. 
    August 2017, the El Paso division initiated a fugitive investigation to apprehend Javier Gonzalez and Manual Gallegos, members of the Kinfolk Outlaw Motorcycle Gang sought for multiple counts of engaging in organized criminal activity and aggravated assault with a deadly weapon. Gonzales and Gallegos were arrested in two separate incidents within a 10-day span with additional assistance from El Paso Police Department’s SWAT team.
    April 2025, the Midland division adopted the apprehension of Noah Gilbert Olgin, who was wanted for aggravated assault with a deadly weapon, injury to a child, deadly conduct and a federal supervised release violation for possession of a firearm, following an incident where he was involved in a drive-by-shooting in Odessa, that resulted in a serious injury to a child.  Olgin was arrested in Midland with assistance from the Midland SWAT team. 
    November 2022, the Pecos division arrested Jose Hernandez, a Texas 10 Most Wanted Fugitive apprehended in Monterey, Nuevo Leon, Mexico, through a coordinated effort with the Gulf Coast Violent Offenders Fugitive Task Force and Mexican authorities. Hernandez was sought on a bond violation for two counts of aggravated sexual assault of a child. 
    January 2024, the San Antonio division joined efforts to apprehend Romeo Nance, who was wanted in connection with a mass shooting in Joliet, Illinois, that killed eight people and wounded one other person. The Great Lakes Regional Fugitive Task Force, Joliet Police Department, and the Will County Sheriff’s Department requested immediate assistance from the LSFTF who located and observed Nance at a gas station in Natalia, Texas. As members of the LSFTF attempted to contain Nance in his vehicle, he fled on foot, taking his own life with a self-inflicted gunshot wound. 
    June 2020, the Waco division was contacted by the U.S. Army Criminal Investigation Division to locate 20-year-old Pfc. Class Vanessa Guillen, a Fort Hood soldier who had been reported missing under unusual circumstances in April 2020. Joining CID’s investigation, task force members determined Guillen had been murdered by another soldier. Less than 24 hours after Guillen’s remains were located in a shallow grave near a river, the LSFTF identified Spc. Aaron David Robinson and his girlfriend Cecily Aguilar as primary suspects in her murder. As task force members attempted to take Robinson into custody, he fatally shot himself. Aguilar pleaded guilty in federal court and was sentenced to 30 years of incarceration. In 2021, the Waco Division received the Distinguished Group Award for District Task Forces at the 40th United States Marshals Service Director’s Honorary Awards in recognition of locating Guillen’s remains and identifying those responsible for her death. In July of 2022, personnel in the Waco Division were recognized for their outstanding service, selfless pursuit of justice, and assisting in bringing closure for Guillen’s family and friends by being granted the 69th Attorney General’s Award for Distinguished Service.   
    On June 2, the Waco Division received the Distinguished Group Award for the District Task Forces at the 43rd United States Marshals Service Director’s Honorary Awards for a two-year-old cold case from Leon County, involving a missing child, and possible homicide of the child’s mother. The division conducted an intensive investigation that resulted in the recovery of the mother’s decomposed remains found buried in a field and completed a multifaceted arrest operation that resulted in the arrest of the suspect and safe recovery of the missing child. During the conclusion of the arrest, multiple firearms, ammunition, body armor, and narcotics were seized, and the suspect was indicted on capital murder.

    “I am immensely proud of the Deputy U.S. Marshals and the numerous task force officers of the Lone Star Fugitive Task Force, men and women who are fully devoted to making their communities safer for their fellow citizens by apprehending offenders wanted for the most serious crimes such as murder and child abuse, while ensuring the equal application of justice for all,” said Marshal Susan Pamerleau, U.S. Marshal of the Western District of Texas.  

    U.S. Marshals task forces combine the efforts of federal, state, and local law enforcement agencies to locate and arrest the most dangerous fugitives. Fifty-eight local task forces are dedicated to reducing violent crime by locating and apprehending wanted criminals. They also serve as the central point for agencies to share information on fugitive matters.  Task force officers are state and local police officers who receive special deputations with the U.S. Marshals. While on a task force, these officers can exercise U.S. Marshals authorities, such as crossing jurisdictional lines.

    Members of the Lone Star Fugitive Task Force across the Western District of Texas:

    • Austin Police Department-Tactical Intelligence Unit
    • Police Departments:  Anthony, Buffalo, Crystal City, Del Rio, Eagle Pass, El Paso, Georgetown, Killeen, New Braunfels, Nolanville, Round Rock, San Marcos, Uvalde, and Waco, Texas.
    • Sheriff’s Offices:  Bexar County, Coryell County, Dimmett County, Ector County, Hays County, McLennan County, Maverick County, Midland County, New Braunfels, Real County, Travis County, Val Verde County, Williamson County, and Zavala County.
    • District Attorney’s Offices: Bexar County, and Val Verde County.
    • Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF)
    • Midland Fire Marshals Office
    • Naval Criminal Investigative Service (NCIS)
    • Texas Attorney General’s Office
    • Texas Board of Criminal Justice (TBCJ) – Office of the Inspector General (OIG)
    • Texas Department of Public Safety
    • Texas Parks and Wildlife Division
    • Texas National Guard Joint Counterdrug Task Force
    • U.S. Immigration & Customs Enforcement
    • U.S. DHS/Homeland Security Investigations

    MIL Security OSI

  • MIL-OSI United Kingdom: UK Biobank’s whole body imaging project scans 100,000 volunteers

    Source: United Kingdom – Executive Government & Departments

    UK Biobank has reached its target of scanning 100,000 volunteers as part of a landmark project to provide for scientific research the most detailed look inside the human body. This is now the world’s largest whole-body imaging project – scanning the brains, hearts, abdomens, blood vessels, bones and joints of volunteers to give researchers a new layer of detail to explore what happens in people’s bodies as they age and how and why we become ill as we age.

    One billion images have now been generated from these scans, and tens of thousands of researchers around the world have been using these (as it has been released in batches since the project began) along with UK Biobank’s information on lifestyle, medical history, genetics and blood proteins from the same volunteers, to do research into ill health.

    Findings from the 1,300 peer-reviewed papers using this data so far include better brain scanning for patients with dementia symptoms in NHS memory clinics, faster analysis of heart scans in over 90 countries, and developments in understanding biological age of organs versus chronological age.

    Soon, approved researchers will have access to the full set of imaging data from all 100,000 volunteers to help develop new diagnostics, preventative medicines and treatments.

    Journalists came to this press briefing to ask your questions and to hear from those running the project discuss:

    – What’s so special about this data and why are researchers so excited by it?

    – How is this project helping the UK and the NHS right now?

    – What scientific findings have the imaging data already led to?

    – Why is the focus now switching to repeating scans of people, rather than scanning more people?

    – Who can use this data and what can they use it for?

    Speakers included:

    Prof Sir Rory Collins, Principal Investigator and Chief Executive, UK Biobank

    Prof Naomi Allen, Chief Scientist, UK Biobank

    Prof Paul Matthews, Chair of the UK Biobank Imaging Working Group; and Edmond and Lily Safra Professor of Translational Neuroscience and Therapeutics, Imperial College London; and Director, The Rosalind Franklin Institute

    Prof Louise Thomas, Professor of Metabolic Imaging, University of Westminster

    Prof Rachel McKendry, Executive Director, Discovery, Wellcome

    MIL OSI United Kingdom

  • MIL-OSI United Nations: UN’s Guterres declares fossil fuel era fading; presses nations for new climate plans before COP30 summit

    Source: United Nations 2

    In a special address at UN Headquarters in New York, Mr. Guterres cited surging clean energy investment and plunging solar and wind costs that now outcompete fossil fuels.

    The energy transition is unstoppable, but the transition is not yet fast enough or fair enough,” he said.

    The speech, A Moment of Opportunity: Supercharging the Clean Energy Age – a follow‑up to last year’s Moment of Truth – was delivered alongside a new UN technical report drawing on global energy and finance bodies.

    “Just follow the money,” Mr. Guterres said, noting that $2 trillion flowed into clean energy last year, $800 billion more than fossil fuels and up almost 70 per cent in a decade.

    Key points from the address

    • Point of no return – The world has irreversibly shifted towards renewables, with fossil fuels entering their decline
    • Clean energy surge – $2 trillion invested in clean energy last year, $800 billion more than fossil fuels
    • Cost revolution – Solar now 41 per cent cheaper and offshore wind 53 per cent cheaper than fossil fuel alternatives.
    • Global challenge – Calls on G20 nations to align new national climate plans with the 1.5°C target of the Paris Agreement
    • Energy security – Renewables ensure “real energy sovereignty”
    • Six opportunity areas – Climate plan ambition, modern grids, sustainable demand, just transition, trade reform, and finance for emerging markets.

    A shift in possibility

    He noted new data from the International Renewable Energy Agency (IRENA) showing solar, once four times costlier, is now 41 per cent cheaper than fossil fuels.

    Similarly, offshore wind is 53 per cent cheaper, with more than 90 per cent of new renewables worldwide beating the cheapest new fossil alternative.

    This is not just a shift in power. It is a shift in possibility,” he said.

    Renewables nearly match fossil fuels in global installed power capacity, and “almost all the new power capacity built” last year came from renewables, he said, noting that every continent added more clean power than fossil fuels.

    Clean energy is unstoppable

    Mr. Guterres underscored that a clean energy future “is no longer a promise, it is a fact”. No government, no industry and no special interest can stop it.

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

    He urged countries to lock ambition into the next round of national climate plans, or NDCs, due within months. Mr. Guterres called on the G20 countries, which are responsible for 80 per cent of emissions, to submit new plans aligned with the 1.5°C limit and present them at a high‑level event in September.

    Targets, he added, must “double energy efficiency and triple renewables capacity by 2030” while accelerating “the transition away from fossil fuels”.

    Real energy sovereignty

    The Secretary-General also highlighted the geopolitical risks of fossil fuel dependence.

    “The greatest threat to energy security today is fossil fuels,” he said, citing price shocks after Russia’s invasion of Ukraine.

    There are no price spikes for sunlight, no embargoes on wind. Renewables mean real energy security, real energy sovereignty and real freedom from fossil-fuel volatility.

    Six opportunity areas

    Mr. Guterres mapped six “opportunity areas” to speed the transition: ambitious NDCs, modern grids and storage, meeting soaring demand sustainably, a just transition for workers and communities, trade reforms to broaden clean‑tech supply chains, and mobilising finance to emerging markets.

    Financing, however, is the choke point. Africa, home to 60 per cent of the world’s best solar resources, received just 2 per cent of global clean energy investment last year, he said.

    Only one in five clean energy dollars over the past decade went to emerging and developing economies outside China. Flows must rise more than five-fold by 2030 to keep the 1.5-degree limit alive and deliver universal access.

    Mr. Guterres urged reform of global finance, stronger multilateral development banks and debt relief, including debt‑for‑climate swaps.

    The fossil fuel age is flailing and failing. We are in the dawn of a new energy era,” he said in closing.

    That world is within reach, but it won’t happen on its own. Not fast enough. Not fair enough. It is up to us. This is our moment of opportunity.

