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  • MIL-OSI Economics: W&T Offshore Announces First Quarter 2025 Results and Declares Dividend for Second Quarter of 2025

    Source: W & T Offshore Inc

    Headline: W&T Offshore Announces First Quarter 2025 Results and Declares Dividend for Second Quarter of 2025

    HOUSTON, May 06, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company,” “we” or “us”) today reported operational and financial results for the first quarter of 2025 and declared a second quarter 2025 dividend of $0.01 per share.

    This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow and Net Debt, which are described and reconciled to the most comparable GAAP measures in the accompanying tables to this press release under “Non-GAAP Information.”

    Key highlights for the first quarter of 2025 and through the date of this press release include:

    • Produced 30.5 thousand barrels of oil equivalent per day (“MBoe/d”) (52% liquids), towards the high end of guidance;
      • Announced that the West Delta 73 and Main Pass 108/98 fields were placed into production towards the end of March/early April with production expected to ramp up over the course of the second quarter of 2025;
    • Incurred lease operating expenses (“LOE”) of $71.0 million, below the low end of guidance;
    • Reported net loss of $30.6 million, or $(0.21) per diluted share;
      • Adjusted Net Loss totaled $19.1 million, or $(0.13) per diluted share, which primarily excludes the loss on extinguishment of debt and net unrealized gain on outstanding derivative contracts and the related tax effects;
    • Generated Adjusted EBITDA of $32.2 million, an increase of 2% over the fourth quarter of 2024;
    • Produced Free Cash Flow of $10.5 million;
    • Successfully refinanced, in January 2025, the Company’s $275.0 million 11.75% Senior Second Lien Notes due 2026 (the “11.75% Notes”) and $114.2 million outstanding amount under the term loan provided by Munich Re Risk Financing, Inc., as lender (the “MRE Term Loan”) with proceeds from the issuance of $350.0 million of 10.75% Senior Second Lien Notes due 2029 (the “10.75% Notes”) and available cash on hand;
      • Paid down and effectively reduced gross debt by approximately $39.0 million;
      • Enhanced liquidity by eliminating principal payments under the MRE Term Loan of $27.6 million in 2025, $25.4 million in 2026, $22.9 million in 2027 and $38.3 million in 2028;
      • Lowered interest rate on the Senior Second Lien Notes by 100 basis points;
    • Entered into a new $50.0 million revolving credit facility which matures in July 2028, and is undrawn, and the previous credit facility provided by Calculus Lending, LLC was concurrently terminated, with all outstanding obligations paid in full in connection with the termination;
    • Sold a non-core interest in Garden Banks Blocks 385 and 386 in January 2025, which included latest net production of approximately 195 barrels of oil equivalent per day (“Boe/d”) (72% oil) for $11.9 million, or over $60,000 per flowing barrel, after customary closing adjustments;
    • Received $58.5 million in cash for an insurance settlement related to the Mobile Bay 78-1 well, which further bolstered W&T’s balance sheet;
    • Reported unrestricted cash and cash equivalents of $105.9 million and Net Debt of $244.1 million at March 31, 2025;
    • Added natural gas costless collar hedges for 2025 including:
      • 50,000 million British Thermal Units per day (“MMBtu/d”) for March 2025, with a floor price of $3.88 per MMBtu and ceiling price of $5.13 per MMBtu;
      • 70,000 MMBtu/d for April to December 2025, with a volume-weighted average floor price and ceiling price of $4.02 per MMBtu and $5.32 per MMBtu, respectively;
    • Paid sixth consecutive quarterly dividend of $0.01 per common share in March 2025; and
      • Declared second quarter 2025 dividend of $0.01 per share, which will be payable on May 27, 2025 to stockholders of record on May 20, 2025.

    Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We continue to successfully execute our strategic vision and have delivered another quarter of strong results in line with or above our guidance. We reported production at the high end of our guidance range and, more importantly, we have brought online the remaining two fields from the Cox acquisition, which we expect will meaningfully increase production for the remainder of 2025, as you can see from our second quarter and full year guidance. Acquisitions remain a key component of our success, and it is our ability to integrate and enhance the assets that we acquire that has allowed us to successfully operate for over 40 years. We generated solid Free Cash Flow and Adjusted EBITDA and we recorded lease operating expenses below the low end of our guidance. We will continue to focus on increasing our production, particularly our oil production, and managing our operating costs.”

    “Our balance sheet was strengthened in the first quarter of 2025 due to several key accomplishments. We successfully closed the issuance of new 10.75% Notes, entered into a new revolving credit facility and added material cash through a non-core disposition and an insurance settlement. The new 10.75% Notes have an interest rate 100 basis points lower than our 11.75% Notes and received improved credit ratings from S&P and Moody’s. We also received a $58.5 million cash insurance settlement payment related to a well impairment event. Finally, we sold a non-core interest in Garden Banks 385 and 386 for $11.9 million, after customary closing adjustments, at a value of over $60,000 per flowing barrel, which is highly accretive to W&T. We have over $100 million in cash on our balance sheet and remain prepared to take advantage of potential acquisitions. With the change in administration and the White House’s directives to Unleash American Energy, we also see promising developments in the regulatory environment for oil and gas companies. We are well positioned to continue to enhance our portfolio through additional accretive acquisition opportunities and are committed to enhancing shareholder value while returning value to our shareholders through the quarterly dividend program.”

    Production, Prices and Revenue: Production for the first quarter of 2025 was 30.5 MBoe/d, towards the high end of the Company’s first quarter guidance but down compared with 32.1 MBoe/d for the fourth quarter of 2024 and 35.1 MBoe/d for the corresponding period in 2024. The first quarter 2025 production decrease was due to freezing conditions that caused shut-ins during January 2025; however production has since recovered. First quarter 2025 production was comprised of 13.7 thousand barrels per day (“MBbl/d”) of oil (45%), 2.2 MBbl/d of natural gas liquids (“NGLs”) (7%), and 87.6 million cubic feet per day (“MMcf/d”) of natural gas (48%).

    W&T’s average realized price per Boe before realized derivative settlements was $46.50 per Boe in the first quarter of 2025, an increase of 17% from $39.86 per Boe in the fourth quarter of 2024 and an increase of 9% from $42.55 per Boe in the first quarter of 2024. First quarter 2025 oil, NGL and natural gas prices before realized derivative settlements were $71.31 per barrel of oil, $23.86 per barrel of NGL and $4.45 per Mcf of natural gas.

    Revenues for the first quarter of 2025 were $129.9 million, which was 8% higher than fourth quarter of 2024 revenues of $120.3 million due to higher realized prices, which was partially offset by lower production volumes. First quarter 2025 revenues were lower by 8% compared to $140.8 million of revenues in the first quarter of 2024 due to lower production volumes, partially offset by higher realized natural gas and NGL prices.

    Lease Operating Expenses: LOE, which includes base lease operating expenses, insurance premiums, workovers and facilities maintenance expenses, was $71.0 million in the first quarter of 2025, which was below the low end of the guidance range of $72.5 to $80.5 million. LOE came in lower than expected due to a combination of lower repair and maintenance costs, lower facility expenses and lower workover expense. LOE for the first quarter of 2025 was approximately 11% higher compared to $64.3 million in the fourth quarter of 2024. Lower LOE in the fourth quarter of 2024 was primarily driven by favorable audit adjustments and lower maintenance and repair work performed. LOE for the first quarter of 2025 was slightly higher than the $70.8 million for the corresponding period in 2024. On a component basis for the first quarter of 2025, base LOE and insurance premiums were $57.6 million, workovers were $2.0 million, and facilities maintenance and other expenses were $11.4 million. On a unit of production basis, LOE was $25.88 per Boe in the first quarter of 2025. This compares to $21.76 per Boe for the fourth quarter of 2024 and $22.14 per Boe for the corresponding period in 2024, reflecting a decrease in production in the period due to freezing conditions in January 2025.

    Gathering, Transportation Costs and Production Taxes: Gathering, transportation costs and production taxes totaled $5.7 million ($2.06 per Boe) in the first quarter of 2025, compared to $5.9 million ($2.00 per Boe) in the fourth quarter of 2024 and $7.5 million ($2.36 per Boe) in the first quarter of 2024. Gathering, transportation costs and production taxes decreased in the first quarter of 2025 from the prior quarters due to lower production volumes.

    Depreciation, Depletion and Amortization (“DD&A”): DD&A was $11.99 per Boe in the first quarter of 2025. This compares to $12.94 per Boe and $10.61 per Boe for the fourth quarter of 2024 and the first quarter of 2024, respectively.

    Asset Retirement Obligations Accretion: Asset retirement obligations accretion was $3.06 per Boe in the first quarter of 2025. This compares to $2.76 per Boe and $2.49 per Boe for the fourth quarter of 2024 and the first quarter of 2024, respectively.

    General & Administrative Expenses (“G&A”): G&A was $20.2 million for the first quarter of 2025, which decreased from $20.8 million in the fourth quarter of 2024 and $20.5 million in the first quarter of 2024 primarily due to decreases of share-based compensation and employee benefit costs partially offset by an increase in legal fees due to ongoing sureties litigation. On a unit of production basis, G&A was $7.35 per Boe in the first quarter of 2025 compared to $7.04 per Boe in the fourth quarter of 2024 and $6.41 per Boe in the corresponding period of 2024. These increases, on a per Boe basis, are related to lower production, as the absolute G&A costs were lower.

    Derivative Loss (Gain), net: In the first quarter of 2025, W&T recorded a net loss of $2.7 million with commodity derivative contracts comprised of $3.6 million of realized losses and $0.9 million of unrealized gains related to the increase in fair value of open contracts. W&T recognized a net loss of $2.1 million in the fourth quarter of 2024 and a net gain of $4.9 million in the first quarter of 2024 related to commodity derivative activities.

    To take advantage of the recent uptick in natural gas prices, W&T added costless collar hedges for March 2025 of 50,000 MMBtu/d with a floor price of $3.88 per MMBtu and ceiling price of $5.13 per MMBtu. For April to December 2025, the Company added similar costless collar hedges of 70,000 MMBtu/d with a volume-weighted average floor price and ceiling price of $4.02 per MMBtu and $5.32 per MMBtu, respectively.

    A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.

    Interest Expense: Net interest expense in the first quarter of 2025 was $9.5 million compared to $10.2 million in the fourth quarter of 2024 and $10.1 million in the first quarter of 2024. These decreases reflect the impact of the Company’s debt refinancing in January 2025, which lowered overall debt by around $39 million and reduced the Senior Second Lien Notes’ coupon rate by 100 basis points.

    Income Tax (Benefit) Expense: W&T recognized an income tax benefit of $4.6 million in the first quarter of 2025. This compares to the recognition of an income tax benefit of $1.8 million in the fourth quarter of 2024 and an income tax expense of $1.0 million in the first quarter of 2024.

    Capital Expenditures and Asset Retirement Settlements: Capital expenditures on an accrual basis in the first quarter of 2025 were $8.5 million, and asset retirement settlement costs totaled $3.8 million. The Company continues to expect its full year capital expenditure budget to be between $34 million and $42 million, which excludes potential acquisition opportunities.

    Balance Sheet and Liquidity: As of March 31, 2025, W&T had available liquidity of $155.9 million comprised of $105.9 million in unrestricted cash and cash equivalents and $50.0 million of borrowing availability under W&T’s new revolving credit facility. As of March 31, 2025, the Company had total debt of $350.0 million and Net Debt of $244.1 million. As of March 31, 2025, Net Debt to trailing twelve months (“TTM”) Adjusted EBITDA was 1.8x.

    Debt Refinance: On January 28, 2025 W&T closed an offering of the 10.75% Notes at par in a private offering that was exempt from registration under the Securities Act of 1933, as amended. The Company used a portion of the proceeds from the 10.75% Notes offering, along with cash on hand to (i) purchase for cash pursuant to a tender offer, such of the Company’s outstanding 11.75% Notes that were validly tendered pursuant to the terms thereof; (ii) repay $114.2 million outstanding under the MRE Term Loan; (iii) fund the full redemption amount for an August 1, 2025 redemption of the remaining 11.75% Notes not validly tendered and accepted for purchase in the tender offer; and (iv) pay premiums, fees and expenses related to these transactions. On the closing date of the offering of the 10.75% Notes, the Company completed all actions necessary to satisfy and discharge the indenture governing the 11.75% Notes.

    In conjunction with the issuance of the 10.75% Notes, the Company entered into a new credit agreement which provides the Company with a revolving credit and letter of credit facility, with initial lending commitments of $50 million and with a letter of credit sublimit of $10 million. The credit facility matures on July 28, 2028.

    Concurrently with the debt refinance, W&T recorded a $15.0 million loss on the extinguishment of debt in the first quarter of 2025.

    Non-Core Asset Disposition

    In early 2025, W&T closed the sale of a non-core interest in Garden Banks Blocks 385 and 386, which included net production of approximately 195 Boe/d, for $11.9 million after normal purchase price adjustments. The effective date of the sale was December 1, 2024, and the transaction closed in January 2025. The impact to W&T’s reserves for year-end 2024 were minimal at about 0.12 MMBoe.

    Regulatory Update

    The change of Presidential administration in the early part of 2025 saw promising developments in the oil and natural gas regulatory environment. On January 20, 2025, President Trump issued Executive Order 14154, Unleashing American Energy. Section 3 of that Order directed heads of agencies to review existing regulations to identify agency actions that impose an undue burden on the identification, development, or use of domestic energy resources. The Trump administration also issued Executive Order 14156, Declaring a National Energy Emergency, stating that the United States’ insufficient energy production, transportation, refining, and generation constituted an unusual and extraordinary threat to the nation’s economy, national security, and foreign policy. Furthermore, on February 3, 2025, Secretary Burgum issued Secretarial Order 3418, Unleashing American Energy. Section 4(b) of that Order directed agency officials to prepare an action plan that will include steps to suspend, revise, or rescind certain regulations.

    As it pertains to W&T, on April 8, 2025, pursuant to the above directives from the Trump administration, the Department of Interior, through a joint filing in the U.S. District Court for the Western District of Louisiana (Case no. 2:24-cv-00820), indicated that it will not seek supplemental financial assurance in the Gulf of America except in the case of (a) sole liability properties and (b) certain non-sole liability properties that do not have a financially strong co-owner or predecessor in title and meet other conditions.

    In addition, the Trump administration has issued a number of executive orders aimed at streamlining regulations and reducing the regulatory burden on oil and natural gas companies, increasing federal oil and natural gas leasing, including in the Gulf of America, and expediting U.S. natural resource development.

    Cash Dividend Policy

    The Company paid its first quarter 2025 dividend of $0.01 per share on March 24, 2025 to stockholders of record on March 17, 2025.

    The Board of Directors declared a second quarter 2025 dividend of $0.01 per share which is to be paid on May 27, 2025 to stockholders of record on May 20, 2025.

    OPERATIONS UPDATE

    Well Recompletions and Workovers

    During the first quarter of 2025, the Company performed five workovers that positively impacted production for the quarter. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.

    Second Quarter and Full Year 2025 Production and Expense Guidance

    The guidance for the second quarter and full year 2025 in the table below represents the Company’s current expectations. Please refer to the section entitled “Forward-Looking and Cautionary Statements” below for risk factors that could impact guidance.

         
    Production Second Quarter 2025 Full Year 2025
    Oil (MBbl) 1,295 – 1,435 5,150 – 5,690
    NGLs (MBbl) 210 – 235 1,020 – 1,140
    Natural gas (MMcf) 8,830 – 9,750 34,880 – 38,560
    Total equivalents (MBoe) 2,977 – 3,295 11,983 – 13,257
    Average daily equivalents (MBoe/d) 32.7 – 36.2 32.8 – 36.3
    Expenses Second Quarter 2025 Full Year 2025
    Lease operating expense ($MM) 71.3 – 78.9 280.0 – 310.0
    Gathering, transportation & production taxes ($MM) 6.6 – 7.4 27.1 – 30.1
    General & administrative – cash ($MM) 14.5 – 16.1 62.0 – 69.0
    General & administrative – non-cash ($MM) 2.4 – 2.8 10.1 – 11.3
    DD&A ($ per Boe)   13.40 – 14.90

    W&T expects substantially all income taxes in 2025 to be deferred. 

    Conference Call Information: W&T will hold a conference call to discuss its financial and operational results on Wednesday, May 7, 2025 at 11:00 a.m. Central Time (12:00 p.m. Eastern Time). Interested parties may dial 1-844-739-3797. International parties may dial 1-412-317-5713. Participants should request to connect to the “W&T Offshore Conference Call.” This call will also be webcast and available on W&T’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the Company’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, projected costs, industry conditions, potential acquisitions, sustainability initiatives, the impact of and integration of acquired assets, and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, NGLs and natural gas, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

                       
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)
                       
        Three Months Ended
        March 31,    December 31,    March 31, 
           2025        2024        2024  
    Revenues:                  
    Oil   $ 87,716     $ 86,778     $ 107,015  
    NGLs     4,772       6,713       7,469  
    Natural gas     35,109       24,203       21,616  
    Other     2,270       2,651       4,687  
    Total revenues     129,867       120,345       140,787  
                       
    Operating expenses:                  
    Lease operating expenses     71,012       64,259       70,830  
    Gathering, transportation and production taxes     5,659       5,912       7,540  
    Depreciation, depletion, and amortization     32,891       38,208       33,937  
    Asset retirement obligations accretion     8,392       8,157       7,969  
    General and administrative expenses     20,157       20,799       20,515  
    Total operating expenses     138,111       137,335       140,791  
                       
    Operating loss     (8,244 )     (16,990 )     (4 )
                       
    Interest expense, net     9,492       10,226       10,072  
    Loss on extinguishment of debt     15,015       —       —  
    Derivative loss (gain), net     2,757       2,113       (4,877 )
    Other (income) expense, net     (316 )     (4,118 )     5,230  
    Loss before income taxes     (35,192 )     (25,211 )     (10,429 )
    Income tax (benefit) expense     (4,615 )     (1,849 )     1,045  
    Net loss   $ (30,577 )   $ (23,362 )   $ (11,474 )
                       
    Net loss per common share (basic and diluted)   $ (0.21 )   $ (0.16 )   $ (0.08 )
                       
    Weighted average common shares outstanding (basic and diluted)     147,598       147,365       146,857  
                             
    W&T OFFSHORE, INC.
    Condensed Operating Data
    (Unaudited)
                             
        Three Months Ended
        March 31,    December 31,    March 31, 
        2025   2024   2024
    Net sales volumes:                        
    Oil (MBbls)     1,230       1,263       1,400  
    NGLs (MBbls)     200       273       343  
    Natural gas (MMcf)     7,884       8,505       8,733  
    Total oil and natural gas (MBoe) (1)     2,744       2,953       3,199  
                             
    Average daily equivalent sales (MBoe/d)     30.5       32.1       35.1  
                             
    Average realized sales prices (before the impact of derivative settlements):                        
    Oil ($/Bbl)   $ 71.31     $ 68.71     $ 76.44  
    NGLs ($/Bbl)     23.86       24.59       21.78  
    Natural gas ($/Mcf)     4.45       2.85       2.48  
    Barrel of oil equivalent ($/Boe)     46.50       39.86       42.55  
                             
    Average operating expenses per Boe ($/Boe):                        
    Lease operating expenses   $ 25.88     $ 21.76     $ 22.14  
    Gathering, transportation and production taxes     2.06       2.00       2.36  
    Depreciation, depletion, and amortization     11.99       12.94       10.61  
    Asset retirement obligations accretion     3.06       2.76       2.49  
    General and administrative expenses     7.35       7.04       6.41  
    (1) MBoe is determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or NGLs (totals may not compute due to rounding). The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, NGLs and natural gas may differ significantly. The realized prices presented above are volume-weighted for production in the respective period.
                 
