Category: Pandemic

MIL-OSI: Expand Energy Corporation Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

OKLAHOMA CITY, April 29, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “Company”) today reported first quarter 2025 financial and operating results.

Net cash provided by operating activities of $1,096 million
Net loss of $249 million, or $1.06 per fully diluted share; adjusted net income⁽¹⁾of $487 million, or $2.02 per share
Adjusted EBITDAX⁽¹⁾of $1,395 million
Produced approximately 6.79 Bcfe/d net (92% natural gas)
Added to the S&P 500, effective March 24, 2025
Upgraded to Investment Grade credit rating by Moody’s (Baa3); achieved uniform Investment Grade rating from all rating agencies
Quarterly base dividend of $0.575 per common share to be paid in June 2025, 17th straight quarter of paying a dividend
On track to capture approximately $400 million in 2025 synergies, with the total target of $500 million in annual synergies expected to be achieved by year end 2026

(1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this news release.

“Overcoming market volatility requires a resilient financial foundation, a deep market-connected portfolio, and low cost, efficient operations, all hallmarks of our strategy,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “We continue to execute our business, utilizing our productive capacity to navigate today’s dynamic macro environment and be prepared to efficiently respond as market conditions change.”

Operations Update

Expand Energy operated an average of 11 rigs during the first quarter, drilling 46 wells and turning 89 wells in line, resulting in net production of approximately 6.79 Bcfe per day (92% natural gas). A detailed breakdown of first quarter production, capital expenditures and activity can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

2025 Annual Synergy, Capital and Operating Outlook

In 2025, Expand Energy expects to run approximately 12 rigs and invest approximately $2.7 billion yielding an estimated daily production of approximately 7.1 Bcfe/d. The Company intends to build incremental productive capacity for an additional $300 million by exiting 2025 with approximately 15 rigs. This incremental capital investment positions the Company to efficiently grow production from a year-end 2025 exit rate of approximately 7.2 Bcfe/d to average approximately 7.5 Bcfe/d in 2026 should market conditions warrant.

Expand Energy is on track to capture its 2025 expected annual synergy target of approximately $400 million. The Company expects to achieve the full $500 million in annual synergies by year end 2026.

A detailed breakdown of 2025 annual synergy, capital, and operating outlook can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

Shareholder Returns Update

Expand Energy enhanced its capital return framework in 2024 to more efficiently return cash to shareholders and reduce Net Debt. The Company plans to pay its quarterly base dividend of $0.575 per share on June 4, 2025 to shareholders of record at the close of business on May 15, 2025. The Company expects to allocate $500 million to Net Debt reduction in 2025, and at current market conditions, to have additional free cash flow available to allocate to the combination of variable dividends, share repurchases, and the balance sheet.

Conference Call Information

A conference call to discuss Expand Energy’s first quarter 2025 financial and operating results and 2025 outlook has been scheduled for 9 a.m. EDT on April 30, 2025. Participants can access the live webcast at https://edge.media-server.com/mmc/p/kn8j2wew/. Participants who would like to ask a question, can register at https://register-conf.media-server.com/register/BIb82422792483441f93f8794cbf385f7c, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.

Financial Statements, Non-GAAP Financial Measures and 2025 Guidance and Outlook Projections

This news release contains the non-GAAP financial measures described below in the section titled “Non-GAAP Financial Measures.” Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the Company’s 2025 first quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the Company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2025 can be found on the Company’s website at https://www.expandenergy.com/.

Expand Energy Corporation (NASDAQ: EXE) is the largest natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, our ability to capture synergies, the amount and timing of any cash dividends and our environmental, social, and governance (“ESG”) initiatives. Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange commission (“SEC”). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “aim”, “predict”, “should”, “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

Reduced demand for natural gas, oil, and natural gas liquids (“NGLs”);
negative public perceptions of our industry;
competition in the natural gas and oil exploration and production industry;
the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;
write-downs of our natural gas and oil asset carrying values due to low commodity prices;
significant capital expenditures are required to replace our reserves and conduct our business;
our ability to replace reserves and sustain production;
uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
drilling and operating risks and resulting liabilities;
our ability to generate profits or achieve targeted results in drilling and well operations;
leasehold terms expiring before production can be established;
risks from our commodity price risk management activities;
uncertainties, risks and costs associated with natural gas and oil operations;
our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
pipeline and gathering system capacity constraints and transportation interruptions;
risks related to our plans to participate in the global LNG value chain;
terrorist activities and/or cyber-attacks adversely impacting our operations;
risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
disruption of our business by natural or human causes beyond our control;
a deterioration in general economic, business or industry conditions;
the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;
our inability to access the capital markets on favorable terms;
the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
challenges with employee retention and increasingly competitive labor market
risks related to acquisitions or dispositions, or potential acquisitions or dispositions;
security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;
our ability to achieve and maintain ESG certifications, goals and commitments;
legislative, regulatory, and ESG initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
federal and state tax proposals affecting our industry;
risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of our merger with Southwestern Energy Company (the “Southwestern Merger”), as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and
other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC.

We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

($ in millions, except per share data)	March 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	349		$	317
Restricted cash		78			78
Accounts receivable, net		1,361			1,226
Derivative assets		—			84
Other current assets		325			292
Total current assets		2,113			1,997
Property and equipment:
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties		23,874			23,093
Unproved properties		5,774			5,897
Other property and equipment		678			654
Total property and equipment		30,326			29,644
Less: accumulated depreciation, depletion and amortization		(6,066	)		(5,362	)
Total property and equipment, net		24,260			24,282
Long-term derivative assets		2			1
Deferred income tax assets		626			589
Other long-term assets		933			1,025
Total assets	$	27,934		$	27,894

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	654		$	777
Current maturities of long-term debt, net		—			389
Accrued interest		68			100
Derivative liabilities		896			71
Other current liabilities		1,971			1,786
Total current liabilities		3,589			3,123
Long-term debt, net		5,243			5,291
Long-term derivative liabilities		129			68
Asset retirement obligations, net of current portion		506			499
Long-term contract liabilities		1,159			1,227
Other long-term liabilities		117			121
Total liabilities		10,743			10,329
Contingencies and commitments
Stockholders’ equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 237,476,127 and 231,769,886 shares issued		2			2
Additional paid-in capital		13,700			13,687
Retained earnings		3,489			3,876
Total stockholders’ equity		17,191			17,565
Total liabilities and stockholders’ equity	$	27,934		$	27,894

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended March 31,
		2025			2024
($ in millions, except per share data)
Revenues and other:
Natural gas, oil and NGL	$	2,300		$	589
Marketing		910			312
Natural gas, oil and NGL derivatives		(1,014	)		172
Gains on sales of assets		—			8
Total revenues and other		2,196			1,081
Operating expenses:
Production		147			59
Gathering, processing and transportation		563			173
Severance and ad valorem taxes		48			29
Exploration		7			2
Marketing		919			323
General and administrative		47			47
Depreciation, depletion and amortization		711			399
Other operating expense, net		22			17
Total operating expenses		2,464			1,049
Income (loss) from operations		(268	)		32
Other income (expense):
Interest expense		(59	)		(19	)
Other income, net		8			20
Total other income (expense)		(51	)		1
Income (loss) before income taxes		(319	)		33
Income tax expense (benefit)		(70	)		7
Net income (loss)	$	(249	)	$	26
Earnings (loss) per common share:
Basic	$	(1.06	)	$	0.20
Diluted	$	(1.06	)	$	0.18
Weighted average common shares outstanding (in thousands):
Basic		234,434			130,893
Diluted		234,434			141,752

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Three Months Ended March 31,
($ in millions)		2025			2024
Cash flows from operating activities:
Net income (loss)	$	(249	)	$	26
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization		711			399
Deferred income tax expense (benefit)		(37	)		7
Derivative (gains) losses, net		1,014			(172	)
Cash receipts (payments) on derivative settlements, net		(45	)		228
Share-based compensation		9			9
Gains on sales of assets		—			(8	)
Contract amortization		(52	)		—
Other		(4	)		(13	)
Changes in assets and liabilities		(251	)		76
Net cash provided by operating activities		1,096			552
Cash flows from investing activities:
Capital expenditures		(563	)		(421	)
Receipts of deferred consideration		60			60
Contributions to investments		(4	)		(19	)
Proceeds from divestitures of property and equipment		—			6
Net cash used in investing activities		(507	)		(374	)
Cash flows from financing activities:
Proceeds from Credit Facility		725			—
Payments on Credit Facility		(725	)		—
Proceeds from warrant exercise		21			—
Cash paid to purchase debt		(436	)		—
Cash paid for common stock dividends		(142	)		(77	)
Net cash used in financing activities		(557	)		(77	)
Net increase in cash, cash equivalents and restricted cash		32			101
Cash, cash equivalents and restricted cash, beginning of period		395			1,153
Cash, cash equivalents and restricted cash, end of period	$	427		$	1,254

Cash and cash equivalents	$	349		$	1,179
Restricted cash		78			75
Total cash, cash equivalents and restricted cash	$	427		$	1,254

NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)

	Three Months Ended March 31, 2025
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Haynesville	2,617	3.48	—	—	—	—	2,617	3.48
Northeast Appalachia	2,668	3.75	—	—	—	—	2,668	3.75
Southwest Appalachia	969	3.38	14	63.40	75	30.54	1,503	4.28
Total	6,254	3.58	14	63.40	75	30.54	6,788	3.76

Average NYMEX Price		3.65		71.42
Average Realized Price (including realized derivatives)		3.51		63.76		29.35		3.69

	Three Months Ended March 31, 2024
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Haynesville	1,478	2.03	—	—	—	—	1,478	2.03
Northeast Appalachia	1,720	2.03	—	—	—	—	1,720	2.03
Total	3,198	2.03	—	—	—	—	3,198	2.03

Average NYMEX Price		2.24		—
Average Realized Price (including realized derivatives)		2.85		—		—		2.85

CAPITAL EXPENDITURES ACCRUED (unaudited)

	Three Months Ended March 31,
		2025		2024
($ in millions)
Drilling and completion capital expenditures:
Haynesville	$	286	$	195
Northeast Appalachia		103		105
Southwest Appalachia		165		—
Total drilling and completion capital expenditures		554		300
Non-drilling and completion – field		56		35
Non-drilling and completion – corporate		52		19
Total capital expenditures	$	662	$	354

NON-GAAP FINANCIAL MEASURES

As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the Company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the Company generally excludes information regarding these types of items.

Expand Energy’s definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.

Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the Company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the Company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.

Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on natural gas and oil derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the Company’s ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company’s ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company’s ability to service or incur debt and return cash to shareholders and is used to determine Expand Energy’s payout of enhanced returns framework. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)

	Three Months Ended March 31,
($ in millions)		2025			2024
Net income (loss) (GAAP)	$	(249	)	$	26

Adjustments:
Unrealized losses on natural gas and oil derivatives		969			67
Gains on sales of assets		—			(8	)
Other operating expense, net		26			19
Contract amortization		(52	)		—
Other		(4	)		(8	)
Tax effect of adjustments^(a)		(203	)		(16	)
Adjusted net income (Non-GAAP)	$	487		$	80

(a)	The three month periods ended March 31, 2025 and March 31, 2024 include a tax effect attributed to reconciling adjustments using a statutory rate of 22% and 23%, respectively.

RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)

	Three Months Ended March 31,
($/share)		2025			2024
Earnings (loss) per common share (GAAP)	$	(1.06	)	$	0.20
Effect of dilutive securities		—			(0.02	)
Diluted earnings (loss) per common share (GAAP)	$	(1.06	)	$	0.18

Adjustments:
Unrealized losses on natural gas and oil derivatives		4.14			0.47
Gains on sales of assets		—			(0.06	)
Other operating expense, net		0.11			0.14
Contract amortization		(0.22	)		—
Other		(0.02	)		(0.06	)
Tax effect of adjustments^(a)		(0.87	)		(0.11	)
Effect of dilutive securities		(0.06	)		—
Adjusted diluted earnings per common share (Non-GAAP)	$	2.02		$	0.56

(a)	The three month periods ended March 31, 2025 and March 31, 2024 include a tax effect attributed to reconciling adjustments using a statutory rate of 22% and 23%, respectively.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)

	Three Months Ended March 31,
		2025			2024
($ in millions)
Net income (loss) (GAAP)	$	(249	)	$	26

Adjustments:
Interest expense		59			19
Income tax expense (benefit)		(70	)		7
Depreciation, depletion and amortization		711			399
Exploration		7			2
Unrealized losses on natural gas and oil derivatives		969			67
Gains on sales of assets		—			(8	)
Other operating expense, net		26			19
Contract amortization		(52	)		—
Other		(6	)		(23	)
Adjusted EBITDAX (Non-GAAP)	$	1,395		$	508

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)

	Three Months Ended March 31,
		2025			2024
($ in millions)
Net cash provided by operating activities (GAAP)	$	1,096		$	552
Cash capital expenditures		(563	)		(421	)
Free cash flow (Non-GAAP)		533			131
Cash paid for merger expenses		48			—
Cash contributions to investments		(4	)		(19	)
Adjusted free cash flow (Non-GAAP)	$	577		$	112

RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)

($ in millions)	March 31, 2025
Total debt (GAAP)	$	5,243
Premiums, discounts and issuance costs on debt		7
Principal amount of debt		5,250
Cash and cash equivalents		(349	)
Net debt (Non-GAAP)	$	4,901

The MIL Network –

April 30, 2025

MIL-OSI Security: New Haven Man Guilty of Offenses Stemming from Pandemic Robbery Spree

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, today announced that on April 28, 2025, a federal jury in New Haven found WILLIAM ROSARIO LOPEZ, 39, of New Haven, guilty of offenses related to his commission of several armed robberies of Connecticut gas stations in the early days of the Covid-19 pandemic.

According to the evidence presented during the trial:

On March 18, 2020, Rosario Lopez entered the Shell Gas Station located at 1302 Hartford Turnpike in Vernon. Wearing a black mask, he pointed a small silver pistol at the store employee, grabbed him by the collar, directed him to walk to the cash register, and struck him in the back of the head as they were walking to the cash register. After the employee provided Rosario Lopez with cash from the register, Rosario Lopez ordered the employee to lay on the floor and then fled the store.

On March 22, 2020, at approximately 10 p.m., Rosario Lopez entered the Fleet Gas Station located at 1611 Meriden Waterbury Turnpike in Southington. Wearing a surgical-type mask, he pointed a silver pistol at the store employee and demanded money. The employee provided Rosario Lopez with a small amount of cash and, after explaining that all the money was already in the safe and that he did not know the combination, Rosario Lopez kicked the employee, ordered him to lay on the floor, and then fled the store.

On March 22, 2020, approximately one hour after the Southington robbery, Rosario Lopez entered the Shell Gas Station located at 883 Hamilton Avenue in Waterbury. Wearing a surgical-type mask, he pointed a small silver pistol at the store employee and demanded money. After the employee opened the cash register and provided cash to Rosario Lopez, Rosario Lopez ordered the employee to lay on the floor and then fled the store.

On March 23, 2020, less than two hours after the Waterbury robbery, Rosario Lopez entered the Shell Gas Station located at 696 Main Street in Ansonia. Wearing a surgical-type mask, he pointed a small silver pistol at the store employee, demanded money and threatened to shoot the employee. After the employee was unable to open the cash register quickly, Rosario Lopez fired one round in the direction of employee and then fled. The employee was not struck by the projectile.

On March 26, 2020, Rosario Lopez entered the Citgo Gas Station located at 788 West Main Street in New Britain. Wearing a surgical-type mask, he waited for another customer to leave the store, approached the counter, pointed a small silver pistol at the store employee and demanded money. The employee opened the cash register and Rosario Lopez took cash from the register drawer. Rosario then fled the store.

Solimar Rodriguez Gonzalez acted as a “lookout” in at least two of the robberies, and she is depicted on store video surveillance just prior to the robberies that occurred in Vernon and Waterbury.

Rosario Lopez and Gonzalez were arrested on April 9, 2020. In association with their arrests, investigators searched a vehicle they used during the robberies and recovered a silver .25 caliber semiautomatic pistol and 14 rounds of ammunition.

Rosario Lopez’s criminal history includes convictions in New York for attempted murder and criminal possession of a weapon, and convictions in Puerto Rico for importation and unlawful possession of a firearm, aggravated kidnapping, aggravated assault with a firearm, unlawful possession of a firearm, threatening a witness, and aggravated robbery.

On April 28, 2025, the jury found Rosario Lopez guilty of four counts of obstruction of interstate commerce by robbery (Hobbs Act Robbery), one count of attempted obstruction of interstate commerce by robbery, four counts of brandishing a firearm during a robbery, and one count of possession of a firearm by a previously convicted felon. At sentencing, he faces a mandatory minimum term of imprisonment of 28 years and a maximum term of imprisonment of life.

Rosario Lopez has been detained since his arrest. A sentencing date is not scheduled.

On January 21, 2025, Gonzalez pleaded guilty to aiding and abetting the obstruction of interstate commerce by robbery. She awaits sentencing.

This investigation has been conducted by the Federal Bureau of Investigation, the Connecticut State Police, and the Vernon, Southington, Waterbury, Ansonia, New Britain, New Haven, and Guilford Police Departments. The case is being prosecuted by Assistant U.S. Attorneys Kenneth L. Gresham, Robert S. Ruff, and Daniel P. Gordon.

MIL Security OSI –

April 30, 2025
MIL-Evening Report: Willis warns of a ‘tight’ budget to come, but NZ should be going for productivity, not austerity

Source: The Conversation (Au and NZ) – By Dennis Wesselbaum, Associate Professor, Department of Economics, University of Otago

Hagen Hopkins/Getty Images

Finance Minister Nicola Willis has warned her 2025 “Growth Budget” will be “one of the tightest budgets in a decade”, with plans to reduce spending by billions.

It’s clear New Zealand is following a global trend towards austerity by focusing on reducing government spending and lowering government debt.

Complicating the economic picture for the government are Donald Trump’s tariffs and his trade war with China. In early April, financial services company J.P. Morgan Research said there was a 60% probability of the United States experiencing a recession in 2025 — with a 40% chance of a global recession.

Despite this uncertain economic future, the idea that New Zealand’s debt-to-GDP ratio requires immediate and drastic austerity-like measures is not supported by the evidence.

The ratio measures the government’s debt compared to its gross domestic product (GDP). Currently, New Zealand’s ratio is about 47%. This is substantially higher than before the pandemic (32% in 2019) and higher than Australia (35%).

But it is at the lower end compared with other advanced economies. The 2023 debt-to-GDP ratio in the US was 112%, 101% in the United Kingdom, and about 50% in Canada, Ireland and South Korea.

Rather than tightening the belt to reduce debt and increase fiscal balance, New Zealand needs to focus on boosting productivity, investing in education, building strong and resilient infrastructure and supporting health and wellbeing.

Lowering debt and creating fiscal space are legitimate goals. But they should be viewed as a means to an end, not an end in itself.

A necessary medicine

Austerity is often presented as necessary medicine during an economic crisis. The logic is seemingly straightforward: reduce government spending and debt to not overstimulate the economy, create fiscal resilience for future shocks, support low and stable inflation, and signal fiscal responsibility to international markets.

Several countries adopted austerity measures in response to high deficits following the global financial crisis.

Greece implemented deep spending cuts, tax hikes and pension reforms under the terms of a bailout from the European Union and International Monetary Fund (IMF). This reduced its deficit but caused a severe economic contraction and social unrest.

Spain similarly cut public wages, raised taxes and reformed pensions, stabilising its finances but causing persistently high unemployment.

Italy’s austerity measures involved pension reforms and tax hikes, achieving modest fiscal improvement but sparking political instability.

The UK focused on reducing public spending and welfare support, significantly lowering its deficit while putting pressure on public services and increasing inequality. Research found UK’s austerity measures led to hundreds of thousands of avoidable deaths.

While in many cases austerity helped restore fiscal balance, it often came with heavy economic and social costs, particularly in terms of unemployment, growth and public welfare.

In March, people in the United Kingdom took to the streets to protest ongoing austerity measures.
Mike Kemp/Getty Images

Productivity is the key

Research indicates that debt-to-GDP ratios above about 80% tend to be associated with lower growth. But below this threshold, the ratio tends to be associated with increases in growth.

It is clear that deficits are neither always bad for economic growth, nor that they always lead to inflation, when combined with a credible fiscal strategy to return to surpluses in the future.

To raise the future wellbeing of all New Zealanders we need to avoid the heavy costs of austerity and rather focus on stimulating economic growth. And this comes with a price tag.

Using debt to finance investments into capital, which in turn increases our productivity, is key to fostering economic growth. This goes hand-in-hand with targeted industrial policies, reduction in regulation, increases in government efficiency and trade liberalisation

Importantly, public investment boosts economic growth mainly through two channels: efficiency (how much infrastructure is actually delivered for the money spent) and productivity (how well that infrastructure supports economic activity).

Research from the IMF suggests an increase in public investment of one percentage point of GDP is associated with an increase in output of about 0.2% in the same year and 1.2% four years later.

All-of-government focus

What New Zealand needs is a long-term growth strategy and an all-of-government focus on lifting productivity. This must be grounded in fiscal responsibility – one that boosts government efficiency. But not at the cost of delaying high-impact investments or leaving growth opportunities on the table.

Maintaining discipline while strategically investing in the drivers of long-term prosperity is essential for securing New Zealand’s economic future.

The path ahead requires careful navigation, not a rush towards austerity.

By thoughtfully balancing the need for fiscal prudence with the importance of investing in our productivity, human capital and infrastructure, we can ensure a more resilient and prosperous future for all New Zealanders.

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

– ref. Willis warns of a ‘tight’ budget to come, but NZ should be going for productivity, not austerity – https://theconversation.com/willis-warns-of-a-tight-budget-to-come-but-nz-should-be-going-for-productivity-not-austerity-254689

MIL OSI Analysis – EveningReport.nz –

April 30, 2025
MIL-OSI USA: Small Business Administration Celebrates First 100 Days Accomplishments
Source: United States Small Business Administration

WASHINGTON — Today, the U.S. Small Business Administration (SBA) celebrated the tremendous success of the First 100 Days of the Trump Administration by highlighting the economic wins of President Trump – including an 80% increase in SBA loan approvals which are driving historic rates of growth, hiring, and investment for America’s small businesses. The agency also laid out its top accomplishments under the leadership of Administrator Kelly Loeffler – including major reforms to cut waste, enhance government efficiency, restore fiscal responsibility, and refocus the agency on its core mission of empowering small businesses and growing the economy.

“In just 100 days, President Trump has restored optimism and opportunity for our job creators with a pro-growth economic agenda that has already slashed inflation, driven job creation, and delivered record investment. At the SBA, we’re driving that agenda forward by serving the massive surge in demand for loans – which is a strong indicator that our small businesses finally have the confidence to hire, expand, and invest,” said SBA Administrator Kelly Loeffler. “Anchored by our broader efforts to eliminate waste, enhance efficiency, and restore fiscal responsibility, the SBA is now a powerful engine for American workers and job creators – and in just 100 days, the results speak for themselves.”

Compared to Joe Biden’s First 100 Days, demand for new capital has skyrocketed. President Trump’s SBA has delivered an 80% increase in 7(a) and 504 loan approvals with about 26,000 loans approved for $12.6 billion – indicating a strong surge in small business formation and growth. This includes a 95% increase in loans for businesses with five or fewer employees (nearly 15,500 loans), a 56% increase in loans for new startups (over 3,700 loans), and a 74% increase in 7(a) loans for manufacturers (over 1,500 loans).

In total, about 60% of all new SBA loans in the First 100 Days benefitted America’s smallest job creators, with five or fewer employees. Additionally, over the last three months, the percentage of federal contracts awarded to small businesses has increased from 18% to 23%.

In the First 100 Days, the SBA has also enacted the Day One Priorities announced by Administrator Loeffler when she was first sworn-in. Key agency accomplishments include:

Cutting Waste and Enhancing Efficiency
- Reduced total agency spending by about $190 million.
- Terminated or paused over 120 contracts for about $3 billion in future savings.
- Terminated, consolidated, or relocated 47% of SBA leases – including regional offices located in sanctuary cities.
- Announced an agency-wide reorganization that will reduce the SBA workforce by 43%, restoring it to pre-pandemic levels for a cost savings of $435 million annually by 2026.
Advancing President Trump’s Agenda
- Took the lead on the President’s initiative to restore American industrial dominance, jobs, and national security by launching the Made in America Manufacturing Initiative to cut $100 billion in red tape, improve access to capital, and promote workforce development.
- Enacted President Trump’s Executive Orders, including eliminating the Office of Diversity, Equity, Inclusion, and Accessibility, updating agency collateral to reflect the existence of only two genders, ending the Green Lender Initiative, and terminating the Biden-era MOU with the Michigan Secretary of State’s office.
Restoring Fiscal Responsibility
- Took immediate action to enhance fraud protections within SBA loan programs by mandating that all loan applications include a citizenship and birth date verification.
- Restored underwriting standards and lender fees to the 7(a) loan program in the effort to preserve the zero-subsidy status of the program, protect taxpayers from fiscal liability, and reverse the Biden-era mismanagement that led to historic defaults.
Delivering Disaster Relief
- Approved over 17,000 disaster loans totaling $3.4 billion, far exceeding the total volume of disaster loans approved in all of FY 24 under Biden – including $1.4 billion in Florida, $350 million in North Carolina, and $173 million in Georgia.
# # #

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –
April 30, 2025
MIL-OSI USA: Attorney General Bonta Sounds the Alarm, Releases Fourth Immigration Detention Facilities Report

Source: US State of California

SAN DIEGO — California Attorney General Rob Bonta today released the California Department of Justice’s (DOJ) fourth report on immigration detention facilities operating in California where noncitizens are detained by Immigration and Customs Enforcement (ICE). In an effort to increase transparency in these facilities, DOJ staff and a team of experts reviewed each of the six locked immigration detention facilities in operation in the state.

“California has a responsibility to understand the conditions in which all our residents live, including people who are detained at immigration detention facilities. My office’s review of facilities in California shows that issues previously identified have persisted, while new findings make clear that these facilities need significant improvements to fall in compliance with ICE’s own detention standards,” said Attorney General Bonta. “California’s facility reviews remain especially critical in light of efforts by the Trump Administration to both eliminate oversight of conditions at immigration detention facilities and increase its inhumane campaign of mass immigration enforcement, potentially exacerbating critical issues already present in these facilities by packing them with more people.”

BACKGROUND

The report is intended to provide members of the public and policymakers with critical information about the conditions that people in civil immigration detention in California are subjected to. In response to growing concerns for the health and safety of people in civil immigration detention, the California Legislature enacted Assembly Bill 103 in 2017 to require DOJ to review and report on conditions of confinement at immigration detention facilities through July 1, 2027. These concerns remain with respect to the immigration detention facilities still in operation in the state. During the review process for this report, DOJ staff — with support from a team of correctional and health care experts — reviewed each of the six locked immigration detention facilities in operation in the state, all of which are privately operated. As part of the review of each facility, the DOJ team toured each facility, reviewed and analyzed logs, policies, detainee records, and other documentation, and interviewed detention staff and 154 detained individuals across the six detention facilities.

THE 2025 REPORT

The 2025 report provides a comprehensive review of immigration detention facilities in California and closely examines applicable standards in areas including conditions of confinement, security classification and housing, use of force, discipline, restrictive housing, Prison Rape Elimination Act (PREA) compliance, access to health care, and due process, with a particular focus on mental health.

The 2019 and 2021 reports offered a comprehensive review of conditions of confinement, the standard of care, and due process protections at facilities operating in California, some of which have since closed, and the 2022 report provided a focused review of how the seven immigration detention facilities operating in California at that time responded to the pandemic in the latter half of 2021, with focus on conditions of confinement and the facilities’ level of compliance with public health and safety measures.

DOJ’s prior reports identified inadequate mental health care services at detention facilities in California. This finding is consistent with research and other reviews of facilities nationwide and concerning given the negative impacts of detention on mental health. Detained people experience high rates of depression, anxiety, and post-traumatic stress disorder (PTSD), and increased likelihood of self-harm behavior. All these conditions can worsen with increased lengths of time spent in detention facilities. As such, the 2025 report includes a particular focus on the mental health needs of detained individuals, including the availability and quality of mental health services, the prevalence of mental health conditions in the detained population, and the ways conditions of confinement in these facilities impact both mental health conditions and the due process rights of detained individuals.

Immigration enforcement and detention appears likely to continue to increase across the country under the Trump Administration, as evidenced by the significant increase of individuals held in ICE custody in California: as of April 2025, 3,104 people were held in detention. Future increases in population levels at detention facilities will have implications for the facilities’ ability to provide for health care and other detainee needs. At present, California has an approximate 7,000 detention bed capacity across all facilities which is poised to grow. This year, private detention center owners moved to expand new detention space to two facilities in Kern County.

Some of the latest report’s key observations include:

Pat Downs: DOJ was particularly concerned with Mesa Verde’s pat down search policy, in which detained persons were subjected to pat down searches anytime they left their housing unit. Detained individuals described the searches as invasive and inappropriate and reported a chilling effect on detained people’s decisions about whether to obtain medical and mental health services and meals. The policy resulted in allegations of sexual assault and numerous complaints from detained people against facility staff.

Medical Health Records: Recordkeeping, maintenance, and review of health care files at all six facilities were deficient. Without appropriate and comprehensive records, providers were often unable to create and implement adequate treatment plans.

Suicide Prevention and Intervention: DOJ identified a deficiency in suicide prevention and intervention strategies in every facility. This finding is particularly concerning because of the high suicide risk in detained populations.

Use of Force Practices: At different facilities, staff appeared to be overutilizing discipline and use of force and did not consider mental health conditions prior to engaging in calculated use of force incidents — as is required by ICE’s standards of care. DOJ identified disproportionate use of force against individuals with mental health diagnoses.

Discipline: At Golden State, detainees were over-disciplined, including for making complaints.

Solitary Confinement: Solitary confinement is associated with negative mental health outcomes and exacerbation of existing mental health conditions. Facilities generally not did not conduct mental health reviews required by ICE’s detention standards before placing detained people in segregation (also commonly known as solitary confinement) to avoid worsening existing mental health conditions. Some detained people spent periods of several months to over a year in conditions of isolation, which is harmful for any detained person but presents particular risk to those with underlying mental health conditions.

Medical Care: Across most facilities, detained persons faced delays in securing adequate medical care. At Mesa Verde, detainees face prolonged wait times for critical offsite care. At Desert View, there were some lapses with respect to the management of infectious diseases which are of particular concern in a facility seeing a high volume and high turnover of detainees who need appropriate treatment. At Otay Mesa, the DOJ team identified some lapses in the quality and timeliness of diagnostic care.

Due Process: Detention facilities did not consistently satisfy their obligations to support detained people to ensure that mental health conditions did not negatively impact their immigration outcomes. For example, DOJ received reports that detained people appeared for court without having received prescribed medication or other needed treatment, which meant they could not meaningfully participate in their hearings.

DOJ’s Office of Community Awareness, Response, and Engagement will host a Community Briefing on Thursday, May 22 at 10am to share the findings of this report. People interested can register here: https://doj-ca.zoomgov.com/webinar/register/WN_8P7Xa1_3QoSdCJts3EnfbA

A copy of the report is available in English here and in Spanish here.

MIL OSI USA News –

April 30, 2025
MIL-OSI Security: Former Monmouth County Resident Sentenced to 16 Years in Prison for Role in Fraudulently Obtaining Over $3.7 Million in Cares Act Loans

Source: Office of United States Attorneys

NEWARK, N.J. – A former resident of Monmouth County was sentenced to prison for his role in a scheme to fraudulently obtain Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds, U.S. Attorney Alina Habba announced.

Kevin Aguilar, age 54, previously of Farmingdale, New Jersey, was sentenced by U.S. District Judge Michael A. Shipp in Trenton federal court following Aguilar’s guilty plea to one count of conspiracy to commit bank fraud; seven counts of bank fraud; one count of conspiracy to commit wire fraud; three counts of wire fraud; one count of conspiracy to commit money laundering; one count of money laundering; and one count of aggravated identity theft. Aguilar was sentenced to 192 months in prison.

According to documents filed in this case and statements made in court:

From April 2020 to April 2021, Aguilar conspired with others to submit seven fraudulent PPP loan applications and three fraudulent EIDL applications on behalf of four businesses. Based on the fraudulent applications, Aguilar received a total of approximately $3.3 million in PPP loan funds and approximately $450,000 in EIDL funds. After receiving the PPP and EIDL funds, Aguilar caused those funds to be transferred to other businesses that he created to give the false appearance that the PPP and EIDL funds were being used for legitimate purposes. Aguilar then used the PPP and EIDL funds to purchase residential properties in Sherman, Texas, a new truck for approximately $100,000, and to pay for other personal expenses.

In addition to the 192-month prison term, Judge Shipp sentenced Aguilar to 5 years of supervised release and ordered him to pay $3,772,567 in restitution, as well as a forfeiture money judgment of $3,772,567. Judge Shipp also ordered the forfeiture of approximately $1,511,221.62 that law enforcement seized from twelve bank accounts, as well as the three real properties in Sherman, Texas.

U.S. Attorney Habba credited special agents of the Federal Deposit Insurance Corporation – Office of Inspector General, under the direction of Special Agent in Charge Patricia Tarasca in New York; IRS – Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan; special agents of the Social Security Administration, Office of the Inspector General, under the direction of Acting Special Agent in Charge Amy Connelly; postal inspectors of the U.S. Postal Inspection Service, under the direction of Inspector in Charge Christopher A. Nielsen; special agents of the Federal Housing Finance Agency, Office of Inspector General, under the direction of Special Agent in Charge Robert Manchak; and special agents of the U.S. Attorney’s Office for the District of New Jersey, under the direction of Special Agent in Charge Thomas Mahoney.