    MIL OSI United Nations News

  • MIL-OSI: Andean Silver to Present at the Metals & Mining Virtual Investor Conference July 23

    Source: GlobeNewswire (MIL-OSI)

    PERTH, Western Australia, July 22, 2025 (GLOBE NEWSWIRE) — Andean Silver (ASX: ASL), based in Chile, focused on the Cerro Bayo Project, today announced that Tim Laneyrie, CEO, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on July 23, 2025

    DATE: July 23
    TIME: 9:30 AM ET
    LINK: REGISTER HERE

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    • Andean raised A$30m in strongly supported raise (18/07/25)
    • Andean begins trading on the OTCQX (ADSLF) (21/7/25)
    • Drilling doubles the vertical extent of the Coyita orebody (24/6/25)
    • Exploration continues to grow project pipeline (28/5/25)

    About Andean Silver

    Andean Silver Limited (ASX:ASL) is an Australian mineral exploration and development company focused on advancing its 100% owned Cerro Bayo Silver-Gold Project in the Aysen region of Southern Chile. The Cerro Bayo Silver-Gold Project currently hosts an Indicated and Inferred Mineral Resources of 9.8Mt at a grade of 353g/t for 111Moz of contained AgEq. Andean intends to rapidly advance the project and grow the existing silver-gold Resources to demonstrate a globally significant silver-gold asset. For further information regarding Andean Silver Limited, please visit the ASX platform (ASX:ASL) or the Company’s website at www.andeansilver.com

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Andean Silver
    Tim Laneyrie
    CEO
    (+61) 411 223 724
    tlaneyrie@andeansilver.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network

  • MIL-OSI: Andean Silver to Present at the Metals & Mining Virtual Investor Conference July 23

    Source: GlobeNewswire (MIL-OSI)

    PERTH, Western Australia, July 22, 2025 (GLOBE NEWSWIRE) — Andean Silver (ASX: ASL), based in Chile, focused on the Cerro Bayo Project, today announced that Tim Laneyrie, CEO, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on July 23, 2025

    DATE: July 23
    TIME: 9:30 AM ET
    LINK: REGISTER HERE

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    • Andean raised A$30m in strongly supported raise (18/07/25)
    • Andean begins trading on the OTCQX (ADSLF) (21/7/25)
    • Drilling doubles the vertical extent of the Coyita orebody (24/6/25)
    • Exploration continues to grow project pipeline (28/5/25)

    About Andean Silver

    Andean Silver Limited (ASX:ASL) is an Australian mineral exploration and development company focused on advancing its 100% owned Cerro Bayo Silver-Gold Project in the Aysen region of Southern Chile. The Cerro Bayo Silver-Gold Project currently hosts an Indicated and Inferred Mineral Resources of 9.8Mt at a grade of 353g/t for 111Moz of contained AgEq. Andean intends to rapidly advance the project and grow the existing silver-gold Resources to demonstrate a globally significant silver-gold asset. For further information regarding Andean Silver Limited, please visit the ASX platform (ASX:ASL) or the Company’s website at www.andeansilver.com

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Andean Silver
    Tim Laneyrie
    CEO
    (+61) 411 223 724
    tlaneyrie@andeansilver.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network

  • MIL-OSI United Nations: Secretary-General’s remarks to the Security Council – on Multilateralism and Peaceful Settlement of Disputes [bilingual as delivered; scroll down for all-English and all-French versions]

    Source: United Nations secretary general

    Mr. President, Excellencies,                                                       

    I want to thank Deputy Prime Minister and Foreign Minister Ishaq Dar and Pakistan for convening today’s open debate.

    The topic of today’s debate shines a light on the clear connection between international peace and multilateralism.

    Eighty years ago, the United Nations was founded with a primary purpose — to safeguard humanity from the scourge of war.

    The architects of the United Nations Charter recognized that the peaceful resolution of disputes is the lifeline when geopolitical tensions escalate… when unresolved disputes fuel the flames of conflict…and when states lose trust in each other.

    The Charter lays out a number of important tools to forge peace.

    Article 2.3 of the UN Charter is clear:

    “All Members shall settle their international disputes by peaceful means in such a manner that international peace and security, and justice, are not endangered.”

    Chapter VI of the Charter is equally clear on the specific responsibilities of this Council to help ensure the pacific settlement of disputes “by negotiation, enquiry, mediation, conciliation, arbitration, judicial settlement, resort to regional agencies or arrangements, or other peaceful means of their own choice.”

    Action 16 of the Pact of the Future calls on Member States to recommit to all the mechanisms of preventive diplomacy and the peaceful settlement of disputes.

    I commend Pakistan for utilizing its presidency to put forward a resolution urging all Member States to make full use of these tools in our collective pursuit of global peace.

    This is needed now more than ever.

    Around the world, we see an utter disregard for — if not outright violations of — international law — including international human rights law, international refugee law, international humanitarian law, and the UN Charter itself, without any accountability.

    These failures to uphold international obligations are coming at a time of widening geopolitical divides and conflicts. 

    And the cost is staggering — measured in human lives, shattered communities, and lost futures.

    We need look no further than the horror show in Gaza — with a level of death and destruction without parallel in recent times.

    Malnourishment is soaring.  Starvation is knocking on every door. 

    And now we are seeing the last gasp of a humanitarian system built on humanitarian principles.

    That system is being denied the conditions to function.  Denied the space to deliver.  Denied the safety to save lives.

    With Israeli military operations intensifying and new displacement orders issued in Deir al-Balah, devastation is being layered upon devastation. 

    I am appalled that UN premises have been struck – among them facilities of the UN Office for Project Services and the World Health Organization, including WHO’s main warehouse.

    This is despite all parties having been informed of the locations of these UN facilities.

    These premises are inviolable and must be protected under international humanitarian law – without exception.  

    From Gaza to Ukraine, from the Sahel to Sudan, Haiti and Myanmar, and many other parts of the world, conflict is raging, international law is being trampled, and hunger and displacement are at record levels.

    And terrorism, violent extremism and transnational crime remain persistent scourges pushing security further out of reach.  

    Diplomacy may not have always succeeded in preventing conflicts, violence and instability.

    But it still holds the power to stop them.

    Mr. President,

    Peace is a choice.

    And the world expects the UN Security Council to help countries make this choice.   

    This Council is at the centre of the global architecture for peace and security.  

    Its creation reflected a central truth.

    Competition between states is a geopolitical reality.  

    But cooperation — anchored in shared interests and the greater good — is the sustainable pathway to peace.

    Too often, we see divisions, entrenched positions and escalatory discourse blocking solutions and the effectiveness of the Council.

    But we have also seen some inspiring examples of finding common ground and forging solutions to global problems.

    For example, today marks three years since the signing of the Black Sea Initiative and the Memorandum of Understanding with the Russian Federation — efforts that show what we can achieve through mediation and the good offices of the United Nations, even during the most challenging moments.

    And we’ve seen many other recent examples.

    From the Sevilla Conference on Financing for Development, to the Oceans Conference in Nice, to the Agreement on Marine Biological Diversity of Areas Beyond National Jurisdiction and the Cybercrime Treaty, to the Pact for the Future adopted last year. 

    The Pact, in particular, demonstrates a clear re-commitment by the world to strengthen the United Nations collective security system.

    Drawing from the New Agenda for Peace, it prioritizes preventive diplomacy and mediation — all areas where this Council can play a vital role.

    As we look to the theme of today’s debate, I see three areas where we can live up to the Pact’s call to renew our commitment to — and the world’s faith in — the multilateral problem-solving architecture.

    First — this Council’s members, in particular its permanent members, must continue working to overcome divisions.

    The majority of situations on the Security Council’s agenda are complex and resist quick fixes.
    But even in the darkest days of the Cold War, the collective dialogue and decision-making in this Council underpinned a common and effective system of global security.

    One that successfully deployed a range of peacekeeping missions.

    One that opened the door for vital humanitarian aid to flow to people in need.

    And one that helped prevent a Third World War.

    I urge you to summon this same spirit by keeping channels open, continuing to listen in good faith, and working to overcome differences and building consensus.

    We must also work to ensure that this Council reflects the world of today, not the world of 80 years ago.

    This Council should be made more representative of today’s geopolitical realities.

    And we must continue improving the working methods of this Council to make it more inclusive, transparent, efficient and accountable.

    I urge you to continue building consensus to move the intergovernmental negotiations forward.

    Second — this Council must continue strengthening cooperation with regional and subregional partners.

    The landmark adoption of Security Council Resolution 2719 supporting African Union-led peace support operations through assessed contributions is a good example of how we can join efforts with regional organizations to support more effective responses.

    I also commend this Council’s steps to strengthen and re-build regional security frameworks to encourage dialogue and advance the peaceful settlement of disputes.

    Troisièmement, les États Membres doivent honorer leurs obligations en vertu du droit international, y compris la Charte des Nations Unies, le droit international des droits humains et le droit international humanitaire.

    Le Pacte pour l’avenir appelle tous les États Membres à respecter leurs engagements envers la Charte, ainsi que les principes de respect de la souveraineté, de l’intégrité territoriale et de l’indépendance politique des États.

    Tous ces principes sont ancrés dans le droit international et reposent sur l’engagement de donner la priorité à la prévention des conflits et au règlement pacifique des différends par le dialogue et la diplomatie.

    Le Pacte reconnaît également la contribution essentielle de la Cour internationale de Justice, qui fêtera son 80ème anniversaire l’année prochaine.

    Monsieur le Président,

    À l’occasion du 80ème anniversaire de notre Organisation et de la Charte qui lui a donné vie et forme, nous devons renouveler notre engagement envers l’esprit multilatéral de la paix par la diplomatie.

    Je me réjouis de travailler avec vous en ce sens, afin de parvenir à la paix et la sécurité internationales que les peuples du monde entier espèrent et méritent.

    Je vous remercie.

    [all-English]

    Mr. President, Excellencies,                                                       

    I want to thank Deputy Prime Minister and Foreign Minister Ishaq Dar and Pakistan for convening today’s open debate.

    The topic of today’s debate shines a light on the clear connection between international peace and multilateralism.

    Eighty years ago, the United Nations was founded with a primary purpose — to safeguard humanity from the scourge of war.

    The architects of the United Nations Charter recognized that the peaceful resolution of disputes is the lifeline when geopolitical tensions escalate… when unresolved disputes fuel the flames of conflict…and when states lose trust in each other.

    The Charter lays out a number of important tools to forge peace.

    Article 2.3 of the UN Charter is clear:

    “All Members shall settle their international disputes by peaceful means in such a manner that international peace and security, and justice, are not endangered.”

    Chapter VI of the Charter is equally clear on the specific responsibilities of this Council to help ensure the pacific settlement of disputes “by negotiation, enquiry, mediation, conciliation, arbitration, judicial settlement, resort to regional agencies or arrangements, or other peaceful means of their own choice.”

    Action 16 of the Pact of the Future calls on Member States to recommit to all the mechanisms of preventive diplomacy and the peaceful settlement of disputes.

    I commend Pakistan for utilizing its presidency to put forward a resolution urging all Member States to make full use of these tools in our collective pursuit of global peace.

    This is needed now more than ever.

    Around the world, we see an utter disregard for — if not outright violations of — international law — including international human rights law, international refugee law, international humanitarian law, and the UN Charter itself, without any accountability.

    These failures to uphold international obligations are coming at a time of widening geopolitical divides and conflicts. 

    And the cost is staggering — measured in human lives, shattered communities, and lost futures.