    W&T OFFSHORE, INC.
    Consolidated Balance Sheets
    (In thousands)
    (Unaudited)
                 
           March 31,    December 31, 
        2025     2024  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 105,933     $ 109,003  
    Restricted cash     1,552       1,552  
    Receivables:            
    Oil and natural gas sales     64,991       63,558  
    Joint interest, net     26,884       25,841  
    Prepaid expenses and other assets     22,570       18,504  
    Total current assets     221,930       218,458  
                 
    Oil and natural gas properties and other, net     691,788       777,741  
    Restricted deposits for asset retirement obligations     22,892       22,730  
    Deferred income taxes     54,332       48,808  
    Other assets     34,004       31,193  
    Total assets   $ 1,024,946     $ 1,098,930  
                 
    Liabilities and Shareholders’ Deficit            
    Current liabilities:            
    Accounts payable   $ 77,978     $ 83,625  
    Accrued liabilities     19,210       33,271  
    Undistributed oil and natural gas proceeds     58,647       53,131  
    Advances from joint interest partners     2,432       2,443  
    Current portion of asset retirement obligations     29,098       46,326  
    Current portion of long-term debt, net     566       27,288  
    Total current liabilities     187,931       246,084  
                 
    Asset retirement obligations     532,753       502,506  
    Long-term debt, net     349,481       365,935  
    Other liabilities     17,381       16,182  
                 
    Commitments and contingencies     20,196       20,800  
                 
    Shareholders’ deficit:            
    Preferred stock     —       —  
    Common stock     2       2  
    Additional paid-in capital     597,271       595,407  
    Retained deficit     (655,902 )     (623,819 )
    Treasury stock     (24,167 )     (24,167 )
    Total shareholders’ deficit     (82,796 )     (52,577 )
    Total liabilities and shareholders’ deficit   $ 1,024,946     $ 1,098,930  
                       
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)
                       
        Three Months Ended
        March 31,    December 31,    March 31, 
        2025     2024     2024  
    Operating activities:                  
    Net loss   $ (30,577 )   $ (23,362 )   $ (11,474 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:                  
    Depreciation, depletion, amortization and accretion     41,283       46,365       41,906  
    Share-based compensation     2,087       3,818       3,032  
    Amortization and write off of debt issuance costs     1,099       1,117       1,292  
    Loss on extinguishment of debt     15,015       —       —  
    Derivative loss (gain), net     2,757       2,113       (4,877 )
    Derivative cash (settlements) receipts, net     (5,326 )     (1,638 )     2,599  
    Deferred income (benefit) taxes     (5,517 )     (1,941 )     733  
    Changes in operating assets and liabilities:                  
    Accounts receivable     (1,935 )     (17,064 )     (17,362 )
    Prepaid expenses and other current assets     547       1,792       433  
    Accounts payable, accrued liabilities and other     (18,858 )     3,831       (852 )
    Asset retirement obligation settlements     (3,771 )     (19,348 )     (3,788 )
    Net cash (used in) provided by operating activities     (3,196 )     (4,317 )     11,642  
                       
    Investing activities:                  
    Investment in oil and natural gas properties and equipment     (6,665 )     (14,124 )     (7,080 )
    Acquisition of property interests     (400 )     —       (80,515 )
    Proceeds from sale of oil and natural gas properties     11,935       —       —  
    Insurance proceeds     58,500       —       —  
    Purchases of furniture, fixtures and other     (103 )     (19 )     (24 )
    Net cash provided by (used in) investing activities     63,267       (14,143 )     (87,619 )
                       
    Financing activities:                  
    Proceeds from issuance of long-term debt     350,000       —       —  
    Repayments of long-term debt     (384,264 )     (275 )     (275 )
    Purchase of government securities in connection with legal defeasance of 11.75% Senior Second Lien Notes     (5,889 )     —       —  
    Premium and debt extinguishment costs     (10,230 )     —       —  
    Debt issuance costs     (11,042 )     (183 )     (312 )
    Payment of dividends     (1,493 )     (1,475 )     (1,469 )
    Other     (223 )     (13 )     (483 )
    Net cash used in financing activities     (63,141 )     (1,946 )     (2,539 )
    Change in cash, cash equivalents and restricted cash     (3,070 )     (20,406 )     (78,516 )
    Cash, cash equivalents and restricted cash, beginning of period     110,555       130,961       177,755  
    Cash, cash equivalents and restricted cash, end of period   $ 107,485     $ 110,555     $ 99,239  

    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are “Net Debt,” “Adjusted Net Loss,” “Adjusted EBITDA” and “Free Cash Flow” or are derivable from a combination of these measures. Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Prior period amounts have been conformed to the methodology and presentation of the current period.

    We calculate Net Debt as total debt (current and long-term portions), less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.

    Reconciliation of Net Loss to Adjusted Net Loss

    Adjusted Net Loss adjusts for certain items that the Company believes affect comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include loss on extinguishment of debt, unrealized commodity derivative gain, net, allowance for credit losses, non-recurring legal and IT-related costs, non-ARO P&A costs, and other which are then tax effected using the Federal Statutory Rate. Company management believes that this presentation is relevant and useful because it helps investors to understand the net loss of the Company without the effects of certain non-recurring or unusual expenses and certain income or loss that is not realized by the Company.

                       
        Three Months Ended
        March 31,    December 31,    March 31, 
        2025     2024     2024  
          (in thousands)
          (Unaudited)
    Net loss   $ (30,577 )   $ (23,362 )   $ (11,474 )
    Loss on extinguishment of debt     15,015       —       —  
    Unrealized commodity derivative gain, net     (882 )     (497 )     (1,122 )
    Allowance for credit losses     155       118       84  
    Non-recurring legal and IT-related costs     528       860       758  
    Non-ARO P&A costs     (197 )     (2,763 )     5,352  
    Other     (71 )     (1,302 )     (214 )
    Tax effect of selected items (1)     (3,055 )     753       (1,020 )
    Adjusted net loss   $ (19,084 )   $ (26,193 )   $ (7,636 )
                       
    Adjusted net loss per common share (basic and diluted)   $ (0.13 )   $ (0.18 )   $ (0.05 )
                       
    Weighted average shares outstanding (basic and diluted)     147,598       147,365       146,857  

    (1)   Selected items were tax effected with the Federal Statutory Rate of 21% for each respective period.

    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Adjusted EBITDA/ Free Cash Flow Reconciliations

    The Company also presents non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITDA as net loss plus net interest expense, loss on extinguishment of debt, income tax (benefit) expense, depreciation, depletion and amortization, ARO accretion, excluding the unrealized commodity derivative gain, allowance for credit losses, non-cash incentive compensation, non-recurring legal and IT-related costs, non-ARO P&A costs, and other. Company management believes this presentation is relevant and useful because it helps investors understand W&T’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

    The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, P&A costs and net interest expense (all on an accrual basis). For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, P&A costs and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses.

    The following table presents a reconciliation of the Company’s net loss income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow, as such terms are defined by the Company:

                       
        Three Months Ended
        March 31,    December 31,    March 31, 
        2025     2024     2024  
        (in thousands)
        (Unaudited)
    Net loss   $ (30,577 )   $ (23,362 )   $ (11,474 )
    Interest expense, net     9,492       10,226       10,072  
    Loss on extinguishment of debt     15,015       —       —  
    Income tax (benefit) expense     (4,615 )     (1,849 )     1,045  
    Depreciation, depletion and amortization     32,891       38,208       33,937  
    Asset retirement obligations accretion     8,392       8,157       7,969  
    Unrealized commodity derivative gain, net     (882 )     (497 )     (1,122 )
    Allowance for credit losses     155       118       84  
    Non-cash incentive compensation     2,087       3,818       3,032  
    Non-recurring legal and IT-related costs     528       860       758  
    Non-ARO P&A costs     (197 )     (2,763 )     5,352  
    Other     (71 )     (1,302 )     (214 )
    Adjusted EBITDA   $ 32,218     $ 31,614     $ 49,439  
                       
    Capital expenditures, accrual basis (1)   $ (8,472 )   $ (12,228 )   $ (3,156 )
    Asset retirement obligation settlements     (3,771 )     (19,348 )     (3,788 )
    Interest expense, net     (9,492 )     (10,226 )     (10,072 )
    Free Cash Flow   $ 10,483     $ (10,188 )   $ 32,423  


    (1)     A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                       
    Capital expenditures, accrual basis reconciliation                  
    Investment in oil and natural gas properties and equipment   $ (6,665 )   $ (14,124 )   $ (7,080 )
    Less: change in accrual for capital expenditures     1,807       (1,896 )     (3,924 )
    Capital expenditures, accrual basis   $ (8,472 )   $ (12,228 )   $ (3,156 )

    The following table presents a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as defined by the Company:

                       
        Three Months Ended
        March 31,    December 31,    March 31,
        2025     2024     2024  
        (in thousands)
        (Unaudited)
    Net cash (used in) provided by operating activities   $ (3,196 )   $ (4,317 )   $ 11,642  
    Allowance for credit losses     155       118       84  
    Amortization of debt items     (1,099 )     (1,117 )     (1,292 )
    Non-recurring legal and IT-related costs     528       860       758  
    Current tax (benefit) expense (1)     902       92       312  
    Change in derivatives receivable (payable) (1)     1,687       (972 )     1,156  
    Non-ARO P&A costs     (197 )     (2,763 )     5,352  
    Changes in operating assets and liabilities, excluding asset retirement obligation settlements     20,246       11,441       17,781  
    Capital expenditures, accrual basis     (8,472 )     (12,228 )     (3,156 )
    Other     (71 )     (1,302 )     (214 )
    Free Cash Flow   $ 10,483     $ (10,188 )   $ 32,423  


    (1)     A reconciliation of the adjustments used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                       
    Current tax (benefit) expense:                  
    Income tax (benefit) expense   $ (4,615 )   $ (1,849 )   $ 1,045  
    Less: Deferred income (benefit) taxes     (5,517 )     (1,941 )     733  
    Current tax expense   $ 902     $ 92     $ 312  
                       
    Changes in derivatives receivable (payable)                  
    Derivatives receivable (payable), end of period   $ 310     $ (1,377 )   $ 1,427  
    Derivatives payable (receivable), beginning of period     1,377       405       (271 )
    Change in derivatives receivable (payable)   $ 1,687     $ (972 )   $ 1,156  
         
    CONTACT: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released May 6, 2025

    MIL OSI Economics –

  • MIL-Evening Report: ‘Under no illusions’ about France, says author of new Rainbow Warrior book

    Pacific Media Watch

    The author of the book Eyes of Fire, one of the countless publications on the Rainbow Warrior bombing almost 40 years ago but the only one by somebody actually on board the bombed ship, says he was under no illusions that France was behind the attack.

    Journalist David Robie was speaking last month at a Greenpeace Aotearoa workship at Mātauri Bay for environmental activists and revealed that he has a forthcoming new book to mark the anniversary of the bombing.

    “I don’t think I had any illusions at the time. For me, I knew it was the French immediately the bombing happened,” he said.

    Eyes of Fire . . . the earlier 30th anniversary edition in 2015. Image: Little Island Press/DR

    “You know with the horrible things they were doing at the time with their colonial policies in Kanaky New Caledonia, assassinating independence leaders and so on, and they had a heavy military presence.

    “A sort of clamp down in New Caledonia, so it just fitted in with the pattern — an absolute disregard for the Pacific.”

    He said it was ironic that four decades on, France had trashed the goodwill that had been evolving with the 1988 Matignon and 1998 Nouméa accords towards independence with harsh new policies that led to the riots in May last year.

    Dr Robie’s series of books on the Rainbow Warrior focus on the impact of nuclear testing by both the Americans and the French, in particular, on Pacific peoples and especially the humanitarian voyages to relocate the Rongelap Islanders in the Marshall Islands barely two months before the bombing at Marsden wharf in Auckland on 10 July 1985.

    Detained by French military
    He was detained by the French military while on assignment in New Caledonia a year after Eyes of Fire: The Last Voyage of the Rainbow Warrior was first published in New Zealand.

    His reporting won the NZ Media Peace Prize in 1985.


    David Robie’s 2025 talk on the Rainbow Warrior.     Video: Greenpeace Aotearoa

    Dr Robie confirmed that Little island Press was publishing a new book this year with a focus on the legacy of the Rainbow Warrior.

    Plantu’s cartoon on the Rainbow Warrior bombers from the slideshow. Image: David Robie/Plantu

    “This edition is the most comprehensive work on the sinking of the first Rainbow Warrior, but also speaks to the first humanitarian mission undertaken by Greenpeace,” said publisher Tony Murrow.

    “It’s an important work that shows us how we can act in the world and how we must continue to support all life on this unusual planet that is our only home.”

    Little Island Press produced an educational microsite as a resource to accompany Eyes of Fire with print, image and video resources.

    The book will be launched in association with a nuclear-free Pacific exhibition at Ellen Melville Centre in mid-July.

    Find out more at the microsite: eyes-of-fire.littleisland.co.nz

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Congresswoman Ramirez Reintroduces Bill to Strengthen Immigrants’ Right to Legal Representation

    Source: United States House of Representatives – Representative Delia Ramirez – Illinois (3rd District)

    Washington, DC —  Today, Congresswoman Delia C. Ramirez announced the reintroduction of the Securing Help for Immigrants Through Education and Legal Development (SHIELD) Act to ensure that immigrants have access to high-quality legal representation during immigration court proceedings. Ramirez is co-leading the legislation with Congressman Robert Garcia (CA-42) and Congresswoman Norma Torres (CA-35).

    The SHIELD Act would create a grant program to support the recruitment, training, retention, and development of staff and resources for immigrant legal defenders.  The bill comes in response to the ongoing illegal deportations and harmful immigration policies that began under the Trump Administration, and aims to restore fairness and due process to our nation’s immigration system. 

    “The Trump Administration’s attempts to undermine immigrants’ right to representation, coupled with outdated policies and years of under-funding, have created historic court backlogs, strained legal resources, and stripped immigrants of due process. To combat the criminal actions of the Administration and ensure a fair, fully functioning system, we must invest and support immigration legal professionals,” said Congresswoman Delia C. Ramirez. “I’m proud to join Representatives Robert Garcia and Norma Torres and immigration advocates in introducing the SHIELD Act, a commonsense solution to ensure representation, clear backlogs, keep families together, and protect our communities from Trump and Noem’s cruel ‘administrative errors’.”

    “The unconstitutional deportations of Kilmar Abrego Garcia and Andry José Hernández Romero by the Trump Administration have reminded us of the immediate need to protect the right to due process in our immigration system,” said Congressman Robert Garcia. “These tragic cases are a harsh reminder of what happens when people are denied basic rights and reinforces the need for proper legal representation. The SHIELD Act is a critical step to ensuring that our legal system protects the due process of those who are most vulnerable, providing them with the legal resources they need and working toward creating a more humane and just immigration system in our country.”

    “The Trump administration has shown an utter disregard for justice by forcing countless immigrants to face life-altering legal battles without any support, leaving families vulnerable and children at risk of deportation. This cruel reality is a direct result of policies that deny immigrants the right to legal counsel in immigration court,” said Congresswoman Norma Torres. “That’s why I introduced the Fairness to Freedom Act—to guarantee that every immigrant has access to legal representation and a fair due process. I’m proud to co-lead the SHIELD Act with Congressman Robert Garcia, a critical effort to create a grant program that will recruit, train, and retain immigrant legal defenders. We cannot stand by while our family, friends, neighbors and loved ones are denied their basic rights. This is a fight for fairness and justice—because when immigrants have high-quality legal representation, they have a chance to protect their families and secure a fair day in court.”

    The SHIELD Act would allocate $100 million for a federal grant program to enhance the legal services workforce tailored to meet the needs of those facing deportation. The bill prioritizes support for pre-existing state and local programs that need additional funding and are in underserved areas while also offering four-year renewable competitive grants through the Department of Justice’s Office of Access to Justice for state and local governments, nonprofits, and educational institutions. 

     “Legal service providers and their clients—including children and babies—have borne the brunt of the Trump administration’s cruel attacks on due process. The termination of federal funding for immigration legal services programs like the Unaccompanied Children Program, the National Qualified Representative Program serving people with mental health needs, and the Legal Orientation Program for people in detention have depleted the immigration legal infrastructure. The SHIELD Act would help rebuild and expand that infrastructure, promoting fairness and due process for people facing detention and removal. We urge Congress to support this commonsense solution to safeguard due process and keep families together,” said Shayna Kessler, director of the Advancing Universal Representation initiative at the Vera Institute of Justice.