The government is represented by Assistant U.S. Attorney David V. Simunovich of the U.S. Attorney’s Office’s Health Care Fraud Unit, Assistant U.S. Attorney Jennifer S. Kozar, of the U.S. Attorney’s Office’s Economic Crimes United in Newark, and Assistant U.S. Attorney Peter Laserna of the U.S. Attorney’s Office’s Bank Integrity, Money Laundering, and Recovery Unit.

The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of the five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

###

Defense counsel: Alyssa Cimino, Esq., Fairfield, New Jersey; Robert Brady, Esq., Newton, New Jersey

MIL Security OSI –

April 30, 2025
MIL-OSI USA: Outlining Turmoil Created in First 100 Days Under Trump
Source: US State of New York

overnor Kathy Hochul today outlined the turmoil created under President Trump’s first 100 days in office, warning that his administration’s retaliatory policies, deep federal cuts and unilateral tariffs are poised to negatively impact New York’s economy, the environment and hard working families. Last week, New York State joined a multi-state lawsuit challenging the constitutionality of President Trump’s global tariffs. According to independent estimates, Trump’s tariffs will cost the State’s economy more than $7 billion, result in more than 280,000 jobs lost and hit New York families with an average cost increase of $6,400. New York has also led the fight to protect federal funding from cuts and disruptions that are impacting more than $1.3 billion in federal funding for New York and has successfully challenged in court the Trump Administration’s global funding freeze, as well as cuts to the National Institutes of Health, the Department of Health and Human Services, the Federal Emergency Management Agency and other critical federal agencies.

“The first 100 days of the Trump Administration have been rife with chaos and uncertainty, from on-again, off-again tariffs to cuts to vital programs, New Yorkers are paying the price,” Governor Hochul said. “President Trump promised relief from inflation and his policies are making life harder, chaotic and more expensive for working class New Yorkers while slashing the very services they rely on.”

Implications for New Yorkers during President Trump’s First 100 Days Include:
- More than $1.3 billion in cuts to funding for State programs so far with more expected, in addition to the funding cuts to local governments, universities and other organizations delivering critical services to New Yorkers
- Massive fluctuation in the stock market from ever changing tariff policies has shrunk 401(k)s and 529 college savings plans, and is expected to increase cost of living for New Yorkers by thousands of dollars
- Manufacturers and small businesses are reeling from severe cost hikes on some products due to tariffs, leading them to leave shipments in customs or cancel orders
- Canadian and European travel to New York has dropped and hotel stays and trips in regions such as the North Country and Western New York have been cancelled
- The pause of construction of Empire Wind, which will have a profound impact on jobs and energy production
- Cutting millions in funding that allows school districts and food banks to buy produce from local farmers who rely on their purchases
- Three Social Security Administration offices closed in New York
- Eliminated every person in the office that manages a program helping over 1 million New Yorkers pay their heating and cooling bills
- Cuts to the NIH paused the critical research of a New York Scientist on Alzheimer’s treatments
- Cut over $300 million in infrastructure funding for New York communities, threatening our public safety
- Cutting the majority of federal AmeriCorps funding in New York, which supports approximately 1,500 AmeriCorps members working for non-profits and in low-income communities across the State
PUBLIC SAFETY AND IMMIGRATION

The Trump administration has revoked more than $325 million in vital resiliency funding from the Building Resilient Infrastructure and Communities program and put $56 million more at risk, which will impact several critical infrastructure and community resilience projects in New York State.

Additionally, DOGE is planning to cut up to 84 percent of staff from their Office of Community Planning and Development, which helps pay to rebuild homes and other recovery efforts after the country’s worst disasters such as Superstorm Sandy and Tropical Storms Lee and Irene.

The Albany National Weather Service (NWS) Office was forced to suspend weather balloon launches due to staff shortages and budget constraints. This has impacted the ability of the NWS to provide twice-daily balloon launches, impacting the accuracy of weather forecasts.

After Immigration and Customs Enforcement (ICE) detained a Sackets Harbor mom and her children, Governor Hochul took action, engaging with the White House, Border Czar Tom Homan and local officials in an effort to bring the family back home. After 11 days in detention, the family was returned to Sackets Harbor.

ECONOMY AND TOURISM

The stock market has been unstable due to President Trump’s on-again, off-again tariff policy. This has caused retirees’ 401(k)s and students’ 529 savings plans to shrink. Additionally, consumer confidence plunged, to 50.8 percent in April from 71.7 percent in January. The dollar has weakened, falling to a three month low in April.

The Governor has heard from small and mid-sized businesses across the State who are worried about rising costs and their future. A recent survey from the National Small Business Association found that the majority of small businesses are concerned about tariffs and one in three are very concerned. Examples include North Country manufacturer Alcoa, which took an estimated $20 million hit on imports from Canada, and North Country Golf Club which is facing declines in businesses due to the decline in tourism from Canada. In the Southern Tier, the Cortland Standard, which was in business for more than a century, has closed its doors, citing the expected 25 percent tariffs on paper as part of the decision.

The Trump administration is cancelling the successful Manufacturers Extension Partnership (MEP) in several states. In New York, NY MEP centers generated $1.25 billion in economic impact, supported the creation or retention of nearly 6,300 jobs and served over 700 companies during the 2023 calendar year. This decision has raised widespread concern across the entire national network of MEP Centers, prompting fears about whether these initial cancellations are the first step in a broader effort to dismantle the program and eliminate federal funding for all 51 centers.

Due to the tariff trade war with Canada, New York’s number one trade partner, and the rhetoric that Canada could be the “51st state,” impacts are widespread. Visitors from Canada are avoiding the U.S. and New York State. Overall, total bridge crossings between Eastern Ontario and New York State for March are down 23,000 compared to 2024, and at the lowest level since 2022. Additionally, Niagara River bridges traffic for February is down 14 percent and Thousand Islands Bridge crossings are down 19 percent.

A survey of local businesses in the North Country found that 66 percent have already experienced a slight to significant decrease in Canadian bookings for 2025, and that 26 percent have already adjusted staffing levels in response to the decline.

TRANSPORTATION

President Trump’s Department of Transportation vowed to kill congestion pricing from day one of his administration, despite clear evidence that the program is working. The MTA reported that in March, traffic is down 13 percent, travel times have improved in key corridors within the Central Business District and it has increased revenue for the MTA that will result in improvements in the system.

IMPACTS ON HARD WORKING FAMILIES

President Trump has reduced the federal workforce by more than 120,000 people nationwide according to data compiled from CNN. In New York more than 1,200 federal workers have been forced to file for unemployment.

The Trump administration has pledged to cancel the successful and free Direct File tax filing program. This program has already begun to make an impact in its first full year, with many New Yorkers saving nearly $300 per household in tax prep fees that could instead go toward groceries, gas, child care or rent.

The U.S. Department of Agriculture slashed hundreds of millions of dollars in funding that helped schools buy food from local farms. The program sought to bring local produce to schools and child care facilities, giving schools the opportunities to purchase fresh foods and use smaller producers rather than rely on large corporations.

The Trump Administration announced that half of all food shipments through The Emergency Food Assistance Program (TEFAP) would be canceled, resulting in a $500 million reduction in funding for food banks across the country. New York State could see a loss of around 16 million pounds of USDA foods in 2025 due to the TEFAP funding cuts, according to Feeding New York State.

SSA field offices are closing, wait times for deserving seniors are increasing and sensitive and private personal data is in danger of being insecure.

ENERGY

The Trump Administration stopped construction on Empire Wind, putting thousands of construction jobs at risk and threatening to dismantle a project that when complete, will generate enough electricity to power about 500,000 homes in New York State.

Funding has been suspended for the National Electric Vehicle Infrastructure (NEVI) Formula Funds. The NEVI program — passed as part of the Bipartisan Infrastructure Law — provides funding directly to states for installing public electric vehicle (EV) charging stations, which, if implemented, will lower fuel costs for families, reduce U.S. dependence on fossil fuels and create construction jobs nationwide.

President Trump has also threatened to roll back the Inflation Reduction Act (IRA) and repeal its tax credits. NYSERDA estimates a full repeal of the clean energy incentives could result in more than $20 billion in increased project costs and could cause significant project attrition.

HOUSING

At the direction of President Trump and DOGE, HUD staff has been decimated, imperiling the core functions of the agency that serve our communities, manage federally funded housing programs and assist housing development at a time of national crisis for housing. Funding has also been cut for organizations that fight housing discrimination across the country, while rolling back federal protections to Affirmatively Further Fair Housing.

HUD has further announced it was ending four years early the Emergency Housing Voucher Program, a successful federal program to combat homelessness for more than 9,500 households across the State. The federal administration imperiling this funding will force these families, at last stably housed, back onto the street.

The $1 billion Green and Resilient Retrofit Program that helps preserve affordable housing is being paused, threatening projects that keep tens of thousands of units livable for low-income Americans.

HEALTH CARE

The actions of the current administration threaten the health and safety of New Yorkers. New York State remains steadfast in its commitment to safeguarding the health and well-being of all New Yorkers and promoting health equity.

President Trump has endorsed the House’s budget resolution which includes over $1 trillion in cuts to critical safety net programs like Medicaid and SNAP. Nearly 7 million qualifying New Yorkers are covered under Medicaid, including 2.5 million children, and 636,000 New Yorkers with disabilities. 2.9 million New Yorkers rely on SNAP for healthy food, including over 800,000 children.

The Trump administration’s National Institute of Health (NIH) has cut grant funding to SUNY used to conduct research to cure diseases, keep our nation safe and grow our economy. The NIH’s sudden budget cuts will cost SUNY research an estimated $79 million on current grants, including more than $21 million over just the next five months that will immediately imperil the work of SUNY’s dedicated researchers by decimating the equipment, staff and services they rely on.

The Trump Administration picked a top health official who has questioned the safety of vaccines and the use of fluoride in drinking water and claimed that autism was preventable. These views go against proven science and could lead to more diseases by making people doubt public health advice.

The Administration has taken back important public health funding. This includes money for tracking disease, supporting vaccinations and helping vulnerable communities hit hardest by the pandemic. Without this funding, local health services must cut staff and scale back programs, especially in areas that need the most help.

Hundreds of federal health workers have lost jobs, making it harder for both the federal government and states like New York to respond to health threats and deliver services like maternal care and disease control.

New executive orders have removed federal support for diversity, equity and inclusion programs, harming efforts to ensure fair health care for women, LGBTQ+ people and communities of color. These actions affirm that the needs of these communities no longer matter to the federal government.

In addition, with massive arbitrary cuts to federal agencies, the future of federal programs to help combat substance use disorder, heating and cooling assistance for low-income New Yorkers, and early childhood investment programs like Head Start remain in jeopardy.

New York State remains committed to ensuring all New Yorkers have access to affordable, quality health care. Accordingly, the State rejects thinly veiled attacks on anyone who may not comport with the Trump Administration’s limited views of who is a person.

EDUCATION

President Trump vowed to eliminate the Department of Education, a crucial part of the federal government that supports kids, teachers and administrators right here in New York State. New York receives $5.5 billion annually from the Department of Education. Approximately $3.2 billion is routed through the State Budget and $2.3 billion is sent directly to local entities, primarily colleges and universities. This crucial funding supports Pell Grants for college students, money for kids with disabilities, programs that are supporting kids’ mental health, crucial research at our public higher education institutions and much more

ENVIRONMENT & AGRICULTURE

The Trump administration has taken aim through Executive Order at dismantling New York State’s strong environmental protections.

Additionally, funding for the Local Food Purchasing Assistance Program has been slashed. While the Biden administration had indicated that $24 million would be available under the LFPA program (New York Food for New York Families), the Trump administration (USDA) has reversed and this next round of funding will no longer be available.

More recently, New York State’s $60 million award for the New York Connects: Climate Smart Farms and Forests Program, which funds climate smart agriculture and forestry practices, was cancelled by USDA.

USDA staff that assist farmers with implementing conservation programs, loans and other resources for their farms, have been laid off.

Over 80 percent of agrochemical imports and 70 percent of farm machinery imports come from countries facing tariffs of 10 percent or more. Tariffs may slow down or halt on-farm expansion and modernization due to projected increases in equipment costs, with much of the stainless steel coming from abroad.

Trade issues are having a compounding effect for dairy farmers — input costs are going up and the milk price relies on export markets. Tariffs and threats of trade disputes result in lost markets and lower milk prices. For example, the budget for a building project went from $85,000 to $106,000, due to tariffs on steel and aluminum, one farm had a $2,200 fee added to their bill for grain because it came from a Canadian feed mill and another farm is anticipating their bottom line to be 7-10 percent lower this year due to lower milk prices and tariffs on inputs, including feed, energy and building supplies.

The ability of West Coast apple producers to export their product will play a key role in the price and demand for New York apples. If West Coast producers are not able to expand overseas markets, they will continue to flood East Coast markets and displace New York State fresh apples where they can undercut prices.

Tariffs placed on equipment, largely coming from Canada, would increase producers’ costs of maple syrup production significantly and negatively impact profitability in the maple industry.

MIL OSI USA News –
April 30, 2025
MIL-OSI: Subsea7 and SLB OneSubsea awarded EPCI contract for bp’s Ginger project
Source: GlobeNewswire (MIL-OSI)

Luxembourg – 29 April 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial¹ engineering, procurement, construction, and installation (EPCI) contract by bp to Subsea Integration Alliance (SIA) for the Ginger project offshore Trinidad and Tobago.

The Ginger project is a notable project award under the new global framework agreement between bp and Subsea Integration Alliance partners SLB OneSubsea and Subsea7.

Building on a long-standing successful relationship, this agreement establishes a new way of working that enables system-level optimisation through increased transparency and early engagement. Further, the framework defines a novel commercial model that effectively aligns incentives for accelerated and maximised value creation among all stakeholders involved, throughout the life of joint projects.

For the Ginger EPCI project, Subsea7 will supply a diver-installed tie-in system, a flexible production flowline, and associated infrastructure. SLB OneSubsea will deliver four standardised vertical monobore subsea trees and tubing hangers, optimised for speed of delivery and installation. It will also deliver the first high-integrity pressure protection system (HIPPS) manifold in the region, which will unlock considerable safety, efficiency and environmental gains. bp’s Ginger development is located off the southeast coast of the island of Trinidad, at water depths of up to 90 metres.

Project management and engineering activities will begin immediately at Subsea7’s office in Houston, Texas, with offshore operations scheduled for 2026.

Craig Broussard, Senior Vice President for Subsea7 for Gulf of Mexico said, “This is a significant project for the region, and one which will benefit from decades of collaboration between bp, Subsea7, and SLB OneSubsea. Our combined expertise and efforts are focused on achieving bp’s goal of first gas in 2026.”

Olivier Blaringhem, CEO of Subsea Integration Alliance said, “This is an exciting and important project for our novel global framework with bp, which expands our EPCI collaboration to Trinidad and Tobago. Through the capability and agility of our partners Subsea7 and SLB OneSubsea, we provide key assets and expertise to create value for the long-term and deliver the best possible total cost of ownership on the Ginger project.”

(1) Subsea7 defines a substantial contract as being between $150 million and $300 million.

*******************************************************************************
Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.
Subsea Integration Alliance (SIA) is a strategic global alliance combining the strengths of SLB OneSubsea and Subsea7. Working closely with SIA gives customers unique access to integrated subsea solutions—including field development planning, EPCI contracting models, end-to-end project delivery—and total life cycle solutions.
Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

*******************************************************************************

Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Subsea7
Tel +44 20 8210 5568
ir@subsea7.com

Contact for media enquiries:
Ashley Shearer
Communications Manager
Subsea7
Tel +1-713-300-6792
ashley.shearer@subsea7.com

Moira Duff
Director of External Communications
SLB
Tel: +1 (713) 375-3407
Email: media@slb.com

Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 29 April 2025 at 19:30 CET.

Attachment
- SUBC Ginger
The MIL Network –
April 30, 2025
MIL-OSI USA: ICYMI—Hagerty Joins Mornings With Maria on Fox Business to Discuss Trump’s First 100 Days, Reconciliation, Tariff Negotiations

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty
WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, joined Mornings With Maria on Fox Business to discuss President Donald Trump’s success during his first 100 days, the budget reconciliation moving through Congress, and the ongoing tariff negotiations.

*Click the photo above or here to watch*
Partial Transcript
Hagerty on Democrats protesting Trump’s successful first 100 days: “I think in reality, Maria, they’re protesting because this has been the most effective, most impactful, in a positive sense, 100 days, certainly in my lifetime. [Senator] Chuck Schumer seems to forget that in November of last year, 75 percent of the American public felt this nation was on the wrong track. As President Trump has come into office, he’s fixed our border, he’s put us on a fundamentally different plane in terms of crime in America. He’s addressing some of the longstanding issues that we’ve had with some of our partners. We’re moving in the right direction, and I think that the Democrat party is imploding as a result of it. Today is exhibit A in that point.”
Hagerty on budget reconciliation process: “I met with a group of House leaders last night. They’re working apace to get their piece of the reconciliation package done by Memorial Day. It’s our job in the Senate—I spoke with Leader [John] Thune yesterday—to move as quickly as we possibly can to get the reconciliation package done right after Memorial Day. We need to be moving apace to get certainty locked into our tax code so that companies can make the type of capital commitments that we want to see happen in 2026. That’ll be addressed with corporate tax rate reductions. That’ll be addressed with certainty again and how we amortize the investments that I hope to see. At the same time, the deregulatory thrust is very real. It’s going to be very significant. If you think about [former President] Joe Biden’s term over four years, the estimates are that each year, compliance costs for regulations that he added have gone up $1.4 trillion per annum on corporate America. As we peel those away, that’s going to have an immediate benefit and immediate impact on operating costs. That’s going to be positive for our economy as well […] The Senate’s going to come up with far more than four billion, Maria. It has to do with the rules here, the Byrd Rule in the Senate. We’ll navigate this, I hope, closer to $2 trillion worth of cuts. It is certainly possible. You go back to where we were before the pandemic, before Joe Biden unleashed massive amounts of wasteful stimulus spending. We get back to those levels; we’re not going to have a difficult time getting around $2 trillion cut out of this budget.”
Hagerty on the trade negotiations with Japan: “As you say, Maria, I’ve seen this movie before. We negotiated two trade deals when I served as ambassador. The Japanese are very tough negotiators, but it’s not just tariffs. It’s non-tariff barriers that exist in Japan. Local rules, localization requirements, we need to be harmonizing those sorts of regulations. I think Japan has a tremendous opportunity. If they step up, we have plenty of room to do more trade, and they have plenty of room to procure more from America. I want to see that happen. President Trump wants to see it happen. That will accommodate a greater partnership, greater strategic alliances, and I think all parties will be better off as a result.”
Hagerty on his optimism towards a deal with Japan: “I think we can go to zero tariffs with respect to Japan. They are certainly willing to move on tariffs, but again, it’s the non-tariff barriers that have to be addressed. We need to put in place metrics. We need to make certain that they’re addressed. And again, I see real opportunity working with Japan as companies move their supply chains out of China, de-risk those. Japan should be working with us very closely as we develop new technologies, as we work on new military posture, new technologies there, there’s much to be done that’s positive. And we start to announce those types of aggressive forward-leaning activities that we can do together, those types of investments, I think it’ll be very positive for all of us. And President Trump can focus on that.”
Hagerty on non-tariff barriers with Japan: “The localization requirements have been extraordinarily difficult. And Maria, these difficulties have gone on for decades. Japan has protected its market very heavily. They’ve made it very difficult for us, for, I say western companies, non-Japanese countries, to enter that marketplace. So, if you think about the regulations that they use, again, localizing the product, we’ve got to find ways to make this work in both countries. If you think about the inspection requirements, that type of thing, it can all be addressed. With respect to agricultural products, extremely protective of Japanese farmers, we dealt with a lot of that in the phase one agreement that we negotiated when I was ambassador. There’s a lot more room there as well.”
Hagerty on the timing of the budget reconciliation package: “I spoke with Leader Thune just yesterday, and I think the [U.S.] House of Representatives working at pace. I’m delighted to see them putting text out. I think as America sees that text, they start to get more and more certainty about where we’re headed. I spoke with Leader Thune yesterday about the fact that as soon as we get back from Memorial Day break, we need to be working at pace. We need to be working in parallel with the House to get this implemented as quickly as possible. This is going to be great news for corporate America. This is going to stimulate more investment. I want these investments committed this year so that we actually see them materialize in 2026. That’s why this needs to be happening at the beginning of the summer, rather than at the end of the summer.”
Hagerty on the Senate Republicans united to pass the budget reconciliation package: “That was also a part of my conversation with Leader Thune yesterday, and I’ll be speaking with a number of my colleagues aimed at just that. But I think there’s plenty of room to see significant cuts in terms of trimming back this wasteful stimulus spending that took place under Biden, a lot of spending that should have never happened in the first place. Again, moving in the right direction there from a fiscal responsibility standpoint. At the same time, making permanence an overarching goal for corporate tax rates, for the way depreciation is treated and for many other aspects of the tax code that will give, again, certainty to corporate America, so the types of commitments we want to see for 2026 are put in place as soon as possible […] [Pre-covid spending numbers] certainly has been a goal of a number of my colleagues, and we need to be aiming in that direction. You adjust for population growth and I think we can get there.”

MIL OSI USA News –

April 30, 2025
MIL-OSI United Kingdom: Liverpool launches landmark 2040 plan to create “framework for a better future”
Source: City of Liverpool

A detailed, data-led report looking at how to create a better future for Liverpool’s half a million residents over the next 15 years has been published.

The Liverpool 2040 Plan, which has been published online, sets out a step-by-step framework to foster greater collaborations across dozens of key organisations to make Liverpool the UK’s leading city of opportunity – for all.

This strategic vision, documented in a 37-page publication, has been launched with a commitment from city leaders “to work closer together than ever before” on a series of common issues and to influence and guide public sector reform on key areas such as education, employment, housing and health.

Set out as “a framework for a better future”, the wide-ranging plan has been developed by the Liverpool Strategic Partnership, whose membership has been increased to include more than 20 organisations. Collectively the LSP has a combined workforce of more than 60,000 people and an annual spend of £10bn a year.

The overall aim of the Liverpool 2040 Plan is to offer greater opportunities to the city’s residents, of all ages and backgrounds, in a united effort to make it a better city to live, learn, work and play in.

The Liverpool 2040 plan also sets out how city partners will collaborate to improve life-long educational standards whilst addressing deep rooted socio-economic and health inequalities, as well as global challenges such as climate change.

Work is already on some fronts, with Liverpool last week being awarded Marmot City status for its work in tackling health inequalities and has been appointed the world’s first UN Accelerator City for its work on reduce the carbon footprint in the entertainment industry.

However, Liverpool, whose population is set to grow by 10% over the coming decade, is a city where a third of residents are classed as economically inactive and where one in five have a disability. And at a neighbourhood level, life expectancy can vary by up to 14 years for residents living just four miles apart.

Such challenges, set against unprecedented pressures on public finances, has led city leaders to come together in a renewed effort to identify and align common priorities. This approach is underpinned by a commitment to analyse and share intelligence to inform and strengthen joint-working to identify and maximise opportunities presented by new government policies.

The 2040 timeline also aligns with other key data-rich programmes as identified in the State of Health in the City: Liverpool 2040 report and the city region goal to achieve New Zero status also by 2040.

This shared ambition is set around eight key priorities, each to be measured against five specific outcomes, with a clear intent to provide a long-term vision for the type of city the next generation should be inheriting.

The eight pillars of the 2040 plan are:
1. The Next Generation – key aim: For Liverpool to be UNICEF Child Friendly City.
2. Healthy Lives – key aim: To improve life expectancy and reduce health inequalities in poorest communities.
3. A Fair Transition to Net Zero – key aim: For Liverpool to be a zero-waste city.
4. Safe, Cohesive and Clean Communities – key aim: To improve safety at neighbourhood level.
5. Quality Homes – key aim: To work at eliminating homelessness and rough sleeping.
6. Inclusive Economic Growth – key aim: To develop city-wide innovation and skills strategy.
7. An Exciting and Distinctive City – key aim: For Liverpool to build on top 5 UK visitor city destination status.
8. Vibrant Public Services – key aim: To be a leading innovator based on data-led evidence.
The LSP, overseen by a board of chief executives, chaired by the chief executive of Liverpool City Council, has also been refreshed in response to the Strategic Futures Panel’s recommendations around strengthening the city’s approach to public service reform.

The LSP has also been devised to enable Liverpool to speak with one voice to national government and its departments. It also provides a shared platform for the city to take advantage of any new government opportunities.

The Liverpool 2040 Plan has also identified a priority focus on public service reform, with an emphasis on what makes sense for local areas to meet the needs of local people. This will build on key initiatives including Liverpool City Council’s new neighbourhood model, the Health Determinants Research Collaboration (HDRC), the Complex Lives project, the North Liverpool Public Service Reform Prototype, and the development of an Office of Public Service Innovation.

The Liverpool 2040 plan, which has been endorsed by Liverpool City Council’s cabinet, replaces the former City Plan that was published in 2020.

This previous city plan was in need of a refresh to reflect on the lessons and consequences of Covid-19 pandemic, the commissioner-led intervention to improve Council performance, as well as recent socio-political issues like a new UK government, last summer’s civil unrest. It also needed to respond to wider issues like the global energy crisis caused by the Russian invasion of Ukraine as well as the rise of AI and understanding and identifying the challenges and opportunities it presents.

Member of the Liverpool Strategic Partnership are:

• Liverpool City Council
• University of Liverpool
• Liverpool John Moores University
• Liverpool Hope University
• Liverpool School of Tropical Medicine
• City of Liverpool College
• Liverpool Chamber of Commerce
• Liverpool Charity and Voluntary Service
• Torus
• The Riverside Group
• Onward Homes
• Merseyside Police
• Merseyside Fire and Rescue Service
• HMPS – Liverpool Prison
• Mersey Care NHS Foundation Trust
• NHS Cheshire and Merseyside Health and Care Partnership
• Liverpool University Hospitals NHS Foundation Trust
• Alder Hey Children’s Hospital Trust
• Liverpool Heart and Chest Hospital
• Walton Centre NHS Foundation Trust
• Department for Work and Pensions, North West

Councillor Liam Robinson, Leader of Liverpool City Council, said: “The Liverpool 2040 Plan sets out the beginning of a 15-year journey to shape Liverpool as the UK’s leading city of opportunity – for all.

“The Liverpool 2040 Plan sets out a clear vision of how to be a better city and sets the foundations to guide the changes needed well into the rest of the 21^st century.

“it’s clear our major organisations need to work much harder and smarter together. For Liverpool to be a better city, we need to do better on a lot of levels – and I’m heartened by the desire and commitment in so many of our partner organisations to do that.

“This is the city that delivered both the best-ever European Capital of Culture and Eurovision. Through a potent mix of imagination, inspiration and collaboration we saw mass participation on an unprecedented scale, delivering remarkable results with huge economic benefits. Under the biggest spotlight and phenomenal pressure, Liverpool performs. And excels. Like few cities can.

“But on another level, too many of our residents are not living their best life. Opportunity is not knocking in the way it should in the world of education and employment. The health and wealth for a lot of our residents is below the national average. Much of our housing is poor quality, so many of our children are not benefitting from the best possible start in life. That is unacceptable. That needs to change.

“This Liverpool 2040 plan provides the best possible platform for us to start that journey, informed by data every step of the way to ensure we all make the right decisions to ensure we create an environment that nurtures and fosters talent and opportunity.

“We need to fully address the fundamental issues we face – in education, employment, health, housing, transport and employment – and its eight guiding priorities will shape how we respond to the challenges and maximise the opportunities over these next 15 years.

“I’m deeply encouraged by how many partners right across the public, private and voluntary sector have signed up to a vision of offering greater opportunities than ever before to our residents. We all have a role to play in making Liverpool the best place to grow up, grow a family, and grow a business – where no-one is left behind.

“Rest assured myself, my cabinet and this Council will work tirelessly with the Metro Mayor and the city region combined authority to make our case to the UK Government where and when it is needed. The Council cannot make these improvements alone. And not all the solutions are financial – reform and policy changes are just as vital to delivering the changes we need.

“Lasting change takes time, which is why we have set a 15-year timeline for our vision. Despite this, we are determined that our residents will see immediate and incremental improvements in the here and now, and I am deeply optimistic about the progress we can make together on an ongoing basis.”

Andrew Lewis, Chair of the Liverpool Strategic Partnership and Chief Executive of Liverpool City Council said: “Public services across the country, and particularly here in Liverpool, are facing unprecedented challenges, including rising demand for services, limited public funding and increasing complexity of needs.

“These challenges cannot be met by any one organisation acting alone. So it’s vital to have a strong strategic partnership across Liverpool. Together we represent the full range of public services for our city, committing to work together on a shared strategy for Liverpool 2040, prioritising our investments, sharing data and evidence, and transforming services together.”
MIL OSI United Kingdom –
April 30, 2025
MIL-OSI Security: Venezuelan Nationals with TPS Charged in Miami with Defrauding U.S. Government-Funded Covid-19 Relief Program

Source: Office of United States Attorneys

MIAMI – Freddy Urribarri, 42, and Mairilin Munoz 39, have been charged with conspiracy to commit wire fraud, wire fraud, and money laundering in connection with their submission of false and fraudulent Paycheck Protection Program (PPP) loan applications. Both defendants are Venezuelan nationals who were granted Temporary Protected Status (TPS), which allowed them to remain in the United States temporarily after they had entered the country. They were living in Dania Beach, Fl. at the time of their arrests.

According to allegations in the Indictment and statements made in open court, the defendants conspired with each other to commit fraud by submitting false PPP loan applications for Covid-19 era relief money meant to help struggling small business owners financially survive the pandemic. The defendants submitted two sole proprietorship loan applications with false and fraudulent supporting tax documents. Urribarri and Munoz also caused the submission of a false and fraudulent PPP loan application for FU&MM General Services, a company they controlled as president and vice president. The application inflated FU&MM’s income and number of employees. The lender accepted the false representations and approved a loan of about $438,000.

Once they received the loan proceeds, the defendants engaged in a scheme to conceal the nature of the funds. Munoz also engaged in financial transactions over $10,000 using proceeds of the fraud. Urribarri and Munoz also submitted false and fraudulent tax documents in support of a PPP loan forgiveness application.

U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and Acting Special Agent in Charge José R. Figueroa of the Department of Homeland Security, Homeland Security Investigations (HSI), Miami Field Division, announced the charges.

HSI Miami investigated the case. Assistant U.S. Attorney Daniel Bernstein is prosecuting it.

The charges contained in the indictment are merely accusations and the defendants are presumed innocent unless and until proven guilty.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit     https://www.justice.gov/coronavirus.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 25-cr-20151.

###

MIL Security OSI –

April 30, 2025
MIL-OSI: ASM announces start of €150 million share buyback program

Source: GlobeNewswire (MIL-OSI)

Almere, The Netherlands
April 29, 2025, 6:00 p.m. CET

ASM International N.V. (Euronext Amsterdam: ASM) today announces that it will start a share buyback program of ASM’s common shares of €150 million.

This program follows on ASM’s announcement on February 25, 2025, that the Management Board authorized a share buyback program for up to €150 million. The program commences on April 30, 2025, and is to end as soon as the aggregate purchase price of the common shares acquired by ASM has reached €150 million, but ultimately by January 2026.

The share buyback program will take place within the limits of relevant laws and regulations, the existing authority granted at ASM’s AGM held on May 13, 2024, and the authority (if granted) by the AGM meeting on May 12, 2025, and will be executed by a third party. ASM intends to use the repurchased shares to cover existing and expected future obligations under ongoing share programs for employees and board members. The total number of shares to be purchased in connection with the share buyback program shall not exceed 4,714,465.

ASM will update the market on the progress of the share buyback program on a weekly basis, starting on May 5, 2025. This information will also be published on ASM’s website (www.asm.com).

About ASM International
ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.
Cautionary note regarding forward-looking statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics, pandemics and other risks indicated in the company’s reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

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

Contact

Investor and media relations

Victor Bareño
T: +31 88 100 8500
E: investor.relations@asm.com

Investor relations

Valentina Fantigrossi
T: +31 88 100 8502
E: investor.relations@asm.com

The MIL Network –

April 30, 2025

MIL-OSI: ASM reports first quarter 2025 results

Source: GlobeNewswire (MIL-OSI)

Almere, The Netherlands
April 29, 2025, 6 p.m. CET

Solid start of the year, Q1 sales supported by continued AI-related strength

ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q1 2025 results (unaudited).

Financial highlights

€ million	Q1 2024	Q4 2024	Q1 2025
New orders	697.9	731.4	834.2
yoy change % at constant currencies	10%	8%	14%

Revenue	639.0	809.0	839.2
yoy change % at constant currencies	(8%)	27%	26%

Gross profit	337.8	407.2	447.8
Gross profit margin %	52.9 %	50.3 %	53.4 %

Operating result	187.1	222.3	266.2
Operating result margin %	29.3 %	27.5 %	31.7 %

Adjusted operating result ¹	191.8	227.0	271.0
Adjusted operating result margin %¹	30.0 %	28.1 %	32.3 %

Net earnings (losses)	173.1	225.8	(28.9)
Adjusted net earnings ¹	178.9	231.5	191.9

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

New orders of €834 million in Q1 2025 increased by 14% over the same period last year at constant currency (increased by 20% as reported), supported by strong GAA 2nm orders, and a relatively solid contribution from the Chinese market in the quarter.

Revenue of €839 million increased by 26% at constant currencies (increased by 31% as reported) from Q1 of last year, above the midpoint of the guidance (€810-850 million).

Gross profit margin increased to 53.4%, up from both Q1 of last year (52.9%) and up from prior quarter (50.3%). The increase compared to prior quarter was driven by a favorable product and customer mix.

Adjusted operating result margin of 32.3% is an improvement of 2.3% points compared to the same period last year, and an increase by 4.2% points compared to the previous quarter. This was mainly due to higher gross profit margin and moderated operating expenses (with year-on-year SG&A reducing from 11.4% to 9.1% as a percentage of revenue).