    We need look no further than the horror show in Gaza — with a level of death and destruction without parallel in recent times.

    Malnourishment is soaring.  Starvation is knocking on every door. 

    And now we are seeing the last gasp of a humanitarian system built on humanitarian principles.

    That system is being denied the conditions to function.  Denied the space to deliver.  Denied the safety to save lives.

    With Israeli military operations intensifying and new displacement orders issued in Deir al-Balah, devastation is being layered upon devastation.

    I am appalled that UN premises have been struck – among them facilities of the UN Office for Project Services and the World Health Organization, including WHO’s main warehouse.

    This is despite all parties having been informed of the locations of these UN facilities.

    These premises are inviolable and must be protected under international humanitarian law – without exception.    

    From Gaza to Ukraine, from the Sahel to Sudan, Haiti and Myanmar, and many other parts of the world, conflict is raging, international law is being trampled, and hunger and displacement are at record levels.

    And terrorism, violent extremism and transnational crime remain persistent scourges pushing security further out of reach.  
    Diplomacy may not have always succeeded in preventing conflicts, violence and instability.

    But it still holds the power to stop them.

    Mr. President,

    Peace is a choice.

    And the world expects the UN Security Council to help countries make this choice.   

    This Council is at the centre of the global architecture for peace and security.  

    Its creation reflected a central truth.
    Competition between states is a geopolitical reality.  

    But cooperation — anchored in shared interests and the greater good — is the  sustainable pathway to peace.

    Too often, we see divisions, entrenched positions and escalatory discourse blocking solutions and the effectiveness of the Council.

    But we have also seen some inspiring examples of finding common ground and forging solutions to global problems.

    For example, today marks three years since the signing of the Black Sea Initiative and the Memorandum of Understanding with the Russian Federation — efforts that show what we can achieve through mediation and the good offices of the United Nations, even during the most challenging moments.

    And we’ve seen many other recent examples.

    From the Sevilla Conference on Financing for Development, to the Oceans Conference in Nice, to the Agreement on Marine Biological Diversity of Areas Beyond National Jurisdiction and the Cybercrime Treaty, to the Pact for the Future adopted last year. 

    The Pact, in particular, demonstrates a clear re-commitment by the world to strengthen the United Nations collective security system.

    Drawing from the New Agenda for Peace, it prioritizes preventive diplomacy and mediation — all areas where this Council can play a vital role.

    As we look to the theme of today’s debate, I see three areas where we can live up to the Pact’s call to renew our commitment to — and the world’s faith in — the multilateral problem-solving architecture.

    First — this Council’s members, in particular its permanent members, must continue working to overcome divisions.

    The majority of situations on the Security Council’s agenda are complex and resist quick fixes.

    But even in the darkest days of the Cold War, the collective dialogue and decision-making in this Council underpinned a common and effective system of global security.

    One that successfully deployed a range of peacekeeping missions.

    One that opened the door for vital humanitarian aid to flow to people in need.

    And one that helped prevent a Third World War.

    I urge you to summon this same spirit by keeping channels open, continuing to listen in good faith, and working to overcome differences and building consensus.

    We must also work to ensure that this Council reflects the world of today, not the world of 80 years ago.

    This Council should be made more representative of today’s geopolitical realities.

    And we must continue improving the working methods of this Council to make it more inclusive, transparent, efficient and accountable.

    I urge you to continue building consensus to move the intergovernmental negotiations forward.

    Second — this Council must continue strengthening cooperation with regional and subregional partners.

    The landmark adoption of Security Council Resolution 2719 supporting African Union-led peace support operations through assessed contributions is a good example of how we can join efforts with regional organizations to support more effective responses.

    I also commend this Council’s steps to strengthen and re-build regional security frameworks to encourage dialogue and advance the peaceful settlement of disputes.

    And third — Member States must honour their obligations under international law, including the UN Charter, international human rights law and international humanitarian law.

    The Pact for the Future calls on all Member States to live up to their commitments in the UN Charter, and the principles of respect for sovereignty, territorial integrity and the political independence of states.

    All grounded in international law, and a commitment to prioritizing prevention of conflict and the peaceful settlement of disputes through dialogue and diplomacy.

    The Pact also recognized the critical contribution of the International Court of Justice, which celebrates its 80th anniversary next year.

    Mr. President,    

    As we mark the 80th anniversary of our organization and the Charter that gave it life and shape, we need to renew our commitment to the multilateral spirit of peace through diplomacy.

    I look forward to working with you in this important effort, to achieve the international peace and security the people of the world need and deserve.

    Thank you.

    [all-French]

    Monsieur le Président, Excellences,

    Je tiens à remercier le Vice-Premier Ministre et Ministre des affaires étrangères Ishaq Dar et le Pakistan d’avoir organisé le débat public de ce jour.

    Le thème de ce débat met en lumière le lien évident qui existe entre la paix internationale et le multilatéralisme.

    Il y a 80 ans, l’Organisation des Nations Unies a été fondée dans le but premier de préserver l’humanité du fléau de la guerre.

    Les architectes de la Charte des Nations Unies ont considéré que le règlement pacifique des différends était la seule issue possible lorsque les tensions géopolitiques s’intensifiaient, lorsque des différends non résolus attisaient les conflits et lorsque les États perdaient confiance les uns dans les autres.

    La Charte renferme un certain nombre d’outils majeurs destinés à forger la paix.

    Son Article 2.3 est clair :

    « Les Membres de l’Organisation règlent leurs différends internationaux par des moyens pacifiques, de telle manière que la paix et la sécurité internationales ainsi que la justice ne soient pas mises en danger ».

    Son Chapitre VI est tout aussi clair en ce qui concerne les responsabilités confiées au Conseil de sécurité, qui doit contribuer à assurer le règlement pacifique des différends « par voie de négociation, d’enquête, de médiation, de conciliation, d’arbitrage, de règlement judiciaire, de recours aux organismes ou accords régionaux, ou par d’autres moyens pacifiques » du choix des parties.

    La mesure 16 du Pacte pour l’avenir appelle les États Membres à démontrer leur attachement à la diplomatie préventive et au règlement pacifique des différends en recourant davantage à tous les mécanismes existants en la matière.

    Je félicite le Pakistan d’avoir mis à profit sa présidence pour présenter une résolution exhortant tous les États Membres à utiliser pleinement les outils en question dans le cadre de notre quête collective de la paix dans le monde.

    Nous en avons besoin plus que jamais.

    Partout dans le monde, nous observons un mépris total pour le droit international – voire des violations pures et simples de ce droit, notamment du droit international des droits humains, du droit international des réfugiés, du droit international humanitaire et de la Charte des Nations Unies elle-même –, sans que la responsabilité de quiconque ne soit engagée.

    Ces manquements aux obligations internationales surviennent à un moment où les divisions et les conflits géopolitiques s’aggravent.

    Et le coût – en vies humaines, en communautés brisées et en avenirs perdus – est accablant.

    Il suffit de regarder l’horreur qui se déroule à Gaza, avec un niveau de mort et de destruction sans équivalent dans l’histoire récente.

    La malnutrition explose.  La famine frappe à toutes les portes. 

    Et maintenant, nous assistons à l’agonie d’un système humanitaire fondé sur des principes humanitaires.

    Ce système se voit refuser les conditions nécessaires à son fonctionnement.  On lui refuse l’espace nécessaire pour agir.  On lui refuse la sécurité nécessaire pour sauver des vies.

    Alors que les opérations militaires israéliennes s’intensifient et que de nouveaux ordres de déplacement sont émis à Deir al-Balah, la dévastation s’ajoute à la dévastation.

    Je suis consterné que des locaux de l’ONU aient été touchés, notamment ceux du Bureau des Nations Unies pour les services d’appui aux projets et de l’Organisation mondiale de la Santé, y compris son entrepôt principal.

    Ceci alors que toutes les parties ont été informées de l’emplacement de ces installations de l’ONU.

    Ces locaux sont inviolables et doivent être protégés par le droit international humanitaire, sans exception.

    De Gaza à l’Ukraine, du Sahel au Soudan, de Haïti au Myanmar, et dans bien d’autres régions du monde, les conflits font rage, le droit international est bafoué, et la faim et les déplacements atteignent des niveaux record.

    Et le terrorisme, l’extrémisme violent et la criminalité transnationale restent des fléaux tenaces qui rendent la sécurité encore plus inaccessible.

    La diplomatie ne permet pas toujours de prévenir les conflits, la violence et l’instabilité.

    Mais elle a toujours le pouvoir de les arrêter.

    Monsieur le Président,

    La paix est un choix.

    Et le monde attend du Conseil de sécurité de l’Organisation qu’il aide les pays à faire ce choix.

    Ce Conseil est au cœur de l’architecture mondiale pour la paix et la sécurité.

    Sa création reposait sur une vérité fondamentale.

    La rivalité entre les États est une réalité géopolitique.

    Mais la coopération – ancrée dans des intérêts partagés et le bien commun – représente la voie durable vers la paix.

    Nous observons trop fréquemment que les divisions, les positions tranchées et la surenchère verbale bloquent la mise en place de solutions et sape l’efficacité de ce Conseil.

    Mais nous avons également observé des exemples admirables de cas où il a été possible de trouver un terrain d’entente et des solutions aux problèmes mondiaux.

    Ainsi, nous marquons aujourd’hui le troisième anniversaire de la signature de l’Initiative de la mer Noire et du mémorandum d’accord avec la Fédération de Russie – des mesures qui montrent ce que nous pouvons accomplir grâce à la médiation et aux bons offices de l’ONU, y compris dans les moments les plus difficiles.

    Et plus récemment, nous avons été témoins de bien d’autres exemples.

    De la Conférence de Séville sur le financement du développement à la Conférence de Nice sur l’océan, en passant par l’Accord sur la diversité biologique marine des zones ne relevant pas de la juridiction nationale, la Convention sur la cybercriminalité et le Pacte pour l’avenir, adopté l’année dernière.

    Le Pacte, en particulier, témoigne d’une claire volonté du monde de s’engager de nouveau à renforcer le système de sécurité collective des Nations Unies.

    Inspiré du Nouvel Agenda pour la paix, il donne la priorité à la diplomatie préventive et à la médiation, autant de domaines dans lesquels le Conseil peut jouer un rôle essentiel.

    En ce qui concerne le thème du débat qui nous réunit aujourd’hui, il y a selon moi trois domaines dans lesquels nous pouvons nous montrer à la hauteur de l’appel, contenu dans le Pacte, à renouveler notre engagement – et la confiance du monde – envers l’architecture multilatérale dont nous disposons pour régler les problèmes.

    Premièrement, les membres de ce Conseil, en particulier les membres permanents, doivent continuer à s’efforcer de surmonter les dissensions.

    La majorité des situations inscrites à l’ordre du jour du Conseil de sécurité sont complexes et ne se prêtent pas à des solutions rapides.

    Mais même dans les jours les plus sombres de la guerre froide, le dialogue et la prise de décision collective au sein de ce Conseil ont permis de maintenir un système de la sécurité mondiale commun et efficace.

    Un système qui a déployé avec succès toute une série de missions de maintien de la paix.

    Un système qui a ouvert la voie à l’acheminement d’une aide humanitaire vitale aux personnes dans le besoin.

    Et un système qui a permis d’éviter une troisième guerre mondiale.