    “The terror and destruction of Trump’s mass detention, deportation, and family separation agenda is being felt acutely at the local level, leaving local communities and families in desperate need of solutions that will help them defend their freedom and due process rights. With the SHIELD Act, states and localities would be able to apply for grant funding to build up a legal representation workforce at a mere fraction of the cost of some lawmakers’ proposed billions to supercharge Trump’s destructive deportation plans. We are grateful to Congressman Garcia for bringing forward this solution that ensures that individuals facing the system have a fighting chance to remain safely rooted with their loved ones at home,” said Nicole Melaku, executive director of the National Partnership for New Americans

    The full text of the SHIELD Act can be found here.

    BACKGROUND

    As the proud daughter of immigrants, the wife of a Dreamer, and representative of IL-03, Congresswoman Delia C. Ramirez has worked tirelessly to humanely address immigration, bring resources back to the district, and is fighting against the anti-immigrant campaign of the Trump Administration.  

    • Congresswoman Ramirez is calling for the resignation of Kristi Noem as Secretary of the Department of Homeland Security for a long list of unconstitutional, illegal, and inhumane activities under her leadership, including the violation of immigrant rights to representation. 
    • Congresswoman Ramirez led 40+ members in a letter to the U.S. Customs and Border Protection (CBP) demanding an explanation about the troubling reports alleging due process violations, mistreatment, prolonged detention, and politicized denials of entry at air and land ports since President Trump took office. 
    • Congresswoman Ramirez introduced the bicameral Protecting Sensitive Locations Act to codify protections for immigrant communities at sensitive locations like schools, churches, and hospitals amid the rise of vicious targeting and attacks by ICE.
    • Congresswoman Ramirez is co-leading with Congresswoman Sylvia Garcia (TX-29) the American Dream and Promise Act, legislation that provides a pathway to citizenship for Deferred Action for Childhood Arrivals (DACA) recipients, Temporary Protected Status (TPS) holders, and Deferred Enforced Departure (DED) recipients.

    MIL OSI USA News –

  • MIL-OSI Security: DDoS-for-hire empire brought down: Poland arrests 4 administrators, US seizes 9 domains

    Source: Europol

    The now defunct platforms – Cfxapi, Cfxsecurity, neostress, jetstress, quickdown and zapcut – are thought to have facilitated widespread attacks on schools, government services, businesses, and gaming platforms between 2022 and 2025. The platforms offered slick interfaces that required no technical skills. Users simply entered a target IP address, selected the type and duration of attack, and paid the fee…

    MIL Security OSI –

  • MIL-OSI Security: Hackensack Tax Preparer Sentenced to 36 Months in Prison for Tax Evasion and Aiding and Assisting in Preparing 177 False Tax Returns

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Bergen County, New Jersey woman was sentenced today for tax evasion and for helping her clients file falsified tax returns that generated larger refunds, U.S. Attorney Alina Habba announced.

    Joshlyn Raye, 49, of Elmwood Park, previously pleaded guilty before U.S. District Judge Esther Salas in Newark federal court to an Information charging her with one count of aiding and assisting in the preparation of a false and fraudulent tax return; one count of tax evasion; and one count of filing a false declaration under penalty of perjury concerning a quarterly tax return on behalf of her tax return business.

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

    Between March 2010 and September 2023, Raye was the owner of JB Tax Services, a tax return preparation business located in Hackensack. She knowingly and willfully evaded her personal income taxes over three of those years; filed 177 false tax returns on behalf of her clients; and filed three false quarterly employment tax returns on behalf of her tax return preparation business. Raye used fabricated and inflated figures, including expenses and itemized deductions.

    In addition to the 36-month prison term, Judge Salas sentenced Raye to 3 years of supervised release and ordered her to pay $1,109,214.10 in restitution.

    U.S. Attorney Habba credited members of the IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan; and members of the New York State Department of Taxation and Finance, Office of Internal Affairs, under the direction of Director Brian Hickey, with the investigation leading to today’s sentencing.

    The government is represented by Assistant U.S. Attorney Benjamin Levin, Chief of the OCDETF/Narcotics Unit in Newark.

                                                                           ###

    Defense counsel:  Richard J. Sapinski, Esq.

    MIL Security OSI –

  • MIL-OSI USA: Hickenlooper, Western Senators Applaud Progress, Senate Hearing on Their Bipartisan Wildfire Resilience Bill

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper
    Hickenlooper’s Fix Our Forests Act will help reduce wildfire risk for Colorado communities and speed up mitigation projects while maintaining environmental safeguards and encouraging local involvement
    WASHINGTON – Today, U.S. Senators John Hickenlooper, John Curtis, Alex Padilla, and Tim Sheehy applauded the continued progress of their bipartisan Fix Our Forests Act, which received a hearing this afternoon in the Senate Committee on Agriculture, Nutrition, and Forestry. The bipartisan legislation works to combat the increase of catastrophic wildfires across Colorado and the United States by improving forest management, supporting fire-safe communities, and streamlining approvals for projects that protect communities and ecosystems from extreme wildfires.
    A one-pager can be found here, and a section-by-section can be found here.
    “The wildfire crisis is here – and climate change is making it worse,” Hickenlooper said. “Our bipartisan bill matches the urgency to protect our communities and the environment. We’re glad the committee is moving fast – this crisis won’t wait.”
    “Utah and the American West are on the front lines of raging wildfires—and the longer we wait, the more acres will burn, and the more families will be impacted,” said Curtis. “I’m encouraged to see our Fix Our Forests Act receive a hearing in the Senate Agriculture Committee today. Our legislation reflects months of consensus-building, and I’m confident that spirit will continue as the bill is considered by the Committee and, later, by the full Senate.”
    “The status quo around wildfires isn’t working. To protect our communities from these disasters, we have to work together across the aisle to reassess how we prevent and mitigate wildfires,” said Padilla. “Our Fix Our Forests Act represents important bipartisan progress, not just in reducing wildfire risk in and around our national forests, but in protecting urban areas and our efforts to slash climate emissions. I am glad to see the bill continue to move through the Senate and will keep fighting to advance forward-thinking, practical solutions to the wildfire crisis because if we can help prevent even one more community from the devastation California has experienced, it’ll be worth it.”
    “As we work to create more good-paying jobs and support those on the frontlines protecting communities from catastrophic wildfire, better stewarding our forests is something we can all agree on, regardless of party. The Fix Our Forests Act is a bipartisan, commonsense solution that helps secure a stronger economy, more resilient, healthy forests, and safer communities,” said Sheehy.
    The comprehensive bill reflects months of bipartisan negotiations to find consensus on how to accelerate forest management projects, promote safe and responsible prescribed fire treatments, expand public input in assessments of wildfire resilience needs, and enhance collaboration between federal agencies, states, tribes, and stakeholders.
    Earlier this month, the senators announced growing support from state and local government officials, community leaders, and industry stakeholders for the Senate version of the Fix Our Forests Act.
    The West has long been prone to wildfires, but climate change, prolonged drought, and the buildup of dry fuels have increasingly intensified these fires and extended fire seasons. Wildfires today are more catastrophic – growing larger, spreading faster, and burning more land than ever before.
    Colorado has seen four of the five largest fires in our state history since 2018. The 2021 Marshall fire was Colorado’s most destructive on record, burning over 1,000 homes. The Cameron Peak and East Troublesome fires in 2020 together burned over 400,000 acres, the two largest fires in the state’s history. Nationwide, total acres burned rose from 2.7 million in 2023 to nearly 9 million in 2024, a 231% increase.
    Forest health challenges are also increasing in frequency and severity due to climate stressors like drought and fire, and biological threats like invasive species – all of which the West is particularly vulnerable to. From 2001 to 2019, total forest area declined by 2.3%, while interior forest area decreased by up to 9.5%. The Intermountain region had the largest area losses, and the Pacific Southwest had the highest annual loss rates.
    More information on today’s hearing is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Colleagues Introduce Legislation to Cut Taxes on Overtime, Deliver on Key Trump Campaign Promise

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) and U.S. Senator Roger Marshall (R-KS) introduced the Overtime Wages Tax Relief Act, which would provide much needed relief for overtime wage workers. This bill would create a tax deduction for overtime wages up to $10,000 for individuals and $20,000 for married couples—targeting middle-income Americans. The Wall Street Journal first reported on the bill’s introduction. 
    “President Trump campaigned and won on a promise to cut taxes for millions of Americans working overtime—and we are delivering on that promise,” said Sen. Tuberville. “Thousands of Alabamians put in way more than 40 hours a week in order to save for retirement, put their kids through college, and keep the trains running. They should not be punished with higher taxes for working longer hours. Alabama was the first state to pass overtime tax exemptions, and I am hopeful that the federal government will follow suit. I’m proud to join Senators Marshall, Ricketts, and Justice in helping deliver on this critical piece of President Trump’s agenda, which will put American workers first.”
    “President Trump promised relief for millions of hardworking Americans, and we’re proud to help deliver on that with the Overtime Wages Tax Relief Act,” said Sen. Marshall. “Our legislation ensures Kansans keep more of their hard-earned wages and codifies a key pillar of President Trump’s pro-worker agenda as we work to pass our ‘One Big Beautiful Bill.’ It’s time to put American workers first again, and I’m proud to work with Senators Tuberville, Ricketts, and Justice to ensure we do just that.”  
    Joining Sens. Tuberville and Marshall in introducing the legislation are Sens. Jim Justice (R-WV) and Pete Ricketts (R-NE).
    Read full text of the legislation here.
    BACKGROUND:
    Specifically, the Overtime Wages Tax Relief Act would:
    Introduce a tax deduction for overtime wages – up to $10,000 for individuals and $20,000 for married couples,
    Include phase-out eligibility based on income:
    The deduction begins to phase out when income reaches $100,000 for individuals or $200,000 for married couples,
    The deduction is reduced by $50 for every $1,000 in income above the threshold, similar to the Child Tax Credit,

    Define overtime to include a wide range of workers such as law enforcement officers, nurses, trade workers, factory employees, and other eligible professions, and
    Require employers to report overtime earnings to ensure transparency and accuracy in claiming the deduction.
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI: Best New Online Casinos: JACKBIT Voted #1 Online Casino for New Crypto Players

    Source: GlobeNewswire (MIL-OSI)

    LARNACA, Cyprus, May 06, 2025 (GLOBE NEWSWIRE) — After spending time exploring different crypto casinos, we quickly realized that many just didn’t meet expectations. The bonuses felt small, the game selections were limited, and the overall experience wasn’t very memorable.

    Then we got to know about JACKBIT, and it made a real difference. From the moment we signed up, it impressed us with a generous welcome bonus, fast crypto payments, and a wide variety of games. The platform was easy to use, and everything worked seamlessly. JACKBIT truly stands out as one of the best new online casinos available.

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    Our Favourite Overall New Crypto Casino: JACKBIT

    JACKBIT has solidified its position as the best new online casino for 2025, offering a perfect blend of innovation, variety, and player-focused features. This brand-new online casino sets itself apart with its no-KYC policy, ensuring total anonymity for players who prioritize privacy. With over 7,000 games powered by 85 leading software providers, JACKBIT caters to every gaming preference, from slots to live dealer tables and a sportsbook featuring over 82,000 live monthly events. Its seamless support for 17+ cryptocurrencies and fiat options like Visa and Apple Pay makes it accessible to a global audience, reinforcing its status among the best crypto casinos.

    The platform’s intuitive design and lightning-fast crypto transactions create a hassle-free experience for both casual players and high rollers. JACKBIT’s commitment to delivering value through generous promotions, such as weekly giveaways and a robust VIP program, keeps players engaged. Whether you’re spinning slots or betting on sports, this new online casino offers a dynamic and rewarding experience that’s hard to beat. Its rapid rise since its 2022 launch underscores its credibility as a leader in the best new online casinos.

    JACKBIT Casino Features

    JACKBIT’s feature-rich platform makes it a standout in the best new online casinos, combining cutting-edge technology with user-centric design. Here’s a detailed look at what sets it apart:

    • License and Security: JACKBIT operates under a Curacao Gaming License, ensuring a regulated and fair gaming environment. Its no-KYC policy enhances privacy, making it a top anonymous online casino, though some players may prefer stricter licenses like those from Malta or the UKGC. SSL encryption protects all transactions and data, aligning with industry standards.
    • Bonuses and Promotions: New players are welcomed with a 30% Rakeback and 100 free spins on their first deposit. Ongoing offers include $10,000 weekly giveaways, 10,000 free spins, a VIP program with up to 30% Rakeback, social media bonuses, and Pragmatic Drops & Wins with a €2,000,000 prize pool. These promotions add significant value for players.
    • Game Library: With over 7,000 games, JACKBIT offers slots, table games (blackjack, roulette, poker, baccarat), live dealers, and a sportsbook covering 140+ sports with 4,500+ betting options. This diversity ensures every player finds something to enjoy.
    • Game Providers: JACKBIT partners with industry leaders like NetEnt, Microgaming, Evolution Gaming, Pragmatic Play, and Betsoft, guaranteeing high-quality, immersive gameplay across all categories.
    • Banking Options: The platform supports 17+ cryptocurrencies, including Bitcoin, Ethereum, Tether, and Solana, alongside fiat methods like Visa, MasterCard, Google Pay, and Apple Pay. Crypto transactions are instant and fee-free, making it a top Pay ID casino alternative.
    • Customer Support: 24/7 live chat in multiple languages (English, German, French, Spanish) provides prompt, professional assistance. An extensive FAQ section further enhances user trust.
    • Mobile Experience: Fully optimized for iOS and Android, JACKBIT delivers seamless gameplay without a dedicated app, ensuring accessibility on the go.

    These features collectively position JACKBIT as a trailblazer in the best new online casinos, offering a comprehensive and enjoyable gaming experience for all players. Its focus on privacy, variety, and speed makes it a go-to choice for modern gamblers.

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    What Makes JACKBIT Better Than Other New Crypto Casinos

    JACKBIT stands out among the best new online casinos due to its unique combination of privacy, variety, and innovative features. Here’s why it surpasses its competitors:

    • Unmatched Privacy with No KYC: Unlike many crypto casinos that require identity verification, JACKBIT’s no-KYC policy allows players to enjoy a fully anonymous online casino experience. This makes it the best choice for those prioritizing discretion, setting it apart from other new online casinos.
    • Expansive Game Library: With over 7,000 games, JACKBIT offers a broader selection than most competitors. From high-RTP slots to live dealer tables and a sportsbook with 140+ sports, it ensures every player finds their niche, making it a leader in the best crypto casinos.
    • Superior Payment Flexibility: Supporting 17+ cryptocurrencies and fiat options like Google Pay and Apple Pay, JACKBIT provides faster, fee-free payouts compared to many other platforms. This flexibility enhances its appeal among the best new online casinos.
    • Innovative Bonuses: JACKBIT’s 30% Rakeback and 100 free spins welcome offer, combined with unique promotions like social media bonuses and weekly giveaways, deliver more value than standard deposit matches found at other brand new online casinos.
    • Robust Sportsbook: While many crypto casinos focus solely on casino games, JACKBIT’s sportsbook, with 82,000+ live events and 4,500+ betting types, caters to sports betting enthusiasts, adding a unique dimension to its offerings.
    • Global Accessibility: Multilingual support in English, German, French, and Spanish, paired with a mobile-optimized platform, makes JACKBIT more inclusive than region-locked competitors, reinforcing its position in the best new online casinos.

    JACKBIT’s ability to combine privacy, variety, and innovative rewards creates a gaming experience that’s hard to match. Its player-centric approach and global reach make it a top contender among the best crypto casinos, appealing to both casual players and seasoned gamblers.

    What We Like and Don’t Like About JACKBIT Casino

    Like any platform, JACKBIT has its strengths and areas for improvement. Here’s a balanced look at what makes it shine and where it could grow among the best new online casinos.

    Advantages

    • No KYC Requirement: JACKBIT’s no-KYC policy makes it the best anonymous online casino, offering unparalleled privacy for players who value discretion.
    • Massive Game Library: With over 7,000 titles, including slots, table games, live dealers, and a comprehensive sportsbook, JACKBIT caters to every gaming preference.
    • Diverse Payment Options: Supporting 17+ cryptocurrencies and fiat methods like Visa and Google Pay, JACKBIT ensures fast, secure, and fee-free transactions, rivaling top Pay ID casino platforms.
    • Generous Bonuses: From a 30% Rakeback and 100 free spins welcome offer to weekly giveaways and a rewarding VIP program, JACKBIT keeps players engaged with valuable rewards.
    • Instant Crypto Payouts: Players can access winnings quickly, thanks to fee-free, instant crypto withdrawals, a key feature of the best new online casinos.
    • 24/7 Multilingual Support: Live chat in multiple languages ensures global players receive prompt, professional assistance at any time.
    • Comprehensive Sportsbook: With 140+ sports and 82,000+ live events, JACKBIT’s sportsbook adds a dynamic layer to its casino offerings, appealing to sports betting fans.

    Disadvantages

    • Curacao License: While reputable, the Curacao Gaming License may be seen as less stringent than those from Malta or the UKGC, which could concern some players.
    • Limited Game Category Details: Certain games, like craps, lack detailed information in some reviews, which could improve transparency for players exploring the best new online casinos.
    • No Dedicated Mobile App: Although the mobile site is highly responsive, the absence of a dedicated app might disappoint some users who prefer app-based gaming.

    Overall, JACKBIT’s strengths far outweigh its minor drawbacks, making it a top choice among the best new online casinos. Its focus on privacy, variety, and player rewards ensures a standout experience, even as it continues to refine its offerings.

