Category: housing

Cabinet approves ₹2,000 crore grant to NCDC to boost cooperative sector

Source: Government of India

Source: Government of India (4)

In a move aimed at strengthening India’s cooperative sector, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved a Central Sector Scheme titled “Grant in Aid to National Cooperative Development Corporation (NCDC)” with a total outlay of ₹2,000 crore. The scheme will be implemented over a four-year period from 2025-26 to 2028-29, with an annual budgetary allocation of ₹500 crore.

The approved grant will enable NCDC to raise ₹20,000 crore from the open market over the next four years. These funds will be utilized to provide loans to cooperatives for setting up new projects, expanding existing operations, upgrading technology, and meeting their working capital needs.

According to the government, the initiative is expected to benefit approximately 2.9 crore members across 13,288 cooperative societies spanning various sectors, including dairy, livestock, fisheries, sugar, textiles, food processing, storage, cold storage, labour cooperatives, and women-led cooperatives.

Implementation Strategy

NCDC will serve as the nodal agency for the scheme. It will be responsible for the disbursement of loans, project monitoring, and recovery of funds. Loans will be extended either directly to eligible cooperatives or routed through respective state governments, as per NCDC’s funding guidelines. Direct funding will be allowed against admissible security or with a state government guarantee.

The scheme aims to provide both long-term credit for infrastructure development and short-term loans for working capital, helping cooperatives run their businesses more efficiently and profitably.

Economic and Employment Impact

The Cabinet noted that the infusion of funds will facilitate the creation of income-generating assets and enhance liquidity in the cooperative sector. This, in turn, is expected to increase productivity, profitability, and job creation, especially in rural areas. The move is seen as a catalyst for socio-economic empowerment, particularly for women and marginalized communities.

Furthermore, infrastructure development backed by these loans is likely to generate employment opportunities across various skill levels, thus contributing to India’s inclusive growth agenda.

A Strategic Boost to Rural Economy

India’s cooperative movement contributes significantly to the Indian economy, particularly by driving socio-economic advancement, strengthening rural infrastructure and generating employment in the rural sector. Spanning credit and banking, fertiliser distribution, sugar production, dairy, agricultural marketing, consumer retail, handlooms, handicrafts, fisheries, housing and more, cooperatives in India have their outreach across many production areas. Today, the country hosts more than 8.25 lakh registered cooperatives, enrolling over 29 crore members; remarkably, about 94 per cent of all farmers are linked to cooperatives in some form or the other.

By offering targeted financial support, especially to under-resourced segments like dairy, poultry, fisheries, and women-led cooperatives, the scheme aims to enhance the sector’s capacity for modernization, diversification, and economic resilience.

August 5, 2025
MIL-OSI United Kingdom: More wraparound childcare available in Derby to support working families

Source: City of Derby

Derby City Council is expanding before and after-school childcare places across the city, supported by government investment to help working families access more flexible childcare options.

This expansion means more families will be able to access affordable, reliable childcare from 8am to 6pm during term time.

Through the Department for Education’s Wraparound Childcare Programme, Derby has secured a share of the £289 million national funding to support this goal. The government aims to ensure that by September 2026, all parents who need wraparound care can find it locally.

Since the funding was introduced, Derby City Council has already supported several primary schools to expand their wraparound care. This has created hundreds of new childcare places, helping more parents and carers access dependable support before and after the school day.

Councillor Paul Hezelgrave, Derby City Council Cabinet Member for Children, Young People and Skills, said:

This funding is making a real difference to families across Derby, giving parents more choice and flexibility when it comes to childcare.

We know how important wraparound care is in helping parents juggle work and family life, and we’re committed to ensuring that every child has access to high-quality, inclusive provision close to home.

I’m proud of the progress we’ve made so far, and I encourage more schools and providers to come forward and take advantage of the support available.

Laura Mitchell, Wraparound Programme Manager at Derby City Council, said:

We know that childcare is a key barrier for many parents when it comes to work and training. Our goal is to make sure that every family in Derby who needs wraparound care has access to a place that suits their needs.

A crucial part of achieving this has been the long-standing dedication of our Private, Voluntary, and Independent (PVI) providers. Their commitment, flexibility, and deep-rooted presence in the community have played a vital role in supporting families and laying the groundwork for the success of the Wraparound Childcare Programme.

We’ve already seen a fantastic response from schools and providers. We’re working closely with them to support new or expanded wraparound provision, and there’s still funding available for others who are interested.

Derby City Council continues to work with schools, PVI providers and childminders to develop long-term, sustainable childcare tailored to each community’s needs. The programme also prioritises inclusive provision, supporting children with additional needs and ensuring all eligible families can benefit.

Funding is available until March 2026. Schools and childcare providers interested in creating or expanding wraparound care are encouraged to get in touch at wap@derby.gov.uk.

More information on wraparound childcare can be found on the Derby City Council website.

MIL OSI United Kingdom –

August 5, 2025

MIL-OSI: DT Midstream Reports Strong Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

DETROIT, July 31, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2025 reported net income of $107 million, or $1.04 per diluted share. For the second quarter of 2025, Operating Earnings were also $107 million, or $1.04 per diluted share. Adjusted EBITDA for the quarter was $277 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.82 per share dividend on its common stock payable October 15, 2025 to stockholders of record at the close of business September 15, 2025.

“We had another strong quarter, and the business is performing on track with our full-year plan,” said David Slater, President and CEO. “We continue to make great progress advancing organic projects from our backlog, with $0.6 billion of projects reaching final investment decisions during the second quarter.”

Slater noted the following significant business updates:

Reached a final investment decision on Guardian Pipeline “G3” expansion of approximately 210 MMcf/d
Finalized our investment plan for the initial phase of modernization across our new interstate pipelines
Achieved an investment-grade credit rating with all three rating agencies
Established a record high quarterly gathering volume for our Haynesville system

“Our second quarter results put us in a strong position to meet our financial goals for 2025 and we are reaffirming our 2025 Adjusted EBITDA guidance of $1.095 to $1.155 billion and our 2026 Adjusted EBITDA early outlook range of $1.155 to $1.225 billion,” said Jeff Jewell, Executive Vice President and CFO.

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits by Clean Fuels Gathering; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2024, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)

	Three Months Ended
	June 30,								March 31,
		2025								2025
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
	*(millions)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	107	$	—	$	—	$	107	$	108	$	—	$	—	$	108

	Six Months Ended
	June 30,								June 30,
		2025								2024
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
	*(millions)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	215	$	—	$	—	$	215	$	193	$	—	$	—	$	193

(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share⁽¹⁾(non-GAAP, unaudited)

	Three Months Ended
	June 30,								March 31,
		2025								2025
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings
	*(per share)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	1.04	$	—	$	—	$	1.04	$	1.06	$	—	$	—	$	1.06

	Six Months Ended
	June 30,								June 30,
		2025								2024
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings
	*(per share)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	2.10	$	—	$	—	$	2.10	$	1.97	$	—	$	—	$	1.97

(1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
(2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Consolidated	*(millions)*
Net Income Attributable to DT Midstream	$	107		$	108		$	215		$	193
Plus: Interest expense		40			40			80			79
Plus: Income tax expense		34			35			69			64
Plus: Depreciation and amortization		63			63			126			103
Plus: EBITDA from equity method investees⁽¹⁾		64			73			137			142
Less: Interest income		—			(1	)		(1	)		(1	)
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Adjusted EBITDA	$	277		$	280		$	557		$	493

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
	*(millions)*
Earnings from equity method investees	$	30		$	37		$	67		$	85
Plus: Depreciation and amortization attributable to equity method investees		19			22			41			41
Plus: Interest expense attributable to equity method investees		15			14			29			16
EBITDA from equity method investees	$	64		$	73		$	137		$	142

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Pipeline	*(millions)*
Net Income Attributable to DT Midstream	$	93		$	92		$	185			145
Plus: Interest expense		11			13			24			25
Plus: Income tax expense		29			30			59			48
Plus: Depreciation and amortization		28			28			56			37
Plus: EBITDA from equity method investees⁽¹⁾		64			73			137			142
Less: Interest income		—			(1	)		(1	)		(1	)
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Adjusted EBITDA	$	194		$	197		$	391		$	309

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
	*(millions)*
Earnings from equity method investees	$	30		$	37		$	67		$	85
Plus: Depreciation and amortization attributable to equity method investees		19			22			41			41
Plus: Interest expense attributable to equity method investees		15			14			29			16
EBITDA from equity method investees	$	64		$	73		$	137		$	142

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited)

	Three Months Ended				Six Months Ended
	June 30,		March 31,		June 30,		June 30,
		2025		2025		2025		2024
Gathering	*(millions)*
Net Income Attributable to DT Midstream	$	14	$	16	$	30	$	48
Plus: Interest expense		29		27		56		54
Plus: Income tax expense		5		5		10		16
Plus: Depreciation and amortization		35		35		70		66
Less: Interest income		—		—		—		—
Adjusted EBITDA	$	83	$	83	$	166	$	184

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Consolidated	*(millions)*
Net Income Attributable to DT Midstream	$	107		$	108		$	215		$	193
Plus: Interest expense		40			40			80			79
Plus: Income tax expense		34			35			69			64
Plus: Depreciation and amortization		63			63			126			103
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Plus: Dividends and distributions from equity method investees		30			48			78			125
Less: Cash interest expense		(76	)		—			(76	)		(74	)
Less: Cash taxes		(4	)		2			(2	)		(3	)
Less: Maintenance capital investment⁽¹⁾		(6	)		(8	)		(14	)		(13	)
Distributable Cash Flow	$	157		$	250		$	407		$	387

(1) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

The MIL Network –

August 5, 2025

MIL-OSI: Japan Blockchain Week 2025 (Aug 22 – Sep 19) — The Perfect Window to Experience Japan’s Most Vibrant Web3 Scene

Source: GlobeNewswire (MIL-OSI)

TOKYO, July 31, 2025 (GLOBE NEWSWIRE) — If you have ever thought about visiting Japan’s fast-growing crypto ecosystem, this is the year and this is the moment. From August 22 to September 15, 2025, Tokyo will host Japan Blockchain Week 2025 (JBW 2025)—a four-week festival that bundles the country’s flagship Web3 gatherings into one seamless schedule.

Launched in 2022 to connect Japan’s builders and community with the global community, JBW has become the annual rendez-vous for investors, founders, developers, and policymakers who want to see where crypto meets the real world. This summer, one JBW AI summit and 6 headline partner events will create an unparalleled density of talent, capital, and cutting-edge ideas:

Event Schedule

Date	Headline Event	What to Expect
Aug 23	JBW summit AI edition	A deep dive into AI × Web3 and the coming ASI era—governance, privacy, and value creation on a planetary scale.This is a futuristic conference where experts from the AI and web3 industries gather to discuss the updates of society around the world in preparation for the ASI era.
Aug 24	Solana SuperTokyo	SuperTokyo2025 is the largest Solana conference in Japan, organized by the Solana Foundation-certified community “SuperTeam Japan” to promote the growth of the Solana ecosystem in Japan. Once a year, Solana entrepreneurs, users, and fans from Japan and abroad will gather in Tokyo to create useful opportunities, and sessions by famous experts and startup camp programs will be held.
Aug 25-26	WebX	WebX2025 is produced by CoinPost, Japan’s largest Web3 media. The event will take place on August 25th and 26th, 2025 at The Prince Park Tower in Tokyo. WebX2025 is Asia’s largest global conference gathering professionals related to crypto assets, blockchain, and other Web3 technologies, offering visitors a direct interaction with companies, experts, entrepreneurs, investors, government officials, and media from Japan and abroad.
Aug 27	Blockchain Leaders Summit	Unified community: Bridge between Japan and the globe Participants will have an extraordinary opportunity to gain valuable insights directly from esteemed industry leaders and emerging powerhouses actively shaping the future landscape.
Sep 11	Web3privacy now	Web3Privacy Now is a think-and-Do-tank of hundreds of people, projects, and organizations committed to protecting and advancing civil liberties, decentralization, and open-source software. We facilitate cross-stack and cross-community collaboration to drive meaningful impact. We challenge standardization and maximalism, avoid abstractions and stereotypes. We work on the forefront of technology with a poly-disciplinary approach, togetherness, and care, assiting each other in clarifying paths toward effective progress.
Sep 12-15	ETH Tokyo	ETHTokyo is an engaging conference and hackathon for the global Ethereum community where people with all sorts of backgrounds, ideas, and skills come together to share their love for Ethereum and its world..
Sep 16-19	EDCON	Once a year, the most impactful speakers, mentors and projects from around the world are invited to attend and share their message. Prior years include: Paris 2017, Toronto 2018, Sydney 2019, Online 2020-21, San Francisco 2022, Montenegro 2023, Tokyo 2024. EDCON is committed to serving the Ethereum ecosystem by boosting communication and engagement between Ethereum communities worldwide.

Why Plan Your Trip Around JBW 2025?

One flight, five world-class conferences. Every week offers a new flagship event—optimise your travel budget while maximising exposure.
Cross-pollination at its best. Discuss the future of AI x web3 on Saturday,Meet Solana Tokyo community on Sunday, debate business in Japan on Monday, then hack Solidity in September—without leaving Tokyo.
Asia’s most underestimated market. Japan is opening up to token incentives,IP deployment to web3, stablecoin issuance, and DAO frameworks faster than headlines suggest. Tap early.
Seamless logistics. All venues are within 30 minutes of central Tokyo; an English-friendly metro, and top-tier hospitality make navigation easy.
Culture & crypto in one trip. In between conferences and networking nights, enjoy summer festivals, Michelin-level cuisine, and Tokyo’s unique and diverse culture.

Quick Facts

Total 2024 attendance: over 50,000 attends in-person
Official language: English & Japanese (simultaneous interpretation provided)
Hashtag: #JBW2025

About Japan Blockchain Week

Japan Blockchain Week is a not-for-profit movement launched in 2022 to bridge the Japanese and global blockchain industries. By clustering independent conferences and hackathons under a single seasonal banner, JBW lowers friction for overseas participation and accelerates cross-border collaboration.CoinDesk Japan has joined as an special media partner.

Comment from Mai Fujimoto

Co-organizer of Japan Blockchain Week / Co-founder of INTMAX

“Japan Blockchain Week is more than just a series of events — it has evolved into a platform that bridges Japan and the global Web3 community.This year, JBW brings together seven distinct blockchain events across just one month in Japan. Each event has its own theme and character, offering a completely different perspective on the future every week — an unprecedented format.

There are few other occasions where such a diverse group of people from across borders and industries gathers in a single city.Join us this summer in Tokyo and Osaka, and let’s shape the future together!”

Book your flights. Pack your dev laptop. We’ll see you in Tokyo for the most condensed month of Web3 I innovation anywhere in 2025.

Website | X

Contact:
Mio Nanase
staff@japanblockchainweek.jp

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The MIL Network –

August 5, 2025

MIL-OSI United Kingdom: City Council awards £388,000 of grant funding to support local communities
Source: City of Oxford

Oxford City Council has awarded £388,000 of grant funding to 86 community groups and voluntary organisations – helping them to support local people across Oxford.
Oxford is the UK’s second most unequal city and the Council’s grants programme provides crucial financial support to organisations working to reduce inequality through the delivery of essential services, strategic projects, and community-led initiatives.

The Council has provided this latest funding through the Oxford Community Impact Fund (OCIF) programme, which is a three year fund that first started in 2022. It is already supporting essential services such as advice centres and domestic abuse support, with core funding maintained for these at the current level until March 2028.

Decisions have now been announced on two rounds of funding:

Big Ideas Fund: Providing funding of £338,000 per year covering the period of 2025-2028.

Small Grants (2025 Round 1): Providing funding of £50,000 (with £34,000 to follow in round 2), with a maximum of £3000 per organisation ensuring accessibility for smaller community groups.

All these grants have been awarded to organisations assessed on their work to reduce inequality and attract external funding to Oxford.

Big Ideas Fund 2025-28

The Council has awarded funding to 45 organisations across Oxford totalling £338,000 per annum, organisations will receive funding for three years.

These organisations are:

Ark-T Centre, Arts at the Old Fire Station, Aspire Oxfordshire, Asylum Welcome, Be Free Young Carers, Blackbird Leys Adventure Playground, Cowley Road Works, Cutteslowe Greenhouse Limited, Donnington Doorstep, EMBS Community College Limited, Emmaus Oxford, Fusion Arts, Home-Start, IF Oxford, In-Spire Sounds, Justice in Motion, Leys CDI, Makespace Oxford, Mandala Theatre, Museum of Modern Art, My Life My Choice, MyVision, OVADA, Oxford Community Action, Oxford Contemporary Music, Film Oxford, Oxford Hub, Oxford Mutual Aid, Oxford Pride, Oxford Youth Enterprise, Oxfordshire Chinese Community and Advice Centre, Oxfordshire Play Association, Peeple, Pegasus Theatre, Refugee Resource, Rose Hill Junior Youth Club, Sobell House, Survivor Space, T(ART) Productions, The Oxford Playhouse, The Parasol Project, The Story Museum, WASTE2TASTE, and Yellow Submarine.