    Je vous exhorte à adopter le même état d’esprit en maintenant la communication, en continuant d’écouter de bonne foi, en vous employant à surmonter les divergences et à rechercher le consensus.

    Nous devons également veiller à ce que ce Conseil soit à l’image du monde d’aujourd’hui, et non de celui d’il y a 80 ans.

    Ce Conseil devrait être plus représentatif des réalités géopolitiques actuelles.

    Et nous devons continuer de perfectionner ses méthodes de travail afin de le rendre plus inclusif, plus transparent, plus efficace, et plus responsable.

    Je vous demande instamment de continuer d’œuvrer à la recherche du consensus pour faire avancer les négociations intergouvernementales.

    Deuxièmement, ce Conseil doit continuer de renforcer la coopération avec les partenaires régionaux et sous-régionaux.

    L’adoption historique de la résolution 2719 du Conseil de sécurité, visant à financer les opérations d’appui à la paix menées par l’Union africaine au moyen de contributions statutaires, est un bon exemple de la manière dont nous pouvons unir nos forces à celles des organisations régionales pour favoriser la mise en place de mesures plus efficaces.

    Je salue également les mesures prises par ce Conseil pour renforcer et rebâtir les cadres de sécurité régionaux afin d’encourager le dialogue et de favoriser le règlement pacifique des différends.

    Troisièmement, les États Membres doivent honorer leurs obligations en vertu du droit international, y compris la Charte des Nations Unies, le droit international des droits humains et le droit international humanitaire.

    Le Pacte pour l’avenir appelle tous les États Membres à respecter leurs engagements envers la Charte, ainsi que les principes de respect de la souveraineté, de l’intégrité territoriale et de l’indépendance politique des États.

    Tous ces principes sont ancrés dans le droit international et reposent sur l’engagement de donner la priorité à la prévention des conflits et au règlement pacifique des différends par le dialogue et la diplomatie.

    Le Pacte reconnaît également la contribution essentielle de la Cour internationale de Justice, qui fêtera son 80ème anniversaire l’année prochaine.

    Monsieur le Président,

    À l’occasion du 80ème anniversaire de notre Organisation et de la Charte qui lui a donné vie et forme, nous devons renouveler notre engagement envers l’esprit multilatéral de la paix par la diplomatie.

    Je me réjouis de travailler avec vous en ce sens, afin de parvenir à la paix et la sécurité internationales que les peuples du monde entier espèrent et méritent.

    Je vous remercie.

    MIL OSI United Nations News

  • MIL-OSI Security: #StopRansomware: Interlock

    Source: US Department of Homeland Security

    Summary

    Note: This joint Cybersecurity Advisory is part of an ongoing #StopRansomware effort to publish advisories for network defenders that detail various ransomware variants and ransomware threat actors. These #StopRansomware advisories include recently and historically observed tactics, techniques, and procedures (TTPs) and indicators of compromise (IOCs) to help organizations protect against ransomware. Visit stopransomware.gov to see all #StopRansomware advisories and to learn more about other ransomware threats and no-cost resources.

    The Federal Bureau of Investigation (FBI), Cybersecurity and Infrastructure Security Agency (CISA), Department of Health and Human Services (HHS), and Multi-State Information Sharing and Analysis Center (MS-ISAC)—hereafter referred to as “the authoring organizations”—are releasing this joint advisory to disseminate known Interlock ransomware IOCs and TTPs identified through FBI investigations (as recently as June 2025) and trusted third-party reporting.

    The Interlock ransomware variant was first observed in late September 2024, targeting various business, critical infrastructure, and other organizations in North America and Europe. FBI maintains these actors target their victims based on opportunity, and their activity is financially motivated. FBI is aware of Interlock ransomware encryptors designed for both Windows and Linux operating systems; these encryptors have been observed encrypting virtual machines (VMs) across both operating systems. FBI observed actors obtaining initial access via drive-by download from compromised legitimate websites, which is an uncommon method among ransomware groups. Actors were also observed using the ClickFix social engineering technique for initial access, in which victims are tricked into executing a malicious payload under the guise of fixing an issue on the victim’s system. Actors then use various methods for discovery, credential access, and lateral movement to spread to other systems on the network.

    Interlock actors employ a double extortion model in which actors encrypt systems after exfiltrating data, which increases pressure on victims to pay the ransom to both get their data decrypted and prevent it from being leaked. 

    FBI, CISA, HHS, and MS-ISAC encourage organizations to implement the recommendations in the Mitigations section of this advisory to reduce the likelihood and impact of Interlock ransomware incidents.

    Download the PDF version of this report:

    For a downloadable copy of IOCs, see:

    Note: This advisory uses the MITRE ATT&CK® Matrix for Enterprise framework, version 17. See the MITRE ATT&CK Tactics and Techniques section of this advisory for tables mapped to the threat actors’ activity.

    Overview

    Since September 2024, Interlock ransomware actors have impacted a wide range of businesses and critical infrastructure sectors in North America and Europe. These actors are opportunistic and financially motivated in nature and employ tactics to infiltrate and disrupt the victim’s ability to provide their essential services. 

    Interlock actors leverage a double extortion model, in which they both encrypt and exfiltrate victim data. Ransom notes do not include an initial ransom demand or payment instructions; instead, victims are provided with a unique code and are instructed to contact the ransomware group via a .onion URL through the Tor browser. To date, Interlock actors have been observed encrypting VMs, leaving hosts, workstations, and physical servers unaffected; however, this does not mean they will not expand to these systems in the future. To counter Interlock actors’ threat to VMs, enterprise defenders should implement robust endpoint detection and response (EDR) tooling and capabilities.

    The authoring agencies are aware of emerging open-source reporting detailing similarities between the Rhysida and Interlock ransomware variants.1 For additional information on Rhysida ransomware, see the joint advisory, #StopRansomware: Rhysida Ransomware.

    Initial Access

    FBI has observed Interlock actors obtaining initial access [TA0001] via drive-by download [T1189] from compromised legitimate websites, an atypical method for ransomware actors. Interlock ransomware methods for initial access have previously disguised malicious payloads as fake Google Chrome or Microsoft Edge browser updates, though a cybersecurity company recently reported a shift to payload filenames masquerading as updates for common security software (see Table 5 for a list of filenames).2

    In some instances, FBI has observed Interlock actors using the ClickFix social engineering technique, in which unsuspecting users are prompted to execute a malicious payload by clicking a fake Completely Automated Public Turing test to tell Computers and Humans Apart (CAPTCHA) [T1189]. The CAPTCHA contains instructions for users to open the Windows Run window, paste the clipboard contents, and then execute a malicious Base64-encoded PowerShell process [T1204.004].3

    Note: This ClickFix technique has been used in several other malware campaigns, including Lumma Stealer and DarkGate.4

    Execution and Persistence

    Based on FBI investigations, the fake Google Chrome browser executable functions as a remote access trojan (RAT) [T1105] designed to execute a PowerShell script [T1059.001] that drops a file into the Windows Startup folder. From there, the file is designed to run the RAT every time the victim logs in [T1547.001], establishing persistence [TA0003]. 

    FBI also observed instances in which Interlock actors executed a PowerShell command designed to establish persistence via a Windows Registry key modification [T1547.001]. To do so, Interlock actors used a PowerShell command [T1059.001] designed to add a run key value named “Chrome Updater” [T1036.005] that uses a specific log file as an argument upon user login.

    Reconnaissance

    To facilitate reconnaissance, a PowerShell script executes a series of commands [T1059.001] designed to gather information on victim machines (see Table 1).

    Table 1. PowerShell Commands for Reconnaissance
    PowerShell Command Description
    WindowsIdentity.GetCurrent() Returns a WindowsIdentity object that represents the current Windows user [T1033].
    systeminfo Displays detailed configuration information [T1082] about a computer and its operating system, including operating system configuration, security information, product ID, and hardware properties.
    tasklist/svc Lists unabridged service information [T1007] for each process currently running on the local computer.
    Get-Service Gets objects that represent the services [T1007] on a computer, including running and stopped services.
    Get-PSDrive

    Gets the drives [T1082] in the current session, such as:

    • Windows logical drives on the computer, including drives mapped to network shares.
    • Drives exposed by PowerShell providers.
    • Session-specified temporary drives and persistent mapped network drives.
       
    arp -a Displays and modifies entries in the Address Resolution Protocol (ARP) cache table [T1016], which contains entries on the IPv4 and IPv6 addresses on host endpoints.

    Command and Control

    FBI observed Interlock actors using command and control (C2) [TA0011] applications like Cobalt Strike and SystemBC. Interlock actors also used Interlock RAT5 and NodeSnake RAT (as of March 2025)6 for C2 and executing commands.

    Credential Access, Lateral Movement, and Privilege Escalation

    FBI observed that once Interlock actors establish remote control of a compromised system, they use a series of PowerShell commands to download a credential stealer (cht.exe) [TA0006] and keylogger binary (klg.dll) [T1056.001],[T1105]. According to open source reporting, the credential stealer collects login information and associated URLs for victims’ online accounts [T1555.003], while the keylogger dynamic link library (DLL) logs users’ keystrokes in a file named conhost.txt [T1036.005].7 As of February 2025, private cybersecurity analysts also observed Interlock ransomware infections executing different versions of information stealers [TA0006], including Lumma Stealer8 and Berserk Stealer, to harvest credentials for lateral movement and privilege escalation [T1078].9

    Interlock actors leverage compromised credentials and Remote Desktop Protocol (RDP)10 [T1021.001] to move between systems. They also use tools like AnyDesk to enable remote connectivity and PuTTY to assist with lateral movement [T1219].11 In addition to stealing users’ online credentials, Interlock actors have compromised domain administrator accounts (possibly by using a Kerberoasting attack [T1558.003])12 to gain additional privileges [T1078.002]. 

    Collection and Exfiltration

    Interlock actors leverage Azure Storage Explorer (StorageExplorer.exe) to navigate victims’ Microsoft Azure Storage accounts [T1530] prior to exfiltrating data. According to open source reporting, Interlock actors execute AzCopy to exfiltrate data by uploading it to the Azure storage blob [T1567.002].13 Interlock actors also exfiltrate data over file transfer tools, including WinSCP [T1048].

    Impact

    Following data exfiltration, Interlock actors deploy the encryption binary as a 64-bit executable named conhost.exe [T1486],[T1036.005]. FBI has observed Interlock ransomware encryptors for both Windows and Linux operating systems. Encryptors are designed to encrypt files using a combined Advanced Encryption Standard (AES) and Rivest-Shamir-Adleman (RSA) algorithm. In addition, cybersecurity researchers have identified Interlock ransomware samples using a FreeBSD ELF encryptor [T1486], a departure from usual Linux encryptors designed for VMware ESXi servers and VMs.14

    A cybersecurity company identified a DLL binary named tmp41.wasd—executed after encryption using rundll32.exe [T1218.011]—which uses the remove() function to delete the encryption binary [T1070.004];15 on Linux machines, the encryptor uses a similar technique to execute the removeme function. 

    Encrypted files are appended with either a .interlock or .1nt3rlock file extension, alongside a ransom note titled !__README__!.txt delivered via group policy object (GPO). Interlock actors use a double-extortion model [T1657], encrypting systems after exfiltrating data. The ransom note provides each victim with a unique code and instructions to contact the ransomware actors via a .onion URL. 