    How We Selected the Best New Online Casino

    Selecting the best new online casinos involves a meticulous evaluation of critical factors to ensure a safe, enjoyable, and rewarding experience. Our process for choosing JACKBIT as a leader in this category is thorough and transparent. Here’s how we assessed it:

    • License and Security: A valid license is non-negotiable for trust and compliance. JACKBIT’s Curacao Gaming License ensures legal operation and regular audits for fairness. Its no-KYC policy enhances privacy, making it a top anonymous online casino, while SSL encryption safeguards player data and transactions.
    • Bonuses and Promotions: Competitive bonuses attract and retain players. JACKBIT’s 30% Rakeback and 100 free spins welcome offer, combined with weekly $10,000 giveaways, 10,000 free spins, and a VIP program, provide exceptional value compared to other new online casinos.
    • Game Variety: A diverse game library is essential for player satisfaction. JACKBIT’s 7,000+ games, including slots, table games, live dealers, and a sportsbook with 140+ sports, cater to all preferences, setting it apart in the best new online casinos.
    • Casino Game Providers: Partnerships with top providers guarantee quality and innovation. JACKBIT collaborates with industry leaders like NetEnt, Microgaming, Evolution Gaming, and Pragmatic Play, ensuring cutting-edge gameplay across all categories.
    • Banking Methods: Flexible and secure payment options are vital. JACKBIT supports 17+ cryptocurrencies (Bitcoin, Ethereum, Tether) and fiat methods (Visa, Google Pay, Apple Pay), with instant, fee-free crypto transactions, making it a strong Pay ID casino alternative.
    • Customer Support: Reliable support builds trust and enhances the user experience. JACKBIT’s 24/7 live chat in multiple languages, coupled with a comprehensive FAQ section, ensures players receive prompt, professional assistance.
    • User Experience: An intuitive interface and mobile compatibility are key to accessibility. JACKBIT’s sleek design and fully optimized mobile platform deliver seamless gameplay on desktops, tablets, and smartphones, a hallmark of the best new online casinos.

    This rigorous evaluation process confirms JACKBIT’s position as a leader in the best new online casinos, offering a secure, diverse, and player-focused experience that meets the needs of modern gamblers.

    How We Chose JACKBIT as the Best Online Casino

    Our methodology for selecting the best crypto casinos prioritizes player satisfaction, reliability, and innovation. JACKBIT emerged as a top contender among the best new online casinos due to its exceptional performance across these key criteria:

    • User Experience: A seamless, intuitive platform is critical for player enjoyment. JACKBIT’s clean design, easy navigation, and mobile-friendly interface make it accessible to all users, from beginners to seasoned players, setting it apart from other brand-new online casinos.
    • Game Quality and Innovation: High-quality games from trusted providers ensure fairness and engagement. JACKBIT’s partnerships with NetEnt, Evolution Gaming, and Pragmatic Play deliver top-tier experiences, with innovative features like provably fair games and immersive live dealer tables.
    • Bonus Fairness: Promotions should offer genuine value with transparent terms. JACKBIT’s 30% Rakeback, 100 free spins, and weekly giveaways are player-friendly, providing more rewards than many competitors in the best new online casinos.
    • Payment Speed and Security: Fast, secure transactions are essential for a modern casino. JACKBIT’s instant crypto payouts, fee-free withdrawals, and robust encryption set a high standard, making it a top choice for players seeking a Pay ID casino alternative.
    • Reputation and Feedback: Player reviews and industry standing are critical indicators of credibility. Since its 2022 launch, JACKBIT has earned positive feedback on platforms like Trustpilot and AskGamblers, confirming its reliability among the best crypto casinos.
    • Responsible Gambling: Tools like deposit limits, self-exclusion, and reality checks promote safe play. JACKBIT’s commitment to responsible gaming aligns with the standards of the best new online casinos, ensuring player well-being.

    By excelling in these areas, JACKBIT proves itself as a leader in the best crypto casinos, delivering a reliable, innovative, and rewarding experience for players worldwide.

    How to Join JACKBIT

    Joining JACKBIT, one of the best new online casinos, is a quick and straightforward process, thanks to its streamlined, no-KYC registration. This makes it an ideal choice for players seeking an anonymous online casino. Follow these simple steps to get started:

    1. Visit JACKBIT’s official website using a secure browser.
    2. Locate and click the “Sign Up” or “Register” button in the top-right corner of the homepage.
    3. Provide minimal details, such as an email address, password, and preferred currency, to maintain anonymity.
    4. Choose a payment method from 17+ cryptocurrencies (e.g., Bitcoin, Ethereum) or fiat options (e.g., Visa, Google Pay) and make your first deposit.
    5. Claim the 30% Rakeback and 100 free spins welcome bonus to boost your gaming experience.
    6. Start exploring the 7,000+ games or dive into the sportsbook for betting action.

    The entire process takes less than five minutes, making JACKBIT one of the most accessible new online casinos. Before signing up, ensure you meet your jurisdiction’s legal gambling age, typically 18 or 19, to comply with regulations. JACKBIT’s user-friendly onboarding process reinforces its position as a top choice among the best new online casinos, offering instant access to a world of gaming excitement.

    ✅SIGN UP AT JACKBIT AND ENJOY FAST, ANONYMOUS PLAY!

    The Selection Process: Defining Excellence in Online Gaming

    Our selection process for identifying the best new online casinos is rigorous and transparent, focusing on measurable criteria that define excellence in online gaming. JACKBIT excels across these key areas, earning its place as a leader in the industry:

    • Game Quality and Variety: A diverse, high-quality game library is essential for player satisfaction. JACKBIT’s 7,000+ titles, including slots, table games, live dealers, and a sportsbook with 140+ sports, set a benchmark for variety and quality in the best new online casinos.
    • User Experience: Intuitive navigation and cross-device compatibility are critical for accessibility. JACKBIT’s responsive design ensures seamless gameplay on desktops, tablets, and smartphones, making it a standout among brand new online casinos.
    • Bonuses and Fairness: Promotions should enhance gameplay without excessive restrictions. JACKBIT’s 30% Rakeback, 100 free spins, and weekly giveaways are generous and transparent, offering more value than many competitors in the best crypto casinos.
    • Payment Flexibility: Secure, diverse payment methods cater to modern player needs. JACKBIT’s support for 17+ cryptocurrencies and fiat options like Apple Pay provides unmatched convenience, positioning it as a top Pay ID casino alternative.
    • Security and Trust: Licensing, encryption, and fair play are paramount for player confidence. JACKBIT’s Curacao Gaming License, SSL encryption, and no-KYC policy build trust, making it a leading anonymous online casino.
    • Innovation: Features like crypto integration and anonymous play set top casinos apart. JACKBIT’s no-KYC approach, extensive crypto support, and innovative promotions make it a pioneer in the best new online casinos.

    This comprehensive process confirms JACKBIT’s excellence, redefining standards for online gaming and solidifying its position as a top choice among the best new online casinos in 2025.

    Games Offered in JACKBIT

    JACKBIT’s game library is a cornerstone of its appeal, offering over 7,000 titles across multiple categories. This extensive selection makes it a standout among the best new online casinos, catering to every type of player. Below is a detailed exploration of its offerings:

    1. Slots

    Slots dominate JACKBIT’s catalog, with over 5,000 titles, including 180+ Megaways and progressive jackpots. These games range from classic fruit machines to modern video slots with cinematic graphics and immersive storylines. Popular titles include:

    • Gold Party: A high-volatility slot with massive payout potential, ideal for thrill-seekers.
    • Chilli Heat: A vibrant, medium-variance slot with engaging free spins features, perfect for casual players.
    • Wolf Gold: A fan-favorite with stacked wilds and jackpot opportunities, offering exciting gameplay.

    Regular slot tournaments and free spins promotions enhance the experience, making JACKBIT a top destination for slot enthusiasts in the best new online casinos.

    2. Table Games

    JACKBIT offers a robust selection of table games for players who enjoy strategy and skill-based gaming:

    • Craps: A thrilling dice game with multiple betting options, available in RNG format and possibly live dealer versions, appealing to risk-takers.
    • Blackjack: Variants like Power Blackjack, Blackjack VIP, and Infinite Blackjack offer low house edges and strategic depth, catering to both novices and experts.
    • Roulette: Options include European, American, and Lightning Roulette, each with unique gameplay and betting limits to suit different preferences.
    • Poker: Titles like Texas Hold’em, Caribbean Stud, and video poker variants such as Jacks or Better provide diverse options for poker fans.
    • Baccarat: Features Mini Baccarat, VIP Baccarat, and Speed Baccarat for quick-play enthusiasts seeking fast-paced action.

    These table games combine skill and excitement, reinforcing JACKBIT’s position among the best new online casinos.

    3. Live Dealer Games

    JACKBIT’s live dealer section, powered by industry leaders like Evolution Gaming and Pragmatic Play, delivers an authentic casino experience:

    • Live Blackjack: Multiple tables with low-stakes and VIP options, featuring real-time interaction with professional dealers.
    • Live Roulette: Variants like Immersive Roulette and Auto Roulette provide dynamic gameplay with high-definition streaming.
    • Live Baccarat: Includes No Commission Baccarat and Punto Banco, offering fast-paced action for baccarat fans.
    • Game Shows: Titles like Dream Catcher, Mega Wheel, and Crazy Time add interactive fun with big win potential, appealing to players seeking entertainment.

    High-definition streaming, professional dealers, and real-time chat create an immersive environment, making JACKBIT a top choice for live gaming fans in the best crypto casinos.

    4. Sportsbook

    JACKBIT’s sportsbook is a standout feature, offering:

    • 140+ sports, including football, basketball, tennis, cricket, and e-sports like Dota 2 and Counter-Strike.
    • 82,000+ live monthly events and 75,000+ pre-match events, ensuring constant betting opportunities.
    • 4,500+ betting types, from moneylines to prop bets, with competitive odds and live streaming for select events.

    The sportsbook’s depth and variety make it a go-to for sports betting enthusiasts, complementing JACKBIT’s casino offerings and reinforcing its status as a leader in the best new online casinos.

    5. Specialty Games

    JACKBIT also offers low-stakes, high-fun options for casual players:

    • Bingo: Over 20 titles, such as Shamrock Bingo and Burning Pearl Bingo, provide quick, entertaining gameplay.
    • Scratch Cards: Digital scratch games with instant-win mechanics, perfect for fast-paced fun.
    • Mini-Games: Crypto-friendly options like Aviator and Plinko, known for their simplicity and high RTPs, appeal to players seeking unique experiences.

    These specialty games add diversity to JACKBIT’s portfolio, catering to a wide audience in the best new online casinos.

    6. Virtual Sports

    JACKBIT’s virtual sports section includes simulated events like virtual football, horse racing, and greyhound racing. Powered by advanced algorithms, these games offer 24/7 betting opportunities with realistic graphics and quick results, making them a great addition for sports fans.

    This extensive game variety ensures JACKBIT remains a top choice among the best new online casinos, offering something for every player, from slot enthusiasts to sports bettors.

    Additional Gaming Features

    JACKBIT enhances its gaming experience with several unique features that elevate it among the best new online casinos:

    • Tournaments: Regular slot and table game tournaments offer cash prizes and free spins, adding a competitive edge for players seeking excitement.
    • Progressive Jackpots: Slots like Mega Moolah and Divine Fortune provide the chance for life-changing payouts, attracting high-stakes players.
    • Demo Mode: Many games offer free play, allowing players to test strategies or explore new titles without risking funds, a valuable feature for beginners.
    • Multi-Language Support: Games are available in multiple languages, including English, German, French, and Spanish, catering to a global audience and enhancing accessibility.

    These features make JACKBIT a dynamic and engaging platform, solidifying its reputation as a leader in the best crypto casinos. By offering competitive tournaments, massive jackpots, and flexible play options, JACKBIT ensures players have a rewarding and personalized experience.

    ✅PLAY THOUSANDS OF GAMES WITH INSTANT PAYOUTS AT JACKBIT!

    Payment Options in JACKBIT

    JACKBIT’s payment system is designed for flexibility, speed, and security, making it a top pick among the best new online casinos. It supports both cryptocurrencies and fiat methods, catering to a diverse player base. Here’s a comprehensive overview:

    1. Cryptocurrencies

    JACKBIT accepts over 17 cryptocurrencies, ensuring fast, secure, and fee-free transactions:

    • Bitcoin (BTC): The most popular choice, offering instant deposits and withdrawals with full anonymity.
    • Ethereum (ETH): Known for quick processing and low transaction costs, ideal for frequent players.
    • Tether (USDT): A stablecoin that ensures value stability, perfect for consistent payouts.
    • Solana (SOL): Offers ultra-fast transactions and minimal fees, appealing to tech-savvy players.
    • Ripple (XRP): Provides rapid processing for seamless deposits and withdrawals.
    • Additional Cryptos: Includes Litecoin (LTC), Cardano (ADA), Dogecoin (DOGE), and more, providing ample options.

    Crypto transactions are processed instantly, with no fees, making JACKBIT a leader in the best crypto casinos for players seeking efficiency and privacy.

    2. Fiat Methods

    For players preferring traditional banking, JACKBIT offers:

    • Visa/MasterCard: Secure credit/debit card deposits are processed instantly, though withdrawals may take 1-3 days, depending on the provider.
    • Google Pay: A convenient option for mobile users, offering quick and secure deposits.
    • Apple Pay: Provides instant, secure deposits for iOS users, enhancing accessibility.
    • Bank Transfers: Reliable for larger transactions, though withdrawals may take 3-5 days and could incur minor fees.

    While JACKBIT doesn’t explicitly mention Pay ID casino support, its fiat options provide similar convenience for traditional banking users, ensuring accessibility for all players.

    Additional Notes

    • Minimum Deposits: Typically $10-$20 (or crypto equivalent), making JACKBIT accessible to players with varying budgets.
    • Withdrawal Limits: High limits, such as $10,000 weekly, cater to high rollers, with crypto withdrawals offering greater flexibility.
    • Security: SSL encryption and blockchain technology ensure safe transactions across all methods, aligning with the standards of the best new online casinos.

    JACKBIT’s diverse payment options, combined with its focus on speed and security, make it a top choice for players seeking a reliable and flexible gaming platform.

    Regulation of the Best Online Casinos

    Regulation is a cornerstone of trust in online gambling, and JACKBIT operates under a Curacao Gaming License, a common choice for crypto casinos due to its flexibility and global reach. This license ensures legal operation and regular audits for fairness, aligning with the standards of the best new online casinos. Key regulatory aspects include:

    • Licensing: The Curacao license guarantees compliance with international gaming standards, providing players with a safe and fair environment.
    • Data Protection: SSL encryption safeguards personal and financial data, ensuring secure transactions and privacy for all users.
    • Fair Play: Random Number Generators (RNGs) and provably fair games ensure unbiased outcomes, giving players confidence in the integrity of JACKBIT’s offerings.
    • Responsible Gambling: Tools like deposit limits, self-exclusion, and reality checks promote safe play, demonstrating JACKBIT’s commitment to player well-being.
    • Age Verification: JACKBIT enforces legal gambling age requirements (18 or 19, depending on jurisdiction), ensuring compliance with local regulations.

    While the Curacao license is reputable, some players may prefer casinos licensed by stricter authorities like the Malta Gaming Authority or UK Gambling Commission. However, JACKBIT’s no-KYC policy and robust security measures make it a trustworthy choice for those seeking an anonymous online casino. Its adherence to regulatory standards reinforces its position among the best crypto casinos.

    The Most Popular Payout Methods at JACKBIT

    JACKBIT’s payout methods are optimized for speed, convenience, and privacy, with cryptocurrencies leading the way due to their alignment with the platform’s no-KYC ethos. Here are the most popular options among players:

    • Bitcoin (BTC): The fastest and most widely used method, offering instant, fee-free withdrawals with complete anonymity, making it ideal for players in the best new online casinos.
    • Ethereum (ETH): Popular for its quick processing and low transaction costs, providing a seamless payout experience for frequent players.
    • Tether (USDT): A stablecoin that ensures consistent payout values, perfect for players seeking stability in their withdrawals.
    • Ripple (XRP): Known for ultra-fast transactions and minimal fees, offering a reliable option for quick payouts.
    • Visa/MasterCard: A dependable choice for fiat users, though withdrawals take 1-3 days and may incur minor fees, depending on the provider.

    Cryptocurrency payouts dominate due to their speed and privacy, aligning with JACKBIT’s status as a top anonymous online casino. Fiat options remain popular for players transitioning from traditional banking, offering flexibility similar to a Pay ID casino. JACKBIT’s focus on instant, secure payouts ensures players can access their winnings with ease, reinforcing its position among the best new online casinos.

    Responsible Gambling at JACKBIT

    JACKBIT prioritizes player well-being with a comprehensive suite of responsible gambling tools, ensuring a safe and enjoyable experience for all users. These features align with the standards of the best new online casinos and demonstrate JACKBIT’s commitment to promoting healthy gaming habits:

    • Deposit Limits: Players can set daily, weekly, or monthly caps on their deposits to manage spending and maintain control over their gaming budget.
    • Self-Exclusion: Options to temporarily or permanently suspend accounts allow players to take a break if needed, supporting long-term well-being.
    • Reality Checks: Periodic reminders of playtime and spending help players stay aware of their gaming activity, encouraging mindful play.
    • Support Resources: JACKBIT provides links to organizations like GamCare and Gambling Therapy, offering professional support for players seeking assistance.

    These tools empower players to game responsibly, ensuring JACKBIT remains a safe and trusted platform. By prioritizing player well-being, JACKBIT reinforces its reputation as a leader in the best crypto casinos, catering to a global audience with care and integrity.

    ✅JOIN NOW AND CLAIM YOUR SHARE OF MASSIVE REWARDS!

    Commonly Asked Questions

    1. Why is JACKBIT considered one of the best new online casinos?
      JACKBIT’s no-KYC policy, 7,000+ games, instant crypto payouts, and generous bonuses make it a top choice for 2025, offering a seamless and rewarding experience.
    2. What bonuses does JACKBIT offer?
      New players receive a 30% Rakeback and 100 free spins, plus weekly giveaways, VIP rewards, and Pragmatic Drops & Wins with a €2,000,000 prize pool.
    3. Which payment methods are most popular at JACKBIT?
      Bitcoin, Ethereum, Tether, and Visa/MasterCard are widely used for their speed, security, and reliability, making JACKBIT a strong Pay ID casino alternative.
    4. Is JACKBIT a brand-new online casino?
      Launched in 2022, JACKBIT is a relatively new online casino but has quickly gained prominence due to its innovative features and player-focused approach.
    5. Does JACKBIT support Pay ID casino options?
      While not explicitly mentioned, JACKBIT’s fiat options like Visa, Google Pay, and Apple Pay offer similar convenience for traditional banking users.