Our reported net results included an impairment of €215 million from our stake in ASMPT, triggered by the reduced market valuation in the recent period. There is no cash impact. Following the impairment, and in line with our accounting policy, the changes in the market value of ASMPT will be included in our quarterly net results in case of further decline or until the impairment charge has been reversed.

Comment

“ASM continued to deliver strong results in the first quarter of 2025. Sales increased by 26% at constant currencies, to €839 million, which was above the midpoint of our €810-850 million guidance,” said Hichem M’Saad, CEO of ASM. “The year-on-year increase was largely driven by robust sales in the leading-edge logic/foundry segment as leading customers continued moving towards high-volume manufacturing of the 2nm gate-all-around (GAA) node.

Market conditions continued to be mixed in the first quarter. Demand in the AI-related segments, including leading-edge logic/foundry and DRAM HBM memory, remained strong, while most of the other market segments remained sluggish. Bookings increased to €834 million in Q1 2025, up 14% year-on-year at constant currencies. Strong GAA orders, healthy demand from memory customers, especially for HBM-related DRAM applications, and solid demand from Chinese customers mainly contributed to the solid bookings. The cash position increased to a strong level of slightly more than €1.1 billion on the back of robust free cash flow of €264 million.

The gross margin increased to a high level of 53.4%, largely driven by product and customer mix. The gross margin also benefited from ongoing cost reduction programs. For the full year 2025, we now expect the gross margin to be in the upper half of the target range of 46%-50%. This excludes any potential direct impact from tariffs, which at this point is difficult to predict. We have prepared various scenarios to mitigate potential financial impact, leveraging our global supply chain capabilities and diversified manufacturing operations in combination with passing on impact into the value chain.”

Outlook

Global trade tensions and recent announcements of reciprocal tariffs have increased macroeconomic uncertainty. It is too early to tell what the impact on GDP and the semiconductor market will be. So far, our discussions with key customers have not materially changed.

We expect our sales in 2025 to grow by a double-digit percentage range of a 10-20% year on year, at constant currencies, and ahead of the WFE market, which is forecast to grow slightly this year. While we have reasonable visibility that we will achieve the lower end of the range, achieving the higher end will require some upside opportunities to materialize which at this point is still uncertain. In view of the recently increased exchange rate volatility and ASM’s significant US$ revenue exposure (>80% of sales) we decided to change our guidance from absolute Euro amounts to growth rates at constant currencies.

For Q2 2025 we expect sales to increase compared to Q1 by a range of +1% to +6% at constant currencies. This implies continued double-digit year-on-year sales growth in Q2 2025 at constant currencies.

We continue to be confident that our gate-all-around sales will increase strongly in 2025. Supported by robust HBM-related DRAM demand, we expect healthy memory sales in full year 2025, albeit lower than the very strong level in 2024. The power/analog/wafer market is still in a cyclical downturn and the outlook for this segment has further weakened for the rest of the year.

Underpinned by strong R&D engagements, we believe ASM remains well positioned in the coming years to benefit from increasing ALD and Epi intensity with the transition to a tighter and more complex device architecture in logic with GAA and in DRAM with 4F2.

Annual General Meeting

On March 27, 2025, ASM published the agenda, convocation, and other materials for the 2025 Annual General Meeting (AGM), to be held on May 12, 2025, in Almere, which as also earlier announced, includes, amongst other things, resolutions on:

the annual accounts of 2024;

the remuneration report 2024;

the proposal to declare a regular dividend of €3.00 (three euros) per common share;

the reappointment of Mr. Verhagen (for two years) as member of the Management Board;

the reappointment of Ms. Van der Meer Mohr (for four years), Mr. Sanchez (for four years) and Ms. Kahle-Galonske (for one year) as members of the Supervisory Board;

the appointment of EY Accountants B.V. as auditor to audit the annual accounts for the financial year 2026 and as assurance provider of sustainability information for the financial years 2025 and 2026.

Please refer to the AGM documents available on our website for more detailed information.

Share buyback program

In our Q4 press release, ASM announced that the Management Board has authorized a new share repurchase program of up to €150 million of the company’s common shares for the 2025/2026 period. As announced in a separate press release today, the share buyback program will start on April 30, 2025.

About ASM

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

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

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

Quarterly earnings conference call details

ASM will host the quarterly earnings conference call and webcast on Wednesday, April 30, 2025, at 3:00 p.m. CET. Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.
A simultaneous audio webcast and replay will be accessible at this l i nk.

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

The MIL Network –

April 30, 2025

MIL-OSI Europe: Dialogue, negotiations, disarmament: the Church’s path to peace according to Pope Francis

Source: Agenzia Fides – MIL OSI

Tuesday, 29 April 2025

Vatican Media

Vatican City (Fides Agency) – Three chairs, which soon became two, placed in front of the baptistery in St. Peter’s Basilica. Facing each other, Presidents Donald Trump and Volodymyr Zelensky – for a quarter of an hour and on the sidelines of Pope Francis’ funeral- engaged in intense dialogue on the possibilities for ending the bloody conflict in Ukraine. It was an image that in its own way recalled the criteria that have inspired the Holy See’s contribution to attempts to resolve wars, conflicts, and international crises during the pontificate of Pope Francis. Fragments of what the Argentine pontiff himself had called the “world war in pieces.”The paths of dialogue, negotiation, and disarmament are those that the last bishop of Rome, with the help of Vatican diplomacy, repeatedly encouraged, describing them as the only viable ways to find solutions for everyone in ongoing conflicts.Starting with “tormented Syria,” which has always been close to the Argentine Pope’s heart. The Pontiff gave voice to refugees and displaced persons fleeing the violence of a war that, as the Pope himself said, has risked turning into “brutal persecution” for those who profess other religions. Appeals for Syria, which have become a constant feature of the Easter Urbi et Orbi blessings, have been made during several Angelus and Regina Coeli prayers, as well as at the end of Wednesday’s general audiences. Only a few years later, the same would happen with war-torn Ukraine.“How much blood has been shed! And how much suffering must still be endured before a political solution to the crisis can be found?” the Pope asked repeatedly, always calling for ‘courage’ and ‘determination’ to embark on the path of negotiations. He did so by proclaiming September 7, 2013, a day of prayer and penance for peace in Syria, the Middle East, and throughout the world, because, as he said during the Angelus prayer in which he announced this initiative, “Humanity needs to see gestures of peace and hear words of hope and peace!”The gestures were followed by further words, including letters to heads of state, and finally by his physical presence: in spring 2016, he told Syrian refugees housed in the Moria camp in Lesbos: “I want to tell you that you are not alone.” When he returned to Rome, he took three Syrian families with him.And that’s not all. During his apostolic journey to the Holy Land in May 2014, the Pope paused to pray in front of the separation wall built by Israel near Bethlehem, the city where Jesus was born. A few weeks later, the Pope brought together the then Israeli President Shimon Peres and Palestinian President Mahmoud Abbas at the Vatican to pray together for peace in the Middle East. On this occasion, an olive tree was planted in the Vatican Gardens in the presence of Patriarch Bartholomew I and a delegation of Christians, Jews, and Muslims from the Holy Land as a symbol of peace.“Yes to keeping agreements and no to provocation; this requires courage,” said the Bishop of Rome in June 2024 before saying the closing prayer: “Many times and over many years, we have tried to resolve our conflicts with our own strength and even with our weapons; so many moments of hostility and darkness; so much blood shed; so many lives broken; so many hopes buried… But our efforts have been in vain. Now, Lord, help us! Grant us peace, teach us peace, lead us to peace! Open our eyes and our hearts, and give us the courage to say: “Never again war!” … And may these words—division, hatred, war—be banished from the hearts of every human being! Lord, disarm our tongues and our hands, renew our hearts and minds, so that the word we use to address one another may always be “brother,” and our lives may be expressed in “Shalom, Peace, Salam!” Amen.Last year, on the tenth anniversary of this historic meeting, Pope Francis wanted to gather the entire diplomatic corps accredited to the Holy See around this olive tree, which has since grown, to commemorate the embrace between the two presidents. The ambassadors of Israel and Palestine to the Holy See sat next to the Pope.“Instead of pretending that war can solve problems and lead to peace, we must therefore be critical and vigilant toward an ideology that unfortunately prevails today, according to which ‘conflict, violence, and divisions are part of the normal functioning of society.’ It is always about power struggles between different social groups, about particular economic interests and about international political considerations that aim at an apparent peace and run away from the real problems. Instead, in a time marked by tragic conflicts, we need a new commitment to building a peaceful world. To all believers and people of good will, I say: Let us not cease to dream of peace and to build peaceful relationships!” These were the words spoken by the Pope in the early summer of 2024.A similar initiative was launched in spring 2019, when the Pope invited the civil and ecclesiastical authorities of South Sudan to a two-day spiritual retreat in the Vatican. Contrary to protocol, Pope Francis knelt before them and kissed the shoes of the South Sudanese leaders:“I implore that the fire of war may be extinguished once and for all.” Peace, according to the Bishop of Rome,“is the first gift that the Lord has given us, and it is the first duty that the leaders of nations must fulfill: peace is the fundamental condition for the respect of the rights of every human being and for the integral development of all peoples.” “Dear brothers and sisters, let us not forget that God has entrusted us, the political and religious leaders, with the task of guiding his people: he has entrusted much to us, and for this very reason he will demand all the more from us! He will ask us to give an account of our service and our office, of our commitment to peace and to the good we have done for the members of our communities, especially the poorest and most marginalised. In other words, he will ask us to give an account of our lives, but also of the lives of others.”“Peace is possible,” it is ‘a great gift from God,’ but it also requires a commitment from people “in dialogue, in negotiation, and in forgiveness.” After his words to the Sudanese leadership, Pope Francis said something similar in an interview regarding the war between Russia and Ukraine: “Stronger is the one who thinks of the people, who has the courage to raise the white flag,” and “when you see that things are not going well, you must have the courage to negotiate,” which does not mean surrender, “negotiating is never surrender.” In Gaza, too, he added on that occasion, there is a conflict that “is involves two, not one. The irresponsible ones are these two who are waging war. Today, with the help of the international powers, we can negotiate. The word negotiate is courageous. We need not be ashamed to negotiate before the situation gets worse.”Parallel to the path of dialogue runs the path of disarmament, from the demand for a ban on nuclear weapons to the condemnation of the arms race, the words of Pope Francis are in perfect continuity with those of his predecessors, from Benedict XV to Benedict XVI. The latter also advocated an end to the arms trade: “I would also say that the importation of arms must finally cease, because without the importation of arms, war could not continue. Instead of importing weapons, which is a grave sin, we should import ideas of peace and creativity; seek solutions that accept everyone in their otherness. We must therefore make visible in the world respect for religions, respect for human beings as creatures of God, and charity as fundamental to all religions.”Pope Francis took up this concept again in 2019 when he received participants at a meeting of relief organizations of the Eastern Churches and said: “Those who have nothing to eat, who have no medical care, who have no school, the orphans, the wounded and the widows raise their voices to heaven. Even if people’s hearts are insensitive, this is certainly not true of God’s heart, which is wounded by the hatred and violence that can erupt among his creatures, and which is always touched and concerned with the tenderness and strength of a protective and guiding father. But sometimes I also think of the wrath of God that will be unleashed on those responsible in countries that talk about peace and sell weapons to wage these wars. This hypocrisy is a sin.”Back in 2014, the Argentine pope had already said in his apostolic letter Evangelii gaudium: “There are economic systems that need to wage war to survive.” He repeated several times that the most profitable investments today are made in arms factories. On several occasions, especially in his Urbi et Orbi messages at Christmas and Easter, he called for weapons to be silenced and proposed the establishment of a world fund against hunger, to be financed with the money earmarked for arms. During the pandemic, while praying the Rosary in St. Peter’s Basilica, he proposed the creation of another fund, this time for research and studies: “Holy Mary, stir consciences so that the enormous sums spent on increasing and perfecting weapons may instead be used to promote adequate studies to prevent similar disasters in the future.”According to the latest figures from the Stockholm International Peace Research Institute (SIPRI) for 2023, global military spending will reach a record high of $2.44 trillion, representing an increase of 6.8% over the previous year.The US spent the most on weapons: $880 billion, followed by China ($309 billion) and Russia ($126 billion). If the military budget is divided by the number of inhabitants, the US spent an average of $2,694 per inhabitant. By comparison, Israel spent $29 billion in 2023, but achieved the highest per capita expenditure in the world: $2,997 per inhabitant.Pope Francis’ words on this subject are illuminating: “Certain decisions are not neutral: spending a large part of the budget on weapons means taking it away from something else, once again taking it away from those who lack the necessities. And that is a scandal. How much is spent on weapons is terrible. We must raise awareness that continuing to spend on weapons defiles the soul, the heart, humanity. What good is it if we all solemnly commit ourselves at the international level to campaigns against poverty, against hunger, against the destruction of the planet, if we then fall back into the old vice of war, into the old strategy of the power of arms, which sets everything and everyone back? War always leads to regression, always. We are going backwards.” (FB) (Fides Agency 29/4/2025)
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MIL OSI Europe News –

April 30, 2025

MIL-OSI: Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the First Quarter of 2025; Declares Quarterly Cash Dividend of $0.1425 Per Share and Renews Stock Repurchase Plan

Source: GlobeNewswire (MIL-OSI)

HELENA, Mont., April 29, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and $1.9 million, or $0.24 per diluted share, in the first quarter of 2024.

Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on April 24, 2025. The dividend will be payable June 6, 2025, to shareholders of record May 16, 2025. The current dividend represents an annualized yield of 3.43% based on recent market prices.

“We produced solid first quarter 2025 operating results, reflecting quarterly deposit growth, a reduction in operating expenses and net interest margin expansion,” said Laura F. Clark, President and CEO. “We are making progress in building our community bank franchise across the state of Montana, highlighted by a steady core deposit base and a well-balanced loan portfolio. We are one of only three publicly traded financial institutions based in Montana, and while market volatility and interest rate cycles continue to impact the overall economy, we remain well positioned in our markets to continue to grow.”

First Quarter 2025 Highlights (at or for the three-month period ended March 31, 2025, except where noted):

Net income was $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and increased 70.7% compared to $1.9 million, or $0.24 per diluted share, in the first quarter a year ago.
Net interest margin (“NIM”) was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point increase compared to the first quarter a year ago.
Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.
Revenues (net interest income before the provision for credit losses, plus noninterest income) decreased 2.1% to $20.9 million in the first quarter of 2025, compared to $21.4 million in the preceding quarter and increased 9.1% compared to $19.2 million in the first quarter a year ago.
Total loans increased 1.7% to $1.52 billion, at March 31, 2025, compared to $1.50 billion a year earlier, and remained unchanged compared to $1.52 billion at December 31, 2024.
Total deposits increased $54.4 million or 3.3% to $1.69 billion at March 31, 2025, compared to a year earlier, and increased $8.7 million or 0.5%, compared to December 31, 2024.
The allowance for credit losses represented 1.10% of portfolio loans and 313.1% of nonperforming loans at March 31, 2025, compared to 1.10% of total portfolio loans and 227.6% of nonperforming loans at March 31, 2024.
The Company paid a quarterly cash dividend in the first quarter of $0.1425 per share on March 7, 2025, to shareholders of record February 14, 2025.

The Company’s available borrowing capacity was approximately $437.4 million at March 31, 2025, compared to $404.0 million at December 31, 2024.

	March 31, 2025				December 31, 2024
(Dollars in thousands)	Borrowings Outstanding		Remaining Borrowing Capacity		Borrowings Outstanding		Remaining Borrowing Capacity
Federal Home Loan Bank advances	$	124,952	$	310,857	$	140,930	$	276,664
Federal Reserve Bank discount window		–		26,509		–		27,349
Correspondent bank lines of credit		–		100,000		–		100,000
Total	$	124,952	$	437,366	$	140,930	$	404,013

Balance Sheet Results

Total assets were $2.09 billion at March 31, 2025, compared to $2.08 billion a year ago, and $2.10 billion three months earlier. The investment securities portfolio totaled $291.7 million at March 31, 2025, compared to $311.2 million a year ago, and $292.6 million at December 31, 2024.

Eagle originated $43.2 million in new residential mortgages during the quarter and sold $42.8 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.15%. This production compares to residential mortgage originations of $68.1 million in the preceding quarter with sales of $64.0 million and an average gross margin on sale of mortgage loans of approximately 3.18%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

Total loans increased $26.1 million, or 1.7%, compared to a year ago, and increased $2.9 million, or 0.2%, from three months earlier. Commercial real estate loans increased 5.3% to $666.3 million at March 31, 2025, compared to $632.5 million a year earlier. Commercial real estate loans were comprised of 71.9% non-owner occupied and 28.1% owner occupied at March 31, 2025. Agricultural and farmland loans increased 10.7% to $284.6 million at March 31, 2025, compared to $257.0 million a year earlier. Residential mortgage loans decreased 4.9% to $149.7 million, compared to $157.4 million a year earlier. Commercial loans increased 1.5% to $139.7 million, compared to $137.6 million a year ago. Commercial construction and development loans decreased 25.5% to $110.1 million, compared to $147.7 million a year ago. Home equity loans increased 11.3% to $100.7 million, residential construction loans increased 1.1% to $45.5 million, and consumer loans decreased 9.1% to $27.0 million, compared to a year ago.

“Our deposit mix has shifted over the last several quarters towards higher yielding deposits due to the higher interest rate environment, a trend that has affected most community banks. However, we have started to experience an ease in deposit pricing following the Fed rate cuts in the second half of 2024, and we anticipate this will continue as CDs continue to reprice,” said Miranda Spaulding, CFO.

Total deposits increased to $1.69 billion at March 31, 2025, compared to $1.64 billion at March 31, 2024, and $1.68 billion at December 31, 2024. Noninterest-bearing checking accounts represented 24.3%, interest-bearing checking accounts represented 12.5%, savings accounts represented 12.6%, money market accounts comprised 23.5% and time certificates of deposit made up 27.1% of the total deposit portfolio at March 31, 2025. Time certificates on deposits include $6.2 million in brokered certificates at March 31, 2025, compared to $50.0 million at March 31, 2024 and no brokered certificates at December 31, 2024. The average cost of total deposits was 1.67% in the first quarter of 2025, compared to 1.71% in the preceding quarter and 1.62% in the first quarter of 2024. The estimated amount of uninsured deposits was approximately $309.0 million, or 18% of total deposits, at March 31, 2025, compared to $323.0 million, or 19% of total deposits, at December 31, 2024.

FHLB advances and other borrowings decreased to $125.0 million at March 31, 2025, compared to $177.5 million at March 31, 2024, and $140.9 million at December 31, 2024. The average cost of FHLB advances and other borrowings was 4.75% in the first quarter of 2025, compared to 5.02% in the preceding quarter and 5.53% in the first quarter of 2024.
Shareholders’ equity was $177.6 million at March 31, 2025, compared to $168.9 million a year earlier and $174.8 million three months earlier. Book value per share increased to $22.26 at March 31, 2025, compared to $21.07 a year earlier and $21.77 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, increased to $17.38 at March 31, 2025, compared to $16.05 a year earlier and $16.88 three months earlier.

Operating Results

“As anticipated, the higher yields on interest earning assets combined with a lower cost of funds contributed to our 15-basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate continued improvement in our cost of funds based on current Fed rates.”

Eagle’s NIM was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point improvement compared to the first quarter a year ago. The interest accretion on acquired loans totaled $172,000 and resulted in a four basis-point increase in the NIM during the first quarter of 2025, compared to $161,000 and a four basis-point increase in the NIM during the preceding quarter. Average yields on interest earning assets for the first quarter of 2025 increased to 5.76%, compared to 5.70% in the fourth quarter of 2025 and 5.47% in the first quarter a year ago. Funding costs for the first quarter of 2025 were 2.54%, compared to 2.69% in the fourth quarter of 2024 and 2.67% in the first quarter of 2024.

Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.

Total noninterest income decreased 12.2% to $4.0 million in the first quarter of 2025, compared to $4.6 million in the preceding quarter, and unchanged compared to $4.0 million in the first quarter a year ago. Net mortgage banking income, the largest component of noninterest income, totaled $2.1 million in the first quarter of 2025, compared to $2.8 million in the preceding quarter and $2.2 million in the first quarter a year ago. This decrease compared to the preceding quarter was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes.

Eagle’s first quarter noninterest expense was $17.0 million, a decrease of 3.9% compared to $17.7 million in the preceding quarter and unchanged compared to $17.0 million in the first quarter a year ago. Contract changes led to lower data processing expense, which contributed to the quarter-over-quarter decrease.

For the first quarter of 2025, the Company recorded income tax expense of $631,000. This compared to income tax expense of $269,000 in the preceding quarter and $370,000 in the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 16.3%, which was unchanged compared to 16.3% for the first quarter of 2024. The preceding quarter’s effective tax rate was 7.3%. The effective tax rate has been impacted by an increase in the proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.

Credit Quality

During the first quarter of 2025, Eagle recorded a $42,000 provision for credit losses. This compared to a $36,000 recapture in the provision for credit losses in the preceding quarter and a $135,000 recapture in the provision for credit losses in the first quarter a year ago. The allowance for credit losses represented 313.1% of nonperforming loans at March 31, 2025, compared to 437.7% three months earlier and 227.6% a year earlier. Nonperforming loans were $5.3 million at March 31, 2025, $3.9 million at December 31, 2024, and $7.2 million a year earlier. Net loan charge-offs totaled $2,000 in the first quarter of 2025, compared to net loan charge-offs of $44,000 in the preceding quarter and net loan recoveries of $65,000 in the first quarter a year ago. The allowance for credit losses was $16.7 million, or 1.10% of total loans, at March 31, 2025, compared to $16.9 million, or 1.11% of total loans, at December 31, 2024, and $16.4 million, or 1.10% of total loans, a year ago.

Capital Management

The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.77% at March 31, 2025, up from 6.32% a year ago and 6.57% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of March 31, 2025, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.29% as of March 31, 2025.

Stock Repurchase Authority

Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2025, representing approximately 5.0% of outstanding shares. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. The plan is expected to be in place for approximately 12 months, but may be suspended, terminated or modified by the Company’s Board of Directors at any time. The plan does not obligate the Company to purchase any particular number of shares.

About the Company

Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

Forward Looking Statements

This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration, including the implantation of tariffs and other protectionist trade policies; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

Use of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

Balance Sheet
(Dollars in thousands, except per share data)						(Unaudited)
			March 31,			December 31,			March 31,
			2025			2024			2024

Assets:
	Cash and due from banks		$	21,360		$	29,824		$	19,479
	Interest bearing deposits in banks			1,445			1,735			1,438
		Total cash and cash equivalents		22,805			31,559			20,917
	Securities available-for-sale, at fair value			291,661			292,590			311,227
	Federal Home Loan Bank (“FHLB”) stock			7,101			7,778			8,449
	Federal Reserve Bank (“FRB”) stock			4,131			4,131			4,131
	Mortgage loans held-for-sale, at fair value			6,223			13,368			9,612
	Loans:
	Real estate loans:
	Residential 1-4 family			149,699			153,721			157,414
	Residential 1-4 family construction			45,508			45,701			45,026
	Commercial real estate			666,265			645,962			632,452
	Commercial construction and development			110,107			124,211			147,740
	Farmland			153,456			146,610			140,246
	Other loans:
	Home equity			100,665			97,543			90,418
	Consumer			26,978			28,513			29,677
	Commercial			139,668			144,039			137,640
	Agricultural			131,162			134,346			116,775
		Total loans		1,523,508			1,520,646			1,497,388
	Allowance for credit losses			(16,720	)		(16,850	)		(16,410	)
		Net loans		1,506,788			1,503,796			1,480,978
	Accrued interest and dividends receivable			13,271			12,890			12,038
	Mortgage servicing rights, net			15,282			15,376			15,738
	Assets held-for-sale, at cost			960			960			–
	Premises and equipment, net			101,759			101,540			97,643
	Cash surrender value of life insurance, net			53,573			53,232			48,218
	Goodwill			34,740			34,740			34,740
	Core deposit intangible, net			4,181			4,499			5,514
	Other assets			25,941			26,631			26,869
		Total assets	$	2,088,416		$	2,103,090		$	2,076,074

Liabilities:
	Deposit accounts:
	Noninterest bearing		$	411,272		$	419,211		$	408,781
	Interest bearing			1,278,694			1,262,017			1,226,818
		Total deposits		1,689,966			1,681,228			1,635,599
	Accrued expenses and other liabilities			36,739			47,018			34,950
	FHLB advances and other borrowings			124,952			140,930			177,540
	Other long-term debt, net			59,186			59,149			59,037
		Total liabilities		1,910,843			1,928,325			1,907,126

Shareholders’ Equity:
	Preferred stock (par value $0.01 per share; 1,000,000 shares
	authorized; no shares issued or outstanding)			–			–			–
	Common stock (par value $0.01; 20,000,000 shares authorized;
	8,507,429 shares issued; 7,977,177, 8,027,177 and 8,016,784
	shares outstanding at March 31, 2025, December 31, 2024, and
	March 31, 2024, respectively			85			85			85
	Additional paid-in capital			108,451			108,334			108,893
	Unallocated common stock held by Employee Stock Ownership Plan			(3,867	)		(4,011	)		(4,440	)
	Treasury stock, at cost (530,252, 480,252 and 490,645 shares at
	March 31, 2025, December 31, 2024 and March 31, 2024, respectively)			(11,517	)		(10,761	)		(11,124	)
	Retained earnings			103,366			101,264			96,797
	Accumulated other comprehensive loss, net of tax			(18,945	)		(20,146	)		(21,263	)
		Total shareholders’ equity		177,573			174,765			168,948
		Total liabilities and shareholders’ equity	$	2,088,416		$	2,103,090		$	2,076,074

Income Statement					(Unaudited)
(Dollars in thousands, except per share data)			Three Months Ended
			March 31,		December 31,			March 31,
			2025		2024			2024
Interest and dividend income:
	Interest and fees on loans		$	23,320	$	23,756		$	21,942
	Securities available-for-sale			2,451		2,475			2,724
	FRB and FHLB dividends			260		308			247
	Other interest income			38		148			29
		Total interest and dividend income		26,069		26,687			24,942
Interest expense:
	Interest expense on deposits			6,871		7,216			6,548
	FHLB advances and other borrowings			1,626		2,005			2,497
	Other long-term debt			670		676			683
		Total interest expense		9,167		9,897			9,728
Net interest income				16,902		16,790			15,214
Provision (recapture) for credit losses				42		(36	)		(135	)
		Net interest income after provision for credit losses		16,860		16,826			15,349

Noninterest income:
	Service charges on deposit accounts			389		387			400
	Mortgage banking, net			2,125		2,818			2,177
	Interchange and ATM fees			593		675			563
	Appreciation in cash surrender value of life insurance			350		408			288
	Net loss on sale of available-for-sale securities			–		(141	)		–
	Other noninterest income			559		425			524
		Total noninterest income		4,016		4,572			3,952

Noninterest expense:
	Salaries and employee benefits			9,664		9,830			9,718
	Occupancy and equipment expense			2,302		2,194			2,099
	Data processing			1,330		1,715			1,525
	Software subscriptions			658		576			528
	Advertising			232		466			253
	Amortization			320		337			369
	Loan costs			372		372			398
	FDIC insurance premiums			231		287			299
	Professional and examination fees			520		596			484
	Other noninterest expense			1,377		1,323			1,360
		Total noninterest expense		17,006		17,696			17,033

Income before provision for income taxes				3,870		3,702			2,268
Provision for income taxes				631		269			370
Net income			$	3,239	$	3,433		$	1,898

Basic earnings per common share			$	0.41	$	0.44		$	0.24
Diluted earnings per common share			$	0.41	$	0.44		$	0.24

Basic weighted average shares outstanding				7,812,248		7,862,279			7,824,928

Diluted weighted average shares outstanding				7,823,636		7,868,507			7,835,304

ADDITIONAL FINANCIAL INFORMATION						(Unaudited)
(Dollars in thousands, except per share data)			Three Months Ended or Years Ended
			March 31,			December 31,			March 31
			2025			2024			2024

Mortgage Banking Activity (For the quarter):
	Net gain on sale of mortgage loans		$	1,349		$	2,036		$	1,414
	Net change in fair value of loans held-for-sale and derivatives			(115	)		(3	)		(173	)
	Mortgage servicing income, net			891			785			936
		Mortgage banking, net	$	2,125		$	2,818		$	2,177

Performance Ratios (For the quarter):
	Return on average assets			0.62	%		0.65	%		0.37	%
	Return on average equity			7.66	%		8.12	%		4.67	%
	Yield on average interest earning assets			5.76	%		5.70	%		5.47	%
	Cost of funds			2.54	%		2.69	%		2.67	%
	Net interest margin			3.74	%		3.59	%		3.33	%
	Core efficiency ratio*			79.77	%		81.26	%		86.95	%

Asset Quality Ratios and Data:			As of or for the Three Months Ended
			March 31,			December 31,			March 31,
			2025			2024			2024

	Nonaccrual loans		$	2,701		$	3,227		$	5,231
	Loans 90 days past due and still accruing			2,638			623			1,979
		Total nonperforming loans		5,339			3,850			7,210
	Other real estate owned and other repossessed assets			46			45			–
		Total nonperforming assets	$	5,385		$	3,895		$	7,210

	Nonperforming loans / portfolio loans			0.35	%		0.25	%		0.48	%
	Nonperforming assets / assets			0.26	%		0.19	%		0.35	%
	Allowance for credit losses / portfolio loans			1.10	%		1.11	%		1.10	%
	Allowance for credit losses/ nonperforming loans			313.17	%		437.66	%		227.60	%
	Gross loan charge-offs for the quarter		$	6		$	51		$	1
	Gross loan recoveries for the quarter		$	4		$	7		$	66
	Net loan charge-offs (recoveries) for the quarter		$	2		$	44		$	(65	)


			March 31,			December 31,			March 31,
			2025			2024			2024
Capital Data (At quarter end):
	Common shareholders’ equity (book value) per share		$	22.26		$	21.77		$	21.07
	Tangible book value per share**		$	17.38		$	16.88		$	16.05
	Shares outstanding			7,977,177			8,027,177			8,016,784
	Tangible common equity to tangible assets***			6.77	%		6.57	%		6.32	%

Other Information:
	Average investment securities for the quarter		$	293,273		$	300,088		$	314,129
	Average investment securities year-to-date		$	293,273		$	306,538		$	314,129
	Average loans for the quarter ****		$	1,526,774		$	1,533,686		$	1,499,293
	Average loans year-to-date ****		$	1,526,774		$	1,523,384		$	1,499,293
	Average earning assets for the quarter		$	1,835,210		$	1,858,078		$	1,830,316
	Average earning assets year-to-date		$	1,835,210		$	1,850,120		$	1,830,316
	Average total assets for the quarter		$	2,079,142		$	2,107,357		$	2,066,579
	Average total assets year-to-date		$	2,079,142		$	2,092,051		$	2,066,579
	Average deposits for the quarter		$	1,671,349		$	1,671,653		$	1,625,770
	Average deposits year-to-date		$	1,671,349		$	1,636,390		$	1,625,770
	Average equity for the quarter		$	169,088		$	169,054		$	162,637
	Average equity year-to-date		$	169,088		$	164,591		$	162,637

* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
costs and intangible asset amortization, by the sum of net interest income and non-interest income.
** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
less goodwill and core deposit intangible, by common shares outstanding.
*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
**** Includes loans held for sale

Reconciliation of Non-GAAP Financial Measures

Core Efficiency Ratio			(Unaudited)
(Dollars in thousands)			Three Months Ended
			March 31,			December 31,			March 31,
			2025			2024			2024
Calculation of Efficiency Ratio:
	Noninterest expense – efficiency ratio numerator		$	17,006		$	17,696		$	17,033

	Net interest income			16,902			16,790			15,214
	Noninterest income			4,016			4,572			3,952
		Efficiency ratio denominator		20,918			21,362			19,166

	Efficiency ratio (GAAP)			81.30	%		82.84	%		88.87	%

Calculation of Core Efficiency Ratio:
	Noninterest expense		$	17,006		$	17,696		$	17,033
	Intangible asset amortization			(320	)		(337	)		(369	)
		Core efficiency ratio numerator		16,686			17,359			16,664

	Net interest income			16,902			16,790			15,214
	Noninterest income			4,016			4,572			3,952
		Core efficiency ratio denominator		20,918			21,362			19,166

	Core efficiency ratio (non-GAAP)			79.77	%		81.26	%		86.95	%

Tangible Book Value and Tangible Assets			(Unaudited)
(Dollars in thousands, except per share data)			March 31,			December 31,			March 31,
			2025			2024			2024
Tangible Book Value:
	Shareholders’ equity		$	177,573		$	174,765		$	168,948
	Goodwill and core deposit intangible, net			(38,921	)		(39,239	)	$	(40,254	)
		Tangible common shareholders’ equity (non-GAAP)	$	138,652		$	135,526		$	128,694

	Common shares outstanding at end of period			7,977,177			8,027,177			8,016,784

	Common shareholders’ equity (book value) per share (GAAP)		$	22.26		$	21.77		$	21.07

	Tangible common shareholders’ equity (tangible book value)
		per share (non-GAAP)	$	17.38		$	16.88		$	16.05

Tangible Assets:
	Total assets		$	2,088,416		$	2,103,090		$	2,076,074
	Goodwill and core deposit intangible, net			(38,921	)		(39,239	)		(40,254	)
		Tangible assets (non-GAAP)	$	2,049,495		$	2,063,851		$	2,035,820

	Tangible common shareholders’ equity to tangible assets
		(non-GAAP)		6.77	%		6.57	%		6.32	%

Contacts:

Laura F. Clark, President and CEO
(406) 457-4007
Miranda J. Spaulding, SVP and CFO
(406) 441-5010

The MIL Network –

April 30, 2025

MIL-OSI Global: Stage 0 cancer is often overlooked — but it could be your earliest warning sign

Source: The Conversation – UK – By Justin Stebbing, Professor of Biomedical Sciences, Anglia Ruskin University

Beyonce and her mother, Tina Knowles in December 2024 DFree/Shutterstock

At 71, Tina Knowles – the fashion designer, businesswoman, and mother of Beyoncé – made headlines not for her career, but for a deeply personal revelation: her breast cancer diagnosis. In 2023, a routine mammogram uncovered two tumours in her left breast, one benign and the other malignant. Diagnosed with stage 1 breast cancer, she underwent surgery and is now cancer-free.