    Interlock actors do not leave an initial ransom demand or payment instructions on compromised networks, and do not relay this information until contacted by the victim. The actors instruct victims to make ransom payments in Bitcoin to cryptocurrency wallet addresses provided by the actors. The actors threaten to publish the victim’s exfiltrated data to their leak site on the Tor network unless the victim pays the ransom demand; the actors have previously followed through on this threat.16

    See Table 2 for publicly available tools and applications used by Interlock ransomware actors. This includes legitimate tools repurposed for their operations.

    Disclaimer: Use of these tools and applications should not be attributed as malicious without analytical evidence to support threat actor use and/or control.

    Table 2. Tools Used by Interlock Ransomware Actors
    Tool Name Description
    AnyDesk A common legitimate remote monitoring and management (RMM) tool maliciously used by Interlock actors to obtain remote access and maintain persistence. AnyDesk also supports remote file transfer.
    Cobalt Strike A penetration testing tool used by security professionals to test the security of networks and systems.
    PowerShell A cross-platform task automation solution made up of a command-line shell, a scripting language, and a configuration management framework, which runs on Windows, Linux, and macOS.
    PSExec A tool designed to run programs and execute commands on remote systems.
    PuTTY.exe An open source file transfer application commonly used to remotely connect to systems via Secure Shell (SSH). PuTTY also supports file transfer protocols like Secure File Transfer Protocol (SFTP) and Secure Copy Protocol (SCP).
    ScreenConnect A remote support, access, and meeting software that allows users to control devices remotely over the internet. CISA observed Interlock actors using a cracked version of this software in at least one incident. These versions may be standalone versions not connecting to ScreenConnect’s official cloud domains (domains available upon request from ConnectWise).
    SystemBC Enables Interlock actors to compromise systems, run commands, download malicious payloads, and act as a proxy tool to the actors’ C2 servers.
    Windows Console Host Windows Console Host (conhost.exe) manages the user interface for command-line applications in Windows, including Command Prompt and PowerShell. 
    WinSCP A free and open source SSH File Transfer Protocol (FTP), WebDAV, Amazon S3, and secure copy protocol client.

    See Table 3 and Table 4 for files used by Interlock ransomware actors. These were obtained from FBI investigations as recently as June 2025.

    Disclaimer: Some of the hashes are for legitimate tools and applications and should not be attributed as malicious without analytical evidence to support threat actor use and/or control. The authoring agencies recommend organizations investigate or vet these hashes prior to taking action, such as blocking.

    Table 3. Files Used by Interlock Ransomware Actors (SHA-256)
    File Name Hash
    1.ps1 fba4883bf4f73aa48a957d894051d78e0085ecc3170b1ff50e61ccec6aeee2cd 
    advanced_port_scanner.exe 4b036cc9930bb42454172f888b8fde1087797fc0c9d31ab546748bd2496bd3e5
    Aisa.exe 18a507bf1c533aad8e6f2a2b023fbbcac02a477e8f05b095ee29b52b90d47421
    AnyDesk.exe 1a70f4eef11fbecb721b9bab1c9ff43a8c4cd7b2cafef08c033c77070c6fe069
    autoservice.dll a4069aa29628e64ea63b4fb3e29d16dcc368c5add304358a47097eedafbbb565
    Autostart.exe d535bdc9970a3c6f7ebf0b229c695082a73eaeaf35a63cd8a0e7e6e3ceb22795
    cht FAFCD5404A992850FFCFFEE46221F9B2FF716006AECB637B80E5CD5AA112D79C
    cht.exe C20BABA26EBB596DE14B403B9F78DDC3C13CE9870EEA332476AC2C1DD582AA07
    cleanup.dll (SystemBC) 1845a910dcde8c6e45ad2e0c48439e5ab8bbbeb731f2af11a1b7bbab3bfe0127
    conhost 44887125aa2df864226421ee694d51e5535d8c6f70e327e9bcb366e43fd892c1
    conhost.dll a70af759e38219ca3a7f7645f3e103b13c9fb1db6d13b68f3d468b7987540ddf
    conhost.dll 96babe53d6569ee3b4d8fc09c2a6557e49ebc2ed1b965abda0f7f51378557eb1
    difxepi.dll (SystemBC) 1845a910dcde8c6e45ad2e0c48439e5ab8bbbeb731f2af11a1b7bbab3bfe0127
    iexplore.exe d0c1662ce239e4d288048c0e3324ec52962f6ddda77da0cb7af9c1d9c2f1e2eb
    klg.dll A4F0B68052E8DA9A80B70407A92400C6A5DEF19717E0240AC608612476E1137E
    !!!OPEN_ME!!!.txt 68A49D5A097E3850F3BB572BAF2B75A8E158DADB70BADDC205C2628A9B660E7A
    processhacker-2.39-bin.zip 88f26f3721076f74996f8518469d98bf9be0eaee5b9eccc72867ebfc25ea4e83
    PsExec.exe 078163d5c16f64caa5a14784323fd51451b8c831c73396b967b4e35e6879937b
    putty.exe 7a43789216ce242524e321d2222fa50820a532e29175e0a2e685459a19e09069
    puttyportable.exe 97931d2e2e449ac3691eb526f6f60e2f828de89074bdac07bd7dbdfd51af9fa0
    PuTTYPortable.zip ff7ad2376ae01e4b3f1e1d7ae630f87b8262b5c11bc5d953e1ac34ffe81401b5
    qrpce91.exe.asd 64a0ab00d90682b1807c5d7da1a4ae67cde4c5757fc7d995d8f126f0ec8ae983
    ScreenConnect.ClientService.exe 2814b33ce81d2d2e528bb1ed4290d665569f112c9be54e65abca50c41314d462
    SophosendpointAgent.exe f51b3d054995803d04a754ea3ff7d31823fab654393e8054b227092580be43db
    SophosScaner.exe dfb5ba578b81f05593c047f2c822eeb03785aecffb1504dcb7f8357e898b5024
    Starship.exe 94bf0aba5f9f32b9c35e8dfc70afd8a35621ed6ef084453dc1b10719ae72f8e2
    start 28c3c50d115d2b8ffc7ba0a8de9572fbe307907aaae3a486aabd8c0266e9426f
    start.exe 70bb799557da5ac4f18093decc60c96c13359e30f246683815a512d7f9824c8f
    StorageExplorer.exe 73a9a1e38ff40908bcc15df2954246883dadfb991f3c74f6c514b4cffdabde66
    Sysmon.sys 1d04e33009bcd017898b9e1387e40b5c04279c02ebc110f12e4a724ccdb9e4fb
    upd_2327991.exe 7b9e12e3561285181634ab32015eb653ab5e5cfa157dd16cdd327104b258c332
    webujgd.lnk 70EE22D394E107FBB807D86D187C216AD66B8537EDC67931559A8AEF18F6B5B3
    WinSCP-6.3.5-Setup.exe 8eb7e3e8f3ee31d382359a8a232c984bdaa130584cad11683749026e5df1fdc3
    Proxy Tool e4d6fe517cdf3790dfa51c62457f5acd8cb961ab1f083de37b15fd2fddeb9b8f
    Encryptor e86bb8361c436be94b0901e5b39db9b6666134f23cce1e5581421c2981405cb1
    Encryptor c733d85f445004c9d6918f7c09a1e0d38a8f3b37ad825cd544b865dba36a1ba6
    Encryptor 28c3c50d115d2b8ffc7ba0a8de9572fbe307907aaae3a486aabd8c0266e9426f
    Table 4. Files Used by Interlock Ransomware Actors (SHA-1)
    File Name Hash
    autorun.log 514946a8fc248de1ccf0dbeee2108a3b4d75b5f6
    jar.jar b625cc9e4024d09084e80a4a42ab7ccaa6afb61d
    pack.jar 3703374c9622f74edc9c8e3a47a5d53007f7721e

    See Table 5 through Table 16 for all referenced threat actor tactics and techniques in this advisory. For assistance with mapping malicious cyber activity to the MITRE ATT&CK framework, see CISA and MITRE ATT&CK’s Best Practices for MITRE ATT&CK Mapping and CISA’s Decider Tool.

    Table 5. Initial Access
    Technique Title ID Use
    Drive-By Compromise T1189

    Interlock actors obtain initial access by compromising a legitimate website that network users visit, or by disguising malicious payloads as fake browser updates or common security software, including the following:17

    • FortiClient.exe
    • Ivanti-Secure-Access-Client.exe
    • GlobalProtect.exe
    • Webex.exe
    • AnyConnectVPN.exe
    • Cisco-Secure-Client.exe
    • zyzoom_antimalware.exe

    Interlock actors also gain access via the ClickFix social engineering technique, in which users are tricked into executing a malicious payload by clicking on a fake CAPTCHA that prompts users to execute a malicious PowerShell script. 
     

    Table 6. Execution
    Technique Title ID Use
    Command and Scripting Interpreter: PowerShell T1059.001 

    Interlock actors implement PowerShell scripts to drop a malicious file into the Windows Startup folder.

    Interlock actors execute a PowerShell command for registry key modification.

    Interlock actors use a PowerShell script to execute a series of commands to facilitate reconnaissance.

    User Execution: Malicious Copy and Paste T1204.004 Via the ClickFix social engineering technique, users are tricked into clicking a fake CAPTCHA and prompted into executing a malicious Base64-encoded PowerShell process by following instructions to open a Windows Run window (Windows Button + R), pasting clipboard contents (“CTRL + V”), and then executing the malicious script (“Enter”).
    Table 7. Persistence
    Technique Title ID Use
    Boot or Logon Autostart Execution: Registry Run Keys/Startup Folder T1547.001

    Interlock actors establish persistence by adding a file into a Windows StartUp folder that executes a RAT every time a user logs in.

    Interlock actors also implement registry key modification by using a PowerShell command to add a run key value (named “Chrome Updater”) that uses a log file as an argument every time a user logs in.
     

    Table 8. Privilege Escalation
    Technique Title ID Use
    Valid Accounts: Domain Accounts T1078.002 Interlock actors compromise domain administrator accounts to gain additional privileges. 
    Table 9. Defense Escalation
    Technique Title ID Use
    Defense Evasion TA0005 Interlock actors execute the removeme function on Linux systems to delete the encryption binary for defense evasion. 
    Masquerading: Match Legitimate Resource Name or Location T1036.005

    Interlock actors disguise a malicious run key value by naming it “Chrome Updater”; the run key value uses a specific log file as an argument upon user login.

    Interlock actors disguise files of keystrokes logged by one of their credential stealers with a legitimate Windows filename: conhost.txt.