    EMAIL: support@jackbit.com

    Disclaimer and Affiliate Disclosure

    General Disclaimer

    This article is for informational and entertainment purposes only and does not constitute legal or financial advice. The content is based on research and user reviews, but no warranties are made. Players must verify all information before acting, as online gambling carries inherent risks. Ensure you meet your jurisdiction’s legal gambling age before participating.

    Casino and Gambling Disclaimer

    Online gambling involves risks and may not be suitable for everyone. Gambling laws vary by jurisdiction, and compliance is your responsibility. We do not promote gambling, and participation is at your own risk. JACKBIT is a third-party platform, and we are not liable for any losses or disputes arising from its use. Always gamble responsibly and seek professional advice if needed.

    Affiliate Disclosure

    This article may contain affiliate links, which earn us a commission at no additional cost to you for qualifying actions. These links help support our content creation. Our reviews remain unbiased, and we only recommend products and platforms we believe offer genuine value. Conduct your own research before signing up or making deposits to ensure JACKBIT meets your needs.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f15aa58-806e-4a39-80fd-fcdaa1a6ef34

    The MIL Network –

  • MIL-OSI: Best Online Casinos UK: JACKBIT is Ranked the Most Trusted Online Casino of 2025

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 06, 2025 (GLOBE NEWSWIRE) — JACKBIT Casino is making a bold impact on the UK’s online casino scene for 2025, offering a distinctive mix of privacy, speed, and premium gameplay. Since its launch in 2022, it has become a top choice for UK players who value no KYC requirements, instant crypto withdrawals, and access to over 7,000 games. With a sleek, user-friendly interface and full cryptocurrency support, JACKBIT delivers a modern, secure, and rewarding experience for real-money casino enthusiasts.

    ✔️JOIN JACKBIT & ACCESS 7,000+ GAMES INSTANTLY (UK ONLY)

    JACKBIT Casino Features for UK Players

    JACKBIT ranks among the best online casinos UK for 2025, offering privacy-first gaming with no KYC requirements. Players enjoy access to 7,000+ games, including top online pokies, live dealer tables, and more, powered by 85+ leading providers.

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    How We Selected JACKBIT as the Best Online Casino in the UK

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    Banking Methods

    JACKBIT supports 20+ cryptocurrencies (Bitcoin, Ethereum, Tether, Solana, etc.) and fiat options (Visa, MasterCard, Apple Pay, Google Pay, bank transfer) tailored for UK players. Instant crypto deposits and withdrawals position it as a leader in Pay ID Casino and best online casinos UK.

    Customer Support

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    How We Choose the Top-Rated Casino Sites in the UK

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    The Selection Process: Defining Excellence in Online Gaming

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    JACKBIT’s instant payouts, vast game selection, and privacy-first approach made it the top choice for best online casinos UK.

    A Gaming Paradise: 8,000+ Ways to Play

    While JACKBIT’s library is closer to 7,000 games (not 8,000 as sometimes claimed), it remains a gaming paradise for UK players in best online casinos UK. From best online pokies to live dealer tables, digital scratch cards, and a comprehensive sportsbook, the platform caters to every taste. Its sportsbook, featuring 82,000+ monthly live events, 75,000+ pre-match events, 4,500+ betting types, and 140+ sports, adds unparalleled versatility, making JACKBIT a standout in best crypto casinos.

    Craps

    JACKBIT offers digital craps with provably fair outcomes, delivering fast-paced dice action. The intuitive interface and customizable betting options make it accessible for beginners and seasoned UK players in new online casinos.

    Live Dealer Games

    With over 250 live dealer games from Evolution Gaming, Pragmatic Play, and Ezugi, JACKBIT provides immersive experiences in blackjack, roulette, baccarat, and game shows like Dream Catcher and Crazy Time. High-definition streaming, multi-camera angles, and professional dealers make it a highlight of the best crypto casinos.

    Poker

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    Roulette

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    Blackjack

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    Slots

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    Table Games

    Beyond poker, roulette, and blackjack, JACKBIT offers baccarat, sic bo, and hi-lo. These games feature RNG and live versions, with flexible betting limits (£0.10 to £5,000) to suit casual players and high rollers in the best online casinos UK.

    Digital Scratch Cards

    JACKBIT includes digital scratch card games, offering instant-win excitement with themes like treasure hunts and sports. High RTPs (up to 94%) and low stake best cryptos make them popular in new online Casinos.

    Mini-Games

    JACKBIT’s mini-games, such as Aviator, Plinko, and Mines, provide quick, crypto-friendly entertainment. Provably fair algorithms ensure transparency, appealing to UK players in best crypto casinos.

    Sportsbook

    JACKBIT’s sportsbook is a major draw, covering 140+ sports, including football, cricket, rugby, tennis, esports, and niche options like Gaelic hurling. With 82,000+ monthly live events, 75,000+ pre-match events, and 4,500+ betting types (e.g., over/under, handicaps), it offers competitive odds and in-play betting, making it a top feature in best online casinos UK.

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    Payment Options

    JACKBIT’s payment system is a cornerstone of its appeal in the best online casinos UK, offering a robust blend of cryptocurrency and fiat methods tailored for UK players. All transactions are fee-free, with instant crypto deposits and withdrawals, and fiat processing times are competitive.

    Cryptocurrencies (20+)

    JACKBIT supports an extensive range of cryptocurrencies, ensuring fast, secure, and private transactions for UK players:

    • Bitcoin (BTC): Minimum deposit $20, instant withdrawals, 1–5 minute processing.
    • Ethereum (ETH): Supports ERC-20 tokens, instant payouts, and low gas fees.
    • Tether (USDT): Stablecoin for low volatility, instant withdrawals.
    • Solana (SOL): High-speed transactions, minimal fees, 1–3 minute processing.
    • Ripple (XRP): Near-instant transfers, popular in Pay ID Casino.
    • Litecoin (LTC): A Fast alternative to Bitcoin, with low fees and instant payouts.
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    • Cardano (ADA): Eco-friendly blockchain, quick withdrawals.
    • Dogecoin (DOGE): Fun and fast for small transactions, instant payouts.
    • USD Coin (USDC): Stablecoin with 1:1 USD peg, instant processing.
    • TRON (TRX): High throughput, low-cost transfers, 1–5 minutes.
    • Bitcoin Cash (BCH): Faster than Bitcoin, low fees, instant withdrawals.
    • Monero (XMR): Privacy-focused, ideal for an Anonymous Online Casino, instant payouts.
    • Chainlink (LINK): Supports DeFi integrations, quick processing.
    • Polygon (MATIC): Scalable Ethereum layer-2 solution, instant withdrawals.
    • Shiba Inu (SHIB): Meme coin with growing adoption, 1–5 minute processing.
    • Dai (DAI): Decentralized stablecoin, instant payouts.
    • Dash (DASH): Enhanced privacy and speed, instant withdrawals.
    • Stellar (XLM): Low-cost cross-border payments, 1–3 minute processing.
    • Cosmos (ATOM): Interoperable blockchain, quick withdrawals.

    Fiat Payment Methods

    JACKBIT accommodates UK players preferring traditional methods, with secure and reliable options:

    • Visa/MasterCard: Minimum deposit $20, instant deposits, withdrawals in 1–3 days.
    • Apple Pay: Secure mobile payments, instant deposits, withdrawals in 1–2 days.
    • Google Pay: Fast and convenient, instant deposits, withdrawals in 1–2 days.
    • Bank Transfer: Minimum $50, ideal for larger transactions, deposits in 1–3 days, withdrawals in 3–5 days.

    Additional Payment Notes

    • No Transaction Fees: JACKBIT charges zero fees for deposits or withdrawals, enhancing its appeal in the best crypto casinos.
    • Currency Conversion: Fiat deposits in GBP are supported, with automatic conversion for crypto wallets if needed.
    • Withdrawal Limits: Crypto withdrawals have no upper limit; fiat withdrawals cap at $10,000 per transaction for bank transfers. Large payouts may require verification, slightly delaying processing in best No KYC casino.
    • UK Availability: All listed payment methods are confirmed available for UK players, per JACKBIT’s terms and web research.

    These options ensure JACKBIT’s versatility in best online casinos UK, catering to both crypto enthusiasts and traditional payment users. UK players should verify eligibility for fiat withdrawals due to regional banking restrictions.

    Customer Support

    JACKBIT’s customer support is a pillar of its success in best online casinos UK. Available 24/7 via live chat in multiple languages (English, German, French, Spanish, Russian, etc.), the team resolves queries promptly, typically within 1–3 minutes. Email support ([email protected]) offers a reliable alternative for detailed inquiries, with responses within 12–24 hours. Social media channels (Twitter, Telegram) provide additional support and bonus updates, appealing to UK players in best crypto casinos.

    The Most Popular Payout Methods at Online New Zealand Casinos

    While the query mentions New Zealand, we focus on UK-relevant payout methods, as JACKBIT’s systems align globally with slight regional variations. The most popular payout methods for UK players in best online casinos UK include:

    • Bitcoin (BTC): Fastest option, processed in 1–5 minutes, no fees.
    • Tether (USDT): Stablecoin for predictable payouts, instant processing.
    • Solana (SOL): High-speed, low-cost withdrawals, 1–3 minutes.
    • Visa/MasterCard: Widely used for fiat withdrawals, 1–3 days, no fees.
    • Bank Transfer: Secure for large withdrawals, 3–5 days, ideal for high rollers.
    • Apple Pay: Growing in popularity for quick fiat payouts, 1–2 days.

    Crypto withdrawals dominate due to their speed and privacy, reinforcing JACKBIT’s status in Pay ID Casino and best crypto casinos. Fiat withdrawals are reliable but slower, with occasional verification for sums exceeding $5,000, aligning with best No KYC Casino practices.

    Additional JACKBIT Features for UK Players

    Rakeback VIP Club

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    Tournaments and Leaderboards

    JACKBIT hosts rewarding tournaments, including slots and live dealer challenges, with an attractive prize pool. Weekly leaderboards for sports betting and casino games offer cash prizes and free spins, enhancing engagement in best crypto casinos.

    Mobile Compatibility

    While lacking a dedicated app, JACKBIT’s mobile-optimized website delivers seamless gameplay on iOS and Android devices. UK players can access all 7,000+ games, manage payments, and contact support on the go, rivaling New Online Casinos with native apps.

    Responsible Gambling Tools

    JACKBIT supports responsible gambling with tools like deposit limits, self-exclusion, and session time alerts. Links to GamCare and BeGambleAware are provided for UK players, reinforcing their credibility in best online casinos UK.

    Multilingual Platform

    Available in English, German, French, Spanish, Russian, and more, JACKBIT’s platform caters to diverse UK players. The interface supports GBP currency display, ensuring a localized experience in best crypto casinos.

    JACKBIT Conclusion: The best Online Casino for UK Players

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    Frequently Asked Questions

    Does JACKBIT offer no KYC withdrawals?

    Yes, JACKBIT is a best No KYC Casino, allowing anonymous withdrawals. Large payouts (over $5,000) may require verification.

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    Crypto withdrawals are instant (1–5 minutes), while fiat withdrawals (Visa, bank transfer) take 1–5 days, a strength in the best crypto casinos.

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    JACKBIT offers 7,000+ games, including best online pokies, blackjack, roulette, poker, live dealer games, digital scratch cards, mini-games, and a sportsbook with 140+ sports.

    Email: support@JACKBIT.com

    Disclaimer

    General Disclaimer

    This content is for informational and entertainment purposes only. It does not constitute legal, financial, or professional advice. Information provided is based on public sources, research, and user feedback available at the time of writing. While we strive for accuracy, no guarantees, express or implied, are made regarding completeness or timeliness.

    Always verify details independently before making decisions. Use of this content is at your own risk.

    Casino & Gambling Disclaimer

    Online gambling involves financial risk and may not be suitable for everyone. Please ensure you meet the legal gambling age in your region before registering at any online casino. Laws vary by country and jurisdiction, and it’s your responsibility to stay compliant. We do not promote or encourage gambling, and participation is entirely at the user’s discretion.

    Affiliate Disclosure

    This article may include affiliate links. We may earn a commission if you sign up or make a purchase through them, at no extra cost to you. Our reviews are independent and unbiased. We only recommend platforms that we believe offer value, but we encourage users to do their research before engaging with any online casino.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6dcee7c9-acff-4da4-9755-f9e074d09ee1

    The MIL Network –

  • MIL-OSI: WISeKey and OISTE.ORG Generate and Launch a Post-Quantum Cryptography Root Key to Defend Against Quantum Cyber Threats

    Source: GlobeNewswire (MIL-OSI)

    WISeKey and OISTE.ORG Generate and Launch a Post-Quantum Cryptography Root Key to Defend Against Quantum Cyber Threats

    Geneva, Switzerland, May 7, 2025 –WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, in collaboration with the OISTE.ORG Foundation, today announced the rollout of the “Quantum Root Key,” a new Root of Trust using post-quantum cryptographic (PQC) algorithms, designed to protect digital identities, communications, and systems against the disruptive power of quantum computing. The “Quantum Root Key” has already been created and will be made widely available once Microsoft and other OS and Browsers adopt the new PQC Roots, marking a critical advancement in securing global digital infrastructures for the quantum age.

    Much of the sensitive data transmitted across the globe today relies on encryption to protect it from cybercriminals and unauthorized access. However, the rise of quantum computing, with its ability to perform complex mathematical operations such as factoring large prime numbers, threatens to upend the foundations of modern encryption. Common encryption schemes, once considered unbreakable, will become ineffective against quantum algorithms such as Shor’s. The solution cannot simply be to increase key lengths indefinitely; a new cryptographic paradigm is required.

    WISeKey and the OISTE.ORG Foundation have responded to this threat with the launch of “Quantum Root Key,” powered by NIST-standardized Post-Quantum Cryptography (PQC) algorithms such as ML-DSA (previously known as CRYSTALS-Dilithium), ML-KEM (CRYSTALS-Kyber), and FALCON. These algorithms are designed to resist quantum attacks and preserve long-term data confidentiality. The “Quantum Root Key” allows a new set of PQC trust services through WISeKey’s trusted Trust Services infrastructure and its Post-Quantum PKI (PQC-PKI) platform, which anchors cryptographic security within tamper-resistant environments such as Hardware Security Modules (HSMs), Trusted Platform Modules (TPMs), and secure microcontrollers.

    These new Post-Quantum Trust Services enable secure authentication, quantum-safe encryption, and long-term data integrity for critical systems and communications. It supports the issuance and lifecycle management of quantum-resistant digital certificates, protecting everything from financial transactions and patient medical data to government communications and IoT infrastructures. Sectors that depend on long-term confidentiality, such as defense, healthcare, finance, and telecommunications, will benefit immensely from this forward-looking technology. However, devices with limited processing power, such as those in the IoT ecosystem, may experience resource challenges when handling these larger certificates, an area where optimization remains a key focus.

    Post-Quantum Safe certificates issued by this platform maintain a structure similar to traditional Root and Intermediate Certificate Authority (ICA) certificates, including defined Key Usages, Certificate Revocation List (CRL) and Online Certificate Status Protocol (OCSP) endpoints. The critical distinction lies in their use of post-quantum key types, which require significantly larger key sizes and mathematical models to prevent exploitation by quantum adversaries.

    To accelerate real-world adoption, WISeKey’s semiconductor subsidiary SEALSQ Corp (NASDAQ: LAES) is also launching the SEALSQ Quantum Lab. This platform offers companies and researchers access to WISeKey’s PQC-PKI infrastructure for pilot projects, evaluation, and early-stage deployment of quantum-resistant certificates. The Quantum Lab is set to become a leading reference hub for organizations seeking to future-proof their digital security strategies.

    Carlos Moreira, Founder and CEO of WISeKey, stated, “Quantum computing is set to redefine cybersecurity. Our Quantum RootKey and new PQC-PKI ensure that digital identities and communications remain secure in the face of these changes. Our collaboration with the OISTE.ORG Foundation reinforces our mission to create a secure and privacy-centric digital world.”

    As the cybersecurity world prepares for the quantum era, the industry is not standing still. From quantum-safe algorithms and key generation to advanced encryption and certificate management, next-generation systems are already being deployed in the fight against tomorrow’s cyber threats. WISeKey and OISTE.ORG are leading the way by turning emerging cryptographic theory into practical, scalable solutions, ensuring that today’s data stays secure well into the future.

    About WISeKey

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com

    The MIL Network –

  • MIL-OSI USA: Tuberville Speaks with DOD Nominees on Bolstering Cyber Capabilities and Reducing Bureaucracy at DOD

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) spoke with Mr. Anthony Tata, President Trump’s nominee to be Under Secretary of Defense for Personnel and Readiness, and Ms. Katherine Sutton, President Trump’s nominee to be Assistant Secretary of Defense for Cyber Policy during their Senate Armed Services Committee (SASC) nomination hearing. During their conversation, Sen. Tuberville asked about the funding levels for cyber operations and how the Department of Defense plans to decrease top-heavy bloat within the agency.
    Read Sen. Tuberville’s remarks below or watch on YouTube or Rumble.