Knowles had initially hesitated to share her story, even considering leaving it out of her upcoming memoir Matriarch. A private person by nature, she ultimately chose to speak out to educate and inspire others – especially women balancing busy lives – about the critical importance of regular screenings.

Read more:
Black women are more likely to die from breast cancer – so why is breast screening attendance still a problem?

Knowles candidly revealed that her cancer might have been caught even earlier, at stage 0, if she hadn’t missed a mammogram during the COVID pandemic. Like many, she delayed rescheduling, and it wasn’t until nearly four years later that she returned for screening.

Her sister, a breast cancer survivor herself, reminded her that if she had stayed on schedule, doctors might have detected her cancer before it had begun to invade surrounding tissue.

Thankfully, Knowles’ tumour was small and slow-growing. Still, the experience shook her and reinforced a message she now shares widely: early detection saves lives.

Knowles’ story opens the door to an important medical conversation: what exactly is stage 0 cancer, and why does it matter?

Stage 0, often called “carcinoma in situ”, is the earliest form of cancer. The Latin phrase in situ means “in its original place”, and that’s exactly where these abnormal cells remain – they haven’t yet spread to nearby tissue or other parts of the body. In breast cancer, the most common type of stage 0 is ductal carcinoma in situ (DCIS), where abnormal cells are confined to the milk ducts.

Because stage 0 cancers rarely cause symptoms or lumps, they’re usually detected through screening – most often, a mammogram. In fact, the breast is where stage 0 is most commonly diagnosed, thanks to the effectiveness of these screening programs.

But stage 0 cancer is not unique to the breast. Similar early, non-invasive changes can be found in other organs, such as the cervix (cervical intraepithelial neoplasia) or the colon (certain types of polyps).

There’s a growing debate in the medical community about whether stage 0 cancers should be labelled as “cancer” at all. Some experts argue that terms like “precancer” or “non-invasive cancer” might better reflect the low risk posed by these abnormal cells. Others caution that, while not invasive yet, some stage 0 cancers can become dangerous over time, especially if left untreated.

Research suggests that up to 40% of untreated DCIS cases may eventually develop into invasive breast cancer, although the risk in any given year is relatively low at around 3%. Because we currently lack a reliable way to predict which cases will progress, most doctors recommend treatment such as surgery to remove abnormal cells.

Treatment for stage 0 cancer is typically less aggressive than for more advanced stages, but it’s still personalised. In breast cancer, options often include:

• Lumpectomy – surgery to remove only the affected area
• Mastectomy – removal of the entire breast
• Radiation therapy – often recommended after lumpectomy to reduce the risk of recurrence
• Hormone therapy – for cancers that have hormone receptors, medication may be used to lower future risk.

However, some experts are exploring a different approach: active surveillance. This strategy involves closely monitoring low-grade lesions without immediate treatment. While promising for some patients, it’s still controversial since there’s always a risk the cancer could progress silently.

The prognosis for stage 0 cancer is overwhelmingly positive. The five-year survival rate for stage 0 breast cancer approaches 99% and most people diagnosed at this stage will never experience a recurrence.

This remarkable outcome is a testament to the power of early detection and effective treatment. However, the rise in stage 0 diagnoses also raises questions about so-called over-diagnosis and over-treatment and whether this means some people are undergoing unnecessary procedures for abnormalities that might never have caused harm.

Despite its early stage, a diagnosis of stage 0 cancer can carry a heavy emotional toll. There’s comfort in knowing the cancer was caught early but also anxiety about what might have happened if it hadn’t. Many patients struggle with the uncertainty of whether treatment was necessary or whether watchful waiting would have been safe.

Knowles, for instance, spoke of disbelief, fear and the emotional rollercoaster that followed her diagnosis. She credits her daughters and friends for getting her through, providing love, laughter and perspective in a frightening time. Her openness underscores how vital it is to have a strong support system and a healthcare team that encourages open dialogue.

Mammograms and other screening tools like colonoscopies are vital for catching cancers at the earliest, most treatable stages. While the increase in stage 0 diagnoses has fuelled debate about over-treatment, it’s clear that early detection gives people options and a chance at a cure before cancer becomes more aggressive.

My research team is working to develop more effective methods for distinguishing which early abnormalities truly require treatment and which can be safely monitored. Until those tools are widely available, public health experts continue to stress one clear message: stay up to date with recommended screenings.

Knowles’ story is more than a celebrity health headline, it’s a powerful reminder that prioritising routine care can change the course of your life. Stage 0 cancer represents a rare window of opportunity: a chance to intervene early, often with excellent outcomes. But it also requires careful decision-making, emotional resilience and support.

The message is simple and urgent: take care of yourself. Reschedule that appointment. Get screened. It might just save your life.

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

– ref. Stage 0 cancer is often overlooked — but it could be your earliest warning sign – https://theconversation.com/stage-0-cancer-is-often-overlooked-but-it-could-be-your-earliest-warning-sign-255460

MIL OSI – Global Reports –

April 30, 2025

MIL-OSI: Riverview Bancorp Reports Net Income of $1.1 Million in Fourth Fiscal Quarter 2025 and $4.9 Million for Fiscal 2025

Source: GlobeNewswire (MIL-OSI)

FISCAL Q4 2025 HIGHLIGHTS


$1.1 Million	$0.05	$6.33	0.01%
Net Income	Diluted Earnings per Common Share	Tangible Book Value per Share	NPAs to Total Assets

Fiscal Quarter Comparison Highlights
Net Interest Income and Net Interest Margin	$9.2 million net interest income for the quarter compared to $8.6 million in Fiscal Q4 2024 Net interest margin at 2.65% for the quarter compared to 2.32% in Fiscal Q4 2024	Credit Quality	Non-performing assets at 0.01% of total assets and 0.01% of total loans – similar to year ago quarter No provision booked for the quarter and net recoveries were minimal

Non-Interest Income and Non-Interest Expense	Non-interest income of $3.7 million for the quarter compared to $494 thousand in Fiscal Q4 2024 (due to strategic investment restructure) Non-interest expense of $11.4 million for the quarter compared to $13.1 million in Fiscal Q4 2024	Shareholder Returns and Stock Activity	On April 25, 2025, the Company paid a cash dividend of $0.02 per share $2.0 million stock repurchase plan completed during the quarter

VANCOUVER, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $1.1 million, or $0.05 per diluted share, in the fourth fiscal quarter ended March 31, 2025, compared to $1.2 million, or $0.06 per diluted share, in the third fiscal quarter ended December 31, 2024. During the fourth fiscal quarter of 2024, Riverview strategically restructured a portion of its balance sheet resulting in an after-tax impact of $2.1 million and recorded $2.3 million in non-interest expense related to a litigation charge. Including the effects of the investment portfolio restructuring and litigation charge, Riverview reported a net loss of $3.0 million, or $0.14 per diluted share, in the fourth fiscal quarter ended March 31, 2024.

For fiscal 2025, net income was $4.9 million, or $0.23 per diluted share, compared to $3.8 million, or $0.18 per diluted share, for fiscal 2024.

“We closed out our fiscal fourth quarter and fiscal year end on solid footing despite the economic uncertainty and market volatility impacting all banks,” stated Nicole Sherman, President and Chief Executive Officer. “Riverview’s operating performance during the quarter once again reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields compared to a year ago. Loan growth was strong during the quarter, and I am proud of our team’s relationship-focused approach to clients and prospects which resulted in loan production outperforming the previous four quarters. A top priority remains improving our operating performance while also being the bank of choice to our SW Washington and NW Oregon clients that we have served for over 100 years. With our strong capital levels, disciplined credit culture and stable balance sheet, we have a great foundation to build upon in fiscal 2026.

Riverview recently completed our three-year strategic plan focusing on profitable growth, digital leadership, and data empowerment, with our employees, clients, and communities being seen, heard, and valued in everything we do. We continue to expand revenue opportunities through our C&I, business banking, and treasury management initiatives. Strategic investments in people and technology will be important, while managing operating expenses. At Riverview we are unwavering in our dedication to exceed the needs of our employees, clients, shareholders and all stakeholders,” Sherman concluded.

Fourth Quarter Highlights (at or for the period ended March 31, 2025)

Net interest income was $9.2 million for the quarter, compared to $9.4 million in the preceding quarter and $8.6 million in the fourth fiscal quarter a year ago.
Net interest margin (“NIM”) was 2.65% for the quarter, a five basis point improvement compared to the preceding quarter and a 33 basis point improvement compared to the year ago quarter.
Riverview Trust Company assets under management were $877.9 million at March 31, 2025. Asset management fees continue to improve and increased to $1.5 million for the quarter ended March 31, 2025.
Asset quality remained strong, with non-performing assets at $155,000, or 0.01% of total assets at March 31, 2025.
Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or in the year ago quarter.
Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.20 at December 31, 2024.

Fiscal 2025 Highlights (at or for the period ended March 31, 2025)

Total loans increased to $1.06 billion at March 31, 2025 compared to $1.02 billion at March 31, 2024.
Total deposits were $1.23 billion at both March 31, 2025 and March 31, 2024.
Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.07 at March 31, 2024.
Net income increased to $4.9 million for the fiscal year ended March 31, 2025 compared to $3.8 million for the fiscal year ended March 31, 2024.
Return on average assets for the fiscal year ended March 31, 2025 increased to 0.32% compared to 0.24% for the fiscal year ended March 31, 2024.

Income Statement Review

Riverview’s net interest income was $9.2 million in the current quarter, compared to $9.4 million in the preceding quarter, and $8.6 million in the fourth fiscal quarter a year ago. The decrease compared to the preceding quarter was primarily due to the recognition of a loan prepayment fee and related loan fees totaling $318,000 during the preceding quarter. The increase compared to the year ago quarter was driven by higher interest earning asset yields due to higher origination rates on new loan growth as well as loan repricing. In fiscal 2025, net interest income was $36.3 million, compared to $38.1 million in fiscal 2024. The decrease is attributed to the increase in interest expense over the respective periods. Investment income decreased compared to the year ago period due to the strategic investment restructuring that was executed in the fourth quarter of fiscal 2024.

Riverview’s NIM was 2.65% for the fourth quarter of fiscal 2025, a five basis point increase compared to 2.60% in the preceding quarter and a 33 basis-point increase compared to 2.32% in the fourth quarter of fiscal 2024. “Our NIM improved during the quarter, compared to the preceding quarter, as the decrease in funding costs more than offset the modest decrease in asset yields. The preceding quarter’s loan yield included the favorable impact from the recognition of the previously mentioned loan prepayment fee and related loan fees,” said David Lam, EVP and Chief Financial Officer. “With the Federal Reserve rate reductions implemented near the end of 2024, we anticipate deposit costs to further stabilize in future quarters. Additionally, the rate cuts reduced the interest expense on borrowings, which also benefitted NIM during the fourth quarter.” In fiscal 2025, the net interest margin was 2.54% compared to 2.56% in fiscal 2024.

Investment securities decreased $14.7 million during the quarter to $322.5 million at March 31, 2025, compared to $337.2 million at December 31, 2024, and decreased $50.2 million compared to $372.7 million at March 31, 2024. The average securities balances for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, were $346.0 million, $364.2 million, and $444.1 million, respectively. The weighted average yields on securities balances for those same periods were 1.84%, 1.82%, and 2.02%, respectively. The duration of the investment portfolio at March 31, 2025, was approximately 5.1 years. The anticipated investment cashflows over the next twelve months is approximately $37.4 million. There were no investment purchases during the fourth fiscal quarter of 2025.

Riverview’s yield on loans was 4.91% during the fourth fiscal quarter, compared to 4.97% in the preceding quarter, and 4.63% in the fourth fiscal quarter a year ago. “Loan yields declined during the current quarter compared to the prior quarter due to the impact on the loan yield in the prior quarter from the recognition of the loan prepayment and related loan fees. Compared to a year ago, loan yields have increased as a result of the current yield curve which has resulted in higher yields on loans when compared to the existing loan portfolio. We continue to explore opportunities to enhance our loan yield by expanding our commercial business portfolio offerings to include more variable rate loan structures,” said Mike Sventek, EVP and Chief Lending Officer. Deposit costs improved to 1.30% during the fourth fiscal quarter compared to 1.32% in the preceding quarter and increased compared to 1.00% in the fourth fiscal quarter a year ago. The increase from clients seeking higher deposit yields has moderated quarter over quarter compared to the increase from the fourth fiscal quarter a year ago given the relative change in the interest rate environment during those respective periods.

Non-interest income increased to $3.7 million during the fourth fiscal quarter of 2025 compared to $3.3 million in the preceding quarter and $494,000 in the fourth fiscal quarter of 2024. Non-interest income during the quarter included a $261,000 BOLI death benefit. The fourth fiscal quarter of 2024 included a $2.7 million loss on the sale of investment securities from the balance sheet restructure. In fiscal 2025, non-interest income increased to $14.3 million compared to $10.2 million in fiscal 2024.

Asset management fees were $1.5 million during the fourth fiscal quarter, compared to $1.4 million in both the third fiscal quarter and in the fourth fiscal quarter a year ago. Asset management fees from new client relationships more than offset a volatile market performance during the fourth fiscal quarter. Riverview Trust Company’s assets under management were $877.9 million at March 31, 2025, compared to $872.6 million at December 31, 2024, and $961.8 million at March 31, 2024.

Non-interest expense was $11.4 million during the fourth fiscal quarter, compared to $11.2 million in the preceding quarter and $13.1 million in the fourth fiscal quarter a year ago. Salary and employee benefits, the largest component of non-interest expense, increased during the current quarter compared to the preceding quarter due to open positions being filled. Professional fees increased during the current quarter compared to the preceding quarter due to higher consulting fees. The efficiency ratio was 88.7% for the fourth fiscal quarter, compared to 87.6% for the preceding quarter and 144.9% in the fourth fiscal quarter a year ago. In fiscal 2025, non-interest expense was $44.3 million compared to $43.7 million in fiscal 2024.

Riverview’s effective tax rate for the fourth fiscal quarter of 2025 was 21.5%, compared to 21.8% for the preceding quarter and (27.0)% for the year ago quarter.

Balance Sheet Review

Total loans increased $17.4 million during the quarter to $1.06 billion at March 31, 2025, compared to $1.05 billion three months earlier and increased $38.4 million compared to $1.02 billion a year earlier. Riverview’s loan pipeline was $41.1 million at March 31, 2025, compared to $49.1 million at the end of the preceding quarter and $18.4 million at March 31, 2024. New loan originations during the quarter increased to $49.4 million, compared to $31.1 million in the preceding quarter and $12.7 million in the fourth fiscal quarter a year ago.

Undisbursed construction loans totaled $18.2 million at March 31, 2025, compared to $19.5 million at December 31, 2024, with the majority of the undisbursed construction loans expected to be funded over the next several quarters. Undisbursed homeowner association loans for the purpose of common area maintenance and repairs totaled $18.3 million at March 31, 2025, compared to $14.5 million at December 31, 2024. Revolving commercial business loan commitments totaled $48.9 million at March 31, 2025, compared to $46.9 million at December 31, 2024. Utilization on these loans totaled 28.90% at March 31, 2025, compared to 17.60% at December 31, 2024. The weighted average rate on loan originations during the quarter was 7.16% compared to 7.04% in the preceding quarter. Loan repricing and maturities with respective weighted average rate for fiscal year 2026 totaled $76.6 million with a weighted average rate of 4.65%. Looking ahead, loan repricing and maturities for fiscal year 2027 total $77.1 million with a weighted average rate of 4.03%, for fiscal year 2028 total $96.2 million with a weighted average rate of 5.42% and in aggregate for fiscal years after 2028 total $108.3 million with a weighted average rate of 6.09%.

The office building loan portfolio totaled $110.9 million at March 31, 2025, compared to $113.4 million at December 31, 2024. The average loan balance of the office building loan portfolio was $1.5 million with an average loan-to-value ratio of 53.5% and an average debt service coverage ratio of 1.80x at March 31, 2025. Office building loans within the Portland core consist of two loans totaling $20.5 million which is approximately 18.5% of the total office building loan portfolio or 1.92% of total loans.

Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled 48.7% at March 31, 2025, compared to 46.8% at December 31, 2024, and 51.9% at March 31, 2024. The increase during the quarter was in part due to Riverview Bank reciprocation of $20 million of balances back from Riverview Trust. Riverview Bank had moved customer deposits to Riverview Trust as a higher yielding deposit alternative and those assets were all retained within the Company during the period of increasing interest rates. CDs decreased during the quarter as Riverview allowed higher cost CDs to run off. Total deposits increased $13.3 million during the quarter to $1.23 billion at March 31, 2025, compared to $1.22 billion at December 31, 2024, and were unchanged compared to a year ago.

FHLB advances decreased $7.8 million during the quarter to $76.4 million at March 31, 2025, compared to $84.2 million at December 31, 2024. FHLB advances decreased during the quarter as a result of the increase in deposits.

Shareholders’ equity increased to $160.0 million at March 31, 2025, compared to $158.3 million three months earlier and $155.6 million one year earlier. Tangible book value per share (non-GAAP) increased to $6.33 at March 31, 2025, compared to $6.20 at December 31, 2024, and $6.07 at March 31, 2024. Riverview paid a quarterly cash dividend of $0.02 per share on April 25, 2025, to shareholders of record on April 14, 2025.

Credit Quality

“Asset quality remains a priority during uncertain economic conditions, and we continue to closely monitor our portfolio mix, loan growth, and local and national conditions to maintain an appropriate allowance,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled $155,000 or 0.01% of total loans as of March 31, 2025, compared to $168,000, or 0.02% of total loans at December 31, 2024, and $173,000, or 0.02% of total loans at March 31, 2024. There were no non-performing government guaranteed loans at March 31, 2025, and one non-performing government guaranteed loan totaling $301,000 at December 31, 2024. At March 31, 2025, non-performing assets were $155,000, or 0.01% of total assets.

Riverview recorded $22,000 in net loan recoveries for the current quarter. This compared to $114,000 in net loan charge-offs for the preceding quarter. Riverview recorded no provision for credit losses for the current quarter, or for the preceding quarter.

Classified assets were $2.9 million at March 31, 2025, compared to $226,000 at December 31, 2024, and $723,000 at March 31, 2024. The classified assets to total capital ratio was 1.6% at March 31, 2025, compared to 0.1% at December 31, 2024, and 0.4% a year earlier. The increase in classified assets during the quarter was primarily due to one $2.0 million loan for which a plan is in place to either return to performing status or payoff. Additionally, there was a borrowing relationship with two loans totaling $725,000 that credit administration is working with the borrower to bring current or seek full payoff. Criticized assets were $48.5 million at March 31 2024, compared to $50.4 million at December 31, 2024, and $36.7 million at March 31, 2024. Criticized assets decreased during the current quarter compared to the prior quarter as a result of one loan payoff. The increase compared to a year ago was primarily due to one relationship that was moved to the criticized asset category as the loans go through probate. The Company does not anticipate any loss from this relationship.

The allowance for credit losses was $15.4 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The allowance for credit losses represented 1.45% of total loans at March 31, 2025, compared to 1.47% at December 31, 2024, and 1.50% a year earlier. The allowance for credit losses to loans, net of government guaranteed loans (non-GAAP), was 1.51% at March 31, 2025, compared to 1.54% at December 31, 2024, and 1.58% a year earlier.

Capital/Liquidity

Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.27% and a Tier 1 leverage ratio of 11.10% at March 31, 2025. Tangible common equity to average tangible assets ratio (non-GAAP) was 8.93% at March 31, 2025.

Riverview has approximately $471.3 million in available liquidity at March 31, 2025, including $174.0 million of borrowing capacity from the FHLB and $297.3 million from the Federal Reserve Bank of San Francisco (“FRB”). At March 31, 2025, the Bank had $76.4 million in outstanding FHLB borrowings.

The uninsured deposit ratio was 23.4% at March 31, 2025. Available liquidity under the FRB borrowing line would cover nearly 100% of the estimated uninsured deposits and available liquidity under both the FHLB and FRB borrowing lines would cover 163.7% of the estimated uninsured deposits.

On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions. During the fiscal fourth quarter, the Company repurchased 158,558 shares of common stock at an average price of $5.65. As of February 2, 2025, the Company had completed the full $2.0 million stock repurchase plan, repurchasing 358,631 shares at an average price of $5.53 per share.

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.

Tangible shareholders’ equity to tangible assets and tangible book value per share:

(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Shareholders’ equity (GAAP)	$	160,014		$	158,270		$	155,588
Exclude: Goodwill		(27,076	)		(27,076	)		(27,076	)
Exclude: Core deposit intangible, net		(171	)		(196	)		(271	)
Tangible shareholders’ equity (non-GAAP)	$	132,767		$	130,998		$	128,241

Total assets (GAAP)	$	1,513,323		$	1,508,609		$	1,521,529
Exclude: Goodwill		(27,076	)		(27,076	)		(27,076	)
Exclude: Core deposit intangible, net		(171	)		(196	)		(271	)
Tangible assets (non-GAAP)	$	1,486,076		$	1,481,337		$	1,494,182

Shareholders’ equity to total assets (GAAP)		10.57	%		10.49	%		10.23	%

Tangible common equity to tangible assets (non-GAAP)		8.93	%		8.84	%		8.58	%

Shares outstanding		20,976,200			21,134,758			21,111,043

Book value per share (GAAP)		7.63			7.49			7.37

Tangible book value per share (non-GAAP)		6.33			6.20			6.07


Pre-tax, pre-provision income
	Three Months Ended									Twelve Months Ended
(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024			March 31, 2025		March 31, 2024

Net income (loss) (GAAP)	$	1,148		$	1,232		$	(2,968	)	$	4,903	$	3,799
Include: Provision (credit) for income taxes		314			343			(1,095	)		1,335		802
Include: Provision for credit losses		–			–			–			100		–
Pre-tax, pre-provision income (loss) (non-GAAP)	$	1,462		$	1,575		$	(4,063	)	$	6,338	$	4,601


Net income (loss) and earnings (loss) per share excluding securities restructure and litigation expense

	Three Months Ended									Twelve Months Ended
(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024			March 31, 2025		March 31, 2024

Net income (loss) (GAAP)	$	1,148		$	1,232		$	(2,968	)	$	4,903	$	3,799
Exclude impact of securities loss restructure, net of tax		–			–			2,074			–		2,074
Exclude impact of litigation expense, net of tax		–			–			1,748			–		1,748
Net income excluding securities restructure and litigation expense (non-GAAP)	$	1,148		$	1,232		$	854		$	4,903	$	7,621

Basic earnings (loss) per share (GAAP)	$	0.05		$	0.06		$	(0.14	)	$	0.23	$	0.18
Exclude impact of securities loss restructure, net of tax		–			–			0.10			–		0.10
Exclude impact of litigation expense, net of tax		–			–			0.08			–		0.08
Basic earnings per share excluding securities restructure and litigation expense (GAAP)	$	0.05		$	0.06		$	0.04		$	0.23	$	0.36

Diluted earnings (loss) per share (GAAP)	$	0.05		$	0.06		$	(0.14	)	$	0.23	$	0.18
Exclude impact of securities loss restructure, net of tax		–			–			0.10			–		0.10
Exclude impact of litigation expense, net of tax		–			–			0.08			–		0.08
Diluted earnings per share excluding securities restructure and litigation expense (GAAP)	$	0.05		$	0.06		$	0.04		$	0.23	$	0.36


Allowance for credit losses reconciliation, excluding Government Guaranteed loans

(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Allowance for credit losses	$	15,374		$	15,352		$	15,364

Loans receivable (GAAP)	$	1,062,460		$	1,045,109		$	1,024,013
Exclude: Government Guaranteed loans		(47,373	)		(49,024	)		(51,013	)
Loans receivable excluding Government Guaranteed loans (non-GAAP)	$	1,015,087		$	996,085		$	973,000

Allowance for credit losses to loans receivable (GAAP)		1.45	%		1.47	%		1.50	%

Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP)		1.51	%		1.54	%		1.58	%


Non-performing loans reconciliation, excluding Government Guaranteed Loans

	Three Months Ended
(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Non-performing loans (GAAP)	$	155		$	469		$	178
Less: Non-performing Government Guaranteed loans		–			(301	)		(5	)
Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP)	$	155		$	168		$	173

Non-performing loans to total loans (GAAP)		0.01	%		0.04	%		0.02	%

Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP)		0.01	%		0.02	%		0.02	%

Non-performing loans to total assets (GAAP)		0.01	%		0.03	%		0.01	%

Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP)		0.01	%		0.01	%		0.01	%

About Riverview

Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at March 31, 2025, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets


(In thousands, except share data) (Unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
ASSETS

Cash (including interest-earning accounts of $14,375, $12,573,	$	29,414		$	25,348		$	23,642
and $12,164)
Investment securities:
Available for sale, at estimated fair value		119,436			124,874			143,196
Held to maturity, at amortized cost		203,079			212,295			229,510
Loans receivable (net of allowance for credit losses of $15,374,
$15,352 and $15,364)		1,047,086			1,029,757			1,008,649
Prepaid expenses and other assets		12,523			12,945			14,469
Accrued interest receivable		4,525			4,639			4,415
Federal Home Loan Bank stock, at cost		4,342			4,742			4,927
Premises and equipment, net		22,304			22,731			21,718
Financing lease right-of-use assets		1,125			1,144			1,202
Deferred income taxes, net		8,625			9,471			9,778
Goodwill		27,076			27,076			27,076
Core deposit intangible, net		171			196			271
Bank owned life insurance		33,617			33,391			32,676

TOTAL ASSETS	$	1,513,323		$	1,508,609		$	1,521,529

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES:
Deposits	$	1,232,328		$	1,219,002		$	1,231,679
Accrued expenses and other liabilities		14,777			17,634			16,205
Advance payments by borrowers for taxes and insurance		614			317			581
Junior subordinated debentures		27,091			27,069			27,004
Federal Home Loan Bank advances		76,400			84,200			88,304
Finance lease liability		2,099			2,117			2,168
Total liabilities		1,353,309			1,350,339			1,365,941

SHAREHOLDERS’ EQUITY:
Serial preferred stock, $.01 par value; 250,000 authorized,
issued and outstanding, none		–			–			–
Common stock, $.01 par value; 50,000,000 authorized,
March 31, 2025 – 20,976,200 issued and outstanding;
December 31, 2024 – 21,134,758 issued and outstanding;		208			209			211
March 31, 2024 – 21,111,043 issued and outstanding;
Additional paid-in capital		53,392			54,227			55,005
Retained earnings		119,717			118,988			116,499
Accumulated other comprehensive loss		(13,303	)		(15,154	)		(16,127	)
Total shareholders’ equity		160,014			158,270			155,588

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,513,323		$	1,508,609		$	1,521,529

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
	Three Months Ended							Twelve Months Ended
(In thousands, except share data) (Unaudited)	March 31, 2025		Dec. 31, 2024		March 31, 2024			March 31, 2025		March 31, 2024
INTEREST INCOME:
Interest and fees on loans receivable	$	12,685	$	13,201	$	11,743		$	50,621	$	46,031
Interest on investment securities – taxable		1,484		1,589		2,145			6,918		8,971
Interest on investment securities – nontaxable		64		65		65			260		261
Other interest and dividends		261		272		338			1,163		1,292
Total interest and dividend income		14,494		15,127		14,291			58,962		56,555

INTEREST EXPENSE:
Interest on deposits		3,910		4,101		3,021			15,313		8,285
Interest on borrowings		1,391		1,638		2,718			7,305		10,184
Total interest expense		5,301		5,739		5,739			22,618		18,469
Net interest income		9,193		9,388		8,552			36,344		38,086
Provision for credit losses		–		–		–			100		–

Net interest income after provision for credit losses		9,193		9,388		8,552			36,244		38,086

NON-INTEREST INCOME:
Fees and service charges		1,446		1,492		1,398			6,002		6,269
Asset management fees		1,472		1,443		1,408			5,906		5,328
Bank owned life insurance (“BOLI”)		226		225		222			941		891
BOLI death benefit in excess of cash surrender value		261		–		–			261		–
Loss on sale of investment securities		–		–		(2,729	)		–		(2,729	)
Other, net		302		181		195			1,146		483
Total non-interest income, net		3,707		3,341		494			14,256		10,242

NON-INTEREST EXPENSE:
Salaries and employee benefits		6,763		6,471		6,225			26,099		24,204
Occupancy and depreciation		1,873		1,871		1,942			7,560		6,872
Data processing		746		743		686			2,948		2,782
Amortization of core deposit intangible		25		25		27			100		108
Advertising and marketing		284		317		326			1,278		1,276
FDIC insurance premium		170		174		178			688		708
State and local taxes		265		327		196			1,042		1,010
Telecommunications		62		54		50			215		211
Professional fees		577		429		414			1,800		1,375
Other		673		743		3,065			2,532		5,181
Total non-interest expense		11,438		11,154		13,109			44,262		43,727

INCOME (LOSS) BEFORE INCOME TAXES		1,462		1,575		(4,063	)		6,238		4,601
PROVISION (CREDIT) FOR INCOME TAXES		314		343		(1,095	)		1,335		802
NET INCOME (LOSS)	$	1,148	$	1,232	$	(2,968	)	$	4,903	$	3,799

Earnings (loss) per common share:
Basic	$	0.05	$	0.06	$	(0.14	)	$	0.23	$	0.18
Diluted	$	0.05	$	0.06	$	(0.14	)	$	0.23	$	0.18
Weighted average number of common shares outstanding:
Basic		21,007,294		21,037,246		21,111,043			21,063,467		21,137,976
Diluted		21,007,294		21,037,246		21,111,043			21,063,467		21,139,322


(Dollars in thousands)	At or for the three months ended									At or for the twelve months ended
	March 31, 2025			Dec. 31, 2024			March 31, 2024			March 31, 2025		March 31, 2024
AVERAGE BALANCES
Average interest–earning assets	$	1,412,406		$	1,436,130		$	1,484,628		$	1,433,071	$	1,492,002
Average interest-bearing liabilities		1,011,116			1,019,265			1,047,712			1,010,592		1,028,042
Net average earning assets		401,290			416,865			436,916			422,479		463,960
Average loans		1,047,718			1,053,342			1,020,457			1,044,370		1,011,420
Average deposits		1,219,130			1,232,450			1,210,818			1,220,120		1,229,011
Average equity		159,766			160,532			158,776			158,570		156,137
Average tangible equity (non-GAAP)		132,506			133,245			131,413			131,271		128,733


ASSET QUALITY	March 31, 2025			Dec. 31, 2024			March 31, 2024

Non-performing loans	$	155		$	469		$	178
Non-performing loans excluding SBA Government Guarantee (non-GAAP)		155			168			173
Non-performing loans to total loans		0.01	%		0.04	%		0.02	%
Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)		0.01	%		0.02	%		0.02	%
Real estate/repossessed assets owned	$	–		$	–		$	–
Non-performing assets	$	155		$	469		$	178
Non-performing assets excluding SBA Government Guarantee (non-GAAP)		155			168			173
Non-performing assets to total assets		0.01	%		0.03	%		0.01	%
Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)		0.01	%		0.01	%		0.01	%
Net loan charge-offs (recoveries) in the quarter	$	(22	)	$	114		$	(3	)
Net charge-offs (recoveries) in the quarter/average net loans		(0.01	)%		0.04	%		0.00	%

Allowance for credit losses	$	15,374		$	15,352		$	15,364
Average interest-earning assets to average
interest-bearing liabilities		139.69	%		140.90	%		141.70	%
Allowance for credit losses to
non-performing loans		9918.71	%		3273.35	%		8631.46	%
Allowance for credit losses to total loans		1.45	%		1.47	%		1.50	%
Shareholders’ equity to assets		10.57	%		10.49	%		10.23	%


CAPITAL RATIOS
Total capital (to risk weighted assets)		16.27	%		16.47	%		16.32	%
Tier 1 capital (to risk weighted assets)		15.01	%		15.21	%		15.06	%
Common equity tier 1 (to risk weighted assets)		15.01	%		15.21	%		15.06	%
Tier 1 capital (to average tangible assets)		11.10	%		10.86	%		10.29	%
Tangible common equity (to average tangible assets) (non-GAAP)		8.93	%		8.84	%		8.58	%


DEPOSIT MIX	March 31, 2025			Dec. 31, 2024			March 31, 2024

Interest checking	$	285,035		$	257,975		$	289,824
Regular savings		168,287			169,181			192,638
Money market deposit accounts		236,044			236,912			209,164
Non-interest checking		315,503			312,839			349,081
Certificates of deposit		227,459			242,095			190,972
Total deposits	$	1,232,328		$	1,219,002		$	1,231,679


COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS

			Other				Commercial
	Commercial		Real Estate		Real Estate		& Construction
	Business		Mortgage		Construction		Total
March 31, 2025	(Dollars in thousands)
Commercial business	$	232,935	$	–	$	–	$	232,935
Commercial construction		–		–		18,368		18,368
Office buildings		–		110,949		–		110,949
Warehouse/industrial		–		114,925		–		114,925
Retail/shopping centers/strip malls		–		88,815		–		88,815
Assisted living facilities		–		358		–		358
Single purpose facilities		–		277,137		–		277,137
Land		–		4,610		–		4,610
Multi-family		–		91,452		–		91,452
One-to-four family construction		–		–		10,814		10,814
Total	$	232,935	$	688,246	$	29,182	$	950,363

March 31, 2024	(Dollars in thousands)
Commercial business	$	229,404	$	–	$	–	$	229,404
Commercial construction		–		–		20,388		20,388
Office buildings		–		114,714		–		114,714
Warehouse/industrial		–		106,649		–		106,649
Retail/shopping centers/strip malls		–		89,448		–		89,448
Assisted living facilities		–		378		–		378
Single purpose facilities		–		272,313		–		272,313
Land		–		5,692		–		5,692
Multi-family		–		70,771		–		70,771
One-to-four family construction		–		–		16,150		16,150
Total	$	229,404	$	659,965	$	36,538	$	925,907




LOAN MIX	March 31, 2025		Dec. 31, 2024		March 31, 2024
Commercial and construction	(Dollars in thousands)
Commercial business	$	232,935	$	224,506	$	229,404
Other real estate mortgage		688,246		657,380		659,965
Real estate construction		29,182		49,956		36,538
Total commercial and construction		950,363		931,842		925,907
Consumer
Real estate one-to-four family		97,683		97,760		96,366
Other installment		14,414		15,507		1,740
Total consumer		112,097		113,267		98,106

Total loans		1,062,460		1,045,109		1,024,013

Less:
Allowance for credit losses		15,374		15,352		15,364
Loans receivable, net	$	1,047,086	$	1,029,757	$	1,008,649


DETAIL OF NON-PERFORMING ASSETS
	Southwest
	Washington		Total
March 31, 2025	(Dollars in thousands)
Commercial business	$	37	$	37
Commercial real estate		88		88
Consumer		30		30
Total non-performing assets	$	155	$	155


	At or for the three months ended									At or for the twelve months ended
SELECTED OPERATING DATA	March 31, 2025			Dec. 31, 2024			March 31, 2024			March 31, 2025			March 31, 2024

Efficiency ratio (4)		88.67	%		87.63	%		144.91	%		87.47	%		90.48	%
Coverage ratio (6)		80.37	%		84.17	%		65.24	%		82.11	%		87.10	%
Return on average assets (1)		0.31	%		0.32	%		(0.76	)%		0.32	%		0.24	%
Return on average equity (1)		2.91	%		3.04	%		(7.52	)%		3.09	%		2.43	%
Return on average tangible equity (1) (non-GAAP)		3.51	%		3.67	%		(9.08	)%		3.74	%		2.95	%

NET INTEREST SPREAD
Yield on loans		4.91	%		4.97	%		4.63	%		4.85	%		4.55	%
Yield on investment securities		1.84	%		1.82	%		2.02	%		1.96	%		2.02	%
Total yield on interest-earning assets		4.17	%		4.18	%		3.88	%		4.12	%		3.80	%

Cost of interest-bearing deposits		1.76	%		1.81	%		1.41	%		1.74	%		0.97	%
Cost of FHLB advances and other borrowings		5.21	%		5.43	%		5.87	%		5.70	%		5.80	%
Total cost of interest-bearing liabilities		2.13	%		2.23	%		2.20	%		2.24	%		1.80	%

Spread (7)		2.04	%		1.95	%		1.68	%		1.88	%		2.00	%
Net interest margin		2.65	%		2.60	%		2.32	%		2.54	%		2.56	%

PER SHARE DATA
Basic earnings (loss) per share (2)	$	0.05		$	0.06		$	(0.14	)	$	0.23		$	0.18
Diluted earnings (loss) per share (3)		0.05			0.06			(0.14	)		0.23			0.18
Book value per share (5)		7.63			7.49			7.37			7.63			7.37
Tangible book value per share (5) (non-GAAP)		6.33			6.20			6.07			6.33			6.07
Market price per share:
High for the period	$	5.75		$	5.88		$	6.40		$	5.88		$	6.48
Low for the period		5.08			4.59			4.53			3.64			4.17
Close for period end		5.65			5.74			4.72			5.65			4.72
Cash dividends declared per share		0.0200			0.0200			0.0600			0.0800			0.2400

Average number of shares outstanding:
Basic (2)		21,007,294			21,037,246			21,111,043			21,063,467			21,137,976
Diluted (3)		21,007,294			21,037,246			21,111,043			21,063,467			21,139,322

(1) Amounts for the periods shown are annualized.
(2) Amounts exclude ESOP shares not committed to be released.
(3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
(4) Non-interest expense divided by net interest income and non-interest income.
(5) Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
(6) Net interest income divided by non-interest expense.
(7) Yield on interest-earning assets less cost of funds on interest-bearing liabilities.