Small Grants Fund 2025-6 (Round 1)

The Council has awarded funding to 41 organisations across Oxford, with funding totaling £50,000 overall.

These organisations are:

Parents And Children Together, Wild Boor Ideas, Fight Against Blindness (Fab), Rose Hill Community Larder, Oxford Opera Trust Cio, Response Organisation, Wood Farm Youth Centre, Action Deafness, Botley Bridges, Damascus Rose Kitchen, Blackbird Leys Boxing Club, Dovecote Voluntary Parent Committee, East Oxford Stay and Play, Fight Against Blindness, Headway Thames Valley Limited, Body Politic, Littlemore Hub, Syrian Sisters, Music at Oxford, Elmore Community Services, Read Easy Oxford, The Oxford Preservation Trust, Lowland Rescue, Oxford Afrobeats Festival, Iranian Community Network (ICN), Oxford Philharmonic Orchestra, Oxford Poetry Library, Tandem Collective, Oxford Health Charity (OHC), Oxford Peoples Theatre, MuMo Creative, Oxford Lindy Hoppers, Syrian Community Oxfordshire (SYRCOX), The Oxford Voice, The Porch, Oxfordshire Asian Women’s Voice, WEMPOWERED CIC, Rose Hill and Iffley Low Carbon, South Oxford Community-Association, The Good Gym, and Wood Farm Youth Centre.

It is estimated that for every £1 that the Council invests in local community organisations and groups through grant funding, this investment results in more than £15.92 of additional funding/earned income per organisation – helping to strengthen communities across the city.

This year, over half (51%) of applicants were new applicants.

You can learn more by visiting our grant funding webpages.

Comment

“We’ve streamlined our community grants programme and this year we’ve changed the criteria to provide a tight focus on work to reduce inequality in Oxford. We’re the UK’s second most unequal city and these grants will be spent on tackling this ugly scar on our beautiful city.

“It is great news that we have been able to support so many community groups and organisations through this latest round of funding – and especially so many new groups. I can’t wait to visit as many of these projects as possible to see for myself the impact these funds will have on local communities and the difference made to people’s lives.”

Councillor Linda Smith, Cabinet Member for Housing and Communities
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI United Kingdom: Don Juan makes temporary move to Tower House

Source: City of Canterbury

Home » Latest News » Don Juan makes temporary move to Tower House

We are very pleased to say fans of the Don Juan Cafe can now continue to enjoy their food and drink at their new temporary home at Tower House in the Westgate Gardens.

They have taken over the tea hut on the patio at the back of Tower House, with the added bonus of glorious views over the park.

The Don Juan normally trades in the Dane John Gardens, but as part of our ongoing improvement project in the Dane John, the cafe has been closed while we redevelop it to make it bigger and better.

We worked with the owners of the Don Juan to look at alternative trading locations during the closure, and the tea hut at Tower House was identified as a good option.

A new water supply was installed and we agreed terms on a short term lease. We are also supporting them with new signs for the tea hut.

Looking forward, the Don Juan Cafe has been given first refusal on the new cafe in the Dane John Gardens, subject to agreeing new lease terms.

This discussion will happen in due course, once the final designs for the cafe have been agreed.

For now, we welcome the Don Juan to the Westgate Gardens and wish them a busy and successful summer!

Published: 31 July 2025

MIL OSI United Kingdom –

August 5, 2025
MIL-OSI: Oxford Square Capital Corp. Announces Offering of Notes

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., July 31, 2025 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQG) (NasdaqGS: OXSQZ) (the “Company”) today announced the commencement of a registered public offering of notes (the “Notes”). The public offering price and other terms of the Notes are to be determined by negotiations between the Company and the underwriters. The Company also plans to grant the underwriters a 30-day option to purchase additional Notes on the same terms and conditions to cover over-allotments, if any.

The Notes are expected to be listed on the NASDAQ Global Select Market and to trade thereon within 30 days of the original issue date.

The Company expects to use the net proceeds from this offering to repay indebtedness, acquire investments in accordance with its investment objective and strategies and for general corporate purposes.

Lucid Capital Markets, LLC and Piper Sandler & Co. are acting as joint book-running managers for the offering. Clear Street LLC, InspereX LLC, Janney Montgomery Scott LLC and William Blair & Company, L.L.C. are acting as lead managers for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of these securities or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

A shelf registration statement relating to these securities is on file with and has been declared effective by the Securities and Exchange Commission. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained, when available, from the following investment banks: Lucid Capital Markets, LLC at 570 Lexington Ave, 40th Floor, New York, NY 10022, at telephone number (646) 362-0256, or via email at: Prospectus@lucidcm.com; and Piper Sandler & Co., 350 North 5th Street, Suite 1300, Minneapolis, MN 55402, Attention: Prospectus Department, or by telephone at (800) 747-3924, or by email at prospectus@psc.com. The preliminary prospectus supplement, dated July 31, 2025, and accompanying prospectus, dated September 26, 2022, each of which has been filed with the Securities and Exchange Commission, contain a description of these matters and other important information about the Company and should be read carefully before investing. Investors are advised to carefully consider the investment objectives, risks and charges and expenses of the Company before investing.

About Oxford Square Capital Corp.

Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

Forward Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

Contact:
Bruce Rubin
203-983-5280

The MIL Network –

August 5, 2025
MIL-OSI United Kingdom: Ingol Healthcare Centre Officially Opened
Source: City of Preston
- NHSPS, Preston City Council and Lancashire and South Cumbria Integrated Care Board celebrated the delivery of has delivered a full refurbishment and seven new clinical rooms to Ingol Healthcare Centre.
- The site is a result of the growing demand for GP clinical services and improve the sustainability of the building.
On Friday 25 July 2025, NHS Property Services, Deputy Mayor of Preston Councillor Nweeda Khan and the NHS Lancashire and South Cumbria Integrated Care Board came together to celebrate the opening of the modernised Ingol Healthcare Centre.

This transformative project represents a significant investment in local healthcare infrastructure, designed to both modernise existing facilities and enhance sustainability.

The project has attracted a substantial investment of over £1.3 million, with £526,000 allocated from developer contributions secured through the planning process at Preston City Council and £730,000 coming from NHS Property Services (NHSPS) – with £240,000 earmarked for energy improvements through the health and property organization. This funding underscores NHSPS’ commitment to creating a more efficient and environmentally responsible healthcare environment.

The improved facilities are expected to service approximately an additional 35,000 patients and a total of 5,300 new homes in North West Preston.

In addition to a full refurbishment of existing clinical rooms, the project will add seven new clinical rooms to increase capacity for GP services and convert the site into a Net Zero facility. New forms of insulation have been installed (cavity wall and loft insulation), the move to electric heating was made and energy-efficient upgrades such as LED lighting, double glazed windows and solar PV panels were put into place. These measures will ensure long-term cost savings and reduced carbon emissions.

The project was launched to address the growing demand for GP clinical services and to improve the sustainability and long term future of the building. NHSPS and the ICB’s Strategic Estates and Infrastructure Team were played a central role in to the project, handling everything from the initial Section 106 bid, negotiations with GP’s and other delivery partners, design and tender phases, to legal agreements and project management.

Ben Gammer, NHSPS Estate Strategy Lead, said: “This project is a standout example of how smart space optimization can directly support the goals of the NHS’s 10-year health plan. By transforming underutilized areas into high-impact clinical environments, we’re not only increasing capacity but also reinforcing our commitment to delivering accessible, quality care in every neighborhood. It’s a testament to what can be achieved through strategic partnerships and sustainable design.”

Now completed, the site’s increased GP capacity will alleviate pressure on local services, while the energy-efficient infrastructure will offer long-term benefits for both the local healthcare system and the environment.

Dr Nidghtta Anjan, Partner GP at North Preston Medical Practice, said:

“We are delighted to announce the completion of the newly renovated health centre, which signifies a substantial positive change for the community. We are committed to supporting the NHS’s long-term strategy to deliver high-quality healthcare whilst minimizing environmental impact and promoting social responsibility. With the new developments surrounding the area, we eagerly anticipate welcoming new patients to our practice, allowing us to showcase our enhanced clinic rooms, improved waiting area and modern reception desk.”

Deputy Mayor of Preston Councillor Nweeda Khan said:

“The improvements at the centre have been made possible by what is known as Section 106 agreements in relation to various planning applications made to Preston City Council.

“These agreements are made to reduce the impact of a significant development on a local community, by providing such things as affordable housing, improving public spaces, enhancing local services or the environment. The upgrades will make a huge difference to the quality of service the health centre can provide and to the number of people in the area who now have access to essential services.”

Geoff Lavery, Strategic Estate Lead for the ICB said:

“We have worked incredibly hard with NHSPS and other delivery partners over several years to deliver this project and we are grateful that the S106 funding was in place to support it, however even with the availability of the funding the project has been incredibly challenging. The aim has always been to deliver increased capacity, sustainability and improved primary care services in the area and we were determined to achieve those aims. I hope the delivery of the Ingol project highlights the commitment of the ICB to serve the needs of its patient populations.”
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI: SHARC Energy Ships SHARC WET Systems to US Government-Affiliated Project

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, July 31, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”), a world leader in wastewater energy transfer (“WET”), is proud to announce the shipment of two SHARC 880 WET Systems to a U.S. government-affiliated project. Further information about the project will be released at a later stage.

SHARC Energy’s Wastewater Energy Transfer technology continues to gain momentum in the United States and beyond. Most recently, SHARC Energy’s innovative systems were featured in a Wall Street Journal article spotlighting the emerging role of WET in sustainable infrastructure.

This milestone shipment underscores the Company’s expanding influence and highlights the increasing adoption of WET solutions as cities and governments seek scalable, low-carbon alternatives for heating, cooling and potable hot water.

For more information regarding SHARC Energy and its projects, please visit www.sharcenergy.com.

About SHARC Energy

SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

ON BEHALF OF THE BOARD

Fred Andriano
Chairman

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.

The MIL Network –

August 5, 2025
MIL-OSI: New TransUnion Analysis Finds 18 Million Auto Loan Borrowers Could Save Substantial Money by Refinancing Their Loans

Source: GlobeNewswire (MIL-OSI)

CHICAGO, July 31, 2025 (GLOBE NEWSWIRE) — As inflation remains persistent and interest rates stay elevated, many consumers continue to face pressure on their household budgets—prompting a growing search for ways to improve monthly cash flow. New research from TransUnion (NYSE: TRU) reveals that auto loan refinancing may offer a meaningful path to savings for millions of consumers, while also presenting a valuable opportunity for lenders.

Of the nearly 80 million open auto loans in the U.S., approximately 18 million are considered “in-the-money” for refinancing. This term refers to borrowers whose current loan rates exceed the prevailing average APR, making them strong candidates to benefit financially from a refinance.

TransUnion’s analysis found that while rising interest rates have reduced the average monthly savings from auto loan refinancing—from $107¹ in 2021 to $90 in 2024—these savings remain meaningful for many consumers. More than half of consumers surveyed indicated they would be motivated to refinance if they could save between $50 and $149 per month.

“At a time when we are still feeling the effects of inflation on budgets and spending, consumers are exploring every opportunity to save money,” said Jason Laky, executive vice president and head of financial services at TransUnion. “Refinancing an auto loan can reduce monthly payments substantially and bring much needed financial relief to millions of Americans.”

The number of consumers who are “in-the-money” for an auto loan refinance is poised to grow substantially if the Federal Reserve lowers interest rates. Currently, approximately 18 million consumers meet the criteria and can lower their APR. However, even a modest 25-basis point rate cut would increase that number to nearly 20 million. A whole percentage point (100 basis points) reduction could expand the pool by an additional 6.5 million borrowers.

More than half of the 18 million consumers “in-the-money” for a refinance have an estimated APR of greater than 10% on their existing auto loan

Estimated APR on outstanding auto loan < 7.0% 7.0-7.99% 8.0-8.99% 9.0-9.99% 10.0-13.99% 14.0-19.99% >=20.0%

Percent of consumers 7 % 15 % 16 % 10 % 17 % 20 % 15 %

Source: TransUnion U.S. Consumer Credit Database

Refinanced Auto Loans Continue to Outperform Purchase Loans Across Credit Tiers

A consistent trend has emerged: auto refinance loans are demonstrating stronger performance compared to original purchase loans originated during the same period. This pattern holds true across all credit tiers, with particularly notable results among near prime borrowers.

An analysis of Q4 2023 vintage loans reveals that consumers who refinanced their auto loans were significantly less likely to be 60 or more days past due (DPD) at the 12-month mark—by a margin of 170 basis points. The performance gap was even more pronounced within the near prime segment, where refinance borrowers outperformed purchase loan borrowers by 320 basis points.

“Many auto loan borrowers may not realize that refinancing is an option,” said Satyan Merchant, senior vice president and auto and mortgage business leader at TransUnion. “As a result, those who do refinance tend to be more financially savvy and proactive about managing their credit. At a time when other segments of the auto loan market are facing performance challenges, lenders should consider targeting qualified borrowers for refinance opportunities, which have historically shown stronger repayment behavior.”

In addition to using traditional credit for prescreening purposes, lenders should employ tools to ensure that offers are made in accordance with their current underwriting strategies. For example, leveraging TransUnion TruVision LTV prescreens as part of the prescreen process would help find consumers who are in a specific equity position for a refinance offer. TruAudience Consumer Insights can help refine marketing content for prescreen campaigns or identify new audiences and channels for invitation-to-apply campaigns.

¹ Adjusted for inflation to 2024 dollars.

About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

Contact Dave Blumberg

TransUnion

E-mail david.blumberg@transunion.com

Telephone 312-972-6646

The MIL Network –

August 5, 2025
MIL-OSI: UPDATE – Captivision, Inc. Announces Extension Granted by Nasdaq to Regain Compliance with Periodic Filing Requirement

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 31, 2025 (GLOBE NEWSWIRE) — Captivision Inc. (“Captivision” or the “Company”) (NASDAQ: CAPT), a pioneering manufacturer and global LED solution provider, announced that it has been informed that the Nasdaq Hearings Panel (the “Panel”) has granted the Company’s request for continued listing on The Nasdaq Stock Market LLC (“Nasdaq”), subject to certain conditions related to the Company’s ongoing efforts to regain compliance with Nasdaq Listing Rule 5250(c)(1) (the “Periodic Filing Rule”).

The Company is working diligently with its independent auditor, UHY, LLP (“UHY”), and KPMG Samjong Accounting Corp. (“KPMG”), which provides accounting services to Captivision, to complete the restatement and re-audit of its financial statements. Captivision expects to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, on or before September 30, 2025.

Pursuant to the Panel’s decision, Captivision must provide a status update to the Panel regarding audit testing procedures by August 29, 2025, and demonstrate full compliance with the Periodic Filing Rule by October 15, 2025 (the “extension period”).

The Company previously successfully addressed other Nasdaq listing requirements, as disclosed on July 15, 2025. However, there can be no assurance that the Company will be able to regain compliance by the end of the extension period.

About Captivision

Captivision is a pioneering manufacturer and global LED solution provider, a leading innovator in digital display technology and immersive media. At the forefront of media architecture, Captivision has developed breakthrough media glass technology, fusing IT building materials with architectural glass to create transparent, high-performance digital canvases. This cutting-edge product enables real-time streaming and content delivery on any glass façade, transforming ordinary surfaces into dynamic storytelling platforms. Captivision is fast becoming a solution provider across the LED product spectrum. Captivision’s media glass and solutions have been implemented in hundreds of locations globally across sports stadiums, entertainment venues, casinos and hotels, convention centers, office and retail properties and airports. Learn more at http://www.captivision.com/.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company’s strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company’s products; (4) the ability to maintain the listing of the Company’s ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company’s larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company’s manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company’s customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”

These forward-looking statements are based on information available as of the date of this press release and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

Investor Contact:
Gateway Group
Ralf Esper
+1 949-574-3860
CAPT@gateway-grp.com

The MIL Network –

August 5, 2025
MIL-OSI: GigaCloud Technology Inc to Announce 2025 Second Quarter and Six Month Financial Results and Host Conference Call on August 7, 2025

Source: GlobeNewswire (MIL-OSI)

EL MONTE, Calif., July 31, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced that it will report its financial results for the second quarter and six months ended June 30, 2025 after the market closes on Thursday, August 7, 2025. The Company will host a conference call to discuss its financial results on the same day at 6:30 PM Eastern Time.