    Interlock actors disguise an encryption binary, a 64-bit executable, by giving it the same name as the legitimate Console Windows Host executable: conhost.exe

    System Binary Proxy Execution: Rundll32 T1218.011 Interlock actors use rundll32.exe to proxy execution of a malicious DLL binary tmp41.wasd
    Indicator Removal: File Deletion T1070.004 Interlock actors execute a DLL binary tmp41.wasd that uses the remove() function to delete their encryption binary for defense evasion. 
    Table 10. Credential Access
    Technique Title ID Use
    Credential Access TA0006 Interlock actors download credential stealer cht.exe and execute other versions information stealers (including Lumma Stealer and Berserk Stealer) to harvest credentials.
    Credentials from Password Stores: Credentials from Web Browsers T1555.003 Interlock actors download a credential stealer that collects login information and associated URLs for victims’ online accounts.
    Input Capture T1056 Interlock actors execute Lumma Stealer and Berserk Stealer information stealers on victim systems.
    Input Capture: Keylogging T1056.001 Interlock actors download klg.dll, a keylogger binary, onto compromised systems, where it logs users’ keystrokes in a file named conhost.txt
    Steal or Forge Kerberos Tickets: Kerberoasting T1558.003 Interlock actors possibly use a Kerberoasting attack to compromise domain administrator accounts. 
    Table 11. Discovery
    Technique Title ID Use
    System Owner/User Discovery T1033 Interlock actors execute a PowerShell command WindowsIdentity.GetCurrent() on victim systems to retrieve a WindowsIdentity object that represents the current Windows user.
    System Information Discovery T1082

    Interlock actors execute a PowerShell command systeminfo on victim systems to access detailed configuration information about the system, including OS configuration, security information, product ID, and hardware properties.

    Interlock actors execute a PowerShell command Get-PSDrive on victim systems to discover the drives in the current session, such as: 

    • Windows logical drives on the computer, including drives mapped to network shares.
    • Drives exposed by PowerShell providers.
    • Session-specified temporary drives and persistent mapped network drives.
    System Service Discovery T1007

    Interlock actors execute a PowerShell command tasklist /svc on victim systems that lists service information for each process currently running on the system. 

    Actors also execute a PowerShell command Get-Service on victim systems that retrieves objects that represent the services (including running and stopped services) on the system.

    System Network Configuration Discovery T1016 Interlock actors execute a PowerShell command arp -a on victim systems that displays and modifies entries in the Address Resolution Protocol (ARP) cache table (which contains entries on the IPv4 and IPv6 addresses on host endpoints).
    Table 12. Lateral Movement
    Technique Title ID Use
    Valid Accounts T1078 Interlock actors harvest and abuse valid credentials for lateral movement and privilege escalation.
    Remote Services: Remote Desktop Protocol T1021.001 Interlock actors use RDP and valid credentials to move laterally between systems.
    Table 13. Collection
    Technique Title ID Use
    Data from Cloud Storage T1530 Interlock actors use StorageExplorer.exe, the cloud storage solution Azure Storage Explorer, to explore Microsoft Azure Storage accounts. 
    Table 14. Command and Control
    Technique Title ID Use
    Command and Control TA0011 Interlock actors use applications Cobalt Strike and SystemBC for C2. 
    Ingress Tool Transfer T1105

    Interlock actors use a fake Google Chrome or Microsoft Edge browser update to cause users to execute a RAT on the victimized system.

    Interlock actors download credential stealers (cht.exe) and keylogger binaries (klg.dll) once actors establish remote control of a compromised system. 

    Remote Access Tools T1219 Interlock actors use legitimate remote access tools such as AnyDesk to enable remote connectivity and PuTTY to assist with lateral movement.
    Table 15. Exfiltration
    Technique Title  ID Use
    Exfiltration Over Web Service: Exfiltration to Cloud Storage T1567.002 Interlock actors exfiltrate data to cloud storage by executing AzCopy to upload data to the Azure storage blob.
    Exfiltration Over Alternative Protocol T1048 Interlock actors use file transfer tools like WinSCP to exfiltrate data.
    Table 16. Impact
    Technique Title  ID Use
    Data Encrypted for Impact T1486

    Interlock actors encrypt victim data using a combined AES and RSA algorithm on compromised systems to interrupt availability to system and network resources. Actors code encryptors using C/C++. Interlock actors use encryptors for both Windows and Linux operating systems. 

    Interlock actors also use a FreeBSD ELF encryptor to encrypt victim data. 

    Financial Theft   T1657 Interlock actors deliver a ransom note titled !__README__!.txt via a GPO which provides victims with instructions to use a .onion URL to contact the actors over the Tor network. Actors use a double-extortion model, both encrypting victim data and threatening release of victim data on their Tor network leak site if the ransom is not paid.

    The authoring agencies recommend organizations implement the mitigations below to improve your organization’s cybersecurity posture on the basis of the Interlock ransomware actors’ activity. These mitigations align with the Cross-Sector Cybersecurity Performance Goals (CPGs) developed by CISA and the National Institute of Standards and Technology (NIST). The CPGs provide a minimum set of practices and protections that CISA and NIST recommend all organizations implement. CISA and NIST based the CPGs on existing cybersecurity frameworks and guidance to protect against the most common and impactful threats and TTPs. Visit CISA’s CPGs webpage for more information on the CPGs, including additional recommended baseline protections.

    In addition to the below mitigations, Healthcare and Public Health (HPH) organizations should use HPH Sector CPGs to implement cybersecurity protections to address the most common threats and TTPs used against this sector.

    At-risk organizations should implement the following mitigations:

    • Prevent Interlock ransomware actors from obtaining initial access:
      • Implement domain name system (DNS) filtering to block users from accessing malicious sites and applications.
      • Implement web access firewalls to mitigate and prevent unknown commands or process injection from malicious domains or websites.
      • Train users [CPG 2.I] to identify, avoid, and report social engineering attempts.
    • Implement a recovery plan [CPG 5.A] to maintain and retain multiple copies of sensitive or proprietary data and servers in a physically separate, segmented, and secure location (e.g., hard drive, storage device, the cloud) [CPG 2.R].
    • Require all accounts with password logins (e.g., service accounts, admin accounts, and domain admin accounts) to comply with NIST password standards.
      • Require employees to use long passwords [CPG 2.B] and consider not requiring recurring password changes, as these can weaken security.
    • Require MFA [CPG 2.H] for all services to the extent possible, particularly for webmail, virtual private networks (VPNs), and accounts that access critical systems.
      • Implement ICAM policies across the organization as a precursor to MFA.
    • Keep all operating systems, software, and firmware up to date; prioritize patching known exploited vulnerabilities in internet-facing systems [CPG 1.E].
      • Timely patching is efficient and cost effective for minimizing an organization’s exposure to cybersecurity threats.
    • Implement robust EDR capabilities on VMs, systems, and networks.
    • Segment networks [CPG 2.F] to prevent the spread of ransomware.
      • Network segmentation can help prevent the spread of ransomware by controlling traffic flows between—and access to—various subnetworks and by restricting adversary lateral movement.
    • Identify, detect, and investigate abnormal activity and potential traversal of the indicated ransomware [CPG 3.A] with a networking monitoring tool [CPG 2.T].
      • To aid in detecting ransomware, implement a tool that logs and reports all network traffic, including lateral movement activity on a network.
      • Implement EDR tools; these are useful for detecting lateral connections as they provide insight into common and uncommon network connections for each host.
    • Filter network traffic by preventing unknown or untrusted origins from accessing remote services on internal systems.
      • This prevents threat actors from directly connecting to remote access services that they have established for persistence.
    • Install, regularly update, and enable real time detection for antivirus software on all hosts.
    • Review domain controllers, servers, workstations, and active directories for new and/or unrecognized accounts.
    • Audit user accounts with administrative privileges and configure access controls according to the principle of least privilege [CPG 2.E].
    • Disable unused ports.
    • Consider adding an email banner to emails received from outside of your organization [CPG 2.M].
    • Disable hyperlinks in received emails.
    • Implement time-based access for accounts set at the admin level and higher; for example, the just-in-time (JIT) access method provisions privileged access when needed and can support enforcement of the principle of least privilege (as well as the Zero Trust model):
      • This is a process where a network-wide policy is set in place to automatically disable admin accounts at the Active Directory level when the account is not in direct need.
      • Individual users may submit their requests through an automated process that grants them access to a specified system for a set timeframe when they need to support the completion of a certain task.
    • Disable command line and scripting activities and permissions [CPG 2.N].
      • Disabling software utilities that run from the command line makes it more difficult for threat actors to escalate privileges and move laterally.
    • Maintain offline backups of data and regularly maintain backups and restorations [CPG 2.R]; this avoids severe service interruption and irretrievable data in the event of a compromise.
    • Ensure all backup data is encrypted, immutable (i.e., cannot be altered or deleted), and covers the entire organization’s data infrastructure [CPG 2.R].

    In addition to applying mitigations, the authoring agencies recommend exercising, testing, and validating your organization’s security program against the threat behaviors mapped to the MITRE ATT&CK for Enterprise framework in this advisory. The authoring agencies recommend testing your existing security controls inventory to assess how they perform against the ATT&CK techniques described in this advisory.

    To get started:

    1. Select an ATT&CK technique described in this advisory (see Table 5 through Table 16).
    2. Align your security technologies against the technique.
    3. Test your technologies against the technique.
    4. Analyze your detection and prevention technologies’ performance.
    5. Repeat the process for all security technologies to obtain a set of comprehensive performance data.
    6. Tune your security program, including people, processes, and technologies, based on the data generated by this process.

    The authoring agencies recommend continually testing your security program, at scale, in a production environment to ensure optimal performance against the MITRE ATT&CK techniques identified in this advisory.

    Your organization has no obligation to respond or provide information back to FBI in response to this joint advisory. If, after reviewing the information provided, your organization decides to provide information to FBI, reporting must be consistent with applicable state and federal laws.

    FBI is interested in any information that can be shared, to include boundary logs showing communication to and from foreign IP addresses, a sample ransom note, communications with threat actors, Bitcoin wallet information, decryptor files, and/or a benign sample of an encrypted file.

    Additional details of interest include a targeted company point of contact, status and scope of infection, estimated loss, operational impact, transaction IDs, date of infection, date detected, initial attack vector, and host- and network-based indicators.

    The authoring agencies do not encourage paying ransom as payment does not guarantee victim files will be recovered. Furthermore, payment may also embolden adversaries to target additional organizations, encourage other criminal actors to engage in the distribution of ransomware, and/or fund illicit activities. Regardless of whether you or your organization have decided to pay the ransom, FBI and CISA urge you to promptly report ransomware incidents to FBI’s Internet Crime Complain Center (IC3), a local FBI Field Office, or CISA via the agency’s Incident Reporting System or its 24/7 Operations Center (contact@mail.cisa.dhs.gov) or by calling 1-844-Say-CISA (1-844-729-2472).

    State, local, tribal, and territorial governments should report incidents to the MS-ISAC (SOC@cisecurity.org or 866-787-4722).

    HPH Sector organizations should report incidents to FBI or CISA but also can reach out to HHS at HHScyber@hhs.gov for cyber incident support focused on mitigating adverse patient impacts.

    The information in this report is being provided “as is” for informational purposes only. The authoring agencies do not endorse any commercial entity, product, company, or service, including any entities, products, or services linked within this document. Any reference to specific commercial entities, products, processes, or services by service mark, trademark, manufacturer, or otherwise, does not constitute or imply endorsement, recommendation, or favor by the authoring agencies. 

    Cisco Talos contributed to this advisory.

    July 22, 2025: Initial version.

    1 Elio Biasiotto, et. al., “Unwrapping the Emerging Interlock Ransomware Attack,” Talos Intelligence (blog), Cisco Talos, last modified November 7, 2024, https://blog.talosintelligence.com/emerging-interlock-ransomware/.

    2 Sekoia Threat Detection and Research team, “Interlock Ransomware Evolving Under the Radar,” Sekoia (blog), Sekoia, last modified April 16, 2025, https://blog.sekoia.io/interlock-ransomware-evolving-under-the-radar/.