Contacts:

Nicole Sherman
David Lam
Riverview Bancorp, Inc. 360-693-6650

The MIL Network –

April 30, 2025

MIL-OSI Global: Co-working spaces aren’t just about convenience – they bring a whole range of benefits for employees and communities

Source: The Conversation – UK – By Mariachiara Barzotto, Senior Lecturer in Management Strategy and Organisation, University of Bath

Master1305/Shutterstock

When you think of co-working spaces – where workers from different industries come together to share a convenient workplace – you might picture a group of young freelancers hunched over laptops. But today’s co-working spaces have evolved into something more powerful – particularly in a world still reshuffling office work practices in the wake of the COVID pandemic.

As workplaces adapt to new ways of operating, from hybrid to “digital nomadism”, co-working spaces can do more than simply offer flexibility. They can support workers’ wellbeing and work–life balance by enhancing a sense of community, building trust and new friendships, and encouraging continuous learning.

Research I undertook with colleagues shows these spaces may also play a role in addressing societal challenges. They can provide support for workers with family or caring responsibilities and enhance digital connectivity in under-served areas by offering faster, stable internet access. They can also encourage knowledge-sharing around new technology – while reducing the need for long commutes, which brings environmental benefits.

Other research shows that co-working staff tend to report higher levels of job satisfaction and wellbeing, particularly compared with those working at home. There are various reasons for this.

The ability to choose how and where to work, to exchange knowledge with others on-site, and to avoid long commutes all contribute to better mental health, happiness and wellbeing.

Productivity can also be boosted by, for example, the social support and interactions encouraged by open architecture and flexible workstations, as well as by a workplace that is much closer to home.

Some co-working spaces have gone a step further, integrating childcare, wellness programmes and even care for older dependants. One example is COWORCare, a European initiative linking co-working spaces with family support such as kindergartens and elderly-care services. This helps parents (especially mothers) participate more fully in the labour market.

Workers often need to update their skills to stay competitive. While informal learning happens in traditional offices too, co-working spaces can offer advantages by connecting professionals, entrepreneurs and freelancers across industries. This encourages knowledge-sharing between sectors.

Many also host training sessions, workshops and networking events, making it easier to develop skills than when working from home or in more homogeneous office settings.

Some of these spaces also create opportunities, both formal and informal, for young people to learn from more skilled and experienced workers. They can also help youngsters who are not in education, employment or training (NEET) into the workforce.

This all matters because the shift to greener and more digital economies – known as the “twin transition” – is creating both opportunities and risks. Many workers, especially in rural and older populations, could be left behind without access to training or digital infrastructure. Co-working spaces specifically for older people are ideally placed to address this.

Such spaces can act as “infrastructures of care” by helping workers feel like part of a community. Perhaps one of the most underrated benefits of co-working is how it can combat loneliness and boost morale for staff who might otherwise be working from home or face a long commute to their employer’s office.

Remote working can be lonely – and people in the early stages of their career can miss out on chances to learn from more experienced workers.
fizkes/Shutterstock

During the pandemic, many people realised how much they missed casual chats and social interaction. Co-working can bring that back – even for remote workers. In fact, co-working spaces can create the kind of “light-touch” community that encourages inclusion without being overwhelming.

Left-behind places

Co-working isn’t just for buzzing city centres. Some of the most exciting developments are happening in small towns and rural areas.

Governments across Europe are supporting this shift. Ireland’s Connected Hubs scheme has built a national network of remote-working hubs, aiming to revitalise rural communities and reduce the urban-rural divide.

These hubs can provide better internet than workers may have at home, and keep talented young people in the region. They can also spark local entrepreneurship, especially when paired with funding and mentoring. For example, the Youth Re-Working Rural project across Norway, Italy, Spain, Greece, Latvia and Slovenia supports youth and creative industries through co-working and digital training.

But these spaces aren’t a silver bullet. Our research also shows they are most effective when public investment simultaneously targets specific areas.

This could be extending high-speed broadband to rural areas, improving transport connections and providing vocational and digital skills training. Policies that support back-to-work programmes – for example, mentoring for unemployed people, parents returning after career breaks, or those who have lost jobs reintegrating into the labour market – are crucial, alongside access to affordable housing.

Co-working spaces can be part of the solution to making work better – not just more convenient and efficient, but more human. They can improve wellbeing, encourage new skills, and bring life back into places that have been left behind after traditional local industries declined.

Rethinking the future of work in the face of multiple transitions – digital, green and demographic – means also thinking about the kind of spaces that make learning, connection and wellbeing possible.

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

– ref. Co-working spaces aren’t just about convenience – they bring a whole range of benefits for employees and communities – https://theconversation.com/co-working-spaces-arent-just-about-convenience-they-bring-a-whole-range-of-benefits-for-employees-and-communities-255281

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI Global: No whistleblower is an island – why networks of allies are key to exposing corruption

Source: The Conversation – USA – By Kate Kenny, Professor of Business and Society, University of Galway

Facebook whistleblower Frances Haugen speaks at a conference in 2022. Kimberly White/Getty Images for SumOfUs

Whistleblowers – people who expose wrongdoing within their organizations – play a crucial role in holding governments and corporations accountable. But speaking up can come at a cost. People who report misconduct often face retaliation, job loss or legal threats, making whistleblowing risky and challenging. And when legal protections for whistleblowers are weakened, the risks only grow.

That’s exactly the situation many workers face today.

In the U.S., a Trump administration executive order threatens to effectively strip thousands of federal workers’ rights to whistleblower protection. The executive order is part of a larger effort to reclassify civil servants as “at-will” workers who can be sacked at any time for any reason. While federal workers have enjoyed protection against whistleblower reprisal for decades, those safeguards are now under threat. And this comes as private-sector whistleblowers have increasingly faced reprisal, too.

Yet while the risks are real, whistleblowing isn’t impossible. Indeed, after researching whistleblowing for over 10 years, I’ve observed that insiders who successfully sound the alarm often do so with help − by partnering with allies who can amplify their message and help shield them from retaliation.

Meet the ‘regulators of last resort’

My new book, “Regulators of Last Resort: Whistleblowers, the Limits of the Law and the Power of Partnerships,” tells the stories of whistleblowers from Facebook, Amazon, Theranos, U.S. Immigration and Customs Enforcement detention centers and Ireland’s public electricity service. In each case, the worker suffered reprisal and was aggressively silenced. In each case, they persisted, and allies emerged to help.

For Facebook employee Frances Haugen, finding an ally meant teaming up with Wall Street Journal reporter Jeff Horwitz, a specialist in tech who had been writing about Facebook’s misdeeds for some time. When Haugen decided to go public about the social media platform’s knowing exploitation of teenagers and its awareness of the violence incited by poorly regulated non-English versions of its site, Horwitz was pivotal in orchestrating when and how the newspaper articles would appear, helping maximize their impact and granting Haugen control over how her story was told.

This partnership was no accident; Haugen chose the reporter and tech expert carefully. “I auditioned Jeff for a while,” she later told a reporter. “One of the reasons I went with him is that he was less sensationalistic than other choices I could have made.”

Indeed, many whistleblowers disclose with the wrong journalist, leaving themselves open to attack.

At Theranos – a multibillion-dollar biotech company that turned out to be a fraud – a lawyer “friend of a friend” gave whistleblower Erika Cheung critical advice about disclosing to a regulator. This was a lifeline for the recent graduate, who feared for her career and safety after being threatened by bosses and lawyers and warned to stay silent and obey her nondisclosure agreement. Meanwhile, Cheung had no money for formal legal representation. It was that call to the lawyer that made all the difference, Cheung told me. “He said, ‘You can whistleblow.’”

Her contact explained that if she disclosed to the Centers for Medicare & Medicaid Services, she could avail of whistleblower protection and break her NDA. She would have to do it right and focus on the details: to highlight Theranos’ “regulatory noncompliance” and demonstrate the firm was violating the rules for proficiency testing. But all it would require of Cheung was a simple email to the right organization.

Finally, my research also detailed the many colleagues at Amazon who supported whistleblowing manager Chris Smalls in disclosing risks to life and health during the early days of the COVID-19 pandemic in New York. When Smalls was fired for speaking out and subject to racist language in internal memos about the incident that were later leaked, his close colleague Derrick Palmer described his response. “I was appalled,” Palmer said. “I just knew that they wanted to – pretty much – silence the whole effort. Anyone speaking out. That was how they were going to treat them, moving forward. Including myself.”

Labor leader Chris Smalls speaks during a conference in Chicago, Ill., in 2022.
Jeremy Hogan/SOPA Images/LightRocket via Getty Images

This strengthened Palmer’s determination to help Smalls. Meanwhile, the leaked memo prompted letters of support and emails “from people from all over the country – Amazon workers, non-Amazon workers, that just want to help advocate as well,” as Smalls put it. In the days and weeks after, workers held demonstrations at Amazon facilities all across the U.S., with banners declaring solidarity with the New York warehouse whistleblowers.

No whistleblower is an island

These allies often go overlooked when the media focuses on whistleblowers. But their support is critical, particularly in an era when protections for workers who speak up are coming under increasing threat worldwide.

Organizing whistleblowing allies involves strategy, and some nonprofit and civil society groups have become experts in this domain. Leading the way is the U.S. Government Accountability Project and its “information matchmaking” approach. The idea is simple: Whistleblowers need a whole team of other people – from experts to members of the public – on their side. And this takes planning.

For years, lawyer-activists like those at the Government Accountability Project have been treating whistleblower protection and support efforts as holistic campaigns that entail a media operation and networking effort, as well as a legal defense.

Take the example of Dawn Wooten, a former nurse at the Irwin County Detention Center – a U.S. Immigration and Customs Enforcement contractor – who encountered and disclosed medical misconduct and critical failures. Dana Gold at the Government Accountability Project supported her whistleblowing with other activists, enlisted civil society groups and politicians in the cause, helped land newspaper articles in The Guardian and The New York Times, and even arranged a New Yorker podcast in which Wooten told her story.

The information went viral, and multiple investigations ensued. Within a year, the Department of Homeland Security directed ICE to formally end its contract with the Irwin County Detention Center, citing the revelations made public by Wooten and some of the detained women.

None of this is straightforward. In most whistleblowing disputes, the organization holds the balance of power. It has the files, the witnesses and the money to pay good lawyers. I’ve found that whistleblower allies must work with whatever limited resources they can marshal to give themselves an advantage. This means engaging influential people who might help, including pro bono lawyers, specialists who can give evidence, concerned regulators and beat journalists. In short, what is necessary is experts across all domains who are interested in the story and willing to help. And it’s the collective effort that matters.

Even with this support, however, whistleblowers don’t have it easy. In many high-profile cases where a disclosure is made public and a whistleblower is clearly vindicated and recognized as a courageous truth-teller, they can suffer afterward. Potential employers can balk at the prospect of hiring a whistleblower, even a celebrated one. And vindictive organizations can and do continue retaliating, even years after a story has dropped off the front pages.

Whistleblower allies and their strategies don’t offer a magic bullet. But they can help tip the balance of power, bringing public opinion to bear on an employer bent on reprisal or a government intent on coddling the powerful.

Kate Kenny 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. No whistleblower is an island – why networks of allies are key to exposing corruption – https://theconversation.com/no-whistleblower-is-an-island-why-networks-of-allies-are-key-to-exposing-corruption-250721

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI Global: Whooping cough is making a comeback, but the vaccine provides powerful protection

Source: The Conversation – USA – By Annette Regan, Adjunct Associate Professor of Epidemiology, University of California, Los Angeles

Infants can get vaccinated against whooping cough starting at 6 weeks of age. Hill Street Studios/Corbis via Getty Images

Whooping cough, a bacterial infection that can be especially dangerous for babies and young children, is on the rise. Already in 2025 the U.S. has recorded 8,485 cases. That’s compared with 4,266 cases during the same period in 2024.

Like measles, which is also spreading at unprecedented levels, whooping cough, more formally known as pertussis, can be prevented by a safe
and effective vaccine. But with anti-vaccine sentiment increasing and cuts to immunization services, vaccination rates for whooping cough over the past two years have declined in children.

The Conversation asked epidemiologist Annette Regan to explain why pertussis has become so prevalent and how families can protect themselves from the disease.

What is pertussis and why is it dangerous?

Pertussis is a vaccine-preventable disease caused by the bacterium Bordetella pertussis. Researchers in France first identified the B. pertussis bacterium in 1906. The first recorded epidemic of pertussis is thought to have occurred in Paris in 1578.

Infection can cause an acute respiratory illness characterized by severe and spasmodic coughing spells. The classic symptom of pertussis is a “whoop” sound caused by someone trying to breath during a bad cough. Severe complications of pertussis include slowed or stopped breathing, pneumonia and seizures. The disease is most severe in young babies, although severe cases and deaths can also occur in older children and adults.

Some doctors call pertussis “the 100-day cough” because symptoms can linger for weeks or even months.

The World Health Organization estimates that 24.1 million pertussis cases and 160,700 deaths occur worldwide in children under 5 each year. Pertussis is highly contagious. Upon exposure, 80% of people who have not been previously exposed to the bacterium or vaccinated against the disease will develop an infection.

Fortunately, the disease is largely preventable with a safe and effective vaccine, which was first licensed in the U.S. in 1914.

Whooping cough causes violent fits of coughing that can make it difficult to inhale.

How do cases last year and this year compare with past years?

During the COVID-19 pandemic between 2020 and 2022, pertussis cases were lower than usual. This may have been a result of limited social contact due to social distancing, masking, school closures and lockdown measures, which reduced the spread of disease overall.

In the past two years, however, pertussis cases have surpassed figures from before the pandemic. In 2024, local and state public health agencies reported 35,435 pertussis cases to the Centers for Disease Control and Prevention – a rate five times higher than the 7,063 cases reported in 2023 and nearly double the 18,617 cases reported in 2019 prior to the pandemic.

Between October 2024 and April 2025, at least four people in the U.S. have died of pertussis: two infants, one school-age child and one adult.

Why are pertussis cases rising?

Although vaccines have resulted in a dramatic decline in pertussis infections in the U.S., incidence of the disease has been rising since the 1990s, except for a brief dip during the COVID-19 pandemic.

Before the start of routine childhood vaccination for pertussis in 1947, its rates hovered between 100,000 and 200,000 cases per year. With vaccines, rates plunged under 50,000 annually by the late 1950s and under 10,000 per year in the late 1960s. They reached a low of 1,010 cases in 1976.

Starting in the 1980s and 1990s, however, the U.S. and several other countries have been seeing a steady resurgence of pertussis cases, which have exceeded 10,000 cases in the U.S. every year from 2003 to 2019. They dropped again during the pandemic until last year’s resurgence.

There is no single explanation for why cases have been rising recently, but several factors probably contribute. First, pertussis naturally occurs in cyclic epidemics, peaking every two to five years. It is possible that the U.S. is headed into one of these peaks after a period of low activity between 2020 and 2022. However, some scientists have noted that the increase in cases is larger than what would be expected during a usual peak.

A public health worker processes blood samples during a whooping cough outbreak in Ohio in December 2010.
National Institute for Occupational Safety and Health

Some scientists have noted that this apparent resurgence correlates with a change in the type of vaccine used in children. Until the 1990s, the pertussis vaccine contained whole, killed B. pertussis bacteria cells. Whole-cell vaccine can stimulate a long-lasting immune response, but it is also more likely to cause fever and other vaccine reactions in children.

In the 1990s, national vaccine programs began to transition to a vaccine that contains purified components of the bacterial cell but not the whole cell. Some scientists now believe that although this partial-cell vaccine is less likely to cause high fevers in children, it provides protection for a shorter time. Immunity after whole-cell vaccination is thought to last 10-12 years compared with three to five years after the partial-cell vaccine. This means people may become susceptible to infection more quickly after vaccination.

Vaccination rates are also not as high as they should be and have started falling in children since 2020. In the U.S., the percent of kindergartners who are up to date with recommended pertussis vaccines has declined from 95% during the 2019-20 school year to 92% in the 2023-24 school year. Even fewer adolescents receive a booster dose.

How can people protect themselves and their families?

Routine vaccination for children starting in infancy followed by booster doses in adolescents and adults can help keep immunity high.

Public health experts recommend that children receive five doses of the pertussis vaccine. According to the recommendations, they should receive the first three doses at 2, 4 and 6 months of age, then two additional doses at 15 months and 4 years of age, with the aim of providing protection through early adolescence.

Infants younger than 6 weeks are not old enough to get a pertussis vaccine but are at the greatest risk of severe illness from pertussis. Vaccination during pregnancy can offer protection from birth due to antibodies that pass from the mother to the developing fetus. Many countries, including the U.S., now recommend that women receive one dose of pertussis vaccine between the 27th and 36th week of every pregnancy to protect their babies.

To maintain protection against pertussis after childhood, a booster dose of pertussis vaccine is recommended for adolescents at 11 to 12 years of age. The CDC recommends that all adults receive at least one booster dose.

The pertussis vaccine’s protction wanes over time, so public health experts recommend a booster around age 11 or 12.
SELF Magazine via flickr, CC BY

Because immunity declines over time, people who are in contact with infants and other high-risk groups, such as caregivers, parents and grandparents, may benefit from additional booster doses. When feasible, the CDC also recommends a booster dose for adults 65 years and older.

Vaccine safety studies over the past 80 years have proven the pertussis vaccine to be safe. Around 20% to 40% of vaccinated infants experience local reactions, such as pain, redness and swelling at the vaccination site, and 3% to 5% of vaccinated infants experience a low-grade fever. More severe reactions are much less common and occur in fewer than 1% of vaccinated infants.

The vaccine is also highly effective: For the first year after receiving all five doses of the pertussis vaccine, 98% of children are protected from pertussis. Five years after the fifth dose, 65% of vaccinated children remain protected.

Booster vaccination during adolescence protects 74% of teens against pertussis, and booster vaccination during pregnancy protects 91% to 94% of immunized babies against hospitalization due to pertussis.

Families can talk to their regular health care providers about whether a pertussis vaccine is needed for their child, themselves or other family members.

Annette Regan receives funding from the National Institutes of Health, the US Centers for Disease Control and Prevention, and the Global Vaccine Data Network.

– ref. Whooping cough is making a comeback, but the vaccine provides powerful protection – https://theconversation.com/whooping-cough-is-making-a-comeback-but-the-vaccine-provides-powerful-protection-254647

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI Banking: Chang Yong Rhee: Navigating political uncertainty while maintaining independence

Source: Bank for International Settlements

Thank you, Mr. Fernandez, for that generous introduction. And good evening to the distinguished guests who joined the dinner tonight, including President Lateef and Mr. Euywhan Kim, Korean Consul General in New York. Your warm welcome means more than I can express.

For over a century, the Foreign Policy Association has been a leader in promoting international collaboration through public dialogue and education. Its role as a nonpartisan forum for intellectual discourse is more important than ever today, as the world experiences a rising political divide, geopolitical tensions, and global fragmentation.

I’m deeply humbled and honored to receive this award from the FPA, and especially feel undeserving when I consider past awardees like Chairman Volcker, President Trichet, Managing Director Georgieva, and many others. Also, sharing this award ceremony with the Secretary-General of the OECD, the Honorable Mathias Cormann, makes it even more special.

On a personal note, this medal holds a very special meaning within my family. When I got married, I made a joke to my wife, saying, “As I’ll devote my whole life to promoting world peace, you need to take care of everything else for our family.” I thank the FPA for vindicating my joke and justifying the many evenings I’ve spent away from my wife and children.

Acknowledging Global and Korean Headwinds

Currently, we are facing heightened uncertainties. Globally, despite some easing of post-pandemic inflation, trade tensions are intensifying and geopolitical risks persist, reshaping supply chains and deepening global fragmentation, or reglobalization. They have triggered the global financial market turbulence and slowed down global growth. My understanding is that the IMF is going to consider lowering its world economic outlook significantly tomorrow.

Korea is not an exception. As an export-driven economy, it is particularly vulnerable to these external headwinds. Tariffs directly reduce our exports. And, given our deep integration with key supply chain partners, our semiconductor production in Vietnam, electronics and automobile manufacturing in Mexico, and battery production in Canada will all likely be significantly affected. At the same time, weak demand from China-which accounts for over 19% of Korea’s exports-is expected to further weigh on our economy.

To make matters worse, current challenges have been especially difficult for Koreans. As you may know, political uncertainty intensified following the former president’s declaration of martial law late last year. After about five months of turbulence, we now hope that the Constitutional Court’s recent upholding of the impeachment, along with the upcoming presidential election in June, will help settle this uncertainty behind us.

Nevertheless, “Every cloud has a silver lining.” These political events also demonstrated the powerful resilience of Korean democracy.

There had been moments of unrest and deep confrontation among citizens with differing political views. However, the situation was resolved peacefully and constitutionally, and now we are advancing toward the presidential election.

Political Polarization and Central Bank Independence

One thing that I learned as a central banker during this period of political turmoil is the importance of central bank independence-but from a different angle.

We usually understand central bank independence to mean freedom from government interference or fiscal dominance. However, navigating through recent political challenges has made it clear to me that independence from politics is much more vital.

This is particularly true in deeply divided political environments such as Korea right now, where the presidency and parliamentary majority are decided by only a narrow margin of the popular vote.

Governments are appointed by an elected power. By this very nature, during times of heightened political tension, any policy decisions and announcements by governments are often filtered through a political lens and struggle to gain broad trust.

In contrast, a central bank, as Paul Tucker describes it, is an “Unelected Power”-more free from political preference and generally perceived as politically neutral. This allowed us to communicate balanced and apolitical assessments of economic conditions, such as the economic impact of political instability, along with policy recommendations when they were most needed.

Independence with Flexibility

Of course, as Paul Tucker rightly points out in his book, central banks must not exploit the privileges that come with their independence.¹ He argues that central banks should strictly confine themselves to a narrow interpretation of their mandate, which includes price stability and political neutrality in general.

I agree with the spirit of that argument. But I also believe that some degree of flexibility is necessary-particularly in unexpected extreme situations, such as the political instability that Korea just experienced or crises like the pandemic.

Let me recall a conversation I had with a central bank governor from emerging Asia when I served as the IMF’s Asia-Pacific Department Director. As many of you know, avoiding fiscal deficit monetization is generally considered one of the non-negotiable mandates of central banks.

However, in 2020, at the height of the COVID-19 crisis, that central bank took the unusual step of purchasing government bonds in the primary market under the spirit of shared burden with the government. As the governor explained to me, it was seen as inevitable to help those suffering from COVID-19, given the unusually large need for fiscal support, the limited financial market depth, and the importance of protecting sovereign credit rating.

Fortunately, the temporary deviation from text book central bank principles turned out to be a happy ending: the country navigated the COVID crisis without damaging its creditworthiness and returned to its pre-pandemic deficit target within two years as planned.

Fundamental concerns about deficit monetization remain valid. However, this case demonstrates how limited, temporary policy flexibility may be necessary depending on the specific nature of economic crisis and the maturity of capital markets.

Likewise, while leading the central bank through recent political turmoil, I often faced situations where my statements could be misinterpreted as political. For example, when both parties held opposing views on fiscal policy during the impeachment process and incoming election, discussing fiscal stimulus risked appearing partisan. Yet as central bank governor, I could not remain silent on its necessity, for two reasons.

First, after the martial law declaration, domestic demand was falling faster than expected. Some degree of fiscal stimulus was needed to alleviate a sharp decline in major market players’ economic forecasts early in the year. Second, a bipartisan fiscal package seemed to be the best tool to send the message to global investors that Korea’s economy operates independently of political divisions and to protect our credit rating.

While my public advocacy for fiscal stimulus created some controversy over political neutrality as expected, I believe that my decisions will stand the test of time. Yes, central bankers must be politically neutral, but as Keynes said of his mentor Marshall, economists need to be “sometimes as near the earth as a politician.”

U.S.-Korea Relationship & Closing

Before I close, I would like to take a moment to highlight the enduring importance of the U.S.-Korea relationship, especially in the presence of many distinguished American leaders here tonight.

Since Korea’s liberation in 1945, the U.S. and Korea have stood together as trusted allies, sharing common values, such as freedom, democracy, peace, and prosperity.

I mentioned the resilience of Korean democracy earlier in my remarks, and indeed, the U.S. has always remained alongside us throughout our democratic journey. At a critical crossroads in history, it helped guide Korea away from communism and toward democracy. Especially for the Bank of Korea, it also provided instrumental support in shaping our legal foundations-most notably, the Bank of Korea Act.

Despite the leadership transition and the complex geo-economic landscape in Korea, I remain confident that the U.S.–Korea relationship will be taken to the next level. I believe the ongoing support of those in this room will be truly invaluable.

Once again, I offer my deepest thanks to the FPA for this honor, and I wish the FPA continued flourishing in the years to come.

Thank you.

MIL OSI Global Banks –

April 30, 2025
MIL-OSI: Primech AI Secures Foothold in Europe’s Rapidly Growing €10+ Billion Service Robotics Market Through Strategic Partnership with TCOrobotics GmbH

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 29, 2025 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd. (“Primech AI” or the “Company”), a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), today announced its strategic entry into the European market through a Memorandum of Understanding (MOU) with TCOrobotics GmbH, establishing a distribution framework for its innovative HYTRON, AI-powered autonomous bathroom cleaning robots across Germany, Austria, and Switzerland (DACH region).

The two-year agreement positions Primech AI to capitalize on Europe’s booming service robotics market, currently valued at over €10 billion annually and projected to reach €20-30 billion by 2030. With European service robot suppliers representing approximately 44% of global providers, this partnership gives Primech AI access to one of the world’s most sophisticated robotics ecosystems.

“Europe represents an exceptional growth opportunity for Primech AI, with the EU service robotics market experiencing double-digit annual growth driven by labor shortages, technological advances, and increasing acceptance of automation solutions,” said Charles Ng, Co-Founder and Chief Operating Officer of Primech AI. “Our partnership with TCOrobotics gives us an immediate market presence in the DACH region, which is at the forefront of adopting innovative cleaning technologies and boasts some of the world’s leading robotics companies.”

The European market is particularly receptive to autonomous cleaning solutions, with specialized cleaning robots seeing increased deployment following the COVID-19 pandemic. The region’s high labor costs, aging workforce, and strict hygiene standards in commercial facilities create ideal conditions for Primech AI’s HYTRON robots, which offer cost-effective, consistent cleaning performance.

Under the terms of the MOU, TCOrobotics, based in Vaihingen an der Enz, Germany, will oversee all aspects of regional distribution, including installation processes, maintenance, technical support, and customer training. The Company will work closely with Primech AI to ensure consistent quality standards and effective implementation of HYTRON robots at customer facilities.

“We’re seeing tremendous demand for advanced cleaning automation across the DACH region,” said Aleksandar Birmanac, CEO of TCOrobotics GmbH. “Primech AI’s HYTRON robots represent a perfect solution for facilities managers looking to address labor shortages while improving cleaning consistency and operational efficiency. We anticipate strong adoption across a variety of commercial settings.”
This European expansion represents a significant milestone in Primech AI’s global growth strategy and offers substantial potential for revenue growth in a market expected to double in value by 2030. The Company’s entry into Europe also benefits from the EU’s supportive policy environment for robotics innovation while meeting the region’s stringent regulatory requirements.

According to the International Federation of Robotics, Primech AI’s expansion comes at a time when specialized professional service robots for cleaning saw 12% year-over-year growth globally in 2022. The DACH region specifically has seen accelerated adoption of cleaning robots in commercial settings following the pandemic, with businesses increasingly viewing robot deployment as both a practical necessity and a marketing advantage that signals cleanliness and technological sophistication to customers.

About Primech AI
Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

About Primech Holdings Limited
Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.

Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Company Contact:
Email: ir@primech.com.sg

Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com

The MIL Network –

April 30, 2025
MIL-OSI: Willis Lease Finance Corporation Closes Three Additional JOLCO Deals, Bringing Total JOLCO Financings to Nearly $120M

Source: GlobeNewswire (MIL-OSI)

COCONUT CREEK, Fla., April 29, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced the closing of three Japanese operating lease with call option (“JOLCO”) transactions, totaling US$64.8 million in financing. Two of the loans closed in the first quarter of 2025 for a PW1127GA-JM engine and a PW1133G-JM engine, respectively, and mature in 2033. The third loan closed in April of 2025 for a LEAP-1A engine and matures in 2034. These transactions bring WLFC’s total JOLCO financings to approximately US$119.8 million.

“The JOLCO market remains an attractive way to diversify financing options and we’re proud to deepen our relationship with Japanese counterparties,” said Scott B. Flaherty, WLFC EVP and Chief Financial Officer. “Through global capital sources like this, WLFC is able to offer our airline customers compelling lease and financing solutions.”

WLFC closed its first JOLCO engine transaction in August of 2023.

Willis Lease Finance Corporation
Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

The MIL Network –

April 30, 2025

MIL-OSI: Franklin Electric Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights

Consolidated net sales of $455.2 million, a decrease of 1% to the prior year
Energy Systems net sales increased 8% while Water Systems net sales were up less than 1% and Distribution net sales declined 3%
Operating income was $44.1 million with operating margin of 9.7%
GAAP fully diluted earnings per share (EPS) was $0.67

FORT WAYNE, Ind., April 29, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. today announced its first quarter financial results for fiscal year 2025.

First quarter 2025 net sales were $455.2 million, compared to first quarter 2024 net sales of $460.9 million. First quarter 2025 operating income was $44.1 million, compared to first quarter 2024 operating income of $47.9 million. First quarter 2025 EPS was $0.67, versus EPS in the first quarter 2024 of $0.70.