    TUBERVILLE: “Thank you, Mr. Chairman. Thanks to both of you for your willingness to serve. 
    Ms. Sutton, the President released the topline of his FY26 budget last week. We look forward to learning all the details of the proposal weeks ahead. We do know that this year’s budget request for cyber operations was $14.5 billion—up one billion from the previous year.
    Given the rapid involvement of the landscape in cyber, do you believe this funding level is sufficient to meet our security needs?”
    SUTTON: “Senator, I share your concern with making sure we are balancing the resources available with the growing threat—as you indicated. One of the primary responsibilities, if confirmed in this role, is to review the budget and to certify that to ensure it’s necessary. One of the things that is particularly unique about the cyber domain is that many of the capabilities are a software capability. And so, investments in this domain can have a very immediate response into providing options for the President and Secretary [of Defense] and [I] look forward to having the opportunity to highlight where we can better integrate this and perhaps shore up additional resources as needed.”
    TUBERVILLE: “What role will cyber play in the future of possibly the Golden Dome?”
    SUTTON: “Senator, in my current role, I’ve not been involved in the specifics of that discussion, but I think that what we see with all of our weapon systems is the importance of building in cyber security from the beginning to make sure that as we put these capabilities out, that we’re able to defend them and that they’re secure against what will be […] an attack surface that our adversaries will definitely look to exploit.”
    TUBERVILLE: “Thank you.
    Mr. Tata, I reviewed your record: public service, combat veteran, […] Lieutenant Secretary of Transportation, leading tens of thousands of military members in civil service, conducting complex missions. Anything you hadn’t done? My goodness.”
    TATA: “Senator, I appreciate that comment.”
    TUBERVILLE: “Thank you for your service. But instead of exploring the experience, my colleagues seem to be focused on some things that you said in the past, and I find this interesting given the last four years where a lot of the Democratic Party continued to call conservatives, ‘Nazis,’ ‘Fascists,’ [and] ‘threats to the democracy.’ You know, it goes both ways here. You know, the previous administration fully weaponized our justice system […] to attack and punish their political opposition, [they had] grandmothers thrown into prison for peaceful protests. It just goes on and on. Out of curiosity, Mr. Tata, have you labeled people you disagreed with Nazis?”
    TATA: “Senator, I have not.”
    TUBERVILLE: “Thank you. Have you ever weaponized your previous offices to punish your political opponent?” 
    TATA: “Senator, I have not.”
    TUBERVILLE: “I didn’t think so.
    Yesterday, Secretary Hegseth announced […] a two-phased approach to reducing our top-level military. Phase one is a 20% reduction of active Four-Star Generals and Flag Officers as well as a 20% [reduction] from the National Guard Bureau […]. Phase two will be an additional 10% [reduction]—the Undersecretary of Personnel and Readiness will be leading this initiative. I’m interested in your thoughts on this announcement.”
    TATA: “Senator, anytime that we’re talking about tooth-to-tail ratio, I think it’s a good conversation. The Secretary’s comment about the number of generals when we were in World War II versus the number we have today, I think, is a stark reminder that perhaps we’ve become a little bit of a bureaucracy. And so, he talked about a methodical and measured way of going about finding the for-structure realignment that would allow for the reductions he’s talking about.”
    TUBERVILLE: “Thank you. Can we expect a complementary effort to reduce the real bloat at OSD and Joint Staff, which have increased by two to five times respectively over the last 25 years, while our total force numbers have decreased?”
    TATA: “Senator, if confirmed, I would work with you and the rest of this committee on optimizing the workforce and the military.”
    TUBERVILLE: “Thank you. Thank you, Mr. Chairman.”
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: In First Hearing as Ranking Member of Appropriations Subcommittee on Agriculture and FDA, Shaheen Co-Leads Review of Trump’s Agriculture Budget Request, Presses Secretary Rollins on How Administration Chaos has Hurt Farmers and Rural Communities

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    **Shaheen underscored how the unnecessary funding freeze and trade war imposed by the administration have caused uncertainty for America’s farmers and producers**
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies (Ag-FDA), today co-led her first hearing as the top Democrat on the subcommittee. In her questioning of Secretary of Agriculture Brooke Rollins, Shaheen highlighted how President Trump has sown chaos that has hurt farmers, producers and rural parts of the country and underscored how the President’s budget for Fiscal Year 2026 falls woefully short of what is needed to adequately support rural communities. Click here to watch the Senator’s opening remarks and here to watch her questions. 
    “The proposed budget toplines released last Friday fall well short of the President’s purported commitments to farmers and rural communities. I don’t believe we support farmers by gutting research that will boost yields and improve crop quality. And I don’t believe we put rural America on a path to thrive by slashing core rural development programs—from housing to water and waste infrastructure to energy assistance. And when grocery prices are too high, we don’t help families put food on the table by undercutting vital nutrition programs. Yet, that’s exactly what this skinny budget would do,” said Ranking Member Shaheen. “I hope that we will have the chance to move forward with bipartisan appropriations with a serious non-defense discretionary number that reflects the urgent needs that are facing families and communities in the Granite State and across the country – because there are plenty of places where we can work together to ensure that these programs deliver for producers and rural America.” 
    During the hearing, Shaheen raised a letter she and U.S. Senator Thom Tillis (R-NC) sent to Secretary Rollins in March that emphasized the need to get critical disaster relief assistance to growers in New Hampshire and across the country, underscoring the importance of ensuring funding goes to small farms in states like New Hampshire that sorely need the assistance. 
    Shaheen pressed Secretary Rollins on the elimination of the Food for Peace and McGovern-Dole Food for Education programs in the FY26 budget request, which feed hungry people globally with U.S. farm commodities.   
    In March, Shaheen held two separate roundtable discussions with New Hampshire farmers and agricultural producers from across the state to discuss the impacts farms experienced as a result of President Trump’s freeze on tens of billions of dollars of federal funding at USDA. Farmers told Senator Shaheen that the uncertainty over whether or not crucial programs they rely on will be funded interrupts their ability to do their jobs. Later that month, Shaheen joined her Senate colleagues in pressing USDA to explain the reported cancellation of previously approved funding for The Emergency Food Assistance Program (TEFAP) for food banks and other emergency food providers. 
    Shaheen has long fought to support farmers in New Hampshire, including by successfully helping to secure disaster supplemental funding for farmers impacted by crop losses in 2023. Shaheen also has a strong record of working to improve crop insurance policies to support farmers in New Hampshire and leads legislation to reform the federal government’s crop insurance program. Senator Shaheen has supported more than 230 New Hampshire small businesses who have received over $25 million to lower energy bills and cut costs through USDA’s Rural Energy for America Program. She has consistently fought for increased funding and improved support for rural development programs, including rural water programs. 

    MIL OSI USA News –

  • MIL-OSI: First quarter 2025 results: EUR 200 million net income in Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Press release
    07 May 2025 – N° 10

    First quarter 2025 results

     EUR 200 million net income in Q1 2025

    • Group net income of EUR 200 million in Q1 2025 driven by all business activities (EUR 195 million adjusted1)
      • P&C combined ratio of 85.0%, despite LA wildfires and buffer building
      • L&H insurance service result2 of EUR 118 million
      • Investments regular income yield of 3.5%
    • IFRS 17 Group Economic Value3 of EUR 9.0 billion as of 31 March 2025, up +6.8% at constant economics3,4 . The Economic Value per share stands at EUR 51 (vs. EUR 48 as of 31 December 2024)
    • Estimated Group solvency ratio of 212%5 as of 31 March 2025, up 2 points from FY 2024
    • Annualized Return on Equity of 18.7% (18.3% adjusted1) in Q1 2025

    SCOR SE’s Board of Directors met on 6 May 2025, under the chair of Fabrice Brégier, to approve the Group’s Q1 2025 financial statements.

    Thierry Léger, Chief Executive Officer of SCOR, comments: “I am satisfied with the first quarter results. All business activities contribute to a strong consolidated Group net income. The P&C performance continues to be excellent with a combined ratio of 85%, after absorbing elevated Nat Cat events during the quarter and allowing for an additional level of prudence building. L&H improves its insurance service results with a neutral experience variance. In Investments, SCOR benefits from an elevated return on invested assets. Overall, we are starting the year with a high ROE of 18.7% and an improved solvency ratio of 212%, supported by positive net operating capital generation.”

    Group performance and context

    SCOR records EUR 200 million net income (EUR 195 million adjusted1) in Q1 2025, supported by all business activities:

    • In P&C, the combined ratio of 85.0% in Q1 2025 is primarily driven by a low attritional loss and commission ratio of 74.7% reflecting an excellent underlying performance and allowing for buffer building. The natural catastrophe claims ratio stands at 12.5% mainly driven by losses related to the LA wildfires.
    • In L&H, the insurance service result2 stands at EUR 118 million in Q1 2025, driven by a level of CSM amortization and risk adjustment release in line with expectations, and a neutral experience variance.
    • In Investments, SCOR benefits from an elevated regular income yield of 3.5% in Q1 2025 along with continued attractive reinvestment rates.
    • The effective tax rate stands at 29.7% for Q1 2025.

    The annualized Return on Equity stands at 18.7% (18.3% adjusted1) in Q1 2025 and the Group Economic Value increases by 6.8% at constant economics3,4.

    SCOR’s Solvency ratio is estimated at 212% at the end of Q1 2025, up 2 points versus FY 2024, from positive net operating capital generation.

    April P&C reinsurance treaty renewals

    During the April 2025 renewals, SCOR continues to grow strategically in its preferred lines, maintaining its underwriting discipline in a softening market context.

    EGPI increases by +1.5% on the business up for renewal in April, with significant growth of the Alternative Solutions book (EGPI +33.0%) while Specialty Lines increase by +3.8%, driven by Marine. Exposure to US Casualty is further reduced. As a reminder, premiums renewed in April represent
    c. 12% of total P&C reinsurance premiums.

    In a more competitive environment for the April renewals, net technical profitability on the renewed business is expected to deteriorate by 1 point. On a year-to-date basis, the net technical profitability is expected to deteriorate by less than 0.5 point. SCOR is successfully weathering a softening market thanks to its strategy of growing in a profitable and diversified way.

    For the upcoming renewals in 2025, SCOR expects pricing to be competitive on loss-free programs. Nevertheless, the overall profitability of SCOR’s business mix should remain very attractive.

    On-going excellent P&C underlying performance

    In Q1 2025, P&C insurance revenue stands at EUR 1,858 million, down -0.7% at constant exchange rates (up +1.2% at current exchange rates) compared to Q1 2024. Strong growth in the Reinsurance segment from preferred lines is mostly offset by reduced business in US Casualty reinsurance and in SCOR Business Solutions.

    New business CSM in Q1 2025 stands at EUR 710 million, up +9.0% at current exchange rates, supported by growth stemming from business renewed in January.

    P&C (re)insurance key figures:

    In EUR million

    (at current exchange rates)

    		 Q1 2025 Q1 2024 Variation
    P&C insurance revenue 1,858 1,837 1.2%
    P&C insurance service result 205 181 13.3%
    Combined ratio 85.0% 87.1% -2.1pts
    P&C new business CSM 710 651 9.0%

    The P&C combined ratio stands at 85.0% in Q1 2025, compared to 87.1% in Q1 2024. It includes:

    • A Nat Cat ratio of 12.5%, mainly impacted by the losses related to the LA wildfires (10.8 pts).
    • An attritional loss and commission ratio of 74.7%, reflecting a very satisfactory underlying performance and continued buffer building.
    • A discount effect of -9.3%, reflecting the higher locked-in rates relating to a large share of US claims including the LA wildfire losses.
    • An attributable expense ratio of 7.8%.

    The P&C insurance service result of EUR 205 million is driven by a CSM amortization of
    EUR 255 million, a risk adjustment release of EUR 40 million, a negative experience variance of
    EUR -95 million, and an onerous contract impact of EUR 6 million. The negative experience variance reflects mainly higher-than-expected Nat Cat experience, lower-than-expected insurance revenue and buffer building.

    Delivering a L&H insurance service result of EUR 118 million

    In Q1 2025, L&H insurance revenue stands at EUR 2,205 million, down -5.8% at constant exchange rates (-3.1% at current exchange rates) compared to Q1 2024. L&H New Business CSM6 generation of EUR 76 million in Q1 reflects the updated L&H new business strategy and the implementation of higher return thresholds.

    The L&H insurance service result2 amounts to EUR 118 million in Q1 2025. It includes:

    • A CSM amortization of EUR 86 million.
    • A Risk Adjustment release of EUR 32 million.
    • An experience variance of EUR 2 million, including a neutral experience variance in the US.
    • A negative impact of onerous contracts of EUR -6 million.

    L&H reinsurance key figures:

    In EUR million

    (at current exchange rates)

    		 Q1 2025 Q1 2024 Variation
    L&H insurance revenue 2,205 2,276 -3.1%
    L&H insurance service result2 118 72 64.9%
    L&H new business CSM7 76 112 -32.5%

    Investments delivering a return on invested assets of 3.8% 

    As of 31 March 2025, total invested assets amount to EUR 24.3 billion. SCOR’s asset mix is optimized, with 79% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+, and a duration of 3.9 years.

    Investments key figures:

    In EUR million

    (at current exchange rates)

    		 Q1 2025 Q1 2024 Variation
    Total invested assets 24,330 22,962 6.0%
    Regular income yield(*) 3.5% 3.5% 0.0pt
    Return on invested assets(*),(**) 3.8% 3.4% 0.4pts

    (*) Annualized;
    (**) Fair value through income on invested assets excludes EUR 7 million in Q1 2025 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR.

    Total investment income on invested assets stands at EUR 2267 million in Q1 2025. The return on invested assets stands at 3.8%7 (vs. 3.3% in Q4 2024) and the regular income yield at 3.5% (vs. 3.6% in Q4 2024).

    The reinvestment rate stands at 4.3%8 as of 31 March 2025, compared to 4.5% as of 31 December 2024. The invested assets portfolio remains highly liquid and financial cash flows of EUR 9.0 billion are expected over the next 24 months9, enabling SCOR to benefit from elevated reinvestment rates.

    *

    *        *

    APPENDIX

    1 – SCOR Group Q1 2025 key financial details

    In EUR million

    (at current exchange rates)

    		 Q1 2025 Q1 2024 Variation
    Insurance revenue 4,063 4,113 -1.2%
    Gross written premiums1 4,908 4,953 -0.9%
    Insurance Service Result2 324 253 +27.9%
    Management expenses -301 -294 -2.4%
    Annualized ROE3 18.7% 17.3% +1.4pts
    Annualized ROE excluding the mark to market impact of the option on own shares 18.3% 15.5% +2.8pts
    Net income3,4 200 196 +1.7%
    Net income4 excluding the mark to market impact of the option on own shares 195 176 +10.5%
    Economic value5,6 9,035 9,639 -6.3%
    Shareholders’ equity 4,582 4,958 -7.6%
    Contractual Service Margin (CSM)6 4,453 4,681 -4.9%

    1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric);
    2: Including revenues on financial contracts reported under IFRS 9;
    3: Taking into account the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax;
    4: Consolidated net income, Group share;
    5. Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM);
    6: Net of tax. A notional tax rate of 25% is applied to the CSM.

    2 – P&L key figures Q1 2025

    In EUR million

    (at current exchange rates)

    		 Q1 2025 Q1 2024 Variation
    Insurance revenue 4,063 4,113 -1.2%
    • P&C insurance revenue
    		 1,858 1,837 +1.2%
    • L&H insurance revenue
    		 2,205 2,276 -3.1%
    Gross written premiums1 4,908 4,953 -0.9%
    • P&C gross written premiums
    		 2,509 2,427 +3.4%
    • L&H gross written premiums
    		 2,399 2,526 -5.0%
    Investment income on invested assets 226 193 +17.3%
    Operating results 317 287 +10.6%
    Net income2,3 200 196 +1.7%
    Net income2excluding the mark to market impact of the option on own shares 195 176 +10.5%
    Earnings per share3(EUR) 1.12 1.10 +1.8%
    Earnings per share (EUR) excluding the mark to market impact of the option on own shares 1.09 0.98 +10.7%
    Operating cash flow 150 151 -0.7%

    1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric);
    2: Consolidated net income, Group share;
    3: Taking into account the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax.

    3 – P&L key ratios Q1 2025

      Q1 2025 Q1 2024 Variation
    Return on invested assets1,2 3.8% 3.4% +0.4pts
    P&C combined ratio3 85.0% 87.1% -2.1pts
    Annualized ROE4 18.7% 17.3% +1.4pts
    Annualized ROE excluding the mark to market impact of the option on own shares 18.3% 15.5% +2.8pts
    Economic Value growth5 6.8% 4.1% +2.7pts

    1: Annualized;
    2: In Q1 2025, fair value through income on invested assets excludes EUR 7 million pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR;
    3: The combined ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by the net insurance revenue for P&C business;
    4: Taking into account the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax;
    5: Not annualized. Growth at constant economic assumptions and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid on 6 May 2025. Economic Value defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the CSM.

    4 – Balance sheet key figures as of 31 March 2025

    In EUR million
    (at current exchange rates)    		 As of
    31 March 2025    		 As of
    31 December 2024    		 Variation
    Total invested assets1 24,330 24,155 +0.7%
    Shareholders’ equity 4,582 4,524 +1.3%
    Book value per share (EUR) 25.63 25.22 +1.6%
    Economic Value2 9,035 8,615 +4.9%
    Economic Value per share (EUR)3 50.53 48.03 +5.2%
    Financial leverage ratio4 23.6% 24.5% -0.9pts
    Total liquidity5 2,210 2,466 -10.4%

    1: Excluding third-party net insurance business investments;
    2: The Economic Value (defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax) includes minority interests;
    3: The Economic Value per share excludes minority interests;
    4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17;
    5: Including cash and cash equivalents and short-term investments.

    *

    *       *

    SCOR, a leading global reinsurer

    As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.

    The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide.

    For more information, visit: www.scor.com

    		 Media Relations
    Alexandre Garcia
    media@scor.com

    Investor Relations
    Thomas Fossard
    InvestorRelations@scor.com

    Follow us on LinkedIn
     

    All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.
       

    General

    Numbers presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy SCOR securities in any jurisdiction.

    Forward-looking statements

    This press release includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

    These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.

    It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.

    No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR.

    In particular, it should be noted that the full impact of economic, financial and geopolitical risks on SCOR’s business and results cannot be accurately assessed.

    Therefore, any assessments, any assumptions and, more generally, any figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

    Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number n°D.25-0124 with the French Autorité des marchés financiers (AMF) posted on SCOR’s website www.scor.com and on the website of the AMF www.amf-france.org.

    In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.

    SCOR has no intention and does not undertake to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.

    Financial information

    The Group’s financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union.

    Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.

    The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results of Q1 2025. The financial results for the first quarter 2025 included in this press release have not been audited by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros.

    Any figures or financial results for a period subsequent to March 31, 2025 should not be taken as a forecast of the expected financials for these periods

    1 Adjusted by excluding the mark to market impact of the option on own shares.
    2 Includes revenues on financial contracts reported under IFRS 9.