To access the conference call, participants should pre-register here to receive the dial-in information and a unique PIN. All participants are encouraged to dial-in 15 minutes prior to the conference call’s start time.

A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at https://investors.gigacloudtech.com/news-events/events.

About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/

For investor and media inquiries, please contact:

The MIL Network –

August 5, 2025

MIL-OSI: Firm Capital Property Trust Announces Normal Course Issuer Bid

Source: GlobeNewswire (MIL-OSI)

TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust (“FCPT” or the “Trust”), (TSX: FCD.UN) announced today that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by FCPT of its intention to make a normal course issuer bid (the “NCIB”) with respect to its outstanding trust units.

The notice provides that FCPT may, during the 12 month period commencing August 5, 2025 and ending no later than August 4, 2026, purchase through the facilities of the TSX and/or alternative Canadian Trading Systems up to 3,266,775 trust units in total, being 10% of the “public float” of trust units as of July 28, 2025. The price which FCPT will pay for any trust units will be the market price at the time of acquisition. During the period of this NCIB, FCPT may make purchases under the NCIB by means of open market transactions. The actual number of trust units which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by senior management of FCPT. The average daily trading volume on the TSX from January 1, 2025 to June 30, 2025 was 24,867 trust units. Daily purchases under the NCIB will be limited to 6,216 trust units, other than block purchases. All trust units purchased by FCPT under the NCIB will be cancelled.

As of July 28, 2025, there were 36,925,682 trust units of FCPT outstanding, and the public float was 32,667,751 trust units.

FCPT believes that its trust units may from time to time trade in a price range that does not adequately reflect the value of such units in relation to the business of FCPT and its future business prospects. As a result, depending upon future price movements and other factors, FCPT believes that the outstanding trust units may represent an attractive investment to FCPT. Furthermore, purchases of trust units are expected to benefit all persons who continue to hold trust units by increasing their equity interest in FCPT.

Pursuant to a previous notice of intention to conduct a NCIB, FCPT sought and received approval from the TSX to purchase up to 3,281,995 trust units through open market purchases on the TSX and alternative Canadian trading systems for the period of July 18, 2024 to July 17, 2025. FCPT did not purchase for cancellation any of its trust units under this prior normal course issuer bid.

ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, the Trust’s plan is to own as well as to co-own a diversified property portfolio of multi-residential, flex industrial and net lease convenience retail. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.

FORWARD LOOKING INFORMATION

This press release contains contain forward-looking statements within the meaning of applicable securities laws including, among others, statements relating to future purchases of trust units under the NCIB. In some cases, forward-looking statements can be identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. These statements are not guarantees and are based on our estimates and assumptions that are subject to risks and uncertainties. These risks include, but are not limited to, risks associated with the Trust’s financial condition and prospects; the stability of general economic and market conditions; interest rates; the underlying value of the Trust and its trust units; the ability of the Trust to complete purchases under the NCIB; the availability of cash for repurchases of outstanding trust units under the NCIB; the existence of alternative uses for the Trust’s cash resources which may be superior to effecting repurchases under the NCIB; compliance by third parties with their contractual obligations; compliance with applicable laws and regulations pertaining to the NCIB; and other risks related to the Trust’s business, including those described in the Trust’s Annual Information Form for the year ended December 31, 2024 under “Risks and Uncertainties” (a copy of which can be obtained at www.sedar.com). Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at www.firmcapital.com or www.sedarplus.ca.

For further information, please contact:

Robert McKee President & Chief Executive Officer (416) 635-0221	Sandy Poklar Chief Financial Officer (416) 635-0221

For Investor Relations information, please contact:

Victoria Moayedi Director, Investor Relations (416) 635-0221

The MIL Network –

August 5, 2025

MIL-OSI Banking: Samsung TV Plus partners with LADbible Group to launch LADbible FAST Channel

Source: Samsung

London, U.K. – 31 July, 2025 – Leading social entertainment business LADbible Group makes its debut on television screens with the launch of the LADbible Free Ad-Supported Streaming TV (FAST) channel.

Now available in the UK on Samsung TV Plus, Samsung’s FAST platform, LADbible FAST Channel will showcase the Group’s most loved original programming 24/7, including hit series such as Minutes With, Snack Wars, Agree to Disagree and Would You Rather.

As viewing habits shift, LADbible Group is expanding its reach to meet audiences exactly where they are. Insights from Samsung’s 2024 Anatomy of a Streamer research report show that Gen Z Samsung Smart TV viewers are embracing streaming TV, watching an average of 1 hour and 38 minutes of streamed content per day, compared to just over 49 minutes for Boomers.

The channel offers a bold mix of entertaining, unfiltered moments with household celebrities and untold stories from around the world, all delivered straight into viewers’ homes. Whether it’s Minutes With, spotlighting powerful, personal stories from mental health advocates to reformed gangsters, or Snack Wars featuring stars like Sabrina Carpenter, Ryan Gosling or Paul Mescal, each show is designed to entertain, spark conversation, and put viewers into the heart of culture.

To mark the launch, LADbible Group will also premiere its new format ‘Jury Room’, a debate show that takes on issues the public can not agree on, hosted by ‘Juries’ – from barristers, business owners, gangsters, to Gen Z influencers. The six-part series will see the first episode questioning, “Should we bring back military conscription in the event of war?”. It will be available on CTV and YouTube.

LADbible’s original programming has seen notable growth and success. Its audience has grown to over 280 million views on YouTube alone with a YOY increase of 20%, averaging a staggering 100 million minutes per month.

Becky Gardner, Head of Originals said, ‘LADbible on TV presents an exciting new opportunity to expand our reach and connect with even more viewers of our shows. This launch reflects our dedication to being where our audience is, delivering always-on entertainment that they love – anytime, anywhere, on any screen. We’re thrilled to bring LADbible directly into people’s homes”

Gus Grimaldi, Head of Samsung TV Plus EMEA, added: “LADbible is a global powerhouse of entertainment, and we’re thrilled to bring their first-ever TV channel to Samsung TV Plus users for free in the UK. With young viewers rapidly turning to CTV and watching from the comfort of their own homes, Samsung TV Plus is at the forefront of connecting audiences with high quality entertainment. LADbible is the ideal content partner to reach the ever-growing number of FAST TV viewers.”

Availability:
LADbible is now live on Samsung TV Plus, available pre-installed on 2016+ Samsung Smart TVs and on Samsung Galaxy smartphones and tablets. Channel number: 4093

About LADbible Group
LADbible Group is a leading social entertainment business, reaching a global audience of 520 million followers. In the UK alone, it reaches two‑thirds of 18‑ to 34‑year‑olds and ranks as the fifth largest social and digital business. The Group operates a diverse portfolio of brands and platforms, including LADbible, SPORTbible, UNILAD and Betches, and operates over seven websites. Every month, it generates 13.9 billion views on social and 2,700 views per second. Its purpose is to give young adults a voice by building communities that laugh, think and act, with content that spans entertainment, celebrity interviews, news, live documentary and factual programming. LADbible Group has an international presence spanning all corners of the globe, with physical offices across APAC, US, the UK and Ireland. The Group has been widely recognised across the industry for its impactful social good campaigns, brand partnerships and original programming. This includes Media Brand of the Year at the Media Week Awards, Commercial Team of the Year at the Campaign Media Awards and Web Channel of the Year at the Broadcast Digital Awards.

About Samsung TV Plus
Samsung TV Plus is free streaming, TV with no subscription and no additional device or credit card needed. The service is pre-installed on all 2016+ Samsung Smart TVs, and on Samsung Galaxy smartphones and tablets in select territories. Samsung TV Plus instantly delivers a vast and growing library across multiple genres including news, sports, entertainment, as well as a video on demand catalogue of your favourite movies and popular shows. The free, ad-supported streaming video service is available globally in 30 territories, all you need is an internet connection. For the latest on Samsung TV Plus, please visit www.samsungtvplus.com.

MIL OSI Global Banks –

August 5, 2025
MIL-OSI United Nations: 31 July 2025 Departmental update Redefining the HIV response in Africa through local production of medicines and diagnostics

Source: World Health Organisation

While Sub-Saharan Africa bears the highest HIV burden globally and is home to almost 65% of all people living with HIV, for decades, access to HIV treatment across the African region depended almost entirely on imports of lifesaving drugs and diagnostic tests manufactured thousands of miles away.

To boost supply chain resilience and regional self-reliance, WHO’s Global HIV, Hepatitis and Sexually Transmitted Infections Programmes Department, in collaboration with the Regulation and Prequalification Department, has been actively advocating for locally manufactured quality-assured medicines and diagnostics. This work is carried out in close partnership with countries, manufacturers in Africa and partners such as the Global Fund and Unitaid.

In 2023, Universal Corporation Ltd (UCL), a Kenya-based pharmaceutical company led by Mr Palu Dhanani, became the first African manufacturer to receive WHO prequalification to produce tenofovir disoproxil fumarate, lamivudine and dolutegravir (TLD), a WHO-recommended first-line antiretroviral therapy for HIV infection.

“Local production of quality-assured health products is an urgent priority. With every African manufacturer that meets WHO prequalification standards, we move closer to a more self-reliant, resilient, and equitable health system. Regulation and prequalification are not just technical processes; they are catalysts for health sovereignty and timely access to lifesaving medicines and diagnostics,” said Dr Rogerio Gaspar, WHO Director for Regulation and Prequalification.

A first for the continent

As recently announced, the Global Fund now procures UCL’s TLD for Mozambique, marking the first time TLD is manufactured on African soil. This milestone reflects ongoing collaboration between WHO and the Global Fund to support essential HIV services, through the NextGen market shaping approach.

“The procurement of the African-manufactured first-line HIV treatment by the Global Fund for Mozambique is a great milestone towards strengthening supply chain systems in Africa. This will contribute to better health outcomes for people living with HIV who need uninterrupted medicine supplies,” said Dr Meg Doherty, Director of WHO’s Global HIV, Hepatitis and STIs Programmes.

However, production alone isn’t enough. To ensure sustainable and resilient supply chains, critical enablers are needed, such as advanced market commitments, fair procurement policies and continued technical support.

WHO shares the vision of a world where every region has the capacity to secure its own health. Locally manufactured TLD is a major step towards that goal, but more action is needed. African manufacturers should be prioritized in global supply chains, and guaranteed equitable access to health technologies that meet quality, safety and efficacy/performance standards.

HIV testing: another critical frontline

HIV testing is a critical health service and a vital gateway to both prevention and treatment. With current shifts in donor funding, many countries are facing financial strain, putting testing programmes at risk. Keeping people living with HIV on treatment is important and requires affordable and reliable access to HIV rapid tests.

WHO is urging governments to shift towards low-cost, quality-assured HIV rapid tests, especially the first test in their national testing algorithms, for significant cost savings.

Codix Bio, a Nigerian in-vitro diagnostics company, has received a sublicense to manufacture rapid diagnostic tests (RDTs), with an initial focus on RDTs for HIV, using technology transferred from the global in-vitro diagnostics company SD Biosensor. Thanks to the collaborative efforts of WHO’s Health Technology Access Programme and the Medicines Patent Pool, this new local manufacture of HIV RDTs will improve access to affordable diagnostic tests and help mitigate disruptions of HIV testing services.

“Having locally produced HIV RDTs will help increase affordability, and more broadly address supply chain vulnerabilities and delays in access to diagnostics,” said Dr Meg Doherty, Director of WHO’s Global HIV, Hepatitis and STIs Programmes.

In addition to switching to low-cost quality-assured HIV tests, WHO encourages countries to use HIV self-tests to mitigate gaps in human resources for health as well as stockouts for the first RDT in national algorithms.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI United Nations: Nuclear Science and Nuclear Security Infrastructure to Protect Rare Rhinos: IAEA-Supported Project Marks a Milestone

Source: International Atomic Energy Agency (IAEA)

In a pioneering effort to combat wildlife trafficking of the threatened rhinoceros, a South African University today began implementing a project supported by the International Atomic Energy Agency (IAEA). The project combines the safe insertion of radioactive isotopes into rhino horns and available nuclear security infrastructure to deter and detect illegal poaching.

With over 10,000 rhinos lost to poaching in the past decade, South Africa – home to the world’s largest population of rhinos – remains a target for criminals driven by the illegal trade of rhino horn. In the first quarter of 2025 alone, the South African Ministry of Forestry, Fisheries and the Environment reported 103 rhinos poached. In response, this project run by the University of the Witwatersrand is using radiation to support conservation and enforcement efforts.

After two years of initial tests, the Rhisotope Project was created in 2021 with the idea to tag rhino horns with radioactive material. This makes the horns detectable by radiation portal monitors (RPMs) already deployed at borders, ports and airports worldwide. These RPMs, commonly used to detect nuclear and other radioactive material, can now be harnessed against wildlife crime.

The IAEA’s support to the Rhisotope Project leverages its central role in strengthening the global nuclear security framework. With millions of vehicles and people crossing borders every day, the use of an estimated 10,000 RPMs worldwide has become a critical tool for detecting unauthorized transboundary movements of nuclear and other radioactive material.

“The Rhisotope Project shows how nuclear science and nuclear security infrastructure can be used in new ways to address global challenges,” said IAEA Director General Rafael Mariano Grossi. “The IAEA is supporting countries to maximize the benefits of nuclear. By using already installed nuclear security infrastructure in novel ways, we can help protect one of the world’s most iconic and endangered species.”

At an event today in the Waterberg, Limpopo, about 250 kilometres north of Johannesburg, the University of Witwatersrand announced the results of the rigorous safety assessments conducted during the pilot phase of the project. In June last year, radioisotopes were inserted into 20 rhinos. Health monitoring and cytological examinations of 15 treated animals and a comparison of five animals not treated were conducted by Ghent University in Belgium. The test results proved that the method is non-invasive and does not pose a risk to the rhinos’ health.

“This has been an international collaboration of likeminded individuals who are trying to make a real difference to this poaching crisis,” said James Larkin, Director, Radiation and Health Physics Unit at the University of the Witwatersrand. “We started with the question – what if radiation could protect rather than harm, by turning rhino horns into traceable markers that stop poachers before they trade? After two years of digital modelling, safety testing and detection simulations, we’re ready to roll out a solution that could truly reduce rhino poaching.”

The success of project also opens the door for future applications to other endangered species.

“The methodology could be adapted to protect other endangered species like elephants or pangolins,” said Larkin.

The IAEA is providing both technical and financial support to the project under its Coordinated Research Project titled Facilitation of Safe and Secure Trade Using Nuclear Detection Technology – Detection of RN and Other Contraband. As part of the project, the Agency also supports countries in their efforts to optimize the detection of radiation by the use of its Minimum Detectable Quantity and Alarm Threshold Estimation Tool, thereby allowing detection of the tagged with radiation rhino horns.

“The Rhisotope Project brings the entire global nuclear security network into play,” said Elena Buglova, Director of the IAEA Division of Nuclear Security. “The nuclear security infrastructure that exists in many countries around the world to detect smuggling of nuclear and other radioactive material can be used to pick up the trafficking of rhino horn, and any other contraband that might be carried alongside it. Committing to nuclear security pays off in multiple ways.”

B-roll and photos will be made available here.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI Security: Nuclear Science and Nuclear Security Infrastructure to Protect Rare Rhinos: IAEA-Supported Project Marks a Milestone

Source: International Atomic Energy Agency – IAEA

The Rhisotope Project team inserting radioactive isotopes into rhino horns. (Martin Klinenboeck/IAEA)

In a pioneering effort to combat wildlife trafficking of the threatened rhinoceros, a South African University today began implementing a project supported by the International Atomic Energy Agency (IAEA). The project combines the safe insertion of radioactive isotopes into rhino horns and available nuclear security infrastructure to deter and detect illegal poaching.

With over 10,000 rhinos lost to poaching in the past decade, South Africa – home to the world’s largest population of rhinos – remains a target for criminals driven by the illegal trade of rhino horn. In the first quarter of 2025 alone, the South African Ministry of Forestry, Fisheries and the Environment reported 103 rhinos poached. In response, this project run by the University of the Witwatersrand is using radiation to support conservation and enforcement efforts.

After two years of initial tests, the Rhisotope Project was created in 2021 with the idea to tag rhino horns with radioactive material. This makes the horns detectable by radiation portal monitors (RPMs) already deployed at borders, ports and airports worldwide. These RPMs, commonly used to detect nuclear and other radioactive material, can now be harnessed against wildlife crime.