    3 Yashvi Shah and Vignesh Dhatchanamoorthy, “ClickFix Deception: A Social Engineering Tactic to Deploy Malware,” McAfee Labs (blog), McAfee,last modified June 11, 2024, https://www.mcafee.com/blogs/other-blogs/mcafee-labs/clickfix-deception-a-social-engineering-tactic-to-deploy-malware/ and “HC3 Sector Alert: ClickFix Attacks,” Health Sector Cybersecurity Coordination Center, Department of Health and Human Services, last modified October 29, 2024, https://www.hhs.gov/sites/default/files/clickfix-attacks-sector-alert-tlpclear.pdf.

    4 Shah, “ClickFix Deception: A Social Engineering Tactic to Deploy Malware.”

    5 Sekoia Threat Detection and Research team, “Interlock Ransomware Evolving Under the Radar.

    6 Bill Toulas, “Interlock Ransomware Gang Deploys New NodeSnake RAT on Universities,“ Bleeping Computer, May 28, 2025, https://www.bleepingcomputer.com/news/security/interlock-ransomware-gang-deploys-new-nodesnake-rat-on-universities/.

    7 Biasiotto, “Unwrapping the Emerging Interlock Ransomware Attack.”

    8 International law-enforcement and Microsoft took down the Lumma Stealer malware in May 2025 by seizing internet domains the actors used to distribute the malware to actors and taking down domains that hosted the malware’s infrastructure. For more information, see Tara Seals, “Lumma Stealer Takedown Reveals Sprawling Operation,” Dark Reading, May 21, 2025, https://www.darkreading.com/cybersecurity-operations/lumma-stealer-takedown-sprawling-operation, and Steven Masada, “Disrupting Lumma Stealer: Microsoft Leads Global Action Against Favored Cybercrime Tool,” Microsoft On the Issues (blog), Microsoft, last modified May 21, 2025, https://blogs.microsoft.com/on-the-issues/2025/05/21/microsoft-leads-global-action-against-favored-cybercrime-tool/.

    9 Sekoia Threat Detection and Research team, “Interlock Ransomware Evolving Under the Radar.”

    10 Biasiotto, “Unwrapping the Emerging Interlock Ransomware Attack.”

    11 Biasiotto, “Unwrapping the Emerging Interlock Ransomware Attack.”

    12 Biasiotto, “Unwrapping the Emerging Interlock Ransomware Attack.”

    13 Biasiotto, “Unwrapping the Emerging Interlock Ransomware Attack.”

    14 Lawrence Abrams, “Meet Interlock — The New Ransomware Targeting FreeBSD Servers,” Bleeping Computer, November 3, 2024, https://www.bleepingcomputer.com/news/security/meet-interlock-the-new-ransomware-targeting-freebsd-servers/.

    15 Biasiotto, “Unwrapping the Emerging Interlock Ransomware Attack.”

    16 Graham Cluley, “Interlock Ransomware: What You Need to Know,” Fortra (blog), Fortra, last modified May 30, 2025, https://www.tripwire.com/state-of-security/interlock-ransomware-what-you-need-know.

    17 Sekoia Threat Detection and Research team, “Interlock Ransomware Evolving Under the Radar.”

    MIL Security OSI

  • MIL-OSI: Buckeye Energy Holdings Spins Out Its Ownership Interest in Swift Current Energy to Funds Managed by IFM Investors

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, July 22, 2025 (GLOBE NEWSWIRE) — Buckeye Energy Holdings LLC (“Buckeye”), a premier energy infrastructure and logistics provider wholly owned by funds managed by IFM Investors (“IFM”), of which Buckeye Partners, L.P. is a wholly owned subsidiary, has completed the in-specie distribution of its majority ownership stake in Swift Current Energy, a leading renewable energy platform, to IFM. Swift Current Energy will operate as a standalone company going forward.

    Todd Russo, Chief Executive Officer of Buckeye, said “The distribution of Swift Current Energy to IFM will strengthen Buckeye’s ability to focus on leveraging our network of critical energy infrastructure to deliver targeted solutions that address the evolving energy needs of our customers. Looking ahead, we intend to continue driving new commercial opportunities to catalyze growth in our core business.”

    David Sparrow, Executive Director, Infrastructure at IFM Investors, said “This strategic distribution is an important milestone in the successful incubation of Swift Current Energy, leveraging the development, construction and operational expertise of the Buckeye platform to grow Swift Current Energy into a leading standalone renewable energy company held directly within the IFM portfolio. Looking ahead, Buckeye is ideally positioned with an attractive pipeline of proprietary growth opportunities, backing to pursue strategic synergies, and targeted solutions to enable less carbon-intensive offerings to its customer base.”

    About Buckeye Energy Holdings

    Buckeye is a premier infrastructure and logistics provider for the world’s energy needs, both today and tomorrow.

    Buckeye, a wholly-owned investment of IFM, owns and operates a diversified global network of integrated assets providing midstream infrastructure and logistics solutions. Across every aspect of the business – including its over 5,000 miles of domestic pipeline, more than 130 liquid petroleum products terminals and approximately 125 million barrels of tank capacity – Buckeye is committed to safely and responsibly providing world-class service to meet the continually evolving energy needs of its customers and the communities it serves. As part of this commitment to its customers, Buckeye is focused on providing for its customers’ increasingly diverse energy needs by continuing to diversify its platform and offerings to enable less carbon intensive energy solutions and undertaking decarbonization efforts on its operations. For more information, please visit buckeye.com.

    Media Contact
    buckeye@fticonsulting.com

    The MIL Network

  • MIL-OSI Africa: The International Islamic Trade Finance Corporation (ITFC) Reports Strong Results and Sustainability Progress in 2024 Annual Development Effectiveness Report

    Source: APO

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, announced the release of its 2024 Annual Development Effectiveness Report (ADER).

    The ADER serves as an essential reporting and transparency tool, enabling ITFC to measure, communicate, and continually refine its strategies and interventions for achieving sustainable development outcomes. The 2024 report highlights ITFC’s expanding role as a driver of sustainable trade, economic resilience, and inclusive growth across its member countries.

    “The ADER showcases ITFC’s ability to provide innovative, impactful solutions that address the complex needs of our member countries,” said Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC. “While we celebrate key milestones, we are also assessing our interventions to ensure we continue advancing toward a more inclusive, resilient, and sustainable future.”

    Key Highlights of 2024 ADER

    In 2024, ITFC delivered tangible results, demonstrating its focus on resilience and economic inclusion. The key highlights include:

    • Filling Trade Finance Gaps. ITFC allocated US$2.66 billion, 38% of its total portfolio, to LDMCs, supporting inclusive growth. Additionally, US$268 million directly benefited over 380,000 smallholder farmers, enabling the procurement of 840,000 metric tons of local agricultural products.
    • Securing Critical Supply Chains. Disbursements to the energy sector amounted to US$4 billion, bringing reliable electricity to approximately 13.8 million households. Food security interventions provided over 5.6 million metric tons of essential commodities worth US$1.45 billion, benefiting more than 30 million households.
    • Strengthening Private Sector Participation. ITFC financed 312 small and medium enterprises (SMEs) and corporates through partnerships with 23 financial institutions, promoting financial inclusion and economic diversification.
    • Fostering Regional Integration. Intra-OIC trade financing reached US$4.8 billion. Through strategic programs such as the Arab Africa Trade Bridges (AATB) and the Aid for Trade Initiative for Arab States (AfTIAS), ITFC strengthened regional value chains and institutional capacities.
    • Investing in Capacity Development. Technical assistance and training initiatives reached over 3,100 individuals, a 32% increase from the previous year, with nearly 40% women participants.

    Embedding Sustainability into Core Operations

    The Corporation adopted its first Environmental and Social (E&S) Policy and launched a Ten-Year E&S Action Plan. A new governance structure was also introduced to guide implementation, laying the foundation for more responsible trade finance operations.

    Empowering Growth through the SDGs

    ITFC made significant strides in advancing multiple Sustainable Development Goals through its trade finance and development initiatives. Its efforts have helped reduce poverty (SDG 1), strengthen food security (SDG 2), and expand access to clean and affordable energy (SDG 7). By supporting smallholder farmers, empowering local economies, and promoting intra-OIC trade, ITFC has also played a key role in fostering strong global partnerships to accelerate sustainable development across member countries (SDG 17).

    The 2024 ADER affirms ITFC’s deepening commitment to transparency, sustainability, and measurable impact. As the Corporation looks ahead, it remains focused on bold innovation, collaborative partnerships, and leveraging Islamic finance to build a more inclusive and sustainable global trade ecosystem.

    Access the full English version here – https://ADER.ITFC-IDB.org

    Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

    Contact us:
    Tel: +966 12 646 8337  
    Fax: +966 12 637 1064   
    E-mail: ITFC@itfc-idb.org      

    Social media:
    Twitter: http://apo-opa.co/3GYB6PJ  
    Facebook: http://apo-opa.co/4f7UruK  
    LinkedIn: International Islamic Trade Finance Corporation (ITFC) (http://apo-opa.co/44Go3M4)  

    About the International Trade Finance Corporation (ITFC):
    The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.  

    Media files

    .

    MIL OSI Africa

  • MIL-OSI USA: Next Phase of Star Tax Relief Rolls Out

    Source: US State of New York

    overnor Kathy Hochul today announced the start of phase two of the School Tax Relief (STAR) program benefit season. Eligible homeowners in communities with school tax due dates in August or September will start receiving their STAR benefit in the coming weeks. Most homeowners eligible for a STAR credit will receive a check between $350 and $600. Most seniors eligible for an Enhanced STAR credit will receive a check between $700 and $1,500. STAR recipients can visit ny.gov/STAR to track their check delivery or enroll in direct deposit.

    “The STAR program provides needed school tax relief to millions of New York homeowners — and the program is now in full swing,” Governor Hochul said. “During a time of financial uncertainty due to funding cuts by Republicans in Washington, my administration is putting money back in the pockets of families with check and credit deliveries continuing to go out to hundreds of thousands of homeowners statewide.”

    New York State Department of Taxation and Finance Acting Commissioner Amanda Hiller said, “Visit our STAR resource page to sign up for STAR if you are a new homeowner and, if you’re an existing homeowner, to check on when your STAR credit or direct deposit will arrive.”

    Senate Majority Leader Andrea Stewart-Cousins said, “At a time when Republicans in Washington are slashing funding and leaving working families with uncertainty, the STAR program remains a lifeline for millions of homeowners, helping ease the burden of rising property taxes and helping working families stay afloat. With phase two of STAR benefits now underway, checks and credits of up to $1,500 are reaching hundreds of thousands of households. The Senate Democratic Majority worked closely with Governor Hochul and our colleagues in the Assembly to ensure that, in addition to STAR, we also delivered Inflation Rebate Checks, expanded child care assistance, and boosted child tax credits. These initiatives reflect our dedication to putting more money back in the pockets of hardworking New Yorkers.”

    Assembly Speaker Carl Heastie said, “While the administration in Washington is creating financial uncertainty for families across the country, here in New York, we’re working to put money back in the pockets of New York families. Because of the STAR program, more than three million homeowners across the state will receive $2.2 billion in tax relief, easing the financial burden on families and putting money back into our communities.”