    3 Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.
    4 Growth at constant economic assumptions as of 31 December 2024, excluding the mark to market impact of the option on own shares.

    5 Solvency ratio estimated after taking into account the accrual for the first three months based on the dividend paid for the fiscal year 2024 (EUR 1.8 per share).
    6 Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts).
    7 Excluding the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax.

    8 Reinvestment rate is based on Q1 2025 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & spreads as of 31/03/2025.
    9 As of 31 March 2025. Including current cash balances and future coupons and redemptions.

    Attachment

    The MIL Network –

  • MIL-OSI: Sampo Group’s results for January-March 2025

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, interim statement, 7 May 2025 at 8:30 am EEST

    Sampo Group’s results for January-March 2025

    • Top-line growth stood at 9 per cent on a currency adjusted basis on the back of continued strong development in target growth areas within the private operations in the Nordics and the UK.
    • Underwriting margins benefited from a benign winter and large claims, and a continued positive underlying trend in the Nordics, leading the combined ratio to improve to 84.6 per cent.
    • The underwriting result increased by 30 per cent on a currency adjusted basis to EUR 336 million as a result of the strong growth and improvement in margins.
    • Operating EPS strengthened by 9 per cent to EUR 0.11, as the strong underwriting result more than offset softer investment returns and an increase in the share count.
    • Following a detailed assessment, estimated synergies from the Topdanmark integration have been raised to EUR 140 million in 2028 from EUR 95 million (pre-tax) on higher expected cost benefits.
    • After the strong first quarter performance, the outlook for 2025 underwriting result has been increased to EUR 1,400–1,500 million from EUR 1,350–1,450 million.
    • Solvency II coverage increased to 180 per cent from 177 per cent at year end, and financial leverage amounted to 25.8 per cent.

    “The first quarter of 2025 has provided a strong start to the year, underpinned by robust growth, disciplined pricing, and continued high retention from satisfied customers. We are confident in our ability to build on this positive momentum throughout the year and remain an attractive asset for shareholders who value stability and operational excellence”, says Torbjörn Magnusson, Sampo Group CEO.

    Key figures

    EURm 1–3/2025 1–3/2024 Change, %
    Gross written premiums 3,616 3,297 10
    Insurance revenue, net 2,188 2,020 8
    Underwriting result 336 260 29
    Net financial result 101 265 -62
    Profit before taxes 377 465 -19
    Net profit 285 343 -17
    Operating result 297 253 17
    Earnings per share (EUR) 0.11 0.14 -22
    Operating EPS (EUR) 0.11 0.10 9
           
      1–3/2025 1–3/2024 Change
    Risk ratio, % 58.9 62.4 -3.5
    Cost ratio, % 25.7 24.7 1.0
    Combined ratio, % 84.6 87.1 -2.5
    Solvency II ratio (incl. dividend accrual), % 180 180 –


    Gross written premiums and insurance revenue include broker revenues. Net profit for the comparison period refers to Net profit for the equity holders. Per share figures for the comparison period are adjusted for the share split in February 2025. The figures in this report have not been audited.

    GROUP CEO’S COMMENT

    Sampo delivered an excellent first quarter with growth of 9 per cent in the top-line and 30 per cent in underwriting profits on a currency adjusted basis, as we continued to capitalise on our strong positioning and rational markets conditions. We remain confident in the outlook for the year and have increased the estimated synergies from the integration of Topdanmark significantly.

    As a northern European P&C insurer, the first quarter is typically the reporting period most influenced by weather. This year, Norway saw a fairly cold and snowy winter with some flooding and storms, while conditions in the other Nordic countries and the UK were more benign. However, underlying margin development also remained good and in line with recent trend with a 20 basis point improvement in the Nordic underlying risk ratio.

    In the Private Nordic business, we kept our normal focus on customer value and on setting the right prices. Retention levels continued to increase slightly, and the combined ratio came down to 83.8 per cent, a very strong start of the year. We continued to observe a gradual but persistent movement of customers toward our digital tools with digital sales increasing by 20 per cent year on year. In Private UK, we negotiated with a competitive but rational market by finding pockets of attractively priced business in home, van, and bike insurance as well as in telematics. The latter has been transformed by new technology recently, enabling more accurate driving data to be collected and interpreted at a lower cost. With normal weather, we produced a combined ratio of 88.7 per cent.

    This solid development in the private business drove a 9 per cent top-line increase at group level, continuing the strong growth momentum from recent years with growth of 12 and 11 per cent in 2024 and 2023, respectively. Now and then, there are regulatory reviews of various aspects of our business. We always strive to achieve good long-term relationships with our customers, where high retentions, stability, customer satisfaction, and fair claims settlements are key. This has even meant that we have gained advantages from some previous regulatory reforms, like GIPP in the UK, and a focus on these aspects of stability for our customers is as important as sales.

    For modern P&C insurers, efficiency gains are primarily achieved through investments in digitalisation and technology, and the corresponding processes. With this in mind, the acquisition of Topdanmark enables us to supercharge our performance in Denmark. Since completing the deal in October last year, we have re-assessed the synergy potential available, now with full insight into the business, and increased our synergy estimate to EUR 140 million pre-tax in 2028, from the original EUR 95 million. All of the increase comes from cost synergies. The majority will derive from IT transformation, as we plan to overhaul our Danish operations with new, state-of-the-art core systems and applications, to the benefit of both customers and shareholders.

    Conditions in the Nordic and UK P&C insurance markets in which we operate have remained very healthy with rational competition. Demand for P&C insurance products has been stable as it tends to be through the economic cycle, particularly in our resilient Northern European economies and our balance sheet continues to be in excellent shape. Although no company is an island, I feel that we are as well positioned as one can be to weather the potential effects from the recent increase in political and economic uncertainty. Indeed, given our strong cash flow profile and solid balance sheet, capital returns remain a central discussion point with our investors. Sampo has a strong track-record of attractive shareholder returns that we intend to stay true to. As mentioned with our full-year 2024 results, we expect to launch a share buyback programme in 2025 and we will give an update on this no later than with our second quarter 2025 results, which will be roughly 12 months after the launch of our last programme. In the interim, I hope to gain additional clarity on potential holding company asset disposals.

    To conclude, the first quarter of 2025 has provided a strong start to the year, underpinned by robust growth, disciplined pricing, and continued high retention from satisfied customers. We are confident in our ability to build on this positive momentum throughout the year and remain an attractive asset for shareholders that value stability and operational excellence.

    Torbjörn Magnusson
    Group CEO

    OUTLOOK

    Operating environment and assumptions

    The operating environment in the markets in which Sampo operates remains broadly unchanged from the start of 2025, both in terms of competitive and claims cost development dynamics. The first quarter saw better than expected weather and large claims below budget but these do not change Sampo’s forward view of claims cost development.

    Outlook for 2025

    Following a favourable outcome on weather claims relative to normal levels, and, to a lesser degree, benign large claims and increased Topdanmark synergies, Sampo has decided to adjust its 2025 financial outlook to:

    • Group insurance revenue: EUR 8.8–9.1 billion (from EUR 8.7–9.0 billion), representing growth of 5–9 per cent year-on-year.
    • Group underwriting result: EUR 1,400–1,500 million (from EUR 1,350–1,450 million), representing growth of 6–14 per cent year-on-year.

    Any forecast of Sampo’s underwriting result is subject to estimates for weather claims, large claims, prior year development, and certain other items that may vary periodically and are out of Sampo’s control, meaning regular updates of the forecast are needed to reflect actual outcomes. Moderate deviations against normal and budget levels are typical on a quarterly basis and Sampo intends to broadly reflect these in the outlook statement in its quarterly reports. In addition to the underwriting result, Sampo derives a material share of its earnings from returns on its investment portfolio and insurance finance income and expense, meaning changes in the outlook cannot be assumed to translate one-for-one into net profit. Sampo does not provide an outlook for its net financial result.

    The outlook for 2025 is consistent with Sampo’s 2024–2026 financial targets of delivering a combined ratio below 85 per cent annually and operating EPS growth of more than 7 per cent annually on average.

    The outlook is subject to uncertainty related to occurrence and estimation of the cost of P&C claims, foreign exchange rates, and competitive dynamics. Revenue forecasts, in particular, are subject to competitive conditions, which may change rapidly in some areas, such as the UK motor insurance market. The revenue and underwriting profit figures in the outlook are based on currency exchange rates as of the latest reporting date.

    SAMPO PLC
    Board of Directors

    The Interim Statement for January-March 2025 in its entirety, the Investor Presentation and a video review with Group CEO Torbjörn Magnusson are available at www.sampo.com/result.

    A conference call for investors and analysts will be arranged today 7 May at 11:30 am Finnish time (9:30 am UK time). To ask questions, please join the teleconference by registering using the following link:  https://palvelu.flik.fi/teleconference/?id=50051475

    The conference call can also be followed live at www.sampo.com/result. A recorded version and a transcript will later be available at the same address.

    For more information, please contact

    Knut Arne Alsaker, Group CFO, tel. +358 10 516 0010
    Sami Taipalus, Head of Investor Relations, tel. +358 10 516 0030
    Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    FIN-FSA
    The principal media
    www.sampo.com

    Attachment

    The MIL Network –

  • MIL-OSI: Interim Financial Report, Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    • Earnings per share DKK 19.4 (Q1 2024: DKK 19.0)
    • Core income DKK 3,229m (Q1 2024: DKK 3,430m)
    • Core expenses DKK 1,533m (Q1 2024: DKK 1,557m)
    • Loan impairment charges: DKK 66m (Q1 2024: DKK 82m)
    • Post-model adjustments relating to loan impairment charges was up to DKK 1,869m (end of 2024: DKK 1,782m).
    • Capital ratio at 20.9%, of which common equity tier 1 capital ratio of 15.7% (Q1 2024: 22.0% and 16.6%, respectively)

    Summary

    ”Jyske Bank has got off to a good start to the year with continued progress. In addition, we have boosted customer satisfaction, among personal as well as corporate customers, over the past year. We are in a strong financial position and well-equipped to support our customers,” says Lars Mørch, CEO and Member of the Group Executive Board.

    In Q1 2025, earnings per share rose by 2% compared with the year before despite the impact from considerably lower short-term interest rates. The business volumes showed sustained increase with increased momentum in the personal customer area.

    The Danish economy continues to show high employment and a slightly increasing level of activity. The future development of the economy is affected by higher geopolitical uncertainty and the ongoing trade war.

    Strategic progress
    Jyske Bank’s strategy builds on the Group’s strengths and aims to pave the way for a strong future market position. The strategy involves tight operations combined with higher investments in selected customer segments and ensuring a solid, secure and attractive platform.

    We have clear-cut targets for stronger customer focus, and it is our ambition to help customers in their sustainable transition and to use digitisation proactively to the benefit of customers and to raise efficiency in the Group.

    In the first quarter of 2025, we further enhanced the customer experience by making all relevant information about meetings with Jyske Bank available at the online and mobile banking platforms.  We introduced AI assistants and made artificial intelligence accessible to all employees.

    Corporate customers have also gained new opportunities at online banking through modules for financial and risk management, which can help them make informed decisions and effectively manage their risks. We also held business-oriented webinars focusing on the future of construction and climate accounts.

    Rising customer satisfaction
    Jyske Bank’s customer satisfaction surged over the past twelve months. Personal customer satisfaction shows one of the largest increases among Danish banks and is higher than that of comparable financial institutions. Jyske Bank has the most satisfied private banking customers in the country, and in addition, satisfaction among corporate customers is on the rise. This is the result of targeted efforts where we have to an even higher extent held meetings with our customers.

    New Executive Board member
    After nearly 38 years with Jyske Bank – of these almost 16 years on the Group Executive Board, Niels Erik Jakobsen, Head of Personal Banking and Wealth Management and Member of the Group Executive Board, has as previously announced decided to retire on 1 June 2025.

    At the same date, Ingjerd Blekeli Spiten will take office as Head of Personal Banking and Wealth Management and new member of the Group Executive Board. Ingjerd Blekeli Spiten was during the period 2018-2024 Group Executive Director of Retail Banking at DNB (Norway). Previously, she held leadership positions with responsibility for sales, development, and implementation at DNB and companies such as Ericsson, Microsoft and Telenor. 

    DKK 19.4 per share in Q1 2025
    Jyske Bank’s earnings per share were up by 2% to DKK 19.4, supported by a positive development in activity and fewer shares in circulation.

    Core income declined by 6% due to lower net interest income after Danmarks Nationalbank’s policy rate decreased to an average of 2.36% for the first quarter of 2025 from 3.60% a year before. Net fee and commission income, on the other hand, showed a continued positive development with an increase of 20%, driven by rising assets under management and customers’ adoption of our investment products.

    Core expenses decreased by 2%, driven by fewer employees and lower contributions to the Resolution Fund, partially offset by contractual wage increases of 3.7% and inflation. Additionally, the effect of DKK 22m lower non-recurring items relating to the acquisitions of Handelsbanken Danmark and PFA Bank after completed integration processes.

    Loan impairment charges remained at a low level of DKK 66m against DKK 82m in the preceding year. The continued low level includes the effect of an increase in management’s estimates regarding impairments by DKK 87m to DKK 1.9bn, in order to address the effects from higher macroeconomic uncertainty.

    The capital base remains solid after the implementation of Basel IV. The common equity tier 1 capital ratio was 15.7% at the end of the first quarter of 2025, with a total capital ratio of 20.9% in line with the targeted intervals.

    Webcast and conference call
    Jyske Bank will host a conference call in English targeting investors and analysts today at 12:00 p.m. CET (link). Conference call and presentation will be available via www.jyskebank.dk/ir.

    Yours faithfully,
    Jyske Bank

    Contact:
    Lars Mørch, CEO and Member of the Executive Board, tel. +45 89 89 20 01
    Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

    Attachments

    The MIL Network –

  • MIL-OSI: OP Financial Group’s Interim Report for 1 January–31 March 2025: OP Financial Group reports a good first quarter in an uncertain operating environment

    Source: GlobeNewswire (MIL-OSI)

    OP Financial Group
    Interim Report 1 January–31 March 2025
    Stock Exchange Release 7 May 2025 9.00 am EEST

    OP Financial Group’s Interim Report for 1 January–31 March 2025: OP Financial Group reports a good first quarter in an uncertain operating environment

    • Operating profit decreased by 31% to EUR 423 million (618).
    • Net interest income decreased by 11% to EUR 631 million (709). Insurance service result was EUR 2 million (-10) and net commissions and fees were EUR 206 million (205). Income from customer business, that is, net interest income, insurance service result and net commissions and fees, decreased by a total of 7% to EUR 839 million (904).
    • Impairment loss on receivables reversed came to EUR 24 million (-39), representing -0.10% of the loan and guarantee portfolio (0.15).
    • Investment income decreased by 88% to EUR 19 million (151).
    • Total expenses grew by 10% to EUR 590 million (537). The cost/income ratio weakened to 60% (45).
    • In the year to March, the loan portfolio grew by 1% to EUR 99.1 billion (98.4). Deposits increased by 5% to EUR 77.5 billion (73.6).
    • The CET1 ratio was 20.0% (21.5), which exceeds the minimum regulatory requirement by 6.9 percentage points. The changes in the collateral management process decreased capital adequacy. The changes in the EU Capital Requirements Regulation (CRR3), which took effect on 1 January 2025, caused a slight reduction in the capital adequacy of OP Financial Group.
    • The Retail Banking segment’s operating profit decreased by 23% to EUR 291 million (379). Net interest income decreased by 17% to EUR 464 million (558). Impairment loss on receivables reversed came to EUR 26 million (-27). Net commissions and fees increased by 2% to EUR 190 million (187). The cost/income ratio weakened to 60% (46). In the year to March, the loan portfolio grew by 0.4% to EUR 71.0 billion (70.6). Deposits increased by 4% to EUR 64.0 billion (61.8). Assets under management grew by 6% to EUR 94.4 billion (89.4).
    • Corporate Banking segment’s operating profit grew by 13% to EUR 145 million (129). Net interest income decreased by 0.5% to EUR 165 million (166). Impairment loss on receivables decreased by 89% to EUR 1 million (12). Net commissions and fees decreased by 10% to EUR 21 million (23). The cost/income ratio was 33% (32). In the year to March, the loan portfolio grew by 1% to EUR 28.2 billion (27.8). Deposits increased 14% by to EUR 14.2 billion (12.5). 
    • The Insurance segment’s operating loss was EUR -14 million (118). The insurance service result grew to EUR 2 million (-10). Investment income fell to EUR -17 million (129). The combined ratio reported by non-life insurance improved to 99.5% (108.9).
    • Group Functions’ operating profit was EUR 23 million (-5). Net interest income grew to EUR 2 million (-6).
    • OP Financial Group increased the OP bonuses to be earned by owner-customers for 2025 by 40% compared to the normal level of 2022. Additionally, owner-customers get daily banking services without monthly charges in 2025. Together, these benefits added up to EUR 104 million in value for owner-customers during the reporting period.
    • Outlook: OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024. For more detailed information on the outlook, see “Outlook”.