“Our underlying businesses performed largely as expected in the first quarter. Order trends remain positive, supporting a robust backlog as we enter the second quarter. Furthermore, strong performance in our Energy Systems segment helped offset unfavorable weather impacting our Distribution business, underscoring the value of our diversified global portfolio. One-time expenses associated with our executive transition and recent acquisitions presented earnings headwinds during the quarter, but our operating strength was clear,” commented Joe Ruzynski, Franklin Electric’s CEO.

“During the quarter, we continued to invest in growth by completing two acquisitions, in line with our value creation framework. We look forward to deploying our integration playbook and enhancing the margin profiles of these great businesses. Despite uncertainty in the macroeconomic environment and potential tariffs, we are confident in Franklin Electric’s competitive position with strong brands, leading service, and a healthy operating footprint as we continue to execute our strategic priorities,” concluded Mr. Ruzynski.

Segment Summaries

Water Systems net sales were $287.3 million in the first quarter, an increase of $0.7 million or less than 1 percent compared to the first quarter of 2024. Results were driven by the incremental sales impact of recent acquisitions and higher sales of groundwater products, water treatment products and large dewatering pumps. These sales increases were partially offset by the negative impact of foreign currency translation and lower sales of all other surface products. Water Systems operating income in the first quarter of 2025 was $43.4 million. First quarter 2024 Water Systems operating income was $47.1 million.

Distribution net sales were $141.9 million, a decrease of $5.1 million or 3 percent compared to the first quarter 2024. Sales decreases were driven by lower volumes and continued negative pricing. The Distribution segment operating income in the first quarter 2025 was $2.1 million. First quarter 2024 Distribution operating income was $1.8 million.

Energy Systems net sales were $66.8 million in the first quarter 2025, an increase of $4.7 million or 8 percent compared to the first quarter 2024. Sales increases were driven by higher volumes and price realization. Energy Systems operating income in the first quarter of 2025 was $21.9 million. First quarter 2024 Energy Systems operating income was $18.8 million.

Cash Flow

Net cash flows used in operating activities for the first quarter of 2025 were $19.5 million versus $1.4 million in the same period in 2024.

2025 Guidance

The Company is maintaining its guidance for full year 2025 sales to be in the range of $2.09 billion to $2.15 billion and reducing the low end of its earnings guidance and now expects full year 2025 EPS to be in the range of $3.95 to $4.25.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The first quarter 2025 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

https://edge.media-server.com/mmc/p/yzximy3p

For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

https://register-conf.media-server.com/register/BI5cb1cdcef9da4de38184396c5211b443

All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Tuesday, April 29, 2025, through 9:00 am ET on Tuesday, May 6, 2025, by visiting the listen-only webcast link above.

Forward Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, changes in tariffs or the impact of any such changes on the Company’s financial results, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

About Franklin Electric

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2024 and America’s Climate Leaders 2024 by USA Today.

Franklin Electric Contact:

Russ Fleeger
Franklin Electric Co., Inc.
InvestorRelations@fele.com


FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

(In thousands, except per share amounts)

	First Quarter Ended
	March 31, 2025			March 31, 2024

Net sales	$	455,247		$	460,900

Cost of sales		291,344			297,320

Gross profit		163,903			163,580

Selling, general, and administrative expenses		119,643			115,644

Restructuring expense		159			–

Operating income		44,101			47,936

Interest expense		(1,799	)		(1,448	)
Other income, net		843			706
Foreign exchange expense, net		(1,293	)		(4,880	)

Income before income taxes		41,852			42,314

Income tax expense		10,478			9,222

Net income	$	31,374		$	33,092

Less: Net income attributable to noncontrolling interests		(412	)		(133	)

Net income attributable to Franklin Electric Co., Inc.	$	30,962		$	32,959

Earnings per share:
Basic	$	0.67		$	0.71
Diluted	$	0.67		$	0.70

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)

	March 31, 2025		December 31, 2024
ASSETS

Cash and cash equivalents	$	83,994	$	220,540
Receivables (net)		271,688		226,826
Inventories		560,338		483,875
Other current assets		40,627		32,950
Total current assets		956,647		964,191

Property, plant, and equipment, net		236,732		223,566
Lease right-of-use assets, net		60,294		62,637
Goodwill and other assets		675,199		570,212
Total assets	$	1,928,872	$	1,820,606


LIABILITIES AND EQUITY

Accounts payable	$	190,295	$	157,046
Accrued expenses and other current liabilities		125,316		139,989
Current lease liability		18,688		18,878
Current maturities of long-term debt and short-term borrowings		149,730		117,814
Total current liabilities		484,029		433,727

Long-term debt		14,858		11,622
Long-term lease liability		41,382		43,304
Deferred income taxes		32,718		10,193
Employee benefit plans		30,046		29,808
Other long-term liabilities		24,544		22,118

Redeemable noncontrolling interest		1,373		1,224

Total equity		1,299,922		1,268,610
Total liabilities and equity	$	1,928,872	$	1,820,606

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended
(In thousands)
	March 31, 2025			March 31, 2024
Cash flows from operating activities:
Net income	$	31,374		$	33,092
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		14,433			13,792
Non-cash lease expense		5,241			5,194
Share-based compensation		4,962			4,042
Other		1,080			4,036
Changes in assets and liabilities:
Receivables		(29,376	)		(43,365	)
Inventory		(43,669	)		(28,105	)
Accounts payable and accrued expenses		(3,744	)		8,576
Operating leases		(5,091	)		(5,305	)
Other		5,322			6,681

Net cash flows from operating activities		(19,468	)		(1,362	)

Cash flows from investing activities:
Additions to property, plant, and equipment		(6,836	)		(9,184	)
Proceeds from sale of property, plant, and equipment		397			102
Acquisitions and investments		(109,687	)		(1,151	)
Other investing activities		9			17

Net cash flows from investing activities		(116,117	)		(10,216	)

Cash flows from financing activities:
Net change in debt		20,366			11,397
Proceeds from issuance of common stock		1,438			4,050
Purchases of common stock		(6,902	)		(9,047	)
Dividends paid		(13,160	)		(12,395	)
Deferred payments for acquisitions		(4,300	)		(348	)

Net cash flows from financing activities		(2,558	)		(6,343	)

Effect of exchange rate changes on cash and cash equivalents		1,597			(1,728	)
Net change in cash and cash equivalents		(136,546	)		(19,649	)
Cash and cash equivalents at beginning of period		220,540			84,963
Cash and cash equivalents at end of period	$	83,994		$	65,314

Key Performance Indicators: Net Sales Summary

	Net Sales
	United States			Latin			Europe, Middle			Asia			Total
(in millions)	& Canada			America			East & Africa			Pacific			Water			Energy			Distribution			Other/Elims			Consolidated

Q1 2024	$172.7			$41.3			$52.3			$20.3			$286.6			$62.1			$147.0			($34.8		)	$460.9
Q1 2025	$175.7			$39.5			$51.5			$20.6			$287.3			$66.8			$141.9			($40.8		)	$455.2
Change	$3.0			($1.8		)	($0.8		)	$0.3			$0.7			$4.7			($5.1		)	($6.0		)	($5.7		)
% Change		2	%		-4	%		-2	%		1	%		0	%		8	%		-3	%					-1	%

Foreign currency translation, net *	($1.3		)	($3.6		)	($1.2		)	($1.0		)	($7.1		)	($0.2		)	$0.0						($7.3		)
% Change		-1	%		-9	%		-2	%		-5	%		-2	%		0	%		0	%					-2	%

Acquisitions	$1.2			$3.1			$0.0			$1.4			$5.7			$0.0			$0.0						$5.7
% Change		1	%		8	%		0	%		7	%		2	%		0	%		0	%					1	%

Volume/Price	$3.1			($1.3		)	$0.4			($0.1		)	$2.1			$4.9			($5.1		)	($6.0		)	($4.1		)
% Change		2	%		-3	%		1	%		0	%		1	%		8	%		-3	%		-17	%		-1	%

*The Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey highly inflationary economies within the foreign currency translation, net row above.

Key Performance Indicators: Operating Income and Margin Summary

Operating Income and Margins
(in millions)	For the First Quarter 2025
	Water			Energy			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	43.4		$	21.9		$	2.1		$	(23.3	)	$	44.1
% Operating Income To Net Sales		15.1	%		32.8	%		1.5	%					9.7	%

Operating Income and Margins
(in millions)	For the First Quarter 2024
	Water			Energy			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	47.1		$	18.8		$	1.8		$	(19.8	)	$	47.9
% Operating Income To Net Sales		16.4	%		30.3	%		1.2	%					10.4	%

The MIL Network –

April 30, 2025

MIL-OSI: MoneyHero Group Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Q4 net loss narrowed sharply to US$(18.8) million
Q4 Adjusted EBITDA loss improved to US$(2.9) million

SINGAPORE, April 29, 2025 (GLOBE NEWSWIRE) — MoneyHero Limited (Nasdaq: MNY) (“MoneyHero” or the “Company”), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

Management Commentary:

Rohith Murthy, Chief Executive Officer, stated:

“We closed out 2024 with a robust quarter of financial and operational results, making clear progress on our path towards profitability as we continue to focus on diversifying our revenue mix toward high-margin products, lowering operating expenses, and improving operational efficiency. Net loss narrowed sharply to US$(18.8) million from US$(94.3) million during the same period last year, and Adjusted EBITDA loss during the quarter improved substantially to US$(2.9) million – our best quarterly performance since going public. With registered members and approved applications increasing 42% and 21% year-over-year in 2024, we are confident in our ability to build upon this momentum and regain topline growth momentum with US$100 million in revenue and generate positive adjusted EBITDA on a quarterly basis in the second half of 2025.

In Q2 2024, we outlined five strategic pillars—Consumer Pull, Conversion Expertise, Operating Leverage, Strong Provider Partnerships, and Insurance Brokerage—and we’ve made meaningful progress across all of these. We launched seamless, end-to-end purchasing journeys in Travel and Car Insurance, substantially streamlined our operating model to create a leaner, lower-cost base, deepened banking partnerships following a major provider’s exit from key markets and significantly accelerated our insurance growth through targeted strategic collaborations.

These results directly reflect the impact our ‘efficiency’ strategy is having on building a more focused, resilient, and profitable business. We remain the largest credit card digital acquisition partner for the majority of banks across our geographies and are leveraging this strong market position to strategically broaden our focus toward high-margin verticals to improve revenue quality. Insurance revenue grew 40% in 2024 and now accounts for 10% of total revenue while wealth products revenue grew 138%, driven by strong demand for stock and bank account products. These verticals strengthen our margin profile while generating consistent and recurring revenue streams, both of which are key pillars of long-term sustainability. We also laid the foundation for scalable growth by materially lowering operating expenses and improving unit economics with an optimized cost structure across all markets, streamlined operations, and reduced paid marketing and rewards spend.

Looking ahead to 2025, we will maintain our focus on scaling high-margin verticals, particularly insurance, while continuing to tighten cost controls and simplifying workflows. Our product and tech strategy continues to follow a ‘buy-over-build’ philosophy, enabling faster innovation through strategic partnerships, including new initiatives in AI and automation that are already underway.

Our commitment to becoming an AI-first organization is already translating into several impactful initiatives across the business. We are actively working on deploying AI-powered customer service tools designed to significantly reduce inquiry volumes and achieve higher first-contact resolution rates. Additionally, we are piloting generative AI solutions to accelerate and scale content production efficiently. Throughout the organization, we are exploring opportunities to automate workflows using advanced AI tools and agentic AI to boost productivity, reduce operational overhead, and enable our teams to focus more strategically.

With a debt-free balance sheet, US$42.5 million in cash and cash equivalents, and a more efficient and scalable business model, we are well-equipped to capture a greater share of a large and growing addressable market and deliver sustainable, long-term value to shareholders.”

Danny Leung, interim Chief Financial Officer, added:

“Our strong results in the fourth quarter demonstrate the effectiveness of our strategy as we continue to make significant strides in the diversification of our revenue mix, expand partnerships with other key providers, and broaden our product offerings. We believe these adjustments position us well for sustained growth, and as providers scale their operations in different regions, we see opportunities to further strengthen our revenue base and deepen our market presence with them.

This quarter, we remained focused on executing our growth strategy and commenced our comprehensive reorganization and restructuring exercise to streamline operations and reduce costs. Our investments this quarter were squarely focused on customer acquisition, technology re-platforming, and data infrastructure, to build a solid foundation for future growth and profitability. These strategic investments were balanced by initiatives to streamline other aspects of our operations designed to enhance efficiency and drive returns.

Looking ahead, we expect adjusted EBITDA to consistently improve, building on the significant progress we made during the fourth quarter. With margins steadily improving, we are well-positioned to drive growth momentum heading into 2025, strengthening our confidence to generate positive Adjusted EBITDA on a quarterly basis in the second half of 2025. Our comprehensive review of our organizational structure, completed alongside a successful reorganization this year, has strengthened our operational foundation and set the stage for continued sustainable growth.”

Fourth Quarter 2024 Financial Highlights

Revenue decreased by 40% year-over-year to US$15.7 million in the fourth quarter of 2024, driven primarily by a shift in focus toward diversifying revenue mix toward high-margin products such as insurance and wealth products, and the high base effect set during the same period last year with increased investment in marketing and customer acquisition to expand market share.
- Revenue from insurance products increased by 10% year-over-year to US$2.1 million in the fourth quarter of 2024, accounting for 14% of total revenue, compared to 7% during the same period last year.
- Revenue from wealth products increased by 195% year-over-year to US$2.4 million in the fourth quarter of 2024, accounting for 15% of total revenue, compared to 3% during the same period last year.
Cost of revenue decreased by 62% year-over-year to US$6.6 million, with advertising and marketing expenses decreasing by 23% year-over-year in the fourth quarter of 2024, as the Company focused on scaling higher margin verticals and optimizing rewards costs associated with the credit cards vertical and paid marketing spend across all markets.
Total operating costs and expenses, excluding net foreign exchange differences, decreased to US$25.2 million in the fourth quarter of 2024 from US$45.6 million during the same period last year. Operating costs and expenses in the fourth quarter of 2023 included significant transaction costs associated with the listing as well as certain write-offs of intangible assets which are further detailed in the adjusted EBITDA reconciliation below.
Foreign exchange loss of US$8.9 million in the fourth quarter of 2024 was driven by the weakening of local currencies against the US dollar from end September 2024 to end December 2024.
Net loss for the period narrowed sharply to US$(18.8) million during the fourth quarter of 2024, compared to US$(94.3) million in the same period last year, primarily due to non-operating expenses including share-based payments to effect the merger with Bridgetown Holdings and finance costs.
Adjusted EBITDA loss improved to US$(2.9) million in the fourth quarter of 2024 from US$(4.6) million in the prior year period.

Full Year 2024 Financial Highlights

Revenue decreased by 1% year-over-year to US$79.5 million for the full year 2024, driven primarily by a shift in focus toward profitability by diversifying revenue mix toward high-margin products starting in the second half of 2024.
- Revenue from insurance products increased by 40% year-over-year to US$8.2 million for the year 2024, accounting for 10% of total revenue, compared to 7% in the prior year.
- Revenue from wealth products increased by 138% year-over-year to US$8.5 million for the year 2024, fueled by growth of stock account and bank account verticals.
Total operating costs and expenses, excluding net foreign exchange differences, increased by 3% year-over-year to US$114.9 million for the year 2024, primarily due to higher advertising and marketing expenses.
Net loss for the full year 2024 narrowed sharply to US$(37.8) million from US$(172.6) million in the prior year. Net loss for the full year 2023 includes US$143.4 million in non-operating expenses associated with share-based payments to effect the merger with Bridgetown Holdings, finance costs and changes in fair value of financial instruments.
Adjusted EBITDA loss was US$(23.7) million for the full year 2024, compared to US$(6.8) million in the prior year, largely attributable to strategic investments in marketing and customer acquisition during the first half of the year as well as increased operating costs associated with being a public company.
As of December 31, 2024, the Company had a debt-free balance sheet with US$42.5 million in cash and cash equivalents.

Fourth Quarter and Full Year 2024 Operational Highlights

Monthly Unique Users for the three months ended December 31, 2024 of 6.2 million
MoneyHero Group Members, to whom the Company provides more tailored product information and recommendations, grew by 42% year-over-year to 7.5 million as of December 31, 2024
Approved Application volumes increased by 21% year-over-year in 2024 to 767,000, driven by strong growth in the Company’s insurance products

Capital Structure

The table below summarizes the capital structure of the Company as of December 31, 2024:

Share Class	Issued and Outstanding
Class A Ordinary	28,653,467¹
Class B Ordinary	13,254,838
Preference Shares	2,407,575
Total Issued Shares	44,315,880
Employee Equity Options	690,055²
Issued Class A Ordinary Shares Underlying Employee Equity Options	(690,055)³
Total Issued and Issuable Shares⁴	44,315,880

______________________________
¹ Includes 690,055 shares issued to Computershare Hong Kong Investor Services Limited (“Computershare”) which are held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
² Includes granted but unexercised options as well as exercised options, pursuant to which the shares have not yet been issued as of December 31, 2024.
³ Issued in advance to Computershare and held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
⁴ Public Warrants, Sponsor Warrants, Class A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are excluded since they are out of the money.

Summary of financial / KPI performance

	For the Three Months Ended December 31,				For the Full Year Ended December 31,
	2024		2023		2024		2023
	(US$ in thousands, unless otherwise noted)
Revenue	15,723		26,397		79,511		80,671
Adjusted EBITDA	(2,922	)	(4,613	)	(23,666	)	(6,763	)

Clicks (in thousands)⁵	2,222		N/A		N/A		N/A
Applications (in thousands)⁶	363		504		1,779		1,713
Approved Applications (in thousands)⁶	172		204		767		636

______________________________
⁵ As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable click data for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.
⁶ Due to the nature of our business, there is often a delay in receiving confirmation of the number of Applications and Approved Applications by our commercial partners. As a result, the disclosed figures may utilize estimations if data is unavailable.

Revenue breakdown

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2024		2023				2024		2023
	US$	%	US$		%		US$	%	US$	%
	(US$ in thousands, except for percentages)
By Geographical Market:
Singapore	5,060	32.2	12,111		45.9		30,890	38.9	32,070	39.8
Hong Kong	7,386	47.0	8,390		31.8		30,443	38.3	26,947	33.4
Taiwan	1,296	8.2	1,967		7.5		5,137	6.5	6,743	8.4
Philippines	1,977	12.6	3,887		14.7		12,844	16.2	14,169	17.6
Malaysia	5	0.0	43		0.2		197	0.2	738	0.9
Other Asia	0	0.0	(0	)	(0.0	)	0	0.0	4	0.0

Total Revenue	15,723	100.0	26,397		100.0		79,511	100.0	80,671	100.0

By Source:
Online financial comparison platforms	13,594	86.5	21,831		82.7		66,815	84.0	66,926	83.0
Creatory	2,129	13.5	4,566		17.3		12,696	16.0	13,746	17.0

Total Revenue	15,723	100.0	26,397		100.0		79,511	100.0	80,671	100.0

By Vertical:
Credit cards	7,559	48.1	19,976		75.7		48,958	61.6	60,258	74.7
Personal loans and mortgages	3,373	21.5	3,487		13.2		12,185	15.3	10,166	12.6
Wealth	2,397	15.2	813		3.1		8,504	10.7	3,580	4.4
Insurance	2,125	13.5	1,928		7.3		8,181	10.3	5,853	7.3
Other verticals	269	1.7	193		0.7		1,683	2.1	814	1.0

Total Revenue	15,723	100.0	26,397		100.0		79,511	100.0	80,671	100.0

Key Metrics

	For the Three Months Ended December 31, 2024
	(in millions, except for percentages)
Monthly Unique Users⁷^,⁸
Singapore	1.4	23.1	%
Hong Kong	1.1	17.2	%
Taiwan	1.7	28.2	%
Philippines	1.9	31.5	%
Total	6.2	100.0	%

Total Traffic^7,8
Singapore	3.1	16.6	%
Hong Kong	3.5	19.0	%
Taiwan	5.7	30.7	%
Philippines	6.3	33.7	%
Total	18.6	100.0	%











	As of December 31,










	2024			2023










	(in millions, except for percentages)










MoneyHero Group Members⁸










Singapore	1.3	17.7	%	1.2	22.1	%










Hong Kong	0.9	11.5	%	0.7	13.0	%










Taiwan	0.4	4.8	%	0.3	4.8	%










Philippines	5.0	66.1	%	2.9	55.3	%










Malaysia	0.0	0.0	%	0.3	4.8	%










Total	7.5	100.0	%	5.3	100.0	%

_____________________________
⁷ As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable monthly unique users and total traffic for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.
⁸ Malaysia’s ‘CompareHero’ brand was acquired by Jirnexu Sdn. Bhd in July 2024.

Conference Call Details

The Company will host a conference call and webcast on Tuesday, April 29, 2025, at 8:00 a.m. Eastern Standard Time / 8:00 p.m. Singapore Standard Time to discuss the Company’s financial results. The MoneyHero Limited (NASDAQ: MNY) Q4 and FY 2024 Earnings call can be accessed by registering at:

Webcast: https://edge.media-server.com/mmc/p/g36exn6g/
Conference call: https://register-conf.media-server.com/register/BI63a8f286c9b74092aff58fc8eb219749

The webcast replay will be available on the Investor Relations website for 12 months following the event.

About MoneyHero Group
MoneyHero Limited (NASDAQ: MNY) is a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero had over 290 commercial partner relationships as at December 31, 2024, and had approximately 6.2 million Monthly Unique Users across its platform for the three months ended December 31, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.

Key Performance Metrics and Non-IFRS Financial Measures

Historically, we utilized data from Universal Analytics (“UA”), Google’s analytics platform, to measure three key business metrics: monthly unique users, traffic, and clicks. Effective July 1, 2024, Google Analytics 4 (“GA4”) replaced UA. The methodologies used in GA4 are different and not comparable to the methodologies used in UA. While Google has provided some guidance on these differences, Google has not made available sufficient information for us to assess the impact (whether positive or negative) of this transition on our key business metrics, nor can we quantify the extent of such impact. Furthermore, due to the adoption of GA4, we have adjusted our definitions of these key business metrics to enhance accuracy and align them more closely with previous definitions under UA. Therefore, we are unable to provide comparable data for monthly unique user, traffic, and clicks for any periods prior to July 1, 2024.

“Monthly Unique User” means as a unique user with at least one session in a given month as determined by a unique device identifier from GA4. A session begins when a user opens an app in the foreground or views a page or screen while no other session is currently active (e.g., the prior session has ended). A session concludes after 30 minutes of user inactivity. To measure Monthly Unique Users over a period longer than one month, we calculate the average of the Monthly Unique Users for each month within that period. If an individual accesses a website or app from different devices within a given month, each device is counted as a separate unique user. However, if an individual logs in and accesses a website or app using the same login across different devices, they will only be counted as one unique user.

“Traffic” means the total number of unique sessions in GA4. A unique session is a group of user interactions recorded when a user accesses a website or app within a 30-minute window. The current session concludes when there is 30 minutes of inactivity or users have a change in traffic source.

“MoneyHero Group Members” means (i) users who have login IDs with us in Singapore, Hong Kong and Taiwan, (ii) users who subscribe to our email distributions in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia, and (iii) users who are registered in our rewards database in Singapore and Hong Kong. Any duplications across the three sources above are deduplicated.

“Clicks” means the sum of unique clicks by product item on a tagged “Apply Now” button on our website, including product result pages and blogs. We track Clicks to understand how our users engage with our platforms prior to application submission or purchase, which enables us to further optimize conversion rates.

“Applications” means the total number of product applications submitted by users and confirmed by our commercial partners.

“Approved Applications” means the number of applications that have been approved and confirmed by our commercial partners.

In addition to MoneyHero Group’s results determined in accordance with IFRS, MoneyHero Group believes that the key performance metrics above and the non-IFRS measures below are useful in evaluating its operating performance. MoneyHero Group uses these measures, collectively, to evaluate ongoing operations and for internal planning and forecasting purposes. MoneyHero Group believes that non-IFRS information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and may assist in comparisons with other companies to the extent that such other companies use similar non-IFRS measures to supplement their IFRS results. These non-IFRS measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Accordingly, non-IFRS measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of other IFRS financial measures, such as profit/(loss) for the year/period and profit/(loss) before income tax.

Adjusted EBITDA is a non-IFRS financial measure defined as loss for the year plus depreciation and amortization, interest income, finance costs, income tax expenses/(credit), impairments of non-financial assets, equity-settled share-based payment expenses, other long-term employee benefits expense/(credit), non-recurring costs related to strategic exercises, gain on disposal of Malaysian operations, transaction expenses, changes in the fair value of financial instruments, non-recurring legal fees, gain on derecognition of convertible loan and bridge loan and unrealized foreign exchange differences. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.

A reconciliation is provided for each non-IFRS measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures. IFRS differs from U.S. GAAP in certain material respects and thus may not be comparable to financial information presented by U.S. companies. We currently, and will continue to, report financial results under IFRS, which differs in certain significant respects from U.S. GAAP.

	For the Three Months Ended December 31,					For the Year Ended December 31,
	2024			2023		2024		2023
	(US$ in thousands)
Loss for the period		(18,756	)	(94,296	)	(37,787	)	(172,601	)
Tax expenses		19		3		109		63
Depreciation and amortization		893		3,563		4,043		7,165
Interest income		(239	)	(679	)	(1,478	)	(873	)
Finance costs		8		13,657		25		19,028

EBITDA	(18,075		)	(77,752	)	(35,088	)	(147,217	)

Non-cash items:
Changes in fair value of financial instruments	526			(123	)	(447	)	57,333
Impairment of intangible assets	4,466			3,106		4,541		3,106
Equity settled share-based payment arising from employee share incentive scheme	1,631			5,653		3,179		6,629
Unrealized foreign exchange loss/(gain), net	8,523			(4,763	)	4,197		(895	)

Listing and other non-recurring strategic exercises related items:
Share-based payment arising from listing	–			67,027		–		67,027
Equity settled share-based payment arising from professional services in relation to listing	–			500		–		500
Transaction expenses	0			1,739		29		6,643
Gain on disposal of Malaysian operations	0			–		(600	)	–
Other non-recurring costs related to strategic exercises	–			(0	)	61		1

Other non-recurring items:
Other long-term employee benefits expense/(credit)	–			0		–		110
Non-recurring legal fees	7			–		462		0

Adjusted EBITDA	(2,922		)	(4,613	)	(23,666	)	(6,763	)

Revenue	15,723			26,397		79,511		80,671
Adjusted EBITDA	(2,922		)	(4,613	)	(23,666	)	(6,763	)
Adjusted EBITDA Margin	(18.6		)%	(17.5	)%	(29.8	)%	(8.4	)%

Forward Looking Statements

This document includes “forward-looking statements” within the meaning of the United States federal securities laws and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to the Group’s growth strategies, future results of operations and financial position, market size, industry trends and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements and financial forecasts and projections contained in this communication are subject to a number of factors, risks and uncertainties. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions; the Company’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industries in which the Company and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; and the Group’s ability to implement its growth strategies and manage its growth; the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to attract traffic to its websites; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain adequate insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) and general economic conditions in the countries in which the Group operates; the Group’s ability to attract and retain management and skilled employees; the impact of the COVID-19 pandemic or any other pandemic on the business of the Group; the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers; disruptions to the Group’s information technology systems and networks; the Group’s ability to grow and protect its brand and the Group’s reputation; the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; and unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required and technological advancements in the Group’s industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year ended December 31, 2023 on Form 20-F (File No.: 001-41838), registration statement on Form F-1 (File No.: 333-275205), and other documents to be filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that the Company currently does not know, or that the Company currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect the Company’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company anticipates that subsequent events and developments may cause their assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of the Company contained herein are not, and do not purport to be, appraisals of the securities, assets, or business of the Company.

For inquiries, please contact:

Investor Relations:
MoneyHero IR Team
IR@MoneyHeroGroup.com

Media Relations:
MoneyHero PR Team
Press@MoneyHeroGroup.com

Consolidated Statements of Loss and Other Comprehensive Income

	For the Three Months Ended December 31,				For the Year Ended December 31,
	2024		2023		2024		2023
	(US$ in thousands except for loss per share)
Revenue	15,723		26,397		79,511		80,671

Cost and expenses:
Cost of revenue	(6,603	)	(17,601	)	(46,180	)	(43,930	)
Advertising and marketing expenses	(3,954	)	(5,111	)	(21,619	)	(16,245	)
Technology costs	(1,397	)	(4,451	)	(7,427	)	(9,522	)
Employee benefit expenses	(5,837	)	(10,585	)	(24,151	)	(24,931	)
General, administrative and other operating expenses	(7,454	)	(7,863	)	(15,543	)	(16,725	)
Foreign exchange differences, net	(8,921	)	4,802		(4,783	)	657

Operating loss	(18,444	)	(14,411	)	(40,192	)	(30,026	)

Other income/(expenses):
Other income	241		679		2,092		878
Share-based payment on listing	–		(67,027	)	–		(67,027	)
Finance costs	(8	)	(13,657	)	(25	)	(19,028	)
Changes in fair value of financial instruments	(526	)	123		447		(57,333	)

Loss before income tax	(18,737	)	(94,293	)	(37,678	)	(172,538	)
Tax expenses	(19	)	(3	)	(109	)	(63	)
Loss for the period	(18,756	)	(94,296	)	(37,787	)	(172,601	)
Other comprehensive income/(loss)
Other comprehensive income/(loss) that may be classified to profit or loss in subsequent periods (net of tax):
Exchange differences on translation of foreign operations	8,071		(4,098	)	3,738		(820	)
Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods (net of tax):
Remeasurement of defined benefit plan	8		(9	)	12		(30	)
Other comprehensive income/(loss), net of tax	8,079		(4,107	)	3,750		(850	)

Total comprehensive loss, net of tax	(10,677	)	(98,403	)	(34,037	)	(173,451	)

Loss per share attributable to ordinary equity holders of the parent
Basic and diluted	(0.5	)	(2.8	)	(0.9	)	(17.9	)

Consolidated Statements of Financial Position

	As of December 31,
(US$ in thousands)	2024	2023

NON-CURRENT ASSETS
Non-current financial asset	600	–
Intangible assets	1,018	7,294
Property and equipment	215	190
Right-of-use assets	744	590
Deposits	25	26

Total non-current assets	2,601	8,100

CURRENT ASSETS
Accounts receivable	13,538	17,236
Contract assets	11,825	16,025
Prepayments and other assets	9,041	4,855
Tax recoverable	63	0
Pledged bank deposits	185	189
Cash and cash equivalents	42,522	68,641

Total current assets	77,174	106,947

CURRENT LIABILITIES
Income tax payable	32	–
Accounts and other payables	29,101	33,222
Warrant liabilities	1,393	1,840
Lease liabilities	442	575
Provisions	71	72

Total current liabilities	31,039	35,708

NET CURRENT ASSETS	46,135	71,239
TOTAL ASSETS LESS CURRENT LIABILITIES	48,736	79,339

NON-CURRENT LIABILITIES
Lease liabilities	294	31
Deferred tax liabilities	30	29
Provisions	185	194

Total non-current liabilities	509	255

Net assets	48,227	79,084

EQUITY
Issued capital	4	4
Reserves	48,223	79,080

Total equity	48,227	79,084

The MIL Network –

April 30, 2025

MIL-OSI USA: 2025 Commencement Speakers and Honorary Degree Recipients

Source: US State of Connecticut

From business success to the National Science Foundation, from policymaking in Hartford to the world’s most popular YouTube sneaker channel, from the Chairman of the Mashantucket Pequot Tribal Nation to the President of the Rwanda Academy of Sciences, the honored guests of UConn’s commencement ceremonies bring a wealth of experience, insight, and wisdom to share with this year’s graduates. Speakers at the ceremonies, which begin on Saturday, May 10, include:

College of Engineering (Saturday, May 10, 9 a.m. at Gampel Pavilion): Mark P. Sarkisian ’83

Mark Sarkisian is a partner in the San Francisco office of Skidmore, Owings & Merrill LLP. He is a licensed professional engineer and structural engineer in 31 states. In 2021, Sarkisian was elected to the National Academy of Engineering, and is a member of the University of Connecticut Academy of Distinguished Engineers. He received his bachelor’s degree in civil engineering from UConn in 1983, and his master’s degree in structural engineering from Lehigh University. Sarkisian’s career focuses on developing innovative structural engineering solutions for over 100 major building projects around the world, including the Jin Mao Tower in China and the Al Hamra Fidrous Tower in Kuwait, both over 1,300 feet[1]tall. Sarkisian holds 10 U.S. patents and five international patents. Sarkisian has authored over 150 technical papers related to the design of building structures, and in 2012 completed his first book, “Designing Tall Buildings – Structure as Architecture.” He teaches integrated studio design courses focused on collaborative design opportunities at the University of California, Berkeley; California College of the Arts; Stanford University; California Polytechnic State University; Northeastern University; North Carolina State University; and the Pratt Institute.

School of Nursing (Saturday, May 10, 9 a.m. at Jorgensen Center for the Performing Arts): Joan Y. Reede

Dr. Joan Y. Reede was appointed as Harvard Medical School’s (HMS) first Dean for Diversity and Community Partnership in January of 2002, and has been responsible for the development and management of a comprehensive program that has provided leadership, guidance, and support to promote the increased recruitment, retention, and advancement of diverse faculty, particularly individuals from groups underrepresented in medicine. This charge includes oversight of all diversity activities at HMS as they relate to faculty, trainees, students, and staff. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed a pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds an MPH and an MS in Health Policy Management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University. Reede created and developed more than 20 programs at HMS that aim to address pathway and leadership issues for minorities and women who are interested in careers in medicine, academic and scientific research, and the health care professions. At a national level, Reede’s advice and expertise is highly sought after among several committees and councils, such as being appointed to the Health and Human Services Advisory Committee on Minority Health and serving on the Board of Governors for the Warren Grant Magnuson Clinical Center. She also has many affiliations, including the Task Force for the Annual Biomedical Research Conference for Minority Students, CTSA Women in CTR Interest Group of the NIH, and the American Association for the Advancement of Science STEM Education Review Committee.