The IAEA’s support to the Rhisotope Project leverages its central role in strengthening the global nuclear security framework. With millions of vehicles and people crossing borders every day, the use of an estimated 10,000 RPMs worldwide has become a critical tool for detecting unauthorized transboundary movements of nuclear and other radioactive material.

“The Rhisotope Project shows how nuclear science and nuclear security infrastructure can be used in new ways to address global challenges,” said IAEA Director General Rafael Mariano Grossi. “The IAEA is supporting countries to maximize the benefits of nuclear. By using already installed nuclear security infrastructure in novel ways, we can help protect one of the world’s most iconic and endangered species.”

At an event today in the Waterberg, Limpopo, about 250 kilometres north of Johannesburg, the University of Witwatersrand announced the results of the rigorous safety assessments conducted during the pilot phase of the project. In June last year, radioisotopes were inserted into 20 rhinos. Health monitoring and cytological examinations of 15 treated animals and a comparison of five animals not treated were conducted by Ghent University in Belgium. The test results proved that the method is non-invasive and does not pose a risk to the rhinos’ health.

“This has been an international collaboration of likeminded individuals who are trying to make a real difference to this poaching crisis,” said James Larkin, Director, Radiation and Health Physics Unit at the University of the Witwatersrand. “We started with the question – what if radiation could protect rather than harm, by turning rhino horns into traceable markers that stop poachers before they trade? After two years of digital modelling, safety testing and detection simulations, we’re ready to roll out a solution that could truly reduce rhino poaching.”

The success of project also opens the door for future applications to other endangered species.

“The methodology could be adapted to protect other endangered species like elephants or pangolins,” said Larkin.

The IAEA is providing both technical and financial support to the project under its Coordinated Research Project titled Facilitation of Safe and Secure Trade Using Nuclear Detection Technology – Detection of RN and Other Contraband. As part of the project, the Agency also supports countries in their efforts to optimize the detection of radiation by the use of its Minimum Detectable Quantity and Alarm Threshold Estimation Tool, thereby allowing detection of the tagged with radiation rhino horns.

“The Rhisotope Project brings the entire global nuclear security network into play,” said Elena Buglova, Director of the IAEA Division of Nuclear Security. “The nuclear security infrastructure that exists in many countries around the world to detect smuggling of nuclear and other radioactive material can be used to pick up the trafficking of rhino horn, and any other contraband that might be carried alongside it. Committing to nuclear security pays off in multiple ways.”

B-roll and photos will be made available here.

MIL Security OSI –

August 5, 2025
MIL-OSI: CleanCounts Announces former EPA lead James Critchfield as Head of Registry and Market Integrity

Source: GlobeNewswire (MIL-OSI)

ASPEN, Colo., July 31, 2025 (GLOBE NEWSWIRE) — Aspen Energy Forum – CleanCounts, a nonprofit with the industry leading environmental attribute certificate (EAC) tracking platform for voluntary and compliance claims of renewable energy projects across North America, today announced James Critchfield as the Head of Registry & Market Integrity. In his role, Critchfield will lead the development and governance of high-fidelity registries that safeguard transparency and trust across clean-energy and carbon markets. CleanCounts shared the news on Critchfield joining the team from Aspen Energy Forum, where the nonprofit is taking part in discussions on decarbonization and renewable energy strategies.

Critchfield joins CleanCounts after spending two decades at the U.S. Environmental Protection Agency, where he was an authority on energy-attribute certificates, registry architecture, and greenhouse-gas accounting, advising Fortune 500 companies, state regulators, and international bodies. Most recently, Critchfield scaled the EPA’s Green Power Partnership from its infancy to hundreds of organizations, pushing annual voluntary green-power procurement to more than 100 billion KWh annually and catalyzing nearly 19 GW of new renewable capacity nationwide.

“CleanCounts has advocated for standards in the renewable energy market and the environmental attribute tracking industry to drive better decision making by corporate buyers and provide transparency for regulators,” said James Critchfield, CleanCount’s Head of Registry & Market Integrity. “I look forward to stepping into this new role to bring my experience to support CleanCounts’ continued reputation as the true validator for environmental markets.”

CleanCounts, formerly known as M-RETS, tracks generated energy outputs across North America, enabling market participants to place a dollar value on the environmental benefits of renewable energy and renewable thermal outputs. Through rigorous validation of the environmental benefits, verifiable data, and unbiased third-party verification, CleanCounts is now North America’s leading platform to obtain, transfer, or retire renewable energy certificates (RECs), renewable thermal certificates (RTCs), and alternative energy certificates (AECs).

“James Critchfield’s work in the federal government to support tracking system infrastructure for clean energy in the United States has led to the development of next generation tracking capabilities that feature the granularity needed for market transparency,” said Benjamin Gerber, CEO of CleanCounts. “With James joining our executive team, we look forward to engaging stakeholders throughout North America for conversations about how a continuity-first, climate-aligned, and tech-forward clean energy registry can create benefits for, and strengthen trust in, both the voluntary and compliance markets.”

Prior to joining CleanCounts full time on August 21, Critchfield will join an upcoming webinar with senior leaders from Singularity Energy and EnergyTag titled, How Western States Can Achieve Grid Decarbonization, on August 13, 2025 at 9:00 AM PT / 12:00 PM ET. The energy industry leaders will discuss how granular energy data and verified certificates can enable the hourly electricity accounting needed to drive investment and deployment of decarbonization technologies for an around-the-clock clean grid. Those interested in attending can register here.

To learn more about CleanCounts, please visit www.cleancounts.org

About CleanCounts
CleanCounts, formerly known as Midwest Renewable Energy Tracking System (M‑RETS) Inc., is North America’s most expansive clean energy registry and a trusted gateway to environmental markets. As a nonprofit organization, CleanCounts empowers participants across the energy ecosystem to track, trade, and validate clean energy production and consumption with confidence and transparency.

Media Contact:
FischTank PR
cleancounts@fischtankpr.com

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/dd918d85-5f5a-493e-9a32-31974fc5a615

The MIL Network –

August 5, 2025
MIL-OSI: Yuenglings Ice Cream Corp (OTC YCRM) Is Now Frequency Holdings Inc (OTC FRQN) as Strategic Evolution Takes Hold

Source: GlobeNewswire (MIL-OSI)

CHICAGO, July 31, 2025 (GLOBE NEWSWIRE) — Frequency Holdings Inc (OTC: FRQN) today announced it has officially completed its corporate name and symbol change from Yuenglings Ice Cream Corp (OTC: YCRM) following final approval by FINRA. This milestone marks the formal transition into a modern holding company structure with a portfolio that includes cybersecurity-first IT services through ReachOut and upcoming ventures in decentralized identity and artificial intelligence.

The new name and symbol hit the market this morning.

Frequency Holdings is building a multi-brand platform modeled after Berkshire Hathaway and Alphabet with each subsidiary operating independently while benefiting from shared strategic leadership. The flagship operating company ReachOut is actively acquiring and scaling cybersecurity-focused MSPs across the US while new brands like TRUSTLESS aim to bring privacy and authentication innovation into new digital verticals.

“This is more than a name change” said Rick Jordan CEO of Frequency Holdings. “This is about building something bigger than one brand. We are creating a structure that can hold multiple companies each with their own identity and velocity while sharing the same DNA of performance protection and technology that works. The market has asked what we’re building. This is it. A public platform with room for massive upside and real-world relevance.”

Kevin Harrington, original Shark from ABC’s Shark Tank and longtime board member of the company added, “I joined the board because Rick’s vision was bold, and both the industry and timing are right. ReachOut was just the beginning, and now Frequency is turning the vision into a machine with the team we have in place.”

David Meltzer, global entrepreneur, Chairman of the Napoleon Hill Institute and the newest addition to the board commented, “Your frequency is your neighborhood, and Frequency Holdings is about raising the signal in every sense. This is a company tuned into innovation, tuned into value, and tuned into service. I’m honored to be part of this next chapter and proud to support the expansion of its platform and purpose.”

The Company previously operated under the name Yuenglings Ice Cream Corp and traded under the symbol YCRM. The new name and symbol are effective immediately with full updates in place across OTC Markets and all investor communications. Frequency Holdings will continue to execute on its rollup strategy through ReachOut and plans to unveil additional ventures in the coming quarters.

ABOUT FREQUENCY HOLDINGS INC. (OTC: FRQN)

Frequency Holdings is a modern holding company focused on high-growth ventures in cybersecurity, AI, digital identity, and IT infrastructure. Through its lead operating brand, ReachOut, Frequency is building the first nationally recognized name in cybersecurity-first IT services for SMBs. Additional holdings, including TRUSTLESS, are structured to contribute long-term equity value via independent growth and strategic alignment.

ABOUT RICK JORDAN

Rick Jordan is a resilient entrepreneur, cybersecurity expert, and media personality known for leading companies through high-growth transformations. He founded ReachOut Technology and is the architect of Frequency Holdings Inc., a multi-brand technology holding company focused on scaling ventures in cybersecurity, digital identity, and AI. Rick has advised in the White House on national cyber policy, appeared on major networks including Bloomberg and NewsNation, and hosts the globally ranked podcast ALL IN with Rick Jordan, soon to be renamed FREQUENCY. His leadership bridges bold vision with operational precision, in addition to bringing clear signal and communication to the public markets.

ABOUT KEVIN HARRINGTON

Kevin Harrington is a globally recognized entrepreneur, original Shark on ABC’s Shark Tank, and a pioneer of the infomercial industry. Over his career, he has launched more than 20 companies to over $100 million in sales and helped generate over $15 billion in market value–including his early leadership in Celsius Holdings, Inc. As a board member of Frequency Holdings Inc., Kevin brings deep strategic insight, brand-building expertise, and decades of experience scaling disruptive ventures into household names.

ABOUT DAVID MELTZER

David Meltzer is Chairman of the Napoleon Hill Institute and former CEO of Leigh Steinberg Sports & Entertainment, the inspiration for Jerry Maguire. A globally recognized entrepreneur, investor, and business coach, he’s been named Variety’s Sports Humanitarian of the Year and is a recipient of the Ellis Island Medal of Honor. As Executive Producer of Apple TV’s 2 Minute Drill and Office Hours, and Entrepreneur’s top digital show Elevator Pitch, David brings media fluency and business expertise to global audiences. His mission—to empower more than 1 billion people to be happy–drives his work across coaching, content, and leadership.

Forward-Looking Statements

This press release contains forward-looking statements regarding future events, performance, and financial expectations. These statements are based on current beliefs and assumptions, and are subject to risks and uncertainties–many of which are beyond the Company’s control–that could cause actual results to differ materially from those projected. Factors that may affect results include the Company’s need for capital, changes in regulatory environments, market competition, demand for services, and other risks detailed in the Company’s filings with the Securities and Exchange Commission at www.sec.gov. Forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update them except as required by law.

PR and Investor Relations Contacts

For press inquiries or to book media interviews, TV appearances, and speaking engagements for CEO Rick Jordan:

Email: pr@frequencyhold.com — pr@reachoutit.com
Phone: 312-288-8008

Rick Jordan on Social Media–
Instagram: @mrrickjordan
X: @mrrickjordan

Kevin Harrington on Social Media–
Instagram: @realkevinharrington
X: @harringtonkevin

David Meltzer on Social Media–
Instagram: @davidmeltzer
X: @davidmeltzer

The MIL Network –

August 5, 2025
MIL-OSI NGOs: Nuclear Science and Nuclear Security Infrastructure to Protect Rare Rhinos: IAEA-Supported Project Marks a Milestone

Source: International Atomic Energy Agency (IAEA) –

The Rhisotope Project team inserting radioactive isotopes into rhino horns. (Martin Klinenboeck/IAEA)

In a pioneering effort to combat wildlife trafficking of the threatened rhinoceros, a South African University today began implementing a project supported by the International Atomic Energy Agency (IAEA). The project combines the safe insertion of radioactive isotopes into rhino horns and available nuclear security infrastructure to deter and detect illegal poaching.

With over 10,000 rhinos lost to poaching in the past decade, South Africa – home to the world’s largest population of rhinos – remains a target for criminals driven by the illegal trade of rhino horn. In the first quarter of 2025 alone, the South African Ministry of Forestry, Fisheries and the Environment reported 103 rhinos poached. In response, this project run by the University of the Witwatersrand is using radiation to support conservation and enforcement efforts.

After two years of initial tests, the Rhisotope Project was created in 2021 with the idea to tag rhino horns with radioactive material. This makes the horns detectable by radiation portal monitors (RPMs) already deployed at borders, ports and airports worldwide. These RPMs, commonly used to detect nuclear and other radioactive material, can now be harnessed against wildlife crime.

The IAEA’s support to the Rhisotope Project leverages its central role in strengthening the global nuclear security framework. With millions of vehicles and people crossing borders every day, the use of an estimated 10,000 RPMs worldwide has become a critical tool for detecting unauthorized transboundary movements of nuclear and other radioactive material.

“The Rhisotope Project shows how nuclear science and nuclear security infrastructure can be used in new ways to address global challenges,” said IAEA Director General Rafael Mariano Grossi. “The IAEA is supporting countries to maximize the benefits of nuclear. By using already installed nuclear security infrastructure in novel ways, we can help protect one of the world’s most iconic and endangered species.”

At an event today in the Waterberg, Limpopo, about 250 kilometres north of Johannesburg, the University of Witwatersrand announced the results of the rigorous safety assessments conducted during the pilot phase of the project. In June last year, radioisotopes were inserted into 20 rhinos. Health monitoring and cytological examinations of 15 treated animals and a comparison of five animals not treated were conducted by Ghent University in Belgium. The test results proved that the method is non-invasive and does not pose a risk to the rhinos’ health.

“This has been an international collaboration of likeminded individuals who are trying to make a real difference to this poaching crisis,” said James Larkin, Director, Radiation and Health Physics Unit at the University of the Witwatersrand. “We started with the question – what if radiation could protect rather than harm, by turning rhino horns into traceable markers that stop poachers before they trade? After two years of digital modelling, safety testing and detection simulations, we’re ready to roll out a solution that could truly reduce rhino poaching.”

The success of project also opens the door for future applications to other endangered species.

“The methodology could be adapted to protect other endangered species like elephants or pangolins,” said Larkin.

The IAEA is providing both technical and financial support to the project under its Coordinated Research Project titled Facilitation of Safe and Secure Trade Using Nuclear Detection Technology – Detection of RN and Other Contraband. As part of the project, the Agency also supports countries in their efforts to optimize the detection of radiation by the use of its Minimum Detectable Quantity and Alarm Threshold Estimation Tool, thereby allowing detection of the tagged with radiation rhino horns.

“The Rhisotope Project brings the entire global nuclear security network into play,” said Elena Buglova, Director of the IAEA Division of Nuclear Security. “The nuclear security infrastructure that exists in many countries around the world to detect smuggling of nuclear and other radioactive material can be used to pick up the trafficking of rhino horn, and any other contraband that might be carried alongside it. Committing to nuclear security pays off in multiple ways.”

B-roll and photos will be made available here.

MIL OSI NGO –

August 5, 2025
MIL-OSI Submissions: Roman Empire and the fall of Nero offer possible lessons for Trump about the cost of self-isolation

Source: The Conversation – USA (3) – By Kirk Freudenburg, Brooks and Suzanne Ragen Professor of Classics, Yale University

A marble statue of Nero on loan from the Louvre in Paris is seen at the Landesmuseum in Germany in 2016. Harald Tittel/Picture Alliance via Getty Images

President Donald Trump’s first term saw a record-high rate of turnover among his Cabinet members and chief advisers. Trump’s second term has, to date, seen far fewer Cabinet departures.

But some political commentators have observed that the president this time around has primarily appointed loyal advisers who will not challenge him.

As Thomas Friedman pointed out in The New York Times on June 3, 2025, “In Trump I, the president surrounded himself with some people of weight who could act as buffers. In Trump II, he has surrounded himself only with sycophants who act like amplifiers.”

As a scholar of Greco-Roman antiquity, I have spent many years studying the demise of truth-telling in periods of political upheaval. Spanning the period from 27 B.C.E. to 476 C.E., the Roman Empire still offers insights into what happens to political leaders when they interpret possibly helpful advice as dissent.

Particularly telling is the case of Nero, Rome’s emperor from 54 to 68 C.E., who responded to a disastrous fire in 64 with extreme cruelty and self-worship that did nothing to help desperate citizens.