    OP Financial Group’s key indicators

    € million Q1/2025 Q1/2024 Change, % Q1–4/2024
    Operating profit, € million 423 618 -31.4 2,486
      Retail Banking*** 291 379 -23.4 1,328
      Corporate Banking*** 145 129 12.8 520
      Insurance -14 118 -111.5 578
      Group Functions 23 -5 – 19
    New OP bonuses accrued to owner-customers, € million -81 -75 7.6 -314
    Total income** 989 1,194 -17.1 4,844
    Total expenses -590 -537 10.0 -2,262
    Cost/income ratio, %*/** 59.7 45.0 14.7 46.7
    Return on equity (ROE), %* 7.5 12.1 -4.5 11.6
    Return on equity, excluding OP bonuses, %* 8.8 13.4 -4.6 13.0
    Return on assets (ROA), %* 0.85 1.25 -0.40 1.24
    Return on assets, excluding OP bonuses, %* 0.99 1.39 -0.39 1.39
      31 Mar 2025 31 Mar 2024 Change, % 31 Dec 2024
    CET1 ratio, %* 20.0 19.6 0.3 21.5
    Loan portfolio, € billion 99.1 98.4 0.7 98.9
    Deposits, € billion 77.5 73.6 5.4 77.7
    Assets under management, € billion**** 94.4 89.4 5.6 93.3
    Ratio of non-performing exposures to exposures, %* 2.48 3.04 -0.56 2.64
    Ratio of impairment loss on receivables to loan and guarantee portfolio, %* -0.10 0.15 -0.25 0.09
    Owner-customers (1,000) 2,121 2,095 1.3 2,115

    Comparatives for the income statement items are based on the corresponding figures in 2024. Unless otherwise specified, figures from 31 December 2024 are used as comparatives for balance-sheet and other cross-sectional items. 
    * Change in ratio, percentage point(s). 
    ** OP bonuses to owner-customers, which were previously shown on a separate line in the income statement, have been divided under the following items based on their accrual: interest income, interest expenses, and commission income from mutual funds. The line ‘OP bonuses to owner-customers’ is no longer shown in the income statement. Comparative information of Q1 2024 has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January–30 June 2024, Accounting policies and changes in accounting policies and presentation.
    *** As of 1 January 2025, OP Asset Management Ltd, OP Fund Management Company Ltd and OP Real Estate Asset Management Ltd, including subsidiaries, are reported as part of the Retail Banking segment. Comparative information of 2024 has been adjusted accordingly. 
    **** The presentation of assets under management was changed at the beginning of 2025. Comparatives have been adjusted to correspond to the current definition.

    Comments by the President and Group Chief Executive Officer:

    Geopolitical tensions and the trade war are making the economic outlook uncertain

    In the first quarter of 2025, the business environment was marked by uncertainty and an exceptionally tense geopolitical situation. The war in Ukraine has continued for more than three years, no solution is in sight for the Middle-East conflict, and the trade war ignited by US tariff rises is creating exceptional uncertainty in the world economy. As the tectonic plates of geopolitics and world trade structures shift, it is difficult to see where they will settle. The golden age of globalisation, which began in the late nineties, already appears to be over for now; free global trade seems unlikely to return to its former course. Mounting trade barriers will slow global growth and increase inflationary pressures.

    Due to the uncertainty, the most recent analyses revise economic forecasts downwards: OP Financial Group’s latest projection envisages GDP growth of 1% in Finland this year. The world economy is expected to grow by only 2.5%, which is a relative slowdown in terms of global growth. However, given the exceptional uncertainty in growth prospects, positive changes in the outlook are also possible.

    Gloomy economic expectations have spurred cuts in interest rates and the markets expect short-term market rates to keep falling in the euro zone. Conversely, long-term rates have risen due to concerns that public debt will continue to rise in the euro zone.

    The uncertainty seems to be dampening consumer confidence and companies’ willingness to invest. Despite this, the housing market continues its gradual recovery.

    The trade war has magnified the unusual volatility in stock market prices. In many markets, the early-year rise in stock prices was wiped out as Q1 ended: in late March, the global equity index was 2.1% lower than at the end of 2024. European share markets defied this trend, rising by 5.2% after the year-end; the Nasdaq Helsinki closed 4.2% higher.

    OP Financial Group performed well, despite the turbulence in capital markets

    Regardless of the challenging business environment, OP Financial Group’s profitability remained high and its operating profit was EUR 423 million. This represents a decrease of 31% compared to the same period in 2024. Our strong profit performance will enable us to continue providing outstanding benefits for our more than 2.1 million owner-customers in 2025. This year again, we will use benefits to help ease the strain on households in economically challenging times. We will pay 40% extra (compared to the normal level of 2022) on OP bonuses earned in 2025 and will not charge our owner-customers monthly fees for daily services throughout the year. Together, these benefits will add up to more than EUR 400 million in value for our owner-customers. Being customer-owned, OP Financial Group will continue to share its financial success through a range of financial and other benefits for owner-customers.

    Strong capital adequacy and excellent liquidity provide security in the uncertain and often unpredictable business environment. At the end of March, OP Financial Group’s CET1 ratio was 20.0%, which exceeds the minimum regulatory requirement by 6.9 percentage points. OP Financial Group is one of the most financially solid large banks in Europe. Furthermore, our liquidity remained excellent. Strong capital adequacy, excellent liquidity and broad trust among customers and other stakeholders are vital for banks and insurance companies, particularly in these uncertain times. All of these are in excellent shape at OP Financial Group.

    Income from OP Financial Group’s business operations was EUR 989 million in January–March, which was 17% less year-on-year. In particular, net interest income fell by 11% due to decreases in market rates. Net commissions and fees were at the same level year-on-year.

    The insurance service result was a EUR 2 million profit, compared to a EUR 10 million loss for Q1 in 2024. This was due to a more favourable claims trend than a year earlier, although the insurance service result for this year’s Q1 was weighed down by growing operating expenses and the poor profitability of health insurance.

    Due to turbulence in the markets, income from investment activities was modest at EUR 19 million, compared to EUR 151 million at the end of March last year.

    Totalling EUR 590 million, OP Financial Group’s expenses were higher by 10% year-on-year, mainly due to rising personnel costs and higher investments in ICT development. At 60%, OP Financial Group’s cost-income ratio clearly deteriorated compared to Q1 2024.

    Of the three business segments, the best performer was Corporate Banking, which had an operating profit of EUR 145 million in January–March, a year-on-year increase of 13%. Despite a 23% decrease, Retail Banking’s operating profit of EUR 291 million was also a good performance. The segment was particularly affected by falling market rates: net interest income decreased by 17%. Due to a poor investment result, the Insurance segment recorded a EUR 14 million operating loss. This compares to the segment’s operating profit of EUR 118 million for Q1 in 2024.

    Both deposit and loan volumes are growing – impairment loss on receivables was exceptionally positive

    The deposit portfolio grew by 5% year-on-year, total deposits being EUR 77.5 billion at the end of March. OP Financial Group’s market share of deposits has been growing markedly over the last couple of years.

    Moreover, its loan portfolio, which grew by around 1% year-on-year, was EUR 99.1 billion: with this, the Group held onto its position as Finland’s leading provider of home loans. The home loan market has shown signs of recovery in recent months: for example, the euro amount of new home loans granted by OP Financial Group in March 2025 was 28% higher than in March 2024. OP’s home loan customers have continued to repay their loans diligently and on schedule. The number of loan modification applications was lower than in the same period in 2024. Year-on-year, the number of corporate loans under special monitoring declined.

    The ratio of non-performing exposures to the loan and guarantee portfolio decreased to 2.5%. Exceptionally, reversals of impairment loss on receivables totalled EUR 24 million in January–March, compared to EUR -39 million recognised for Q1 a year earlier.

    Savings and investments are growing strongly – OP First Investment for babies incentivises long-term investment

    Alongside our aim to coach our customers in making better financial choices, we have focused on making personal financial management easier for them, while enabling and supporting long-term saving and investing. Wealth management is one of our growth focus areas and we aim to make a clear growth leap in this business activity. Despite the volatility on stock markets, our customers retained a strong interest in securing their financial futures and accumulating wealth.

    Customers were interested in systematically investing in funds – they made almost 57,000 new systematic investment agreements with us, which is a 22% increase compared to Q1 in 2024. There are already more than 1.4 million OP mutual fund unitholders. In addition, the number of active equity investors grew by 34%. Reaching almost EUR 94 billion in value, investment assets managed by OP Financial Group grew by 6% compared to January–March 2024.

    OP Financial Group member cooperative banks will make an OP First Investment donation – a EUR 100 investment in the OP-World Index fund – to every baby born in Finland this year. The wellbeing of children and youths is one of OP’s values and part of its approach to corporate responsibility. With OP First Investment, we want to encourage families to engage in systematic, long-term saving and investment. Based on last year’s figures, the estimated aggregate value of OP First Investment donations may exceed EUR 4.3 million. OP First Investment can be received from May 2025, when it will become available for babies born in 2025 (including those born before May).

    The mild winter had a positive impact on claims, but health insurance claims expenditure continued to grow considerably

    Pohjola Insurance’s premiums written grew by 1% compared to the first quarter of last year. Premiums written grew by more than 8% regarding personal customers, but decreased by 2% in the case of corporate customers.

    Pohjola Insurance’s claims expenditure fell by 16% year-on-year. Due to the mild winter, building claims were 36% down and compensation paid for vehicle claims was 2% lower than for Q1 in 2024. On the other hand, health insurance compensation grew by 14% compared to the first three months of last year.

    Compensation was paid for a total of 94% of all claims, which was the same level as a year earlier.

    Use of digital services is still growing – phone number-based payment is becoming more versatile

    Use of digital services grew substantially again. Our personal and corporate customers increasingly use digital channels for banking and insurance. OP-mobile was logged into more than 60 million times in March. The app already has more than 1.7 million active users. Use of OP Aina – which was launched in June last year as a personal assistant for customers using OP-mobile – grew in the first quarter to 1.5 million service interactions. We use OP Aina to provide customers with services that are even more personalised than before and continuously available.

    Siirto Brand Oy, a joint venture between OP and Nordea, began operating: the company provides Finnish solutions for easy and secure payment. With just a phone number, users can make payments to friends or online stores, and a feature for ordering recurring or single e-invoices is planned. These services will expand opportunities to make account-based payments in Finland. Siirto already has 1.5 million registered users.

    A historically large structural change is underway among OP cooperative banks

    New plans were published during the first quarter for mergers between OP cooperative banks around Finland. The mergers announced and decided so far will reduce the number of OP cooperative banks from 93 at the end of 2024 to 54 by the end of 2025. In addition, several projects (both published and unpublished) for mergers between OP cooperative banks are being planned.

    Key drivers of mergers between OP cooperative banks include ensuring that they can provide the most comprehensive, highest quality banking services possible in their operating regions, while keeping pace with the increase in banking regulations.

    In uncertain times, we need pioneers that point the way to futures filled with hope

    OP Financial Group is in excellent shape to support customers in various ways in the uncertain business environment. We want to be a pioneer pointing the way to futures filled with hope in Finnish society – we will pursue this objective through a number of measures this year. An example is our new partnership with the Hive coding school, through which we aim to promote work-based immigration and the training of people from diverse backgrounds for high-level roles in IT. The future success and wellbeing of Finland and its people depend on stepping up work-based immigration and solving the challenges posed by the ageing of society, as Finland’s working-age population decreases.

    My warm thanks to all our customers for the trust they showed in OP Financial Group in early 2025. We aim to continue being worthy of the confidence you place in us. I would also like to thank our employees and governing bodies for their excellent work in the first quarter of 2025.

    Timo Ritakallio
    President and Group CEO


    January–March

    OP Financial Group’s operating profit was EUR 423 million (618), down by 31.4% or EUR 194 million year on year. Income from customer business (net interest income, net commissions and fees and insurance service result) decreased by a total of 7.2% to EUR 839 million (904). The cost/income ratio weakened to 59.7% (45.0). New OP bonuses accrued to owner-customers increased by 7.6% to EUR 81 million.

    As a result of lower market interest rates, net interest income decreased by 11.0% to EUR 631 million. Net interest income reported by the Retail Banking segment decreased by 16.9% to EUR 464 million and that by the Corporate Banking segment decreased by 0.5% to EUR 165 million. OP Financial Group’s loan portfolio grew by 0.7% to EUR 99.1 billion while deposits grew by 5.4% to EUR 77.5 billion, year on year. Household deposits increased by 4.1% year on year, to EUR 49.0 billion. New loans drawn down by customers during the reporting period totalled EUR 6.1 billion (4.5).

    Impairment loss on receivables reversed came to EUR 24 million (-39). Final credit losses totalled EUR 16 million (12). At the end of the reporting period, loss allowance was EUR 784 million (824), of which management overlay accounted for EUR 58 million (77). Non-performing exposures decreased, accounting for 2.5% (3.0) of total exposures. Impairment loss on loans and receivables accounted for -0.10% (0.15) of the loan and guarantee portfolio.

    Net commissions and fees grew by 0.4% to EUR 206 million. Owner-customers’ use of daily banking services has been free of monthly charges since October 2023. Net commissions and fees for payment transfer services increased by EUR 3 million to EUR 58 million, and those for mutual funds by EUR 2 million to EUR 46 million.

    The insurance service result was EUR 2 million (-10). Insurance service result includes EUR 142 million (129) in operating expenses. Non-life insurance net insurance revenue, including the reinsurer’s share, decreased by 1.1% to EUR 419 million. Net claims incurred after the reinsurer’s share decreased by 15.8% to EUR 287 million. The combined ratio reported by non-life insurance improved to 99.5% (108.9).

    Investment income (net investment income, net insurance finance expenses and income from financial assets held for trading) decreased by a total of 87.5% to EUR 19 million. Investment income decreased as a result of the decrease in the value of equity investments and notes and bonds in particular. Net investment income together with net finance income describe investment profitability in the insurance business. The combined return on investments at fair value of OP Financial Group’s insurance companies was -1.1% (2.0).

    Net income from financial assets recognised at fair value through profit or loss, or notes and bonds, shares and derivatives, totalled EUR -448 million (744). Net income from investment contract liabilities totalled EUR 184 million (-359). Net insurance finance expenses totalled EUR 229 million (-250).

    In banking, net income from financial assets held for trading came to EUR 53 million (8) as a result of changes in the value of derivatives.

    Other operating income totalled EUR -11 million (9). A EUR 23 million valuation adjustment in patient insurance policies with full risk for own account decreased other operating income.

    Total expenses grew by 10.0% to EUR 590 million. Personnel costs rose by 9.4% to EUR 280 million. The increase was affected by headcount growth and pay increases. OP Financial Group’s personnel increased by more than 800 year on year. The number of employees increased in areas such as sales, customer service, service development, risk management and compliance. Depreciation/amortisation and impairment loss on PPE and intangible assets decreased by 4.1% to EUR 32 million. Other operating expenses increased by 12.4% to EUR 278 million. ICT costs totalled EUR 139 million (123). Development costs were EUR 101 million (83) and capitalised development expenditure EUR 13 million (14). Charges of financial authorities were EUR 1 million (1). The EU’s Single Resolution Board (SRB) does not collect stability contributions from banks for 2025.

    At EUR 73 million (69), OP bonuses for owner-customers are included in earnings and are divided under the following items based on their accrual: EUR 33 million (35) under interest income, EUR 22 million (19) under interest expenses, EUR 13 million (11) under commission income from mutual funds, and EUR 4 million (4) under the insurance service result.

    Income tax amounted to EUR 85 million (125). The effective tax rate for the reporting period was 20.1% (20.3). Comprehensive income after tax totalled EUR 362 million (509).

    OP Financial Group’s equity amounted to EUR 18.2 billion (18.1). Equity included EUR 3.1 billion (3.3) in Profit Shares, terminated Profit Shares accounting for EUR 0.2 billion (0.4).

    OP Financial Group’s funding position and liquidity are strong. The Group’s LCR was 202% (193) and NSFR was 129% (129).


    OP Cooperative’s Annual Cooperative Meeting

    On 9 April 2025, OP Cooperative held its Annual Cooperative Meeting which elected members of the Supervisory Council, the auditor and the sustainability reporting assurer.

    The Supervisory Council comprises 36 members. The Annual Cooperative Meeting re-elected the following members to the Supervisory Council who were due to resign: Managing Director Jouni Hautala, Lawyer Taija Jurmu, Managing Director Pekka Lehtonen, Vicar Toivo Loikkanen, Managing Director Kari Mäkelä, Chair of the Board of Directors Annukka Nikola, Managing Director Ulf Nylund, Managing Director Teemu Sarhemaa and Managing Director Ari Väänänen.

    New Supervisory Council members elected were entrepreneur Erkki Haavisto, Managing Director Sanna Metsänranta, Managing Director Pertti Purola, Product Manager Sanna Tefke, Director of Rural Administration Hannu Tölli and Managing Director Mikko Vepsäläinen.

    At its reorganising meeting on 9 April 2025, the Supervisory Council elected the Chairs of the Supervisory Council. Chair of the Board of Directors Annukka Nikola was elected as Chair and Lawyer Taija Jurmu and Managing Director Ari Väänänen as Vice Chairs of the Supervisory Council.

    The Annual Cooperative Meeting elected PricewaterhouseCoopers Oy, an audit firm, to act as auditor for the financial year 2025, with APA Lauri Kallaskari as the chief auditor.

    The Annual Cooperative Meeting elected PricewaterhouseCoopers Oy, a sustainability audit firm, to assure OP Financial Group’s sustainability reporting for the financial year 2025, with Tiina Puukkoniemi, ASA, acting as the chief authorised sustainability auditor.


    Outlook

    The global economic outlook has weakened due to increased tariffs and a higher level of uncertainty. The Finnish economy is likely to grow less than previously expected and the outlook is exceptionally uncertain. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment of OP Financial Group and its customers.

    OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024.

    The most significant uncertainties affecting OP Financial Group’s earnings performance are associated with developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables. Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view on developments in the economy, and actual results may differ materially from those expressed in the forward-looking statements.


    Press conference

    OP Financial Group’s financial performance will be presented to the media by the President and Group Chief Executive Officer Timo Ritakallio in a press conference on 7 May 2025 at 11am at Gebhardinaukio 1, Vallila, Helsinki. Media enquiries: OP Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

    OP Corporate Bank plc and OP Mortgage Bank plc will publish their own interim reports.

    Schedule for 2025 Interim Reports and Half-year Financial Report:

    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025
    OP Amalgamation Pillar 3 Disclosures 31 March 2025 Week 19
    OP Amalgamation Pillar 3 Disclosures 30 June 2025 Week 33
    OP Amalgamation Pillar 3 Disclosures 30 September 2025 Week 45

    Helsinki, 7 May 2025

    OP Cooperative
    Board of Directors


    Additional information:

    Timo Ritakallio, President and Group Chief Executive Officer, tel. +358 (0)10 252 4500
    Mikko Timonen, Chief Financial Officer, tel. +358 (0)10 252 1325
    Piia Kumpulainen, Chief Communications Officer, tel. +358 10 252 7317

    DISTRIBUTION

    Nasdaq Helsinki Ltd
    Euronext Dublin (Irish Stock Exchange)
    London Stock Exchange