School of Business (Saturday, May 10, 1:30 p.m. at Gampel Pavilion): Richard Eldh ‘81

Rich Eldh was born in the village of Ardsley, New York, and moved homes five times between the ages of 5 and 15. He attended Staples High School in Westport, graduating as a three-sport athlete and an all-state football player. After high school, he enrolled at the University of Connecticut. In what would have been his junior year, 1978–1979, he took a leave of absence to travel abroad, living in Kempten, Germany, in Bavaria. There, he worked at Dixie Union, a manufacturing company, as a computer programmer, where he developed new automation software for the finance department. This experience in Germany highlighted the significant impact computing technology would have on business. Motivated by this realization, he decided to pursue a career in the computer industry. Upon returning to the University of Connecticut for his final two years, he majored in finance at the School of Business and graduated in 1981 with a degree in Finance. He first joined a manufacturing firm implementing automation software, then moved to Four Phase Systems, a Motorola company, selling data entry systems. Later, he joined Hewlett-Packard, specializing in manufacturing systems and automation. It was at HP that he met his wife; they married and started a family. After working for two very large corporations, Rich joined a startup called Gartner Group in Stamford. He was the 100th employee, and in ten years, the company grew from $9 million in revenue to just under $1 billion with 4,500 employees. Today, Gartner boasts a market cap of $38 billion with 21,000 employees. These early career highlights led Rich to co-found Sirius Decisions, which became a leader in high-performance go-to[1]market research and benchmarking. Headquartered in Wilton, Sirius Decisions grew to 400 employees with private equity backing and offices worldwide. The company was eventually monetized for approximately $300 million through a sale to a public company in Boston. Throughout his career, he has had the honor of working with associates and clients across more than 50 countries. Alongside his career, Rich and his wife Joyce raised two daughters and a son. They have each found success in the medical field, the fashion world, and the blockchain and crypto industry, respectively.

School of Social Work (Saturday, May 10, 1:30 p.m. at Jorgensen Center for the Performing Arts): Maggie Mitchell Salem

Maggie Mitchell Salem joined IRIS as Executive Director in January 2024. Throughout her nearly 30-year career, Maggie has managed diverse teams focused on civic education, intercultural dialogue, social and political rights, and forced displacement. She arrived in Connecticut following three years leading the National Democratic Institute’s democratic governance program in Tunisia. Given the exponential increase in the number of refugees, humanitarian parolees, and other immigrants that IRIS assists, Maggie has focused on organizational structure, systems, and policies that create a strong foundation for the organization’s continued growth. Her previous experience at Global Refuge (formerly Lutheran Immigration & Refugee Services) and Fugees Academy have underscored the importance of collaborative, communicative leadership and management. For more than a decade, she was the founding executive director of Qatar Foundation International and expanded Arabic language and culture education to public K-12 schools across the U.S., UK, and Germany. As the Regional Director for the Middle East and North Africa at the International Foundation for Electoral Systems (IFES), she expanded or created new programs in Jordan, Iran, and Iraq. Maggie started up and led the Middle East Institute’s Communications Department from 2001-2004. She also served as a U.S. Foreign Service Officer in Mumbai and Tel Aviv, and as staff on the Executive Secretariat of Secretary of State Madeleine Albright. Maggie was a Fulbright Scholar in Syria while studying for her Masters in Contemporary Arab Studies at Georgetown University. She received a bachelor’s degree in political science and psychology from Johns Hopkins University. She has two sons and two daughters. She lives with her six dogs and two cats in East Haddam.

Bachelor of General Studies (Saturday, May 10, 2 p.m. at Student Union Theater): Daniel Mercier ‘95

Daniel Mercier graduated from the Bachelor of General Studies program in 1995 with a focus in Visual Communications. After serving as a Graphics Specialist for a few years, Mercier returned to UConn in 1998 as a Media Producer. In 2001, he transitioned to the role of Instructional Developer in the Instructional Design and Development Department. After completing a Master of Arts in Educational Technology in 2003, Mercier became Manager of Instructional Design and Development and ultimately served as Assistant Director and Director of the Institute of Teaching and Learning. In 2015, he took on the role of Director, Instructional Design, in the Center for Pedagogical Innovation at Wesleyan University. In 2017, Mercier returned to UConn as the Director of Academic Affairs at the Avery Point Campus of the University of Connecticut. Throughout his 30-plus-year career, Mercier has demonstrated an unwavering commitment to the development of instructional tools, to help faculty utilize technologies to reach our students. In his work, he has supported faculty, staff and students across the higher education landscape. His commitment to the University of Connecticut spans nearly 25 years. In his current position, he recruits faculty, oversees academic advising and other academic support programs, and develops partnerships between the Avery Point campus and other academic entities within and outside UConn. These partnerships include the support of students in the Bachelor of General Studies Program.

College of Agriculture, Health and Natural Resources (Saturday, May 10, 6 p.m. at Gampel Pavilion): Rodney Butler ’99 (BUS)

Rodney A. Butler is the Chairman of the Mashantucket Pequot Tribal Nation (MPTN) since January 2010. Butler’s service on Tribal Council began in 2004, and after one year, he was appointed Tribal Council Treasurer; a position he held through 2009. During his tenure, Butler chaired the Tribe’s Finance, Housing, and Judicial Committees, the MPTN Utility Authority, and served as an Interim CEO for Foxwoods Resort Casino. Butler earned his Bachelor’s Degree in Finance from the University of Connecticut where he played Defensive Back for the UConn Huskies football team. Prior to Tribal Council, Butler worked in the finance department at Foxwoods Resort Casino. He later became Chairman of the Tribal Business Advisory Board; an executive body responsible for overseeing the Tribe’s non-gaming businesses and commercial properties. Butler was actively involved in multiple resort expansions at Foxwoods, as well as community development initiatives on the Reservation, the establishment of the Mashantucket (Western) Pequot Tribe Endowment Trust, and the legalization of Sports Betting and iGaming in the state of Connecticut. He was also a participant in Harvard Business School’s program “Leading People and Investing to Build Sustainable Communities.” He is a regular speaker on national panels related to Native American issues. Butler presently serves on the Board of Directors for Mashantucket Pequot Interactive and is on the board of Foxwoods El San Juan Casino. He also serves as the President of Native American Finance Officers Association (NAFOA), as Alternate Vice President for the National Congress of American Indians, and on the boards for the United South and Eastern Tribes, Indian Gaming Association, American Gaming Association, the Mystic Aquarium, and the United Way of Southeastern Connecticut. He is the 2019 recipient of the Citizen of the Year award from the Eastern Connecticut Chamber of Commerce, and the National Indian Gaming Association’s John Kieffer Sovereignty Award. In 2018, he received the St. Edmund’s Medal of Honor Award from the Enders Island Retreat Center. In 2017, Butler was appointed “Tribal Leader of the Year” by the NAFOA. As Chairman, Butler’s primary focus is to ensure long-term stability for the Tribe’s citizens, government, and business enterprises.

School of Fine Arts (Saturday, May 10, 6 p.m. at Jorgensen Center for the Performing Arts): Jacob G. Padrón

Jacob G. Padrón is the Artistic Director of Long Wharf Theatre in New Haven. He is also the Founder and Artistic Director of The Sol Project, a national theater initiative that works in partnership with leading theater companies to amplify the voices of Latino playwrights in New York City and beyond. Padrón has held senior-level artistic positions at theater companies across the country. He was the Senior Line Producer at The Public Theater where he worked on new plays, new musicals, Shakespeare in the Park, and Public Works. He was formerly the Producer at Steppenwolf Theatre Company in Chicago where he supported the artistic programming in the Garage – Steppenwolf’s dedicated space for new work, new artists, and new audiences. From 2008 to 2011, he was an Associate Producer at the Oregon Shakespeare Festival where he was instrumental in producing all shows in the 11-play repertory. Under the guidance of his late mentor Diane Rodriguez, he served as the producer of Suzan-Lori Parks’ “365 Days/365 Plays” for Center Theatre Group, a collaboration that included over 50 theater companies to launch Festival 365 in Los Angeles. He is a co-founder of the Artist Anti-Racism Coalition, a grassroots movement committed to dismantling structural racism within the Off-Broadway community. Jacob is a graduate of Loyola Marymount University (B.A.) and David Geffen School of Drama (M.F.A.). His first artistic home was El Teatro Campesino located in San Juan Bautista, California.

College of Liberal Arts and Sciences, Ceremony I (Sunday, May 11, 9 a.m. at Gampel Pavilion): Maureen Ahern ‘85

Maureen Ahern is an Executive Leadership Coach on her third career whose journey began in the same classrooms as today’s graduates. A proud Husky who earned both a Bachelors and a Masters, Maureen’s connection to UConn runs deep. For over 10 years, she returned to UConn Stamford each week as an Adjunct Professor, teaching Interpersonal Communications and Public Speaking after her corporate day job in New York, driven by her belief that becoming a great communicator gives you the power and confidence to take meaningful action to shape your future. Maureen started as a Sales Executive at The Associated Press and quickly rose to lead the Satellite Networks division before transitioning to Standard and Poor’s Comstock. At S&P she led many different departments as Director of Operations, VP of US Sales and Managing Director for Asian and South American markets, building successful international relationships while traveling the world. She was part of the management team that sold Comstock to IDC and then pivoted from corporate into the digital world, as Partner and COO of momAgenda, where she helped build a thriving e-commerce company. Drawing on her teaching background, leadership experience and desire to coach and mentor others, Maureen completed her leadership coaching certification at Georgetown University’s Transformational Leadership Institute. Today as Founder of Ahern Leadership Coaching and Consulting, Maureen partners with C-suite executives and emerging leaders across industries, facilitating leadership development through one-on-one coaching, team coaching, and specialized training and leadership development workshops. Her coaching philosophy – described by clients as “tough but loving”-centers on her belief that leaders aren’t born, they are made and that everyone has leadership capacity waiting to be unlocked through awareness, action and courage. Maureen was a mentor with the Freshman Founders Program at the Werth Institute at UConn Stamford, in addition to her volunteer work with CT NEXT and Startup Westport as a business mentor. She is also an angel investor with Tidal River Fund whose goal is to fund underrepresented founders. When not working with her clients whom she loves and adores, Maureen enjoys yoga, beach walks, and time with her three adult children (Patrick, Brendan and Caeleigh). She shares life in Cos Cob with her husband Mike Santini (fellow UConn grad) and their black lab, Nino.

Neag School of Education (Sunday, May 11, 9 a.m. at Jorgensen Center for the Performing Arts): Suzanne M. Wilson

Suzanne M. Wilson is the Neag Endowed Professor of Teacher Education at the University of Connecticut’s Neag School of Education, where she also serves as a professor in the Department of Curriculum and Instruction. Her undergraduate degree is in history and American studies from Brown University; she also has an M.S. in statistics and a Ph.D. in psychological studies in education from Stanford University. She was a University Distinguished Professor in the Department of Teacher Education at Michigan State University, where she served on the faculty for 26 years. Wilson also served as the first director of the Teacher Assessment Project, which developed prototype assessments for the National Board for Professional Teaching Standards. Wilson is a committed teacher, having taught undergraduate, master’s, and doctoral classes in educational policy, teacher learning, and research methods. She has directed 36 dissertations and served as a committee member for another 45. Wilson serves on multiple editorial and advisory boards. She was elected to the National Academy of Education in 2013 and to the American Academy of Arts and Sciences in 2022. Wilson has written on teacher knowledge, qualitative methods, curriculum reform, educational policy, and teacher preparation and professional development. She has published in Science, American Educator, American Educational Research Journal, Educational Researcher, Review of Educational Research, Elementary School Journal, Teaching and Teacher Education, Journal of Teacher Education, Phi Delta Kappa, and Teaching Education. She is the author of “California Dreaming: Reforming Mathematics Education” (Yale, 2003) and editor of Lee Shulman’s collection of essays, “Wisdom of Practice: Essays on Teaching, Learning, and Learning to Teach” (Jossey-Bass, 2004). She is currently working on a collection of essays entitled, “Why Teach?”

College of Liberal Arts and Sciences Ceremony II (Sunday, May 11, 1:30 p.m. at Gampel Pavilion): Joe La Puma ‘05

Joe La Puma serves as SVP of Content Strategy at Complex NTWRK and hosts Complex’s Sneaker Shopping, the world’s No. 1 sneaker show, which has garnered over 1 billion views on YouTube. He has been at the forefront of sneaker and street culture at Complex for the past 15 years. La Puma started his journalism career writing for The Daily Campus and was voted “Rookie of the Year” by fellow staffers. After graduating from UConn in 2005 with a degree in Journalism, he returned to Bay Shore to manage The Finish Line—where he previously worked in high school—while contributing articles to both local and global publications like Newsday and Hypebeast.com. In 2006, La Puma landed an internship at Complex magazine, a pop culture publication specializing in convergence culture through hip-hop, sneakers, and fashion. La Puma has written more cover stories (21) than any other writer in Complex history, including profiles on Justin Bieber, Katy Perry, and Kid Cudi. La Puma is also a published author of the book “Complex Presents: Sneaker of the Year: The Best Since ’85.” In his current SVP role, La Puma has led Complex to over 200% growth in audience and engagement. In 2014, Complex debuted the YouTube show Sneaker Shopping, a series that La Puma created and hosts to this day. Over the past decade of Sneaker Shopping, La Puma has interviewed icons like Eminem, Whoopi Goldberg, Kevin Hart, Mark Wahlberg, Billie Eilish, Cristiano Ronaldo, David Beckham, and conducted one of the only lifestyle interviews with former Vice President Kamala Harris during the 2020 election cycle. The show has filmed episodes across the U.S., as well as abroad in China, England, Spain, and Japan. With his extensive editorial work on footwear and over 300 episodes of Sneaker Shopping, La Puma is regarded as one of the foremost sneaker experts in the world. La Puma is a three-time Webby Award winner and has been featured on Good Morning America, and The Tonight Show With Jimmy Fallon. In 2024, La Puma was inducted into the Bay Shore High School Hall of Fame, a group that includes only 79 members since the school opened in 1893. La Puma currently lives in Brooklyn, and takes half-days at work when he can during UConn Basketball March Madness runs.

School of Pharmacy – Doctor of Pharmacy (Sunday, May 11, 1:30 p.m. at Jorgensen Center for the Performing Arts): JoAnn Trejo

JoAnn Trejo, Ph.D., MBA is professor of pharmacology and senior assistant Vice Chancellor for Health Sciences Faculty Affairs at the University of California (UC) San Diego. She completed her undergraduate degree at UC Davis, earned her Ph.D. and MBA at UC San Diego and completed postdoctoral training at UC San Francisco. Trejo is a basic science researcher with expertise in cell signaling in the context of vascular inflammation and cancer. Her research has been published in more than 100 peer-reviewed articles and she is a recipient of a NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award. Trejo is an outstanding educator, mentor and a leader actively engaged in initiatives aimed at enhancing excellence in science and pharmacology. She is the director of five NIH-supported training programs including the UC San Diego IRACDA Postdoctoral Scholars Program, FIRST Program and three early career faculty development programs. Trejo served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology and is a current member of the scientific advisory boards for Septerna and Versiti. She has also served on multiple NIH Study Sections, the NCI Board of Scientific Counselors for Basic Sciences, and Blavatnik, HHMI and Chan Zuckerberg foundation review panels. Trejo is a current member of the NIGMS Advisory Council. She is the Associate Editor for Molecular Biology of the Cell and is an editorial board member for Proceedings National Academy of Sciences Nexus, Journal of Biological Chemistry and Molecular Pharmacology. Trejo is an elected member of the National Academy of Medicine, American Society for Cell Biology (ASCB) Fellow and 100 Inspiring Hispanic / Latinx Scientists and was recently elected honorary fellow of the British Pharmacological Society.

College of Liberal Arts and Sciences Ceremony III (Sunday, May 11, 5:30 p.m., Gampel Pavilion): Joe La Puma ‘05

School of Pharmacy – Bachelor of Science (Sunday, May 11, 6 p.m., Jorgensen Center for the Performing Arts): Joe Honcz ‘98

Joe Honcz is a distinguished expert in managed care and market access, boasting a robust 25-year career that spans significant sectors of the health care industry. Early in his career, he played a pivotal role in leading teams for the launch of Medicare Part D, followed by instrumental involvement in the implementation of the Affordable Care Act while at Anthem BCBS and Aetna. Since 2020, Joe has leveraged his profound understanding of managed care to deliver strategic market access insights, empowering over 20 biotech and pharmaceutical clients to effectively navigate complex market dynamics. His contributions have been crucial in the successful launch of innovative products in both traditional and rare/orphan disease categories. As a “pharmacy futurist,” he continues to drive innovation and shape market access strategies at Petauri Health, supporting the emerging pharmaceutical and health tech industries. His exceptional ability to anticipate industry trends has consistently provided clients with strategic advantages, enabling them to stay ahead of competitors with foresight and precision. Beyond his professional endeavors, Joe is actively involved at Yale Ventures as an Entrepreneur-in-Residence and at the University of Connecticut Technology Commercialization Services in the same capacity. He has also served as an Adjunct Professor at the University of St. Joseph School of Pharmacy and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army, whose mission is to honor the legacy of Avery Marie Lafferty, an exceptionally brave cancer rebel, and all patients like her. Joe’s extensive background is complemented by diverse roles at Pfizer, Walgreens, Humana, PrecisionAQ, and CVS. He holds a Bachelor of Science in Pharmacy and a Master of Business Administration with a concentration in Marketing from the University of Connecticut, underscoring his deep roots and commitment to the field. In addition to being a Board member, he is also an AMCP diplomat to the UConn School of Pharmacy, where he fulfills his passion for mentoring and coaching.

The Graduate School – Masters Ceremony (Monday, May 12, 9 a.m. at Gampel Pavilion): Manasse Mbonye ’95 Ph.D.

Manasse Mbonye is a Founding Fellow of the Rwanda Academy of Sciences (RAS) and its current President. He is also the Group Leader and Professor, Rwanda Astrophysics Space and Climate Sciences Research Group (RASCSRG) at the University of Rwanda and a member of the national Science Advisory Group (SAG). By Training, Mbonye is a theoretical Astrophysicist and Cosmologist. He completed his Ph.D. from the University of Connecticut in 1995. Mbonye has taught Physics at various institutions including UConn, the University of Michigan, and RIT. He has also worked at NASA (Goddard Space Flight Center). In 2012, Mbonye returned to Africa. Since then, his appointments have included, Provost (later) Ag Rector (National University of Rwanda), the first Principal (University of Rwanda, College of Science and Technology), and Executive Secretary (Rwanda’s National Council for Science and Technology, (NCST)). During Mbonye’s tenure, NCST instituted a major review of Rwanda’s Science, Technology, Research and Innovation (STRI) policy. Further, the National Research and Innovation Agenda (NRIA) was constructed, along with its implementation enabler, the National Research and Innovation Fund (NRIF) framework. Rwanda launched the NRIF in June 2018. Mbonye has served on the East African Science and Technology Commission (EASTCO) Board of Directors as its Rapporteur (2017-2018). He has also been Chairman of the Rwanda Energy Group (REG) (2015-2018), Rwanda’s sole electric energy production source and utility company. Prof. Mbonye continues to do research and supervise students, at the University of Rwanda.

UConn Health (Monday, May 12, 1 p.m. at Jorgensen Center for the Performing Arts): Manisha Juthani

Dr. Manisha Juthani, is the Commissioner of the Connecticut Department of Public Health (DPH). Juthani is the first Indian American to serve as a commissioner in the State of Connecticut. She served as professor of medicine at Yale School of Medicine through September 2024 and currently serves as an adjunct professor of medicine. She served as Director of the Infectious Diseases Fellowship Program from 2012 to 2021. Juthani received her B.A. from the University of Pennsylvania and M.D. from Cornell University Medical College, completed Internal Medicine residency training at New York-Presbyterian Hospital/Weill Cornell campus, and served as chief resident at Memorial-Sloan Kettering Cancer Center. She came to Connecticut in 2002 as an Infectious Diseases fellow at Yale School of Medicine. During the COVID-19 pandemic, Juthani was a leader in the COVID response at Yale which led to her appointment as Commissioner of CT DPH in 2021. In the early days of the pandemic, she was a voice to help educate the public in both local and national media outlets, a role she was able to expand in her role as Commissioner. Upon joining CT DPH, she helped guide Connecticut out of the pandemic and worked to revitalize areas of public health, such as gun violence, maternal health, opioid use, and sexually transmitted diseases, that were exacerbated during the pandemic. As she continues in her role as DPH Commissioner, Juthani has shifted her core vision to “Preserve and Protect Core Public Health Principles and Services.” As Connecticut is presented with new public health challenges, she remains committed to preserving public health achievements made over the years, including improvements in regulatory oversight in health care, drinking water, and environmental health which includes food safety. It is more important than ever to highlight the importance of vaccines, control of infectious diseases, road safety, and healthier mothers and babies. Clear, accurate communication about public health risks is vital to her mission. She continues to advocate for health as a human right which is the core vision of CT DPH. Juthani is on the Board of Directors of UConn Health.

The Graduate School – Doctoral Ceremony (Monday, May 12, 6 p.m. at Jorgensen Center for the Performing Arts): Sethuraman Panchanathan

Sethuraman “Panch” Panchanathan is a computer scientist and engineer who served as the 15th director of the United States National Science Foundation (NSF) from 2020 until 2025. Panchanathan was nominated to by the president in 2019 and unanimously confirmed by the Senate on June 18, 2020. NSF is a $9.06 billion independent federal agency, and the only government agency charged with advancing all fields of scientific discovery, technological innovation and science, technology, engineering and mathematics education.

Panchanathan previously served as the executive vice president of the Arizona State University (ASU) Knowledge Enterprise, where he was also chief research and innovation officer. He was also the founder and director of the Center for Cognitive Ubiquitous Computing at ASU. Under his leadership, the university increased research performance fivefold, earning recognition as the fastest growing and most innovative research university in the U.S.

Prior to joining NSF, Panchanathan was appointed by the president to serve on the National Science Board, where he was a chair of the Committee on Strategy and a member of the External Engagement and National Science and Engineering Policy committees. Additionally, he was chair of the Council on Research of the Association of Public and Land-grant Universities and co-chair of the Extreme Innovation Taskforce of the Global Federation of Competitiveness Councils. Arizona’s governor appointed Panchanathan as senior advisor for science and technology in 2018. He was the editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) MultiMedia magazine and editor and associate editor of several international journals.

For his scientific contributions, Panchanathan has received numerous awards, including honorary doctorates from prestigious universities, distinguished alumni awards, the Governor’s Innovator of the Year for Academia Award, the Washington Academy of Sciences Distinguished Career Award and the IEEE-USA Public Service Award.

Panchanathan is a member of the National Academy of Engineering and a fellow of the National Academy of Inventors, where he also served as vice president for strategic initiatives. He is also a fellow of the American Association for the Advancement of Science, the Canadian Academy of Engineering, the Association for Computing Machinery, IEEE and the Society of Optical Engineering.

School of Law (Sunday, May 18, 10:30 a.m. at UConn School of Law): Mayor Arunan Arulampalam

The son of Sri Lankan refugees, Arunan Arulampalam was born in Zimbabwe and made a home and a family in Hartford after graduate school. Prior to being elected mayor of Hartford in November 2023, he served as CEO of the Hartford Land Bank, where he developed a first-in-the-nation program to train Hartford residents to become local developers and tackle blight in their city. Arulampalam served in Governor Ned Lamont’s administration as Deputy Commissioner of the Connecticut Department of Consumer Protection. Before that, he was a lawyer at the downtown firm Updike, Kelly & Spellacy, P.C. Arulampalam also served on the Board of the Hartford Public Library, the House of Bread, and on the Hartford Redevelopment Authority. He earned his BA in International Studies from Emory University and his JD from Quinnipiac University School of Law.

MIL OSI USA News –

April 30, 2025
MIL-OSI Asia-Pac: President Lai meets NBR delegation

Source: Republic of China Taiwan

Details
2025-04-28
President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae
On the afternoon of April 28, President Lai Ching-te met with a delegation led by Member of the Japanese House of Representatives and former Minister of State for Economic Security Takaichi Sanae. In remarks, President Lai thanked the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. The president expressed hope that in the face of China’s continually expanding red supply chains, Taiwan and Japan can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that enhance economic resilience and industrial competitiveness for both sides, and jointly pave the way for further prosperity and growth in the Indo-Pacific region. A translation of President Lai’s remarks follows: First, I would like to extend a warm welcome to Representative Takaichi as she returns for another visit to Taiwan. I am also very happy to have Members of the House of Representatives Kikawada Hitoshi and Ozaki Masanao, and Member of the House of Councillors Sato Kei all gathered together here to engage in these very important exchanges. Our visitors will be taking part in many exchange activities during this trip. Earlier today at the Indo-Pacific Strategy Thinktank’s International Political and Economic Forum, Representative Takaichi delivered a speech in which she clearly demonstrated the great importance she places upon the friendship between Taiwan and Japan. For this I want to express my deepest appreciation to each of our guests. The peoples of Taiwan and Japan have a deep friendship and mutual trust. We have a shared commitment to the universal values of democracy, freedom, and respect for human rights, but beyond that, we both have striven to contribute to regional peace and stability. I also want to thank the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. Tomorrow you will all make a trip to Kaohsiung to visit a bronze statue of former Prime Minister Abe Shinzo, who once said, “If Taiwan has a problem, then Japan has a problem.” We will always remember the firm support and friendship he showed Taiwan. Since taking office last year, I have worked hard to improve Taiwan’s whole-of-society defense resilience and implement our Four Pillars of Peace action plan. By strengthening our national defense capabilities, building up economic security, demonstrating stable and principled cross-strait leadership, and deepening partnerships with democratic countries including Japan, we can together maintain peace and stability in the Indo-Pacific region and across the Taiwan Strait. At the same time, in the face of China’s continually expanding red supply chains, we hope that Taiwan and Japan, as important economic and trade partners, can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that further enhance economic resilience and industrial competitiveness for both sides. Going forward, Taiwan will work hard to play an important role in the international community and contribute its key strengths. I hope that, with the support of our guests, Taiwan can soon accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and sign an economic partnership agreement (EPA) with Japan so that we can jointly pave the way for further prosperity and growth in the Indo-Pacific region. Lastly, I thank each of you once again for taking concrete action to support Taiwan. I am confident that your visit will help deepen Taiwan-Japan ties and create even greater opportunities for cooperation. Let us all strive together to keep propelling Taiwan-Japan relations forward. Representative Takaichi then delivered remarks, first thanking President Lai and Taiwanese political leaders for the warm hospitality they extended to the delegation, and mentioning that the visiting delegation members are all like-minded partners carrying on the legacy of former Prime Minister Abe. July 8 this year will mark the third anniversary of the passing of former Prime Minister Abe, she said, and when the former prime minister unfortunately passed away, President Lai, then serving as vice president, was among the first to come offer condolences, for which she expressed sincere admiration and gratitude. Representative Takaichi stated that Taiwan and Japan are island nations that face the same circumstances and problems, and that Japan’s trade activities rely heavily on ocean transport, so once a problem arises nearby that threatens maritime shipping lanes, it will be a matter of life and death for Japan. Taiwan and Japan are similar, as once a problem arises, both will face food and energy security issues, and supply chains may even be threatened, she said. Regarding Taiwan-Japan cooperation, Representative Takaichi stated that both sides must first protect and strengthen supply chain resilience. President Lai has previously said that he wants to turn Taiwan into an AI island, she said, and in semiconductors, Taiwan has the world’s leading technology. Representative Takaichi went on to say that Taiwan and Japan can collaborate in the fields of AI and semiconductors, quantum computing, and dual-use industries, as well as in areas such as drones and new energy technologies to build more resilient supply chains, so that if problems arise, we can maintain our current standard of living with peace of mind. Representative Takaichi indicated that cooperation in the defense sector is also crucial, and that by uniting like-minded countries including Taiwan, the United States, Japan, the Philippines, and Australia, and even countries in Europe, we can build a stronger network to jointly maintain our security guarantees. Representative Takaichi expressed hope that Taiwan and Japan will continue to strengthen substantive non-governmental relations, including personnel exchange visits and information sharing, so that we can jointly face and respond to crises when they arise. Regarding the hope to sign a Taiwan-Japan EPA that President Lai had mentioned earlier, she also expressed support and said she looks forward to upcoming exchanges and talks. The visiting delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

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2025-04-23
President Lai delivers remarks at International Holocaust Remembrance Day event
On the afternoon of April 23, President Lai Ching-te attended an International Holocaust Remembrance Day event and delivered remarks, in which he emphasized that peace is priceless, and war has no winners, while morality, democracy, and respect for human rights are powerful forces against violence and tyranny. The president stated that Taiwan will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability, defending democracy, freedom, and human rights. He said we must never forget history, and must overcome our differences and join in solidarity to ensure that the next generations live in a world that is more just and more peaceful. Upon arriving at the event, President Lai heard a testimony from the granddaughter of a Holocaust survivor, followed by a rabbi’s recitation of the prayer “El Maleh Rachamim.” He then joined other distinguished guests in lighting candles in memory of the victims. A transcript of President Lai’s remarks follows: To begin, I want to thank the Israel Economic and Cultural Office (ISECO) in Taipei, German Institute Taipei, Taiwan Foundation for Democracy, and Ministry of Foreign Affairs for co-organizing this deeply significant memorial ceremony again this year. I also want to thank everyone for attending. We are here today to remember the victims of the Holocaust, express sympathy for the survivors, honor the brave individuals who protected the victims, and acknowledge all who were impacted by this atrocity. It was deeply moving to hear Ms. [Orly] Sela share the story of how her grandmother, Yehudit Biksz, escaped the Nazi regime. I want to thank her specially for traveling so far to attend this event. From the 1930s through World War II, the Nazi regime sought to exclude Jewish people from society. In their campaign, they perpetrated systematic genocide driven by their ideology. Policies and directives under the authoritarian Nazi regime resulted in the deaths of approximately 6 million Jews. Millions of others were persecuted, including Romani people, persons with disabilities, the gay community, and anyone who disagreed with Nazi ideology. It is one of the darkest chapters in human history. Many countries, including Taiwan, have enacted anti-massacre legislation, and observe a remembrance day each year. Those occasions help us remember the victims, preserve historical memory, and most importantly, reinforce our resolve to fight against hatred and discrimination. Twenty-three years ago, Chelujan (車路墘) Church in Tainan founded the Taiwan Holocaust Memorial Museum. It is the first Jewish museum in Taiwan, and the second Holocaust museum in Asia. Its founding mission urges us to forget hatred and love one another; put an end to war and advocate peace. Many of the exhibition items come from Jewish people, connecting Taiwan closer with Israel and helping Taiwanese better understand the experiences of Jewish people. In this way, we grow to more deeply cherish peace. When I was mayor of Tainan, I took part in an exhibition event at Chelujan Church. I was also invited by the Israeli government to join the International Mayors Conference in Israel, where I visited the World Holocaust Remembrance Center. I will never forget how deeply that experience moved me, and as a result, peace and human rights became even more important issues for me. These issues are valued by Taiwan and our friends and allies. They are also important links connecting Taiwan with the world. Peace is priceless, and war has no winners. We will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability. We will also continue to make greater contributions and work with the international community to defend democracy, freedom, and human rights. This year also marks the 80th anniversary of the end of World War II. However, we still see wars raging around the world. We see a resurgence of authoritarian powers, which could severely impact global democracy, peace, and prosperous development. Today’s event allows for more than reflection on the past; it also serves as a warning for the future. We are reminded of the threats that hatred, prejudice, and extremism pose to humanity. But we are also reminded that morality, democracy, and respect for human rights are powerful forces against violence and tyranny. We must never forget history. We must overcome our differences and join in solidarity for a better future. Let’s work together to ensure that the next generations live in a world that is more just and more peaceful. Also in attendance at the event were Member of the Israeli Knesset (parliament) and Taiwan friendship group Chair Boaz Toporovsky, ISECO Representative Maya Yaron, and German Institute Taipei Deputy Director General Andreas Hofem.

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2025-04-23
President Lai pays respects to Pope Francis
On the morning of April 23, President Lai Ching-te visited the Taipei Archdiocesan Curia to pay respects in a memorial ceremony for His Holiness Pope Francis. As officiant of the ceremony, President Lai burned incense and presented flowers, fruits, and wine to pay his respects to Pope Francis. At the direction of the master of ceremonies, the president then bowed three times in front of Pope Francis’s memorial portrait, conveying his grief and deep respect for the late pope. After hearing of Pope Francis’s passing on April 21, President Lai promptly requested the Ministry of Foreign Affairs to express sincere condolences from the people and government of Taiwan to the Vatican. The president also instructed Minister of Foreign Affairs Lin Chia-lung (林佳龍) to convey condolences to the Holy See’s Apostolic Nunciature in Taiwan.