Suppressing honest advice under Nero

Rome’s first emperor, Augustus, established a handpicked circle of advisers – called the consilium principis in Latin, meaning emperor’s council – to give a republican look to his autocratic regime. Augustus became the emperor of Rome in 27 B.C.E. and ruled over the empire, which stretched from Europe and North Africa to the Middle East at its peak, until his death in 14 C.E.

Augustus wanted to hear what others thought about the empire’s needs and his policies. At least some of Augustus’ advisers were bold enough to assert themselves and risk incurring his displeasure. Some, such as Cornelius Gallus, paid for their boldness with their lives, Gallus apparently took his own life, so that might not be the best example – unless it was a forced suicide while others, such as Cilnius Maecenas, managed to push their political agendas in softer ways that allowed them to maintain their influence.

But the Roman emperors who came after Augustus were either less skilled at maintaining a republican facade, or less interested in doing so.

Nero was the last of the emperors from the noble Julio-Claudian dynasty in ancient Rome at its peak of power. Historians who describe Nero’s rise and fall from power describe the first five years of his reign, or the quinquennium neronis in Latin, as a period of relative calm and prosperity for the empire.

Because Nero was just 16 years old when he acceded to power, he was assigned advisers to guide his policies. Their opinions carried significant weight.

But five years into his reign, chafing at their continued oversight, Nero began to purge these advisers from his life, via execution, forced suicide and exile.

Nero instead collected a small cadre of self-interested enablers who derived power for themselves by encouraging their leader’s delusions, such as his desire to project himself as the incarnation of the sun god, Apollo.

The single most unspeakably corrupt and nefarious of these preferred advisers was Ofonius Tigellinus. Tigellinus had caught Nero’s eye early in 62 by urging the senate to convict a Roman magistrate of treason for having composed poems that he deemed insulting to the emperor. Later that year, Tigellinus was appointed the head of the emperor’s personal army.

As praetorian prefect, Tigellinus was charged not only with protecting Nero from physical harm, but also with crafting and guarding the leader’s public image. Tigellinus urged Nero to stage an ongoing series of public spectacles – like theatrical performances and athletic competitions – that featured him as a divine ruler and a god on Earth.

The Roman Emperor Nero surveys the city of Rome after the disastrous fire in 64 C.E.
Hulton Archive/Getty Images

Up in flames

It was likely at Tigellinus’ urging that, in the aftermath of the great fire of 64 that raged for six days in Rome, Nero staged an exorbitant garden party where Christians were soaked in flammable oils and lit as human torches to illuminate a decadent late-night feast.

But, try as he might, Nero couldn’t outrun the fire and its aftermath by indulging in clever cruelties. Huge swathes of the city had been razed by the fire. Thousands of citizens lacked clothing. They were hungry, displaced and homeless.

For answers, the fire’s countless victims looked to Nero, their earthly Apollo, for help. But they did not encounter a sympathetic leader sweeping in to address their needs. Instead, they found a man desperate to place blame on others – in this case, foreigners from the east.

In order to squelch rumors that Nero had lit the fire, Tigellinus’ army unit rounded up Christians, falsely blamed them for starting the fire and executed them.

But this move just showcased Nero’s failure to focus on the dire needs of the poor, the very people who worshipped him. Instead, he sought to rise above the ashes by doubling down on his divine pretensions.

Once the rubble left by the fire was cleared away, Nero built a magnificent new home for himself. This palace, called the domus aurea in Latin, meaning house of gold, covered more than 120 acres in the heart of Rome. It featured spectacular water fountains, elaborate works of art and, standing tall in the entryway, a 120-foot bronze statue of Nero as the sun god, Apollo.

No truth-teller was there to tell Nero that maybe he shouldn’t rub his people’s noses in their suffering. (can we say ‘Maybe he shouldn’t exploit his people’s suffering in this way’?) this suggestion needs either accepted or rejected

Nero’s delusional response to the fire did not put an end to his career, but it did much to hasten its end.

Less than four years later, with armies bearing down on the city, Nero committed suicide. Rome tumbled into civil war.

President Donald Trump appears at an Independence Day event at the Mount Rushmore national monument near Keystone, S.D., in 2020.
Saul Loeb/AFP via Getty Images

Self-worship in the Trump era

Trump has long expressed a desire to have his face carved on Mount Rushmore, a national memorial in South Dakota that features the likenesses of legendary American presidents George Washington, Abraham Lincoln, Thomas Jefferson and Theodore Roosevelt.

This dream became a bit closer to reality when Tennessee Representative Andy Ogles in July 2025 urged the Department of the Interior to explore adding Trump’s image to Mount Rushmore – even though such an addition might not be possible because of geological issues.
Trump’s critics have long noted the president’s propensity to focus on himself and his own greatness and power, rather than the needs of citizens.

As far away as the Roman Empire might seem, Nero’s rise and fall offers a lesson in what can happen when honest criticism of a political leader is sidelined in favor of idolatry.

Instead of honest solutions to real problems, what Romans got was a colossal statue that portrayed their leader as a god on Earth.

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

– ref. Roman Empire and the fall of Nero offer possible lessons for Trump about the cost of self-isolation – https://theconversation.com/roman-empire-and-the-fall-of-nero-offer-possible-lessons-for-trump-about-the-cost-of-self-isolation-257871

MIL OSI –

August 5, 2025
MIL-OSI Submissions: What is personalized pricing, and how do I avoid it?

Source: The Conversation – USA (2) – By Jay L. Zagorsky, Associate Professor Questrom School of Business, Boston University

Recently, Delta Air Lines announced it would expand its use of artificial intelligence to provide individualized prices to customers. This move sparked concern among flyers and politicians. But Delta isn’t the only business interested in using AI this way. Personalized pricing has already spread across a range of industries, from finance to online gaming.

Customized pricing – where each customer receives a different price for the same product – is a holy grail for businesses because it boosts profits. With customized pricing, free-spending people pay more while the price-sensitive pay less. Just as clothes can be tailored to each person, custom pricing fits each person’s ability and desire to pay.

I am a professor who teaches business school students how to set prices. My latest book, “The Power of Cash: Why Using Paper Money is Good for You and Society,” highlights problems with custom pricing. Specifically, I’m worried that AI pricing models lack transparency and could unfairly take advantage of financially unsophisticated people.

The history of custom pricing

For much of history, customized pricing was the normal way things happened. In the past, business owners sized up each customer and then bargained face-to-face. The price paid depended on the buyer’s and seller’s bargaining skills – and desperation.

An old joke illustrates this process. Once, a very rich man was riding in his carriage at breakfast time. Hungry, he told his driver to stop at the next restaurant. He went inside, ordered some eggs and asked for the bill. When the owner handed him the check, the rich man was shocked at the price. “Are eggs rare in this neighborhood?” he asked. “No,” the owner said. “Eggs are plentiful, but very rich men are quite rare.”

Custom pricing through bargaining still exists in some industries. For example, car dealerships often negotiate a different price for each vehicle they sell. Economists refer to this as “first-degree” or “perfect” price discrimination, which is “perfect” from the seller’s perspective because it allows them to charge each customer the maximum amount they’re willing to pay.

Wanamaker’s department store in Philadelphia was a pricing pioneer.
Hulton Archive/Getty Images

Currently, most American shoppers don’t bargain but instead see set prices. Many scholars trace the rise of set prices to John Wanamaker’s Philadelphia department store, which opened in 1876. In his store, each item had a nonnegotiable price tag. These set prices made it simpler for customers to shop and became very popular.

Why uniform pricing caught on

Set prices have several advantages for businesses. For one thing, they allow stores to hire low-paid retail workers instead of employees who are experts in negotiation.

Historically, they also made it easier for stores to decide how much to charge. Before the advent of AI pricing, many companies determined prices using a “cost-plus” rule. Cost-plus means a business adds a fixed percentage or markup to an item’s cost. The markup is the percentage added to a product’s cost that covers a company’s profits and overhead.

The big-box retailer Costco still uses this rule. It determines prices by adding a roughly 15% maximum markup to each item on the warehouse floor. If something costs Costco $100, they sell it for about $115.

The problem with cost-plus is that it treats all items the same. For example, Costco sells wine in many stores. People buying expensive Champagne typically are willing to pay a much higher markup than customers purchasing inexpensive boxed wine. Using AI gets around this problem by letting a computer determine the optimal markup item by item.

What personalized pricing means for shoppers

AI needs a lot of data to operate effectively. The shift from cash to electronic payments has enabled businesses to collect what’s been called a “gold mine” of information. For example, Mastercard says its data lets companies “determine optimal pricing strategies.”

So much information is collected when you pay electronically that in 2024 the Federal Trade Commission issued civil subpoenas to Mastercard, JPMorgan Chase and other financial companies demanding to know “how artificial intelligence and other technological tools may allow companies to vary prices using data they collect about individual consumers’ finances and shopping habits.” Experiments at the FTC show that AI programs can even collude among themselves to raise prices without human intervention.

To prevent customized pricing, some states have laws requiring retailers to display a single price for each product for sale. Even with these laws, it’s simple to do custom pricing by using targeted digital coupons, which vary each shopper’s discount.

How you can outsmart AI pricing

There are ways to get around customized pricing. All depend on denying AI programs data on past purchases and knowledge of who you are. First, when shopping in brick-and-mortar stores, use paper money. Yes, good old-fashioned cash is private and leaves no data trail that follows you online.

Second, once online, clear your cache. Your search history and cookies provide algorithms with extensive amounts of information. Many articles say the protective power of clearing your cache is an urban myth. However, this information was based on how airlines used to price tickets. Recent analysis by the FTC shows the newest AI algorithms are changing prices based on this cached information.

Third, many computer pricing algorithms look at your location, since location is a good proxy for income. I was once in Botswana and needed to buy a plane ticket. The price on my computer was about $200. Unfortunately, before booking I was called away to dinner. After dinner my computer showed the cost was $1,000 − five times higher. It turned out after dinner I used my university’s VPN, which told the airline I was located in a rich American neighborhood. Before dinner I was located in a poor African town. Shutting off the VPN reduced the price.

Last, often to get a better price in face-to-face negotiations, you need to walk away. To do this online, put something in your basket and then wait before hitting purchase. I recently bought eyeglasses online. As a cash payer, I didn’t have my credit card handy. It took five minutes to find it, and the delay caused the site to offer a large discount to complete the purchase.

The computer revolution has created the ability to create custom products cheaply. The cashless society combined with AI is setting us up for customized prices. In a custom-pricing situation, seeing a high price doesn’t mean something is higher quality. Instead, a high price simply means a business views the customer as willing to part with more money.

Using cash more often can help defeat custom pricing. In my view, however, rapid advances in AI mean we need to start talking now about how prices are determined, before customized pricing takes over completely.

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

– ref. What is personalized pricing, and how do I avoid it? – https://theconversation.com/what-is-personalized-pricing-and-how-do-i-avoid-it-262195

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Strengthening collective labor rights can help reduce economic inequality

Source: The Conversation – USA (2) – By Skip Mark, Assistant professor of political science, University of Rhode Island

Only about 1 in 10 U.S. workers belong to unions today. champc/iStock via Getty Images Plus

Despite the strength of the U.S. economy, the gap between rich and poor Americans is increasing.

The wealthiest 1% of Americans have more than five times as much wealth as the bottom 50%, according to the U.S. Federal Reserve. That’s up from four times as much in the year 2000. In 2024 alone, the wealthiest 19 families got a total of US$1 trillion richer – the largest one-year increase on record.

And yet 59% of Americans don’t have enough money saved up to cover an unexpected $1,000 expense.

We are political scientists who study human rights and political economy.

In a 2023 study, our team looked at 145 countries, including the U.S., to understand the link between labor rights and inequality. We found evidence that strengthening collective labor rights may reduce economic inequality.

Empowering workers

Collective labor rights include the rights to form and join a union, bargain collectively for higher pay and better working conditions, go on strike, and get justice if employers punish workers who exercise these rights.

In the U.S., where less than 10% of workers belong to unions, union members typically earn higher wages than their nonunion counterparts.

Through negotiations on behalf of their members, unions can pressure employers to provide fair wages and benefits. If negotiations break down, the union can call for a strike – sometimes winning better benefits and higher wages as a result.

Some U.S. unions don’t have the right to strike, including air traffic controllers, teachers and those working on national security issues. But most unions have some ability to implement work stoppages and impose costs on employers to negotiate for raises and better benefits and conditions.

Reducing inequality

For our study, we analyzed the human rights in the CIRIGHTS dataset, which uses human rights reports from the U.S. State Department, Amnesty International and other sources to measure government respect for 24 human rights, including the rights to unionize and bargain collectively. The dataset is produced by the University of Rhode Island, Binghamton University and the University of Connecticut. One of us, Skip Mark, serves as a co-director of the project.

Using a scoring guide, a team of researchers reads human rights reports and gives each country a score of zero if they have widespread violations, one point if they have some violations, or two if they have no evidence of violations. The team has assigned scores for all 24 rights from 1994 through 2022.

Using this data, we created a measure of collective labor rights by adding scores for the right to workplace association and the right to collective bargaining. The resulting collective labor rights score ranges from zero to four.

Countries where workers’ rights are routinely violated, such as Afghanistan, China and Saudi Arabia, scored a zero. The United States, Macedonia and Zambia, three countries with little in common, were among those that tended to get two points, placing them in the middle. Countries with no reported violations of the rights to workplace association and collective bargaining, including Canada, Sweden and France, got four points.

According to the CIRIGHTS dataset, the strength of respect for collective labor rights around the world declined by 50%, from 2.06 in 1994 to 1.03 in 2022.

At the same time, according to the World Inequality Dataset, the share of income earned by the 1% with the biggest paychecks increased by 11%.

We used advanced statistical methods to figure out whether better worker protections actually reduce inequality or are just associated with it.

Gaps between individuals and ethnic groups

We also measured what’s been happening to economic inequality, using two common ways to track it.

One of them is vertical inequality, the gap between what people earn within a country – the rich versus the poor. The more unequal a society becomes, the higher its vertical inequality score gets. We measured it using the disposable income measure from the Gini index, a commonly used indicator of economic inequality that captures how much money individuals have to spend after taxes and government transfers.

We found that a one-point increase in collective labor rights on our four-point scale reduces vertical inequality by 10 times the average change in inequality. For the U.S., a one-point increase in collective labor rights would be about enough to undo the increase in inequality that occurred between 2008 and 2010 due to the Great Recession and its aftermath. It would also likely help stem the growing wealth gap between Black and white Americans. That’s because income disparities compound over time to create wealth gaps.

We also assessed the connection between horizontal inequality, which measures income inequality between ethnic or other groups, and collective labor rights.

Negative horizontal inequality measures the amount of a country’s income held by the poorest ethnic group. Higher scores for this metric indicate that the lowest-earning ethnic group has less income relative to the rest of society. Black Americans have the lowest median income of any racial or ethnic group, according to the U.S. Census Bureau.

Positive horizontal inequality measures the income earned by the richest ethnic group. When positive horizontal inequality rises, that means the richest ethnic group has more income relative to the rest of society. According to the same Census Bureau report, Asian Americans had the highest median earnings.

We found that stronger collective labor rights, both in law and in practice around the world, also reduce both types of horizontal inequality. This means they raise the floor by helping to improve the income of the poorest ethnic groups in society. They also close the gap by limiting the incomes of the richest ethnic group, which can reduce the likelihood of conflicts.

That is, our findings suggest that when workers are free to advocate for higher wages and better benefits for themselves, it also benefits society as a whole.

Stephen Bagwell is a researcher with the Human Rights Measurement Initiative, a charitable trust registered in New Zealand

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

– ref. Strengthening collective labor rights can help reduce economic inequality – https://theconversation.com/strengthening-collective-labor-rights-can-help-reduce-economic-inequality-254258

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Yosemite embodies the long war over US national park privatization

Source: The Conversation – USA (2) – By Michael Childers, Associate Professor of History, Colorado State University

The Ahwahnee is a privately run hotel inside Yosemite National Park. George Rose/Getty Images

The Trump administration’s cuts to the National Park Service’s budget and staffing have raised concerns among park advocates and the public that the administration is aiming to further privatize the national parks.

The nation has a long history of similar efforts, including a wildly unpopular 1980 attempt by Reagan administration Interior Secretary James Watt to promote development and expand private concessions in the parks. But debate over using public national park land for private profit dates back more than a century before that.

As I explain in my forthcoming book, no park has played a more central role in that debate than Yosemite, in California.

Early concerns

In early 1864, Central American Steamship Transit Company representative Israel Ward Raymond wrote a letter to John Conness, a U.S. senator from California, urging the government to move swiftly to preserve the Yosemite Valley and the Mariposa Grove of giant sequoia trees to prevent them from falling into private hands. Five months later, President Abraham Lincoln signed the Yosemite Grant Act, ceding the valley and the grove to the state of California, “upon the express conditions that the premises shall be held for public use, resort, and recreation.” This was years before Yellowstone became the first federal land designated a national park in 1872.

For centuries, the natural beauty of the Yosemite Valley has impressed visitors.
Sepia Times/Universal Images Group via Getty Images

Controversy arose quickly at Yosemite. Two men – James Lamon and James Hutchings – had claimed land in the valley before the federal government gave it to California. Both began commercial operations, Lamon growing cash crops and Hutchings operating a hotel.

California said their businesses threatened the state’s ability to develop roads and trails in Yosemite by competing for tourist dollars. A legal battle ensued and was not resolved until an 1872 U.S. Supreme Court ruling found that the men’s land claims had not been fully validated according to the procedures of the time. The California legislature paid both men compensation for their land, and both left the park.

In 1890, neighboring parts of the Yosemite area became America’s third national park – and in 1906, the federal government again took possession of the Yosemite Valley itself and the Mariposa Grove, specifically to incorporate them into an expansion of the national park.

Development rights

Yet, as my research has found, the role of private interests in the park remained unsolved. Private companies under contract to the National Park Service have long provided needed amenities such as lodging and food within the national parks. But questions over what is acceptable in national parks in the pursuit of profit have shaped Yosemite’s history for generations.

In 1925, I found, the question centered on the right to build the first gas station inside the park, in Yosemite Valley. Two private businesses, the Curry Camping Company and the Yosemite National Park Company, had long competed for tourist dollars within the park. Each wanted to build a gas station to boost profits.

Frustrated over the need to decide, National Park Service Director Horace Albright ordered the rival firms to simplify management of the park’s concessions. The companies merged, and the newly formed Yosemite Park and Curry Company was granted the exclusive rights to run lodges, restaurants and other facilities within the park, including the new gas station.

But as I found in my research, the park service and the concessions company did not always see eye to eye on the purpose of the park. The conflict between profit and preservation is perhaps most clearly illustrated by the construction of a ski area within the park in the early 1930s. The park service initially opposed the development of Badger Pass Ski Area as not conducive to the national park ideal, but the Yosemite Park and Curry Company insisted it was key to boosting winter use of the park.

In 1973, the Music Corporation of America, an entertainment conglomerate, bought the Yosemite Park and Curry Company. The company already had a tourist attraction operating near Hollywood, where visitors could pay to tour movie sets, but had not yet changed its name to Universal Studios or launched major theme parks in Florida and California. Its purchase of the park’s concessions set off a firestorm of controversy over fears of turning Yosemite into a theme park.

That didn’t happen, but annual park visitor numbers climbed from 2.5 million to 3.8 million over the 20 years MCA ran the concessions, which sparked concerns about development and overcrowding in the park. Conservationists argued the park service had allowed the corporate giant to promote and develop the park in ways that threatened the very aspects of the park most people came to enjoy.

With three restaurants, two service stations with a total of 15 gas pumps, two cafeterias, two grocery stores, seven souvenir shops, a delicatessen, a bank, a skating rink, three swimming pools, a golf course, two tennis courts, kennels, a barbershop, a beauty shop, Badger Pass Ski Area and three lodges, the Yosemite Valley was a busy commercial district. Critics argued that such development contradicted the park service’s mandate to leave national parks unimpaired for the enjoyment of future generations.

Crowds gather at some of Yosemite’s most popular sites, such as the California Tunnel Tree.
David McNew/AFP via Getty Images

Who owns the names?

Falling profits and consolidation within the music industry led MCA to sell its concessions rights in Yosemite in 1993. The Delaware North Companies, a global hospitality corporation, took over and ran the park’s concessions until 2016, when it sold the rights to Aramark.

But in that sale, the question of public resources and private profits arose again. Delaware North demanded $51 million in compensation for Aramark continuing to use the names of several historic properties within the park, such as the Ahwahnee, a hotel, and Curry Village, another group of visitor accommodations. The company claimed those names were a part of its assets under its contract with the park service.

The park service rejected the claim, saying the names, which dated back more than a century, belonged to the American people. But to avoid legal problems during the transition, the agency temporarily renamed several sites, including calling the Ahwahnee the Majestic Yosemite Hotel and changing Curry Village to Half Dome Village. Public outrage erupted, denouncing the claim by Delaware North as commercial overreach that threatened to distort Yosemite’s heritage. In 2019, the park service and Aramark agreed to pay Delaware North a total of $12 million to settle the dispute, and the original names were restored.

Protesters unfurl an upside-down U.S. flag from the top of El Capitan in Yosemite National Park in February 2025, protesting Trump administration changes to the National Park Service.

Renewed interest in commercial efforts

In June 2025, Yosemite again took center stage in the dispute over the role of federal funding versus private interests at the start of the second Trump administration when a group of climbers unfurled an American flag upside down off El Capitan in protest of the administration’s cuts in personnel and slashing of the park service’s budget.

Conservationists, including former National Park Service Director Jonathan Jarvis, argued that by defunding the park service and laying off as much as a quarter of its workforce, the Trump administration was “laying the groundwork to privatize” the national parks by allowing corporate interests more access to public lands. Those concerns echo ones raised during the first Trump administration, when the White House argued privatization would better serve the American public by improving visitor experiences and saving federal dollars.

Whichever side prevails in the short term, the debate over the role of private interests within national parks like Yosemite will undoubtedly continue.

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

– ref. Yosemite embodies the long war over US national park privatization – https://theconversation.com/yosemite-embodies-the-long-war-over-us-national-park-privatization-261133

MIL OSI –

August 5, 2025
MIL-OSI United Kingdom: Wolves at Work helps local residents grab starring roles at new city centre cinema

Source: City of Wolverhampton

Independent commercial operator, PDJ, opened the doors to the state of the art 4 screen venue inside the iconic Chubb Building earlier this month.

It will ultimately employ a local workforce of 3 permanent and 20 part time staff – with 9 of the vacancies now filled by recruits from council led employment service, Wolves at Work.

Roles include front of house service to ensuring the safety of customers watching films to offer the best experience possible.

Working with city partners, Wolves at Work offers one to one support for residents living in Wolverhampton who are looking for work or to progress in their careers and is a free service available for people of any age to access.

Residents are offered their own dedicated Work Coach who provides support with CVs, help to complete job applications and interview practice, advice on training courses and in work benefits and access to hundreds of local jobs through links with employers.

Deon Marcel Millen from Bradmore in Wolverhampton, a Lockworks Cinema employee supported by Wolves at Work, said: “Wolves at Work were very, very helpful. I contacted them in April/May because I needed help finding a job and I got signed in which was nice and easy. A lady called Michelle helped me with my CV and within 3 weeks to a month I was able to get this job.

“It’s really good here and the team and staff are great. It’s a well balanced job for me and I’m enjoying helping people.”

Councillor Chris Burden, City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, said: “Supporting our residents into jobs, skills and training is one of the key priorities for the city and Wolves at Work is producing positive employment outcomes for our residents.

“PDJ has delivered an exciting new city centre cinema and by connecting with Wolves at Work it has ensured the new jobs available are going to local people.

“The cinema, alongside other popular venues like the art gallery, Grand Theatre and University of Wolverhampton at The Halls, will also drive footfall to support neighbouring local businesses and help them grow – creating further job opportunities.”

James Jervis, Director at PDJ Management, said: “We have been delighted to work with Wolves at Work. They have provided a brilliant service and the staff we have taken on have impressed from day one with an excellent attitude, big smiles and ensuring the Lockworks Cinema has best in class customer service.

“The connection to the local area from our employees is a key part of what makes us a true independent cinema for the city.”

To register for employment support visit the Wolves at Work office at i10, Railway Drive, Wolverhampton, WV1 1LH (Monday to Friday, 9am to 5pm), calling 01902 554400 or emailing wolvesatwork@wolverhampton.gov.uk.

Local employers looking for support to fill roles can call on Wolves at Work’s team of dedicated Recruitment Managers. They can help by finding the right candidates for vacant roles and offer a range of support, from mapping potential candidates against your criteria through to arranging interviews. They also offer ongoing support to ensure that candidates stay in employment – from assisting with initial travel costs to providing advice on childcare and finances.

Employers can advertise their vacances for free on Wolves Workbox, an online skills and employment website dedicated to the City of Wolverhampton. Anyone interested in doing this should visit Wolves Workbox or email recruitment@wolverhampton.gov.uk.

Check out the Lockworks Cinema website to buy tickets for the latest Hollywood blockbusters.

MIL OSI United Kingdom –

August 5, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Secures Major Settlement with Brown University
Source: US Whitehouse
SECURING HISTORIC SETTLEMENT WITH BROWN UNIVERSITY: Today, President Donald J. Trump secured a historic settlement with Brown University to restore fairness, merit, and safety in higher education.
- The agreement ensures Brown will not engage in unlawful racial discrimination in admissions or university programming. Brown will provide access to all relevant data and information to rigorously assess compliance with its commitment to merit-based admissions.
- Brown will pay $50 million over ten years to state workforce development organizations that comply with anti-discrimination laws, supporting regional economic growth and career opportunities.
- Brown will adopt the definitions of “male” and “female” from President Trump’s Executive Order 14168, “Defending Women from Gender Ideology Extremism” for women’s sports, programing, facilities, and housing.
- Brown will not perform gender reassignment surgeries on minors or prescribe them puberty blockers or cross-sex hormones.
- Brown will take steps to improve the campus climate for Jewish students and combat anti-Semitism.
- The agreement reinstates all HHS grants, restores Brown’s eligibility for future grants and awards, and closes pending investigations into the university.
- The agreement establishes a three-year monitoring period to ensure compliance with the agreement and federal laws.
ADDRESSING DISCRIMINATORY PRACTICES AT BROWN: The Trump Administration took action to address concerns about violations of federal civil rights laws, protecting students and upholding fairness in higher education.
- The settlement comes after public outcry over incidents and civil rights investigations into Brown’s alleged discrimination on the basis of race and national origin.
- Brown’s failure to address anti-Semitism and ensure fair treatment for all students raised urgent concerns about student safety and equal opportunities.
- Brown’s diversity, equity, and inclusion (DEI) programs promoted unlawful race-based outcomes, violating anti-discrimination laws.
- By securing this settlement, the Trump Administration is ensuring that Brown upholds merit-based standards, complies with federal law, and fosters an environment of academic excellence and safety for all students.
ADVANCING REFORMS IN HIGHER EDUCATION: President Trump is holding elite universities accountable, ensuring they prioritize fairness, merit, and American values.
- The Administration has challenged elite universities like Harvard, Columbia, and Brown for discriminating against students and staff, failing to protect students from violent anti-Semitism, and otherwise failing to be a responsible steward of taxpayer dollars.
- President Trump signed a Proclamation to safeguard national security by suspending the entry of foreign nationals seeking to study or participate in exchange programs at Harvard University.
- The Administration successfully negotiated a resolution with the University of Pennsylvania to keep men out of women’s sports and restore the trophies and records of women.
- President Trump secured a more than $200 million settlement with Columbia University to resolve claims related to discriminatory practices, marking a significant win for accountability in academia.
MIL OSI USA News –
August 5, 2025
MIL-OSI: Top Mortgage Recruiter Tina Jablonski Joins Rate as SVP, Market Growth

Source: GlobeNewswire (MIL-OSI)

CHICAGO, July 31, 2025 (GLOBE NEWSWIRE) — Rate, a leading fintech company, today announced that seasoned mortgage recruiter Tina Jablonski has joined the company as Senior Vice President, Market Growth. Jablonski will focus on expanding Rate’s reach by recruiting high-performing loan officers across the company’s Midwest presence.

Jablonski brings more than 30 years of mortgage industry experience to the role. She most recently led national growth initiatives for NewRez’s distributed retail division, where she helped scale teams in competitive markets nationwide. Throughout her career, Jablonski has built a reputation for cultivating lasting relationships and identifying top talent that drives performance.

“I made the move to join a dynamic organization that’s truly committed to growth, opportunity, and a people-first culture,” said Jablonski. “I couldn’t imagine a better scenario, doing what I love while being surrounded by longstanding industry friends. These relationships have been foundational to my career and in many ways, the industry itself.”

“We could not be prouder to welcome Tina to Rate,” said Jim Eboli, EVP, Divisional Manager. “Her leadership will take us to the next level in several of our ‘must-win’ markets. She brings an amazing skill set for cultivation.”

This appointment comes at a time when Rate is accelerating its investment in talent and growth across priority markets nationwide.

About Rate
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington, D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans, refinances, and home equity loans. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Recent honors and awards include: a Best Mortgage Lender of 2025 by Fortune; Best Mortgage Lender of 2025 for First-Time Homebuyers by Forbes; a Best Mortgage Lender of 2025 for FHA Loans, Home Equity Loans, and Lower Credit Scores by NerdWallet; Best Mortgage Lender of 2025 for Digital Experience and Down Payment Assistance by Motley Fool; Chicago Agent Magazine’s Lender of the Year for seven consecutive years. Visit rate.com for more information.

Media Contact
press@rate.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5eb258e2-5fb2-406c-a4bf-0584b76ae080

The MIL Network –

August 5, 2025
MIL-OSI: Kody Miller Returns to Rate from CrossCountry Mortgage, Bringing Elite Tech and Client Focus as VP of Mortgage Lending

Source: GlobeNewswire (MIL-OSI)

DENVER, July 31, 2025 (GLOBE NEWSWIRE) — Rate, a leading fintech company, today announced that Colorado-based loan officer Kody Miller has rejoined the company. Miller, who has served homebuyers in the Denver area and beyond for more than a decade, brings a deep commitment to client service, strong community ties, and a proven record of leadership in the local business community.

A Colorado native, Miller previously held board leadership positions with the Colorado Springs Executives Association and The Pikes Peak Club. His team now serves clients nationwide, though he continues to be a trusted resource for families across Colorado.

“I made the move back to Rate after exploring other opportunities because of its unmatched technology, elevated professionalism, and commitment to excellence,” said Miller. “Simply put, Rate operates at a higher level, and it’s where I know I can best serve the market, given my own skills and talents. I’m proud to be back with a company that sets the standard in every area and at every touch point, serving customers with the best tools and people in the industry.”

“We’re excited to welcome Kody back to Rate,” said Shant Banosian, President of Rate. “He’s been a trusted resource for borrowers in the Denver area for years, and his deep community involvement reflects the values we prioritize as a company. We’re proud to have him on the team again.”

Miller’s return comes as Rate continues to build momentum by investing in technology, service, and local leadership to grow its reach and impact in top markets across the country.

About Rate
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington, D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans, refinances, and home equity loans. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Recent honors and awards include: a Best Mortgage Lender of 2025 by Fortune; Best Mortgage Lender of 2025 for First-Time Homebuyers by Forbes; a Best Mortgage Lender of 2025 for FHA Loans, Home Equity Loans, and Lower Credit Scores by NerdWallet; Best Mortgage Lender of 2025 for Digital Experience and Down Payment Assistance by Motley Fool; Chicago Agent Magazine’s Lender of the Year for seven consecutive years. Visit rate.com for more information.

Media Contact
press@rate.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a46d50a3-ec99-4408-91ef-4c83840f0f81

The MIL Network –

August 5, 2025

MIL-OSI: Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

TEANECK, N.J., July 31, 2025 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended June 30, 2025 of $224,000, or $0.02 per basic and diluted share, compared to a net loss of $432,000, or $0.03 per basic and diluted share, for the comparable prior year period. The Company reported net income for the six months ended June 30, 2025 of $955,000, or $0.08 per basic and diluted share, compared to a net loss of $873,000, or $0.07 per basic and diluted share, for the comparable prior year period. Income for the six months ended June 30, 2025 included a one-time death benefit from the Company’s bank-owned life insurance policy related to a former employee of approximately $543,000.

Other Financial Highlights:

Total assets decreased $49.7 million, or 5.1%, to $921.8 million at June 30, 2025 from $971.5 million at December 31, 2024, due largely to a decrease in cash and cash equivalents and loans.

Cash and cash equivalents decreased $31.9 million, or 61.1%, to $20.3 million at June 30, 2025 from $52.2 million at December 31, 2024 due as excess funds were used to pay down borrowings.

Securities increased $4.3 million, or 3.1%, to $144.6 million at June 30, 2025 from $140.3 million at December 31, 2024.

Net loans decreased $18.5 million, or 2.6%, to $693.2 million at June 30, 2025 from $711.7 million at December 31, 2024, primarily due to decreases in residential mortgages and construction loans.

Total deposits at June 30, 2025 were $628.2 million, decreasing $14.0 million, or 2.2%, compared to $642.2 million at December 31, 2024, due to a $11.5 million decrease in certificates of deposit, a $2.8 million decrease in NOW accounts, a $2.3 million decrease in money market accounts and a $2.0 million decrease in noninterest bearing checking accounts. The decreases were offset by a $4.6 million increase in savings accounts. The average rate on deposits decreased 16 basis points to 3.75% for the first half of 2025 from 3.91% for the first half of 2024 due to lower interest rates and a lesser percentage of deposits consisting of higher-costing certificates of deposit.

Federal Home Loan Bank advances decreased $36.2 million, or 21.0% to $135.9 million at June 30, 2025 from $172.2 million as of December 31, 2024. The decrease in borrowings was largely attributable to advances that matured during the six months ended June 30, 2025.

Kevin Pace, President and Chief Executive Officer, said, “The first half of 2025 has fallen in line with our projections. While loan demand has remained steady, we expect an uptick later this year and into early 2026. We remain dedicated to continued growth in our commercial portfolio while ensuring we limit risk to certain markets and property types. Growth in consumer and commercial deposits is another key initiative as we look to reduce cost of funds.”

“We were able to complete our 5^th stock buyback recently. Since the IPO, we have reduced our outstanding shares by 1,653,571 and improved our tangible book value per minority share from $22.04 to $29.10. We continue to focus efforts on improving shareholder value.”

Income Statement Analysis

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

Net income increased $657,000, or 151.9%, to $224,000 for the three months ended June 30, 2025 from a net loss of $432,000 for the three months ended June 30, 2024. This increase was primarily due to an increase of $951,000 in net interest income, partially offset by a decrease of $229,000 in income tax benefit.

Interest income increased $31,000, or 0.3%, to $10.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Interest income on cash and cash equivalents decreased $21,000, or 16.4%, to $106,000 for the three months ended June 30, 2025 from $127,000 for the three months ended June 30, 2024 due to a 164 basis point decrease in the average yield from 5.90% for the three months ended June 30, 2024 to 4.26% for the three months ended June 30, 2025 due to the lower interest rate environment. This was offset by a $1.3 million increase in the average balance to $9.9 million for the three months ended June 30, 2025 from $8.6 million for the three months ended June 30, 2024, reflecting loan and securities repayments, which were offset by a reduction of borrowings.

Interest income on loans decreased $7,000, or 0.1%, as a seven basis point increase in the yield was offset by a $12.3 million decrease in the average balance of loans.

Interest income on securities increased $86,000, or 4.6%, due to a 151 basis point increase in the average yield offset by a $44.4 million decrease in the average balance. The changes in the yield and average balance reflect that, in the fourth quarter of 2024, the Company sold approximately $66.0 million in amortized cost ($57.1 million in market value) of securities with a weighted average yield of 1.89% and reinvested $32.7 million of these proceeds into securities with a weighted average yield of 5.60%.

Interest expense decreased $920,000, or 11.9%, from $7.7 million for the three months ended June 30, 2024 to $6.8 million for the three months ended June 30, 2025 due to lower average balances and costs on deposits and lower balances on borrowings. During the three months ended June 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $186,000. At June 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value.

Interest expense on interest-bearing deposits decreased $730,000, or 11.7%, to $5.5 million for the three months ended June 30, 2025 from $6.3 million for the three months ended June 30, 2024. The decrease was due to a 32 basis point decrease in the average cost of deposits to 3.67% for the three months ended June 30, 2025 from 3.99% for the three months ended June 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $35.4 million to $482.5 million for the three months ended June 30, 2025 from $517.9 million for the three months ended June 30, 2024 while the average balance of NOW/money market accounts and savings accounts increased $5.6 million and $4.7 million for the three months ended June 30, 2025, respectively, compared to the three months ended June 30, 2024.

Interest expense on Federal Home Loan Bank advances decreased $190,000, or 12.9%, from $1.5 million for the three months ended June 30, 2024 to $1.3 million for the three months ended June 30, 2025. The decrease was primarily due to a decrease in the average balance of $40.0 million to $130.3 million for the three months ended June 30, 2025 from $170.3 million for the three months ended June 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 47 basis points to 3.96% for the three months ended June 30, 2025 from 3.49% for the three months ended June 30, 2024 due to the new borrowings being shorter durations at higher rates.

Net interest income increased $951,000, or 34.7%, to $3.7 million for the three months ended June 30, 2025 from $2.7 million for the three months ended June 30, 2024. The increase reflected a 48 basis point increase in our net interest rate spread to 1.20% for the three months ended June 30, 2025 from 0.72% for the three months ended June 30, 2024. Our net interest margin increased 53 basis points to 1.74% for the three months ended June 30, 2025 from 1.21% for the three months ended June 30, 2024.

We did not record a provision for credit losses for the three months ended June 30, 2025 compared to a $35,000 provision for credit losses for the three-month period ended June 30, 2024.

Non-interest income increased $29,000, or 9.4%, to $332,000 for the three months ended June 30, 2025 from $303,000 for the three months ended June 30, 2024. Bank-owned life insurance income increased $13,000, or 6.0%, due to higher balances during 2025, which was augmented by an increase in the gain on sale of loans of $9,000 and an increase in fee and service charge income of $11,000.

For the three months ended June 30, 2025, non-interest expense increased $129,000, or 3.5%, over the comparable 2024 period. Professional fees increased $112,000, or 43.2%, due to an increase in audit and consulting fees. Occupancy and equipment costs increased $274,000, or 74.6%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These were offset by a $83,000, or 3.9%, reduction in salaries and employee benefits, which decreased due to lower headcount, a $99,000, or 86.1%, decrease in advertising expenses and a $78,000, or 29.4%, decrease in other non-interest expense.

Income tax expense increased $229,000, or 151.9%, to a benefit of $53,000 for the three months ended June 30, 2025 from a $281,000 benefit for the three months ended June 30, 2024. The decrease was due to an increase of $886,000 in net income.

Comparison of Operating Results for the Six Months Ended June 30, 2025 and June 30, 2024

Net income increased by $1.8 million, or 209.4%, to a net income of $955,000 for the six months ended June 30, 2025 from a net loss of $873,000 for the six months ended June 30, 2024. This increase was primarily due to an increase of $1.9 million in net interest income, partially offset by an increase of $488,000 in income tax expense. Income for the six months ended June 30, 2025 included a one-time death benefit of approximately $543,000 from the Company’s bank-owned life insurance policy related to a former employee.

Interest income increased $893,000, or 4.4%, from $20.5 million for the six months ended June 30, 2024 to $21.4 million for the six months ended June 30, 2025 due to higher yields on interest-earning assets and a decrease in the average balance of interest-earning assets.

Interest income on cash and cash equivalents increased $95,000, or 34.4%, to $371,000 for the six months ended June 30, 2025 from $276,000 for the six months ended June 30, 2024 due to a $4.8 million increase in the average balance to $13.3 million for the six months ended June 30, 2025 from $8.5 million for the six months ended June 30, 2024. This was partially offset by 92 basis point decrease in the average yield from 6.50% for the six months ended June 30, 2024 to 5.58% for the six months ended June 30, 2025.

Interest income on loans increased $387,000, or 2.3%, to $16.9 million for the six months ended June 30, 2025 compared to $16.5 million for the six months ended June 30, 2024 due primarily to a 18 basis point increase in the average yield from 4.64% for the six months ended June 30, 2024 to 4.82% for the six months ended June 30, 2025, offset by a $10.3 million decrease in the average balance to $701.4 million for the six months ended June 30, 2025 from $711.7 million for the six months ended June 30, 2024.

Interest income on securities increased $390,000, or 11.5%, to $3.8 million for the six months ended June 30, 2025 from $3.4 million for the six months ended June 30, 2024 primarily due to a 143 basis point increase in the average yield from 3.85% for the six months ended June 30, 2024 to 5.28% for the six months ended June 30, 2025, which was offset by a $32.9 million decrease in the average balance to $143.2 million for the six months ended June 30, 2025 from $176.1 million for the six months ended June 30, 2024. The decrease in the average balance and the increase in the yield was as a result of the balance sheet restructuring undertaken in the fourth quarter of 2024, where certain lower-yielding securities were sold, a portion of the proceeds were reinvested into higher-yielding securities and all remaining held to maturity securities were reclassified as available for sale.

Interest expense decreased $1.0 million, or 6.6%, from $15.1 million for the six months ended June 30, 2024 to $14.1 million for the six months ended June 30, 2025 due to lower average balances on certificates of deposit and borrowings and a lower rate paid on certificates of deposit. During the six months ended June 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $363,000. At June 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value.

Interest expense on interest-bearing deposits decreased $938,000, or 7.7%, to $11.3 million for the six months ended June 30, 2025 from $12.2 million for the six months ended June 30, 2024. The decrease was due to a 16 basis point decrease in the average cost of deposits to 3.75% for the six months ended June 30, 2025 from 3.91% for the six months ended June 30, 2024. The decrease in the average cost was driven by a 21 basis point decrease in the average cost of certificates of deposit to 4.13% for the six months ended June 30, 2025 from 4.34% for the six months ended June 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $33.8 million to $483.4 million for the six months ended June 30, 2025 from $517.2 million for the six months ended June 30, 2024 while average NOW/money market accounts and savings accounts increased $7.7 million and $3.6 million for the six months ended June 30, 2025, respectively, compared to the six months ended June 30, 2024.

Interest expense on Federal Home Loan Bank advances decreased $62,000, or 2.1%. The decrease was primarily due to a decrease in the average balance of $16.2 million to $144.1 million for the six months ended June 30, 2025 from $160.3 million for the six months ended June 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 33 basis points to 3.99% for the six months ended June 30, 2025 from 3.66% for the six months ended June 30, 2024 due to the new borrowings being for shorter durations at higher rates.

Net interest income increased $1.9 million, or 35.1%, to $7.3 million for the six months ended June 30, 2025 from $5.4 million for the six months ended June 30, 2024. The increase reflected a 47 basis point increase in our net interest rate spread to 1.15% for the six months ended June 30, 2025 from 0.68% for the six months ended June 30, 2024. Our net interest margin increased 50 basis points to 1.70% for the six months ended June 30, 2025 from 1.20% for the six months ended June 30, 2024.

We recorded a $80,000 recovery of credit losses for the six months ended June 30, 2025 compared to a $70,000 provision for credit losses for the six-month period ended June 30, 2024. The decrease in the allowance for credit losses was due to the decrease in loans and held-to-maturity securities.

Non-interest income increased $619,000, or 102.7%, to $1.2 million for the six months ended June 30, 2025 from $602,000 for the six months ended June 30, 2024. Bank-owned life insurance income increased $564,000, or 132.0%, due to a death benefit related to a former employee and higher balances during 2025. In addition to the death benefit, gains on sale of loans also increased by $38,000 when compared to the comparable period in 2024.

For the six months ended June 30, 2025, non-interest expense increased $345,000, or 4.7%, over the comparable 2024 period. Professional fees increased $114,000, or 25.0%, due to higher audit and consulting expense. Occupancy and equipment costs increased $574,000, or 77.8%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These were offset by a $162,000, or 3.8%, reduction in salaries and employee benefit, which decreased due to lower headcount, advertising expense, which decreased by $104,000, or 46.0%, and other non-interest expense, which decreased $102,000, or 20.0%.

Income tax expense increased $488,000, or 85.8%, to a benefit of $81,000 for the six months ended June 30, 2025 from a $568,000 benefit for the six months ended June 30, 2024. The decrease was due to an increase of $2.3 million in income.

Balance Sheet Analysis

Total assets were $921.8 million at June 30, 2025, representing a decrease of $49.7 million, or 5.1%, from December 31, 2024. Cash and cash equivalents decreased $31.9 million during the period primarily due to the paydown of borrowings. Net loans decreased $18.5 million, or 2.6%, due to $32.0 million in repayments, partially offset by new production of $15.5 million. This resulted in a $14.5 million decrease in the balance of residential loans and a $17.4 million decrease in construction loans, offset by a $7.3 million and $8.0 million of commercial real estate and multi-family loans, respectively. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale increased $4.3 million or 3.1%, due to new purchases of mortgage-backed securities.

Delinquent loans increased $6.1 million to $20.4 million, or 2.94% of total loans, at June 30, 2025, compared to $14.3 million at December 31, 2024. The increase was primarily due to one commercial real estate loan with a balance of $7.1 million, which is considered well-secured, accruing and in the process of collection. During the same timeframe, non-performing assets decreased from $14.0 million at December 31, 2024 to $13.9 million, which represented 1.50% of total assets at June 30, 2025. No loans were charged-off during the three or six months ended June 30, 2025 or June 30, 2024. The Company’s allowance for credit losses related to loans was 0.37% of total loans and 18.69% of non-performing loans at June 30, 2025 compared to 0.37% of total loans and 18.77% of non-performing loans at December 31, 2024. The Bank does not have any exposure to commercial real estate loans secured by office space. At June 30, 2025, the Company had no allowance for credit losses related to held-to-maturity securities, as the Company did not hold any held-to-maturity securities at June 30, 2025 or at December 31, 2024.

Total liabilities decreased $50.8 million, or 6.1%, to $783.4 million mainly due to a $13.9 million decrease in deposits and by a $36.2 million decrease in borrowings. Total deposits decreased $14.0 million, or 2.2%, to $628.2 million at June 30, 2025 from $642.2 million at December 31, 2024. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $11.5 million to $481.8 million from $493.3 million at December 31, 2024, a decrease in NOW deposit accounts, which decreased by $2.8 million to $52.6 million from $55.4 million at December 31, 2024, a decrease in money market deposit accounts, which decreased by $2.3 million to $11.7 million from $14.0 million at December 31, 2024, and by a decrease in noninterest bearing demand accounts, which decreased by $2.0 million from $32.7 million at December 31, 2024 to $30.7 million at June 30, 2025. At June 30, 2025, brokered deposits were $108.0 million or 17.2% of deposits and municipal deposits were $25.4 million or 4.1% of deposits. At June 30, 2025, uninsured deposits represented 9.1% of the Bank’s total deposits. Federal Home Loan Bank advances decreased $36.2 million, or 21.0%, due to paydown of existing borrowings. Short-term borrowings increased $10.5 million, or 35.6%, to $40.0 million at June 30, 2025 from $29.5 million at December 31, 2024, while long-term borrowings decreased $46.7 million, or 32.8%, to $95.9 million at June 30, 2025 from $142.7 million at December 31, 2024. Total borrowing capacity at the Federal Home Loan Bank is $241.3 million of which $139.0 million has been advanced.

Total stockholders’ equity increased $1.2 million to $138.4 million, primarily due to net income of $955,000. At June 30, 2025, the Company’s ratio of average stockholders’ equity-to-total assets was 14.96%, compared to 13.99% at December 31, 2024.

About Bogota Financial Corp.

Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

Forward-Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

	As of			As of
	June 30, 2025			December 31, 2024
Assets
Cash and due from banks	$	9,471,838		$	18,020,527
Interest-bearing deposits in other banks		10,861,717			34,211,681
Cash and cash equivalents		20,333,555			52,232,208
Securities available for sale, at fair value		144,602,468			140,307,447
Loans, net of allowance for credit losses of $2,590,950 and $2,620,949, respectively		693,211,303			711,716,236
Premises and equipment, net		4,561,786			4,727,302
Federal Home Loan Bank (FHLB) stock and other restricted securities		7,204,900			8,803,000
Accrued interest receivable		4,225,196			4,232,563
Core deposit intangibles		129,255			152,893
Bank-owned life insurance		31,329,401			31,859,604
Right of use asset		10,506,417			10,776,596
Other assets		5,730,379			6,682,035
Total Assets	$	921,834,660		$	971,489,884
Liabilities and Equity
Non-interest bearing deposits	$	30,696,810		$	32,681,963
Interest bearing deposits		597,532,976			609,506,079
Total deposits		628,229,786			642,188,042
FHLB advances-short term		40,000,000			29,500,000
FHLB advances-long term		95,944,439			142,673,182
Advance payments by borrowers for taxes and insurance		3,223,479			2,809,205
Lease liabilities		10,579,107			10,780,363
Other liabilities		5,418,148			6,249,932
Total liabilities		783,394,959			834,200,724

Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at June 30, 2025 and December 31, 2024		—			—
Common stock $0.01 par value, 30,000,000 shares authorized, 13,008,389 issued and outstanding at June 30, 2025 and 13,059,175 at December 31, 2024		130,083			130,592
Additional paid-in capital		55,260,550			55,269,962
Retained earnings		90,961,990			90,006,648
Unearned ESOP shares (369,670 shares at June 30, 2025 and 382,933 shares at December 31, 2024)		(4,369,992	)		(4,520,594	)
Accumulated other comprehensive loss		(3,542,930	)		(3,597,448	)
Total stockholders’ equity		138,439,701			137,289,160
Total liabilities and stockholders’ equity	$	921,834,660		$	971,489,884

BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Interest income
Loans, including fees	$	8,291,923		$	8,299,404		$	16,895,052		$	16,506,796
Securities
Taxable		1,943,360			1,846,717			3,773,754			3,363,060
Tax-exempt		2,894			13,124			5,789			26,272
Other interest-earning assets		266,987			314,964			754,158			639,268
Total interest income		10,505,164			10,474,209			21,428,753			20,535,396
Interest expense
Deposits		5,524,138			6,253,895			11,286,462			12,223,776
FHLB advances		1,286,421			1,476,600			2,854,448			2,916,669
Total interest expense		6,810,559			7,730,495			14,140,910			15,140,445
Net interest income		3,694,605			2,743,714			7,287,843			5,394,951
(Recovery) provision for credit losses		—			35,000			(80,000	)		70,000
Net interest income after (recovery) provision for credit losses		3,694,605			2,708,714			7,367,843			5,324,951
Non-interest income
Fees and service charges		59,755			49,203			115,574			107,790
Gain on sale of loans		8,768			—			37,830			—
Bank-owned life insurance		228,392			215,056			990,623			427,015
Other		34,795			38,945			77,055			67,477
Total non-interest income		331,710			303,204			1,221,082			602,282
Non-interest expense
Salaries and employee benefits		2,059,942			2,143,388			4,140,141			4,301,953
Occupancy and equipment		640,444			366,908			1,311,913			738,025
FDIC insurance assessment		103,934			106,716			210,520			207,313
Data processing		305,034			318,520			620,731			622,125
Advertising		16,000			115,100			121,500			225,200
Director fees		170,812			151,549			330,256			307,249
Professional fees		372,364			260,112			571,094			456,897
Other		185,972			263,490			408,017			510,112
Total non-interest expense		3,854,502			3,725,783			7,714,172			7,368,874
Income (loss) before income taxes		171,813			(713,865	)		874,753			(1,441,641	)
Income tax benefit		(52,582	)		(281,386	)		(80,589	)		(568,182	)
Net income (loss)	$	224,395		$	(432,479	)	$	955,342		$	(873,459	)
Earnings (loss) per Share – basic	$	0.02		$	(0.03	)	$	0.08		$	(0.07	)
Earnings (loss) per Share – diluted	$	0.02		$	(0.03	)	$	0.08		$	(0.07	)
Weighted average shares outstanding – basic		12,635,990			12,803,925			12,642,744			12,828,428
Weighted average shares outstanding – diluted		12,641,179			12,803,925			12,644,701			12,828,428

BOGOTA FINANCIAL CORP. SELECTED RATIOS (unaudited)

	At or For the Three Months						At or for the Six Months
	Ended June 30,						Ended June 30,
	2025			2024			2025			2024
Performance Ratios ⁽¹⁾:
Return (loss) on average assets ⁽²⁾		0.02	%		(0.18	)%		0.10	%		(0.18	)%
Return (loss) on average equity ⁽³⁾		0.16	%		(1.32	)%		0.10	%		(1.32	)%
Interest rate spread ⁽⁴⁾		1.20	%		0.72	%		1.15	%		0.68	%
Net interest margin ⁽⁵⁾		1.74	%		1.21	%		1.70	%		1.20	%
Efficiency ratio ⁽⁶⁾		95.73	%		122.28	%		90.66	%		122.87	%
Average interest-earning assets to average interest-bearing liabilities		116.49	%		114.12	%		115.24	%		114.56	%
Net loans to deposits		110.34	%		109.02	%		110.34	%		109.02	%
Average equity to average assets ⁽⁷⁾		15.02	%		13.48	%		14.88	%		14.71	%
Capital Ratios:
Tier 1 capital to average assets								15.32	%		13.52	%
Asset Quality Ratios:
Allowance for credit losses as a percent of total loans								0.37	%		0.39	%
Allowance for credit losses as a percent of non-performing loans								18.69	%		21.20	%
Net charge-offs to average outstanding loans during the period								0.00	%		0.00	%
Non-performing loans as a percent of total loans								2.00	%		1.82	%
Non-performing assets as a percent of total assets								1.50	%		1.33	%

(1	)	Certain performance ratios for the three and six months ended June 30, 2025 and 2024 are annualized.
(2	)	Represents net income (loss) divided by average total assets.
(3	)	Represents net income (loss) divided by average stockholders’ equity.
(4	)	Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2025 and 2024.
(5	)	Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2025 and 2024.
(6	)	Represents non-interest expenses divided by the sum of net interest income and non-interest income.
(7	)	Represents average stockholders’ equity divided by average total assets.

LOANS

Loans are summarized as follows at June 30, 2025 and December 31, 2024:

	June 30,			December 31,
	2025			2024
	(unaudited)
Real estate:
Residential First Mortgage	$	458,212,962		$	472,747,542
Commercial Real Estate		125,349,129			118,008,866
Multi-Family Real Estate		82,118,178			74,152,418
Construction		25,766,387			43,183,657
Commercial and Industrial		4,282,269			6,163,747
Consumer		73,328			80,955
Total loans		695,802,253			714,337,185
Allowance for credit losses		(2,590,950	)		(2,620,949	)
Net loans	$	693,211,303		$	711,716,236

The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:

	At June 30,								At December 31,
	2025								2024
	Amount		Percent			Average Rate			Amount		Percent			Average Rate

	(unaudited)
Noninterest bearing demand accounts	$	30,696,810		4.89	%		—	%	$	32,681,963		5.09	%		—	%
NOW accounts		52,611,377		8.37	%		2.64			55,378,051		8.62	%		2.53
Money market accounts		11,677,716		1.86	%		0.48			13,996,460		2.18	%		0.58
Savings accounts		51,419,664		8.18	%		2.02			46,851,793		7.30	%		1.90
Certificates of deposit		481,824,219		76.70	%		3.88			493,279,775		76.81	%		4.37
Total	$	628,229,786		100.00	%		3.37	%	$	642,188,042		100.00	%		3.42	%

Average Balance Sheets and Related Yields and Rates

The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

	Three Months Ended June 30,
	2025								2024
	Average Balance			Interest and Dividends		Yield/ Cost			Average Balance			Interest and Dividends		Yield/ Cost
	(Dollars in thousands)
Assets:	(unaudited)
Cash and cash equivalents	$	9,976		$	106		4.26	%	$	8,644		$	127		5.90	%
Loans		697,792			8,292		4.77	%		710,058			8,299		4.70	%
Securities		141,141			1,946		5.52	%		185,497			1,860		4.01	%
Other interest-earning assets		7,085			161		9.09	%		8,689			188		8.66	%
Total interest-earning assets		855,994			10,505		4.92	%		912,888			10,474		4.61	%

Non-interest-earning assets		65,094								58,933
Total assets	$	921,088							$	971,821
Liabilities and equity:
NOW and money market accounts	$	73,261		$	447		2.44	%	$	67,687		$	329		1.96	%
Savings accounts		48,751			249		2.05	%		44,093			205		1.87	%
Certificates of deposit ⁽¹⁾		482,516			4,828		4.01	%		517,882			5,720		4.44	%
Total interest-bearing deposits		604,528			5,524		3.67	%		629,662			6,254		3.99	%

Federal Home Loan Bank advances ⁽¹⁾		130,277			1,286		3.96	%		170,295			1,476		3.49	%
Total interest-bearing liabilities		734,805			6,810		3.72	%		799,957			7,730		3.89	%
Non-interest-bearing deposits		32,076								39,162
Other non-interest-bearing liabilities		15,894								1,654
Total liabilities		782,775								840,773

Total equity		138,313								131,048
Total liabilities and equity	$	921,088							$	971,821
Net interest income				$	3,695							$	2,744
Interest rate spread ⁽²⁾							1.20	%							0.72	%
Net interest margin ⁽³⁾							1.74	%							1.21	%
Average interest-earning assets to average interest-bearing liabilities		116.49	%							114.12	%

1.	Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended June 30, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $186,000 and $461,000, respectively.
2.	Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
3.	Net interest margin represents net interest income divided by average total interest-earning assets.

	Six Months Ended June 30,
	2025								2024
	Average Balance			Interest and Dividends		Yield/ Cost			Average Balance			Interest and Dividends		Yield/ Cost
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	13,270		$	371		5.58	%	$	8,505		$	276		6.50	%
Loans		701,423			16,894		4.82	%		711,744			16,507		4.64	%
Securities		143,199			3,779		5.28	%		176,081			3,389		3.85	%
Other interest-earning assets		7,692			384		9.97	%		8,395			363		8.65	%
Total interest-earning assets		865,584			21,428		4.95	%		904,725			20,535		4.54	%
Non-interest-earning assets		61,323								59,313
Total assets	$	926,907							$	964,038
Liabilities and equity:
NOW and money market accounts	$	76,313		$	904		2.39	%	$	68,569		$	664		1.95	%
Savings accounts		47,299			475		2.02	%		43,720			403		1.85	%
Certificates of deposit ⁽¹⁾		483,380			9,907		4.13	%		517,189			11,157		4.34	%
Total interest-bearing deposits		606,992			11,286		3.75	%		629,478			12,224		3.91	%
Federal Home Loan Bank advances ⁽¹⁾		144,120			2,854		3.99	%		160,282			2,916		3.66	%
Total interest-bearing liabilities		751,112			14,140		3.80	%		789,760			15,140		3.86	%
Non-interest-bearing deposits		32,425								38,425
Other non-interest-bearing liabilities		5,420								2,763
Total liabilities		788,957								830,948
Total equity		137,950								133,090
Total liabilities and equity	$	926,907							$	964,038
Net interest income				$	7,288							$	5,395
Interest rate spread ⁽²⁾							1.15	%							0.68	%
Net interest margin ⁽³⁾							1.70	%							1.20	%
Average interest-earning assets to average interest-bearing liabilities		115.24	%							114.56	%

1.	Cash flow hedges are used to manage interest rate risk. During the six months ended June 30, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $363,000 and $749,000, respectively.

2.	Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

3.	Net interest margin represents net interest income divided by average total interest-earning assets

Rate/Volume Analysis

The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

	Three Months Ended June 30, 2025									Six Months Ended June 30, 2025
	Compared to									Compared to
	Three Months Ended June 30, 2024									Six Months Ended June 30, 2024
	Increase (Decrease) Due to									Increase (Decrease) Due to
	Volume			Rate			Net			Volume			Rate			Net
	(In thousands)
Interest income:	(unaudited)
Cash and cash equivalents	$	94		$	(114	)	$	(21	)	$	201		$	(106	)	$	95
Loans receivable		(534	)		526			(7	)		(592	)		979			387
Securities		(2,142	)		2,228			86			(1,554	)		1,944			390
Other interest earning assets		(80	)		53			(27	)		(71	)		92			21
Total interest-earning assets		(2,662	)		2,693			31			(2,017	)		2,910			893

Interest expense:
NOW and money market accounts		29			89			118			79			161			240
Savings accounts		23			21			44			34			38			72
Certificates of deposit		(368	)		(524	)		(892	)		(718	)		(532	)		(1,250	)
Federal Home Loan Bank advances		(1,138	)		948			(190	)		(591	)		529			(62	)
Total interest-bearing liabilities		(1,454	)		534			(920	)		(1,197	)		197			(1,000	)
Net (decrease) increase in net interest income	$	(1,208	)	$	2,159		$	951		$	(820	)	$	2,713		$	1,893

Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110

The MIL Network –

August 5, 2025

MIL-Evening Report: The company tax regime is a roadblock to business investment. Here’s what needs to change
Source: The Conversation (Au and NZ) – By Alex Robson, Deputy Chair, Productivity Commission, and Adjunct Professor, Queensland University of Technology

Erman Gunes/Shutterstock

Productivity growth is a key driver of improvements in living standards. But in Australia over the last decade, output per hour worked grew by less than a quarter of its 60-year average.

We urgently need to turn this around.

That’s why the government has asked the Productivity Commission – where I am deputy chair – to conduct five inquiries and identify priority reforms.

As a first step to boost productivity growth, we need business to expand and invest in the tools and technology that help us get the most out of our work.

Unfortunately, some of our most important policy settings are holding us back.

Business investment has slumped

Capital expenditure by all non-mining firms is down 3.2 percentage points as a share of the economy since the end of the global financial crisis in 2009.

And the ever-growing thicket of rules and regulations faced by business is a significant handbrake on growth.

The Productivity Commission’s first interim report, Creating a more dynamic and resilient economy, focuses on two big policy levers: tax and regulation.

Lower company tax rates are likely to attract more overseas firms to invest in Australia and help people start and grow businesses. They may strengthen the ability of smaller firms, which contribute the bulk of capital investment, to compete with larger ones.

Our draft recommendations include:
- Cutting the company tax rate to 20% from 25% or 30% for businesses with revenue under A$1 billion – the vast majority of companies
- Introducing a new 5% net cash-flow tax on all firms. This supports companies’ capital expenditure by allowing them to immediately deduct the full value of their investments.
The company tax rate would remain at 30% for firms earning over $1 billion. This would affect about 500 companies.

In line with other developed nations

The reduction in Australia’s headline company tax rate would move Australia from having one of the highest to one of the lowest rates for small and medium-sized firms among developed economies.

And if the net cashflow tax is effective, it could be expanded over time and fund broader reductions in company income tax.

Our modelling indicates these two changes would increase investment in the economy by $8 billion and boost Australia’s GDP by $14 billion, with no net cost to the budget over the medium term.

An abundance of red tape

The interim report also notes regulation can enhance productivity and protect against harms. But too much, or inappropriate, regulation can disproportionately inhibit economic dynamism and resilience.

Australia’s regulatory burden has grown. Businesses report spending more and more on regulatory compliance.

Regulators and policymakers have a broad mandate to further the public interest. But they can face incentives to be overly risk-averse and to downplay the burden that regulations place on businesses. They may pursue narrow goals at the expense of broader economy-wide goals.

There are many practical examples that illustrate the problem.

In the Australian Capital Territory, for example, the average time a house builder must wait for a planning decision is nearly six months. In New South Wales, it takes an average of nine years to get approval to build a wind farm.

This kind of unnecessary and costly over-regulation ultimately benefits nobody.

More scrutiny needed

Simply put: Australia’s regulatory culture needs to change. And cultural change starts at the top.

As a first step, the government needs to make a clear, whole-of-government public commitment to reducing regulatory burdens, and ensure new regulatory proposals face greater cabinet and parliamentary scrutiny.

Regulators need to look for ways to promote economic growth, while continuing to ensure Australians are protected against avoidable harms.

Ministers could issue statements of expectations to regulators and regulatory policymakers that clearly indicate how much risk they should tolerate in pursuit of business dynamism.

To improve the evaluation of cumulative regulatory burdens, the Productivity Commission should be tasked with a regular and systematic stream of reviews. These would focus on sectors or regulatory systems where complex and enduring thickets of regulation have emerged.

The draft recommendations on tax and regulation set out in the interim report are clear, actionable and ambitious reforms. They will support governments in delivering a meaningful and measurable boost to Australia’s lagging productivity.

Alex Robson is deputy chair of the Productivity Commission.

– ref. The company tax regime is a roadblock to business investment. Here’s what needs to change – https://theconversation.com/the-company-tax-regime-is-a-roadblock-to-business-investment-heres-what-needs-to-change-261652
MIL OSI Analysis – EveningReport.nz –
August 5, 2025

Estimated APR on outstanding auto loan	< 7.0%		7.0-7.99%		8.0-8.99%		9.0-9.99%		10.0-13.99%		14.0-19.99%		>=20.0%
Percent of consumers	7	%	15	%	16	%	10	%	17	%	20	%	15	%

Contact	Dave Blumberg
	TransUnion

E-mail	david.blumberg@transunion.com

Telephone	312-972-6646

Category: housing

Big Ideas Fund 2025-28

Small Grants Fund 2025-6 (Round 1)

Comment

A first for the continent

HIV testing: another critical frontline

Suppressing honest advice under Nero

Up in flames

Self-worship in the Trump era

The history of custom pricing

Why uniform pricing caught on

What personalized pricing means for shoppers

How you can outsmart AI pricing

Empowering workers

Reducing inequality

Gaps between individuals and ethnic groups

Early concerns

Development rights

Who owns the names?

Renewed interest in commercial efforts

Business investment has slumped

In line with other developed nations

An abundance of red tape

More scrutiny needed