    Phase one saw STAR credits and checks delivered to parts of the state with school tax due dates in June and July – including New York City, Yonkers, Buffalo, Rochester, and Syracuse. STAR deliveries to these regions were completed last week.

    The STAR program provides property tax relief to eligible New York State homeowners. During STAR benefit season, which runs from June to November, nearly three million homeowners will receive more than $2.2 billion in property tax relief through the program.

    Homeowners who are eligible and enrolled in the STAR program receive their benefit each year in one of two ways: as an exemption that reduces their school tax bill, or as a credit issued as a check or direct deposit.

    Those who receive the STAR credit as a check or direct deposit can visit the STAR Credit Delivery Schedule to learn when credits will be issued in their area. Property owners who are looking for details about STAR credits that have already been issued should visit the Property Tax Credit Lookup.

    Enroll in STAR Direct Deposit

    Homeowners can enroll in the STAR Credit Direct Deposit program through the Homeowner Benefit Portal within the Tax Department’s secure Online Services system. Homeowners can also use the Homeowner Benefit Portal to manage their STAR benefits easily and efficiently.

    The direct deposit option enables eligible STAR credit recipients to get their STAR credits without having to wait for and cash a check. To ensure they receive their STAR credit by direct deposit this year, homeowners should enroll as soon as possible. Homeowners who enroll fewer than 15 days before their STAR credit is issued will receive a check this year and direct deposit will begin next year. To find out when STAR credits will be issued in your area, use the STAR Credit Delivery Schedule lookup.

    Regional breakdown of this year’s $2.2 billion in STAR tax relief for nearly three million New Yorkers:

    REGION STAR TAX RELIEF RECIPIENTS
    Capital District $144.5 million 242,000
    Central New York $131.1 million 176,000
    Finger Lakes $205.2 million 279,000
    Long Island $698.4 million 582,000
    Mid-Hudson $488.5 million 404,000
    Mohawk Valley $66.3 million 101,000
    New York City $158.6 million 483,000
    North Country $47.2 million 88,000
    Southern Tier $109.6 million 156,000
    Western New York $178.5 million 320,000
    TOTAL $2.2 BILLION 2.83 MILLION

    State Senator Leroy Comrie said, “This next phase of the STAR program is welcome news for homeowners across Southeast Queens. Putting money back in people’s pockets helps ease the burden of rising costs and lets families stay rooted in the communities they’ve built their lives in. I thank Governor Hochul for keeping this commitment to New Yorkers.”

    State Senator Roxanne J. Persaud said, “This vital tax relief means eligible homeowners, especially seniors, can expect to receive their STAR or Enhanced STAR payments in the coming weeks. Nearly three million New Yorkers will receive over $2.2 billion this season, which is real support that eases financial strain and puts money back into our communities.”

    State Senator Luis R. Sepúlveda said, “I am pleased by Governor Kathy Hochul’s announcement of the next phase of the STAR tax relief program, which will directly benefit nearly three million New Yorkers. This program is putting money directly into the pockets of the working families and seniors who need it most. In communities like ours, in the Bronx, where the rising cost of living continues to affect so many people, this assistance means much more than just a check — it is essential financial relief that can make the difference between stability and hardship.”

    State Senator Shelley B. Mayer said, “I am pleased that millions of New Yorkers, including over 400,000 residents in the Hudson Valley, receive tax relief this summer and fall through the New York School Tax Relief (STAR) program. Many families in Westchester struggle with the high cost of living, and the STAR program will offer much-needed assistance. I encourage those eligible for STAR to enroll in direct deposit to simplify the process of receiving your STAR checks. I would also like to thank Governor Kathy Hochul for her commitment towards a hassle-free program that helps alleviate the burden of property taxes.”

    State Senator Rachel May said, “The STAR program helps make homeownership more affordable for seniors and families across New York. In Central New York, this kind of targeted tax relief makes a real difference. I’m grateful to Governor Hochul for continuing to support a program that helps so many of our neighbors stay in their homes.”

    State Senator Robert Jackson said, “In a state where working families shoulder some of the highest property taxes in the nation, this next phase of STAR is more than a benefit—it’s real relief. This is government at its best: directly returning hard-earned dollars to those who sustain our communities. From the Bronx to Buffalo, from seniors relying on fixed incomes to young families striving for stability, these checks aren’t just policy—they embody the principle that public dollars must serve the public good. I commend Governor Hochul and the Legislature for coming together and demonstrating precisely what good governance looks like—putting meaningful resources directly into the hands of the people we represent.”

    State Senator Jeremy Cooney said, “The STAR program is one of many ways we are tackling affordability in New York and making our state a place where everyone is able to live and thrive. With billions in relief being sent out, including over $205 million for the Finger Lakes region, I want to thank Governor Hochul for putting money back in the pockets of New Yorkers and for her commitment to increasing the quality of life across our state.”

    State Senator Michelle Hinchey said, “Over $630 million in property tax relief is headed straight to homeowners in the Mid-Hudson Valley and Capital Region, and I’m proud to have fought for it. For seniors on fixed incomes and working families trying to keep up, putting money back into people’s pockets through the STAR program is critical to making life more affordable. We’ll keep pushing to deliver the tax relief New Yorkers deserve through this program and beyond.”

    State Senator Lea Webb said, “The STAR program continues to be a vital lifeline for hardworking families and seniors across the Southern Tier, and I’m proud to see the second phase of disbursements reaching residents in my district. This additional round of tax relief helps ease the financial burden for millions of New Yorkers. It means more breathing room in family budgets and peace of mind for seniors. Whether it’s paying for essentials, catching up on bills, or planning for the future, this support strengthens our communities and helps people remain in the homes they’ve worked so hard to maintain.”

    State Senator April N.M. Baskin said, “Thanks to Governor Hochul, a substantial number of New York residents, including 320,000 in Western New York, will have more money in their pockets over the next few months because of the STAR tax relief program. In these uncertain economic times, this program is particularly helpful to working families and older residents who benefit from such meaningful financial relief.”

    State Senator Christopher Ryan said, “This is real, meaningful tax relief for Central New York homeowners. More than 176,000 families in our region will see a total of $131 million coming back to them through the STAR program. Whether you’re a senior on a fixed income or a working family trying to stay ahead, this puts money back in your pocket when it’s needed most. I’ll keep fighting to make sure programs like this continue to deliver for our communities.”

    Assemblymember Charles D. Lavine said, “This is welcome news for tens of thousands of hard-working families and seniors right here in Nassau County. Thanks to Governor Hochul’s continued commitment to this program and the economic needs of residents, real money will soon be back in their pockets which they can use however they would like.”

    Assemblymember Harry B. Bronson said, “Making New York more affordable for our seniors and middle-class families is one of my highest priorities. Phase 2 of the STAR Tax Relief Program, funded through the New York State budget, will deliver relief to thousands of residents in Monroe County and the City of Rochester, putting much-needed money back in people’s pockets as we head into the cooler days of fall. I am proud to have worked alongside my State Legislative colleagues and Governor Hochul to continue this critical tax cut.”

    Assemblymember Steve Otis said, “This announcement shares the next phase of STAR tax relief payments funded in this year’s budget by Governor Hochul, the Assembly and Senate. The focus of our adopted state budget was to address affordability issues for New York families through a range of state programs. I continue to focus on delivering state dollars directly to Westchester families and through state assistance to local governments and school districts to help lower the burden of property taxes. Established decades ago, Basic STAR and Enhanced STAR help reduce the burden of school property taxes across the state.”

    Assemblymember Rodneyse Bichotte Hermelyn said, “Governor Hochul’s rollout of Phase 2 of the STAR Tax Relief Program, represents a critical investment in the well-being of New York homeowners – particularly our seniors living on fixed incomes and hardworking families striving every day to make ends meet. At a time when the cost of living continues to rise, this property tax relief helps ensure residents can remain in their homes and maintain long-term financial stability. The STAR program does more than deliver a check—it delivers tranquility and strengthens the very foundation of our neighborhoods. I applaud Governor Hochul for prioritizing this vital support and for ensuring that these benefits are delivered efficiently and equitably to millions of New Yorkers.”

    Assemblymember Al Taylor said, “At a time when working families and seniors are feeling the weight of inflation, the STAR tax relief program is delivering real, tangible help. Phase 2 will bring hundreds of dollars in direct relief to millions of New Yorkers, including nearly half a million right here in New York City. I commend Governor Hochul for advancing this vital program and ensuring that homeowners, especially our seniors on fixed incomes, get the support they deserve. This is what government should do: make life more affordable and help people stay in their homes.”

    Assemblymember Clyde Vanel said, “Queens families continue to face rising costs. This next round of STAR tax relief comes at a critical time for all of them. I applaud Governor Hochul’s commitment to easing the burden on homeowners across New York State. Nearly three million New Yorkers, including thousands right here in Queens, will feel real financial relief this summer and fall.”

    Assemblymember Harvey Epstein said, “As the cost of living continues to increase in our state, it is important to put money back in the pockets of New Yorkers. The STAR tax credit will offer property tax relief to many homeowners who need it.”

    Assemblymember Jenifer Rajkumar said, “Governor Hochul is delivering real, meaningful relief to millions of New Yorkers. At a time when families are feeling the pinch, the Governor’s leadership is putting money back in people’s pockets, making life more affordable, and opening up opportunities for working families. By easing the burden of school property taxes, she is helping New Yorkers build a stronger future — with more financial security and more resources to invest in their families and communities. This is what people-first government looks like.”

    Assemblymember Jessica González-Rojas said, “As the second phase of the STAR Tax Credit rebate check distribution commences, I commend Governor Hochul, Speaker Heastie and my colleagues for ensuring New York homeowners get the support, especially in the midst of economic turmoil. The STAR rebate check disbursement is an opportunity to support homeowners throughout New York State. A $350 check can make a big difference for many families today. Thank you to all who helped make this happen so we can provide more relief to all New Yorkers.”

    Assemblymember Yudelka Tapia said, “Putting money back in the pockets of New Yorkers is one of the most important things we can do to help families put food on the table and keep our state affordable. Here in New York City, nearly half a million homeowners are receiving over $158 million in property tax relief. I applaud Governor Hochul for moving this effort forward and delivering for working families across every corner of our state.”

    Assemblymember Dana Levenberg said, “My constituents are extremely concerned about affordability, especially in light of the devastating cuts to the federal assistance programs on which many households rely to make ends meet. I am proud that in New York, we are looking out for your bottom line providing STAR program tax relief totaling $2.2 billion across the state, with payments coming via direct deposit, credit on your school tax bill, or a check in your mailbox in the coming weeks.”

    Assemblymember Gabriella A. Romero said, “I’m proud to see the successful implementation of phase two of the School Tax Relief (STAR) program across New York State begin this month. This important investment focuses on those most affected by rising school taxes, providing real, lasting relief. I’m honored to stand with Governor Hochul and my colleagues in the State Legislature for securing its place in this year’s budget.”

    Assemblymember MaryJane Shimsky said, “Some recipients have already received the STAR benefit in the form of a tax exemption this year, but many others will receive it by check in the coming weeks and months. With major funding cuts coming from Washington, this benefit will be even more crucial as our households struggle harder to make ends meet. I urge our homeowners to check their eligibility for both Basic STAR and Enhanced STAR, and to consult the delivery schedule for their area.”

    MIL OSI USA News