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2025-04-23
President Lai meets US CNAS NextGen fellows
On the morning of April 23, President Lai Ching-te met with fellows from the Shawn Brimley Next Generation National Security Leaders Program (NextGen) run by the Center for a New American Security (CNAS). In remarks, President Lai thanked the government of the United States for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. The president pointed out that we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US, and form a “Taiwan investment in the US team” to expand investment and bring about even closer Taiwan-US trade cooperation, allowing us to reduce the trade deficit and generate development that benefits both sides. A translation of President Lai’s remarks follows: Ms. Michèle Flournoy, chair of the CNAS Board of Directors, is a good friend of Taiwan, and she has made major contributions to Taiwan-US relations through her long-time efforts on various aspects of our cooperation. I am happy to welcome Chair Flournoy, who is once again leading a NextGen Fellowship delegation to Taiwan. CNAS is a prominent think tank focusing on US national security and defense policy based in Washington, DC. Its NextGen Fellowship has fostered talented individuals in the fields of national security and foreign affairs. This year’s delegation is significantly larger than those of the past, demonstrating the increased importance that the next generation of US leaders attach to Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. The Taiwan Strait, an issue of importance for our guests, has become a global issue. There is a high degree of international consensus that peace and stability across the Taiwan Strait are indispensable elements in global security and prosperity. Facing military threats from China, Taiwan proposed the Four Pillars of Peace action plan. First, we are actively implementing military reforms, enhancing whole-of-society defense resilience, and working to increase our defense budget to more than 3 percent of GDP. Second, we are strengthening our economic resilience. As Taiwan’s economy must keep advancing, we can no longer put all our eggs in one basket. We are taking action to remain firmly rooted in Taiwan while expanding our global presence and marketing worldwide. In these efforts, we are already seeing results. Third, we are standing side-by-side with other democratic countries to demonstrate the strength of deterrence and achieve our goal of peace through strength. And fourth, Taiwan is willing, under the principles of parity and dignity, to conduct exchanges and cooperate with China towards achieving peace and stability in the Taiwan Strait. This April 10 marked the 46th anniversary of the enactment of the Taiwan Relations Act. We thank the US government for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. We look forward to Taiwan and the US continuing to strengthen collaboration on the development of both our defense industries as well as the building of non-red supply chains. This will yield even more results and further deepen our economic and trade partnership. The US is now the main destination for outbound investment from Taiwan. Moving forward, we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US. And our government will form a “Taiwan investment in the US team” to expand investment. We hope this will bring Taiwan-US economic and trade cooperation even closer and, through mutually beneficial assistance, allow us to generate development that benefits both our sides while reducing our trade deficit. In closing, thank you once again for visiting Taiwan. We hope your trip is fruitful and leaves you with a deep impression of Taiwan. We also hope that going forward you continue supporting Taiwan and advancing even greater development for Taiwan-US ties. Chair Flournoy then delivered remarks, first thanking President Lai for making time to receive their delegation. Referring to President Lai’s earlier remarks, she said that it is quite an impressive group, as past members of this program have gone on to become members of the US Congress, leading government experts, and leaders in the think-tank world and in the private sector. She remarked that investing in this group is a wonderful privilege for her and that they appreciate President Lai’s agreeing to take the time to engage in exchange with them. Chair Flournoy emphasized that they are visiting Taiwan at a critical moment, when there is so much change and volatility in the geostrategic environment, a lot of uncertainty, and a lot of unpredictability. She stated that given our shared values, our shared passion for democracy and human rights, and our shared interests in peace and stability in the Indo-Pacific region, this is an important time for dialogue, collaboration, and looking for additional opportunities where we can work together towards regional peace and stability.

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2025-04-18
President Lai meets US delegation from Senate Foreign Relations Subcommittee on East Asia and the Pacific
On the afternoon of April 18, President Lai Ching-te met with a delegation led by Senator Pete Ricketts, chairman of the United States Senate Foreign Relations Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy. In remarks, President Lai said we hope to promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US, to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation. The president said that by deepening cooperation, Taiwan and the US will be better positioned to work together on building non-red supply chains. He said a more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. A translation of President Lai’s remarks follows: I warmly welcome you all to Taiwan. I want to take this opportunity to especially thank Chairman Pete Ricketts and Ranking Member Chris Coons for their high regard and support for Taiwan. Chairman Ricketts has elected to visit Taiwan on his first overseas trip since taking up his new position in January. Ranking Member Coons made a dedicated trip to Taiwan in 2021 to announce a donation of COVID-19 vaccines on behalf of the US government. He also visited last May, soon after my inauguration, continuing to deepen Taiwan-US exchanges. Thanks to support from Chairman Ricketts and Ranking Member Coons, the US Congress has continued to introduce many concrete initiatives and resources to assist Taiwan through the National Defense Authorization Act and Consolidated Appropriations Act, bringing the Taiwan-US partnership even closer. For this, I want to again express my gratitude. There has long been bipartisan support in the US Congress for maintaining security in the Taiwan Strait. Faced with China’s persistent political and military intimidation, Taiwan will endeavor to reform national defense and enhance whole-of-society defense resilience. We will also make special budget allocations to ensure that our defense budget exceeds 3 percent of GDP, up from the current 2.5 percent, so as to enhance Taiwan’s self-defense capabilities. We look forward to Taiwan and the US continuing to work together to maintain peace and stability in the region. We will also promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US. We hope to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation, jointly promoting prosperity and development. We believe that by deepening cooperation through the Taiwan plus one policy, Taiwan and the US will be better positioned to work together on building non-red supply chains. A more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. In closing, I wish Chairman Ricketts and Ranking Member Coons a smooth and successful visit. Chairman Ricketts then delivered remarks, first thanking President Lai for his hospitality. He said that he and his delegation have had a wonderful time meeting with government officials, industry representatives, and the team at the American Institute in Taiwan. Highlighting that Taiwan has long been a friend and partner of the US, he said their bipartisan delegation to Taiwan emphasizes long-time bipartisan support in the US Congress for Taiwan, and though administrations change, that bipartisan support remains. Chairman Ricketts stated that the US is committed to peace and stability in the Indo-Pacific and that they want to see peace across the Taiwan Strait. He also stated that the US opposes any unilateral change in the status of Taiwan and that they expect any differences between Taiwan and China to be resolved peacefully without coercion or the threat of force. To that end, he said, the US will continue to assist Taiwan in its self-defense and will also step up by bolstering its own defense capabilities, noting that there is broad consensus on this in the US Congress. Chairman Ricketts stated that they want to see Taiwan participate in international organizations and memberships where appropriate, and encourage Taiwan to reach out to current and past diplomatic allies to strengthen those bilateral relationships. He pointed out that the long economic relationship between the US and Taiwan is important for our as well as the entire world’s security and prosperity. He also noted that there are many opportunities for us to continue to grow the economic relationship that will help create more prosperity for our respective peoples and ensure that we are more secure in the world. Chairman Ricketts emphasized that they made this trip early on in the new US administration to work with Taiwan to develop three points: security, diplomatic relations, and the economy. He stated that in the face of rising aggression from communist China, the US will provide commensurate help to Taiwan in self-defense and that they will continue to provide the services and tools needed. In closing, Chairman Ricketts once again thanked President Lai for the hospitality and said he looks forward to dialogue on how we can continue these relationships. Ranking Member Coons then delivered remarks. Mentioning that their delegation also visited the Philippines on this trip, he said that there and in Taiwan, they have been focused on peace, stability, and security, and the ways for deepening and strengthening economic and security relations. He noted that 46 years ago, the US Senate passed the Taiwan Relations Act, adding that it was strongly bipartisan when enacted and that support for it is still strongly bipartisan today. Its core commitment, he said, is that the US will be engaged and will be a partner in ensuring that any dispute or challenge across the strait will be resolved peacefully, and that Taiwan will have the resources it needs for its self-defense. Ranking Member Coons said that between people, friendships are deepest and most enduring when they are based not just on interests but on values, and that the same is true between the US and Taiwan. Free press, free enterprise, free societies, democracy – these core shared values, he said, anchor our friendship and partnership, making them deeper. He remarked that they are grateful for the significant investment in the US being made by companies from Taiwan, but what anchors our partnership, in addition to these important investments and investments being made by Taiwan in its own security, are the values that mobilize our free-enterprise spirit and our commitment to free societies. In Europe in recent years, Ranking Member Coons said, an aggressive nation has tried to change boundaries and change history by force. He said that the US and dozens of countries committed to freedom have come to the aid of Ukraine to defend it, help it stabilize, and secure its future. So too in this region of the world, he added, the US and a bipartisan group in the US Senate are committed to stable, secure, peaceful relations and to deterring any unilateral effort to change the status quo by force. In closing, he said he is grateful for a chance to return to Taiwan after the pandemic and that he looks forward to our conversation, our partnership, and the important work we have in front of us. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

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2025-04-06
President Lai delivers remarks on US tariff policy response
On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions. However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods: 1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age. 4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

MIL OSI Asia Pacific News –

April 29, 2025
MIL-OSI Economics: Piero Cipollone: Navigating a fractured horizon: risks and policy options in a fragmenting world

Source: European Central Bank

Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund

Frankfurt am Main, 29 April 2025

I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).^[1]

Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.

This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.

First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.

The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.^[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.

Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.

The emerging reality of fragmentation

Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.^[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.

Fragmentation of the real economy

Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.^[4]

The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.^[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area^[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.^[7]

However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.^[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.

The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.^[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.^[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.

Financial fragmentation

The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.

In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.^[11]

But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.^[12]

The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role^[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.^[14]

Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.^[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.^[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.

Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.^[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.

The looming consequences of fragmentation

Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.

Medium-term impacts

The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26^[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.^[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.

Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.^[20]

The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.^[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.^[22]

The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.

In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.

Long-term structural changes

The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.

The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.^[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.^[24]

However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.

But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,^[25] which had played a key role in worsening and prolonging the Great Depression^[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.^[27]

The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.^[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.^[29]

Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.

The central bank’s role in a fragmented world

So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.

First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.

Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.^[30]

Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap^[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.^[32]

And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.^[33]

In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.^[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies^[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.

Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.^[36]

Conclusion

Let me conclude.

As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.

Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.

Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.

MIL OSI Economics –

April 29, 2025
MIL-OSI United Nations: Madagascar: Improving Infrastructure Resilience to Reduce Climate-Related Economic Losses
Source: UNISDR Disaster Risk Reduction

Madagascar: Improving Infrastructure Resilience to Reduce Climate-Related Economic Losses

(In collaboration with UNDRR and CDRI)

One of the world’s largest islands, located in the tropical south-west Indian Ocean, Madagascar needs new roads, schools, electricity networks, and more to lift large portions of its 30 million population out of poverty. But even as it builds this new infrastructure, its progress remains fragile. Tropical cyclones and other extreme hazard events can wipe out these development gains, and climate change multiplies that threat.

Four cyclones

in 2022 affected or displaced half a million people and flooded over 200 000 hectares of agricultural lands.

Nation-wide impact:

50,000 homes destroyed
10,000 classrooms wrecked
40 roads blocked

The damage

was equal to almost 5% of Madagascar’s GDP, increasing the poverty rate of affected households by 27%.

The challenge is significant. Madagascar is the world’s fourth largest island, and its relatively small population is spread out, much of it in rural hard-to-access areas. Most villages are isolated and they lack access to decent roads, drinking water or electricity, preventing sustainable development and poverty reduction too. Rapid population growth increases the pressure to build new infrastructure fast, but Madagascar must also find new ways to protect its transport networks, energy supplies, water supplies, and more from the growing threat of climate change.

Building resilience into infrastructure will bring significant benefits. Madagascar’s infrastructure currently suffers damage worth roughly USD 100 million each year. Cyclones account for 85 percent of this damage and are expected to increase with climate change.

With that in mind, Madagascar has become one of four countries – together with Bhutan, Chile, and Tonga – to pioneer the Global Methodology for Infrastructure Resilience Review. Developed by the UN Office for Disaster Risk Reduction (UNDRR) and the Coalition for Disaster Resilient Infrastructure (CDRI), the methodology helps countries to identify and prioritize strategies that will make their infrastructure more resilient through a five-step approach.
1

Stakeholder mapping
Key ministries, regulators and operators in infrastructure development

Cross-sector coordination mechanisms
Review of existing policies and regulations
Policies and regulations shaping infrastructure resilience

Integration of disaster risks in national plans and strategies
Identification of vulnerabilities (Stress Testing)
Data collection on hazards and vulnerabilities

Multi-hazard resilience testing of infrastructure systems
Principles for resilient infrastructure
Infrastructure resilience assessment using the UNDRR Resilience Principles

Identification of resilience-building interventions
Development of an Implementation plan
Results validation and prioritization

Implementation plan with assigned responsibilities
The roadmap for infrastructure resilience in Madagascar is a key strategic document, as it outlines a comprehensive action plan aimed at minimising disaster risks in the country,” he adds.

Advancing Infrastructure Resilience in Madagascar
Developing the plan

Developing the plan

The methodology follows five steps: Map institutional governance and identify key stakeholders; Review existing policies and regulations; Detect vulnerabilities through a stress-testing analysis; Assess current resilience through the Principles of Resilient Infrastructure; then Develop an implementation plan and produce a final report.

As part of that process, Madagascar hosted multiple workshops, that were accompanied by an assessment of institutions and regulations, analysis of sector-specific risks, and an evaluation of current practices too.

Countries need access to forward-looking information and for infrastructure systems, this means assessing the risks of interconnected infrastructure systems. The final “Roadmap for Infrastructure Resilience in Madagascar” identified nearly 50 measures to enhance the country’s infrastructure resilience.

The process integrates and complements work by Madagascar’s Cellule de Prévention et d’appui à la Gestion des Urgences (CPGU) to improve construction standards against cyclones, floods, and other hazards. It also brought in a wider range of stakeholders from the disaster risk, climate change, construction and planning, and investment sectors.

[embedded content]

“With this new way of looking by zooming out, we have more of an overall vision of everything that makes infrastructure vulnerable,” Randrianandrasana Lila Norolalaina, Head of Disaster Risk Reduction at the Ministry of Education, says.

Together, these stakeholders looked at six specific sectors – transport, energy, water, telecommunications, health and education – analyzing them against ten key hazards. Cyclones account for most of Madagascar’s recorded losses, but floods, rising sea levels, variations in rainfall patterns, and heatwaves also have an impact.

Cascading disasters were central to the analysis, since a failure in one infrastructure sector can spread to others. Electricity failure impacts communication, transportation, and water supply systems, for example. And pumping equipment loses power and is unable to keep floodwaters under control around the capital Antananarivo, then an electricity failure would lead to other disasters, for example. Understanding these interdependencies helps to prevent a chain of failures and thus much bigger crises.

The UNDRR stress testing tool simulated various scenarios and assessed the potential impact on different sectors. It helped decision-makers to understand their vulnerabilities and to analyse the possibilities for cascading disasters. Finally, it concluded that telecommunications and energy were the sectors most likely to trigger further failures, while wastewater management was the most vulnerable to disruptions from elsewhere.

Interdependencies of Functions and Cascading Effects

Energy

Energy

Discussed within the context of resilient infrastructure, energy is also vital for Madagascar’s human development. It is, however, in short supply throughout the country and this shortage prevents the country from industrialising its key sectors, especially farming. Some 80 percent of the workforce is involved with subsistence farming, for example, while failure to industrialise prevents the creation of higher paying jobs. The lack of energy also slows the modernisation of Madagascar’s young mining sector, a major contributor to GDP, through exports of nickel, cobalt, chromium, titanium, and heavy metals.

Madagascar aims to connect 70 percent of its population to electricity by 2030, from just 15 percent at present. For those who are connected, however, power cuts and voltage fluctuations are frequent, causing serious disruptions to daily life and economic development alike. The issue is often acute in rural areas, where just 5 percent of the population is connected.

Stress-testing analysis, Energy

Inadequate maintenance is part of the problem, but cyclones, heavy rains, landslides, and strong winds all lead to widespread interruptions and power outages. Two of six power stations are vulnerable to rising water levels, while earthquakes and cyber-attacks can also damage production. Droughts and fires threaten serious impacts to water supplies. They can therefore limit the production of electricity from hydropower, which accounts for 31 percent of Madagascar’s energy.

Resilience is a vital priority. Part of Madagascar’s resilience plan is to move away from imported fossil fuels towards renewables. Oil and coal, for example, account for 49 and 19 percent respectively of the island’s energy production, but they depend heavily on Madagascar’s transport, which is also vulnerable to storms. Madagascar wants renewables to account for 80 percent of its energy production by 2030, up from 33 percent at present.

Even before the review of infrastructure resilience, Madagascar had already begun to improve its energy infrastructure, through its 2015-2030 New Energy Policy (NPE). One key element of NPE is to integrate disaster risk management into the energy sector. In case of emergency, Madagascar has also developed a contingency plan to ensure continuity of essential services. With support from the World Bank, Madagascar is enhancing its energy sector management and improving service quality.

[embedded content]

Despite these initiatives, the infrastructure resilience review highlighted the continued need for Madagascar to strengthen the resilience of its energy infrastructure. While limited finances, insufficient institutional capacity, and lack of maintenance create significant barriers, which all compromise the energy sector’s ability to resist new shocks and crises, the Roadmap includes multiple opportunities to improve its resilience.

These opportunities mainly link to information and data. Stakeholders discussed the need to strengthen and update data for monitoring and evaluation, as well as to request information and disaster risk best practices from private operators in the sector. By mapping the state of energy infrastructure, including an assessment of vulnerability and resilience levels, Madagascar will be better placed to prioritise its interventions.

Following the Global Methodology for Infrastructure Resilience Review, therefore, Madagascar has already begun to work with other partners. The Global Risk Modelling Alliance (GRMA), for example, is working with Madagascar to improve their data through better hazard modelling.

“When we know the state of all our assets, then we will be better able to ensure proper maintenance, keep track of the hotspots, and manage all the gaps.”

Transport

Transport

Made up of four sub-sectors – air, sea, road, and rail – Madagascar’s transport illustrates the country’s challenges effectively too. Even without the natural hazards, Madagascar’s transport networks are limited. To the south, for example, one single trainline connects a region of roughly 100,000 people to the rest of the country. Also in the South, covering 500km by road can take three days.

With limited internal roads and railways, Madagascar uses its air network to connect different parts of the vast country, especially in the rainy season or when humanitarian aid is needed urgently. Its ports are also vital for the country’s economy, exporting vanilla and other agricultural products, together with minerals and seafood products.

Much of this infrastructure is, however, vulnerable to disasters, such as cyclones, cyber-attacks, fire hazards, and even pandemics. Cyclones, landslides, and flooding routinely damage roads and – in the wake of Cyclone Gamane in March 2024 – reconstruction of road infrastructure was set to cost USD 76 million.

International financial institutions, such as the World Bank and European Investment Bank, support Madagascar to recover from cyclone damage and to make their transport infrastructure more resilient. The Japan International Cooperation Agency (JICA) is supporting the USD 640 million expansion of Toamasina port, the gateway for about 75 percent of Madagascar’s international freight, while the African Development Bank (AfDB) is also considering rehabilitation of the port at Manakara.

Policies on rigorous maintenance, disaster planning, and construction or rehabilitation of new infrastructure, such as Ivato International Airport, will also help Madagascar to strengthen its infrastructure resilience.

Stress-testing analysis, Transportation

However, the Infrastructure Resilience Review brought new insights, enabling Madagascar to prioritise its interventions. Data analysis identified:

5 airports

vulnerable to flooding of up to 3.5 metres

9 of 57

ports vulnerable

16,292 km

roads at risk of landslides

Stakeholders discussed the need to improve regulations and institutions alike, including by incorporating resilience principles. More work is needed on climate adaptation, while Madagascar would also benefit from better engagement with financial institutions and the insurance sector too. Better coordination would improve national adaptation plans and coastal area management.

Stakeholders also discussed the need for more data analysis, preventive maintenance, capacity building, and emergency planning, as well as the need to involve the private sector and facilitate more competition.

One key topic was the importance of resilience norms, especially in the transport sector. How does Madagascar develop these and then ensure compliance? These norms – and stakeholder compliance – are essential in reducing the amount of substandard construction, a major boost for resilience.

“Raising awareness about the importance of norms is an important moment,” Ventsolalaina Ramilison, Head of Disaster Risk Reduction Department at CPGU / Madagascar said. “Now there is just the question of creating and strengthening a monitoring authority.”

Lessons for other countries

Lessons for other countries

The Infrastructure Resilience Review represents an important step forward by Madagascar towards infrastructure resilience. Stakeholders hope it will also benefit donors and provide key lessons for other countries.

“Given that donors tend to pay the costs of reconstruction following a disaster in Madagascar, they also benefit when Madagascar reduces the extent and cost of those disasters,” Ventsolalaina Ramilison, Head of Disaster Risk Reduction Department at CPGU / Madagascar says.

“When we can prevent storms from destroying our water supply infrastructure every year, then we can begin to build more sustainably,” she said. “That gives us hope, because we want to escape these endless cycles of recovery.”

Resilient infrastructure is important because it enables and protects sustainable development. All too often, ferocious storms have destroyed donor-financed infrastructure, which means – in other words – that insufficient resilience puts development progress at risk.
Download the full report:
Roadmap for Infrastructure Resilience in Madagascar

MIL OSI United Nations News –
April 29, 2025
MIL-OSI United Nations: Chile: Strengthening infrastructure resilience to face new and emerging hazards
Source: UNISDR Disaster Risk Reduction

Chile: Strengthening infrastructure resilience to face existing and emerging hazards

(In collaboration with UNDRR and CDRI)

Stretching along Latin America’s Pacific coast from tropics in the north to freezing micro-climates in the south, Chile faces an array of natural hazards. Home to 20 million people, its location in the Ring of Fire and proximity to major tectonic plates exposes Chile to earthquakes and volcanic activity.

February 2010

a magnitude 8.8 earthquake and subsequent tsunami collapsed buildings, bridges, and highways.

75% of the population

was affected and the damage cost roughly USD 30 billion, or about 18 percent of Chile’s GNP.

stated that the annual average loss for Chile is USD 5.4 billion

A high-income country recognized for its good governance, Chile has reduced many of the risks associated with earthquakes and tsunamis. However, the country must also adapt to the new and intensifying hazards related to climate.

Chile was one of the first countries, together with Bhutan, Madagascar, and Tonga, to implement the new Global Methodology for Infrastructure Resilience Review. Developed by the UN Office for Disaster Risk Reduction (UNDRR) and the Coalition for Disaster Resilient Infrastructure (CDRI) the methodology helps countries to identify and prioritise the strategies that will build their infrastructure resilience through a five-step approach:
1

Stakeholder mapping
Key ministries, regulators and operators in infrastructure development

Cross-sector coordination mechanisms
Review of existing policies and regulations
Policies and regulations shaping infrastructure resilience

Integration of disaster risks in national plans and strategies
Identification of vulnerabilities (Stress Testing)
Data collection on hazards and vulnerabilities

Multi-hazard resilience testing of infrastructure systems
Principles for resilient infrastructure
Infrastructure resilience assessment using the UNDRR Resilience Principles

Identification of resilience-building interventions
Development of an Implementation plan
Results validation and prioritization

Implementation plan with assigned responsibilities
“With that in mind, we need to bring together a greater number of stakeholders to identify the vulnerabilities of our infrastructure systems and propose solutions. Without a doubt, we need to explore new solutions that involve more stakeholders in the system” she added.

Advancing Infrastructure Resilience in Chile
Early start

Early start

Within the disaster risk community, Chile stands out for its proactive approach to disaster risk. While saving lives is the top priority, the motivations are also economic. Between 2000 and 2019, damage to infrastructure accounted for 53 percent of all economic losses from disasters in the Latin American and Caribbean region. By enhancing its infrastructure resilience, Chile also protects its economy.

Chile had already begun its search for new solutions to its disaster risk by the time Chile engaged with UNDRR and CDRI. In 2021, Chile replaced its National Emergency Office of the Ministry of the Interior and Public Safety (ONEMI) with SENAPRED, a new National Disaster Prevention and Response Agency, shifting the emphasis from recovery and reconstruction to disaster prevention.

Meanwhile, Chile’s new policies are also improving the resilience of Chilean infrastructure. New infrastructure projects require a disaster risk analysis, for example. Also, Chile’s 2022 Law on Climate Change (LMCC) requires sectoral, regional, and municipal authorities to reduce greenhouse gas emissions and promote resilience to climate change. Such laws complement SENAPRED’s focus on disasters by focusing on hazards that can be slower to develop, such as water scarcity and desertification.

The implementation of these laws cannot come soon enough. Only a year after the LMCC was passed, climate change already began showing its impact. In 2023, a 14-year megadrought strained Chile’s freshwater reserves to breaking point.

Followed by several days of persistent rainfall and flooding, the overwhelmed and parched landscapes resulted in a rapid runoff and flooding. Some 22,000 people were affected by the rains, the heaviest in 30 years, while swollen rivers blocked roads and left thousands of people isolated or in shelters. This event only highlighted the need to build resilience against multiple hazards that Chile has had.

The process

The process

The Global Methodology for Infrastructure Resilience Review builds on UNDRR’s six Principles for Resilient Infrastructure, which set out the key conditions for sustainable infrastructure resilience. In doing so, the principles support the Sendai Framework for Disaster Risk Reduction and Sustainable Development Goals, as well as the G20 Principles for Investing in Quality Infrastructure.

However, each country needs its own paths to infrastructure resilience, which is why the Global Methodology for Infrastructure Resilience Review is important. It provides a structured approach for every country to review and enhance their infrastructure governance, identifying the opportunities to create resilience across government levels.

Chile implemented the methodology’s five steps at the national level from June 2023 to May 2024. A deep dive was then completed for the Biobío region in December 2024, adapting the Global Methodology to the regional level. The analysis focused on six sectors – water, energy, transportation, telecommunications, health and education.

The government was well represented throughout the process, bringing together stakeholders from the ministries of public works (MOP), transport and telecommunications (MTT), energy (MINEN), education (MINEDUC), health (MINSAL), social development (MIDESO), housing and urban planning (MINVU), international relations (MINREL), finance, defence, and environment (MMA).

While this broad representation in the assessment and workshops created a truly multi-stakeholder approach, the Chile pilot also looked at the role of the private sector, which manages a large portion of the country’s infrastructure. This raised questions in terms of coordination, information asymmetries, and the incentives for private companies to invest in disaster risk reduction. When a private company is managing public assets, for example, how can incentives be aligned so that the private company puts the public interest before its desire for profit?

Recognising drought

Recognising drought

Stakeholders highlighted discussions of risk as a major strength, noting that the stress testing allowed for a broader assessment of existing infrastructure vulnerabilities, including pandemics and cyber risks. While other threats—such as violence, sea level rise, atmospheric pollution, invasive exotic species, and diseases—were considered, they were ultimately excluded from further analysis due to their limited impact on infrastructure.

Prioritization of Threats in Chile

Click to download the Prioritization of Threats in Chile table in PDF

Drawing from data analysis and workshop discussions, participants ranked the greatest threats to Chilean infrastructure in the following order: drought, fires, floods, landslides, earthquakes, tsunamis, heat waves, tidal waves, and volcanic eruptions.

Drought and water scarcity emerged as a priority because of their interdependent nature and potential cascading impacts on infrastructure systems. Around 53 percent of Chile’s territory is considered at high risk of drought, and 23 percent is at high risk of desertification. The central areas of Chile have experienced a nearly continuous megadrought since 2010.

“The application of the global methdology allowed us to break new ground by conducting a hazard analysis in Chile specifically targeted to infrastructure, consolidating a systemic view and adding new elements that had previously gone unnoticed, such as droughts,” stated Luis Doñas, Project Coordinator, SENAPRED

“Chile must now analyse these factors more closely to generate appropriate investment and make progress on key issues identified by stakeholders: territorial application, unification of information systems, strengthening intersectoral resilience training, and more decisive private sector involvement,” add Doñas

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Protecting water

Protecting water

Throughout the assessment, stakeholders distinguished between their infrastructure’s direct economic value and its critical functions. They also examined vulnerabilities, highlighting how the frequency and impact of different hazards can vary significantly between the regions.

Beyond these individual risks, the discussions also explored interdependencies between sectors and the potential for cascading failures. One key example is the relationship between water and energy in Chile.

After more than a decade of mega-drought, water supply companies have implemented contingency measures to limit the impacts in urban areas. However, the sustained dry conditions have seriously affected drinking water, irrigation, and other vital needs in rural areas. The proposed infrastructure assessment integrates advanced technology – such as desalination plants – with ongoing training and public education. Through a combination of short-, medium-, and long-term actions, the plan aims to enhance the resilience and sustainability of Chile’s water resources.

Water supply is not an isolated system, of course. It relies on other critical infrastructure, such as energy and transportation. Energy, in particular, is a priority as every other sector depends on it. A failure in the energy sector could trigger widespread cascading effects. To protect its energy infrastructure, Chile’s plan promotes advanced technologies and renewable energy solutions, reducing dependence on fossil fuels and strengthening long-term resilience.

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Chile’s water infrastructure does not have a massive economic value per se, but a sustainable water supply is vital for the health and welfare of Chile’s population. However, this supply depends heavily on other key infrastructure systems (such as energy or transportation) as well as surface and underground sources. These latter make it very vulnerable to interruptions such as drought.

Next steps

Next steps

The process initiated in Chile concluded with establishing a Roadmap for Infrastructure Resilience, a strategic guide that will shape actions in this area for years to come. While the Roadmap outlines a series of proposals across six key infrastructure sectors, it also lays out a broader pathway for Chile to strengthen its infrastructure governance.

This includes better coordination, the incorporation of risk analysis into infrastructure planning and investment, better compliance, and more available and accessible risk data, including interactive platforms and information exchanges. In other words, Chile is committed to building more resilience into its infrastructure.

With this in mind, Chile has come up with three immediate actions.

Click to download the Immediate Intervention scheme in PDF

1.

First, the Roadmap suggests establishing an intersectoral working group so that the necessary sectors and ministries can develop shared definitions and guidelines for resilient infrastructure. This group will receive extra training from a “Resilience Academy” involving both national and international experts.

Second, recognizing the sheer variety of hazards and territorial conditions across the country, Chile launched a regional-level infrastructure assessment to deepen risk analysis and develop improvements to governance. This process began in the Biobío Region, one of Chile’s 16 regions.

2.

Roughly 40 percent of Chile’s population and 40 percent of its economic activity are concentrated in the central region, where Santiago, the capital, is located. As a result, this area has a higher density of critical infrastructure increasing the infrastructure exposure to hazards. At the same time, remote regions remain highly vulnerable, as they often lack the resources and preparedness to withstand disasters effectively.

Each territory has its own unique needs, making it essential to tailor disaster risk reduction to local context.

Distribution of hazards in micro-zones over the period 2000-2023

3.

Third, Chile will design and pilot an integrated data hub to consolidate risk-related information, enabling better monitoring, evaluation, and decision-making in risk management. The integrated data centre will serve as a unified system for tracking, reporting, and verifying the fragmented infrastructure resilience assessments and diagnostics currently dispersed across different sectors and agencies. By centralising this information, Chile will strengthen infrastructure planning and enhance its disaster risk reduction.

Implementing these and other measures will also move Chile towards a more resilient infrastructure, aligning with UNDRR’s principles for resilient infrastructure. This will better position the country to tackle current challenges, but also to enhance its ability to adapt to new and emerging hazards.

Collaboration will be key to success. Achieving resilience will require continued collaboration between government, business, and civil society. By enabling new analyses and multi-stakeholder workshops, the Global Methodology for Infrastructure Resilience Review has played a crucial role in fostering vital trust between the different stakeholders.

“The infrastructure resilience review process achieved excellent work by bringing together different partners, and we now undoubtedly have a space for collective responsibility to strengthen our infrastructure ecosystem from a disaster risk perspective,” said Alicia Cebrián, National Director of SENAPRED
Download the full report:
Roadmap for Infrastructure Resilience in the Republic of Chile

MIL OSI United Nations News –
April 29, 2025

Category: Pandemic

A necessary medicine

Productivity is the key

All-of-government focus

Cutting Waste and Enhancing Efficiency

Advancing President Trump’s Agenda

Restoring Fiscal Responsibility

Delivering Disaster Relief

Left-behind places

Meet the ‘regulators of last resort’

No whistleblower is an island

What is pertussis and why is it dangerous?

How do cases last year and this year compare with past years?

Why are pertussis cases rising?

How can people protect themselves and their families?

Acknowledging Global and Korean Headwinds

The emerging reality of fragmentation

Fragmentation of the real economy

Financial fragmentation

The looming consequences of fragmentation

Medium-term impacts

Long-term structural changes

The central bank’s role in a fragmented world

Conclusion

Four cyclones

Nation-wide impact:

The damage

1

Stakeholder mapping

Review of existing policies and regulations

Identification of vulnerabilities (Stress Testing)

Principles for resilient infrastructure

Development of an Implementation plan

The roadmap for infrastructure resilience in Madagascar is a key strategic document, as it outlines a comprehensive action plan aimed at minimising disaster risks in the country,” he adds.

Advancing Infrastructure Resilience in Madagascar

Developing the plan

“With this new way of looking by zooming out, we have more of an overall vision of everything that makes infrastructure vulnerable,” Randrianandrasana Lila Norolalaina, Head of Disaster Risk Reduction at the Ministry of Education, says.

Interdependencies of Functions and Cascading Effects

Energy

Stress-testing analysis, Energy

“When we know the state of all our assets, then we will be better able to ensure proper maintenance, keep track of the hotspots, and manage all the gaps.”

Transport

Stress-testing analysis, Transportation

5 airports

9 of 57

16,292 km

“Raising awareness about the importance of norms is an important moment,” Ventsolalaina Ramilison, Head of Disaster Risk Reduction Department at CPGU / Madagascar said. “Now there is just the question of creating and strengthening a monitoring authority.”

Lessons for other countries

“Given that donors tend to pay the costs of reconstruction following a disaster in Madagascar, they also benefit when Madagascar reduces the extent and cost of those disasters,” Ventsolalaina Ramilison, Head of Disaster Risk Reduction Department at CPGU / Madagascar says.

“When we can prevent storms from destroying our water supply infrastructure every year, then we can begin to build more sustainably,” she said. “That gives us hope, because we want to escape these endless cycles of recovery.”

February 2010

75% of the population

1

Stakeholder mapping

Review of existing policies and regulations

Identification of vulnerabilities (Stress Testing)

Principles for resilient infrastructure

Development of an Implementation plan

“With that in mind, we need to bring together a greater number of stakeholders to identify the vulnerabilities of our infrastructure systems and propose solutions. Without a doubt, we need to explore new solutions that involve more stakeholders in the system” she added.

Advancing Infrastructure Resilience in Chile

Early start

The process

Recognising drought

Prioritization of Threats in Chile

Protecting water

Next steps

1.

2.

Distribution of hazards in micro-zones over the period 2000-2023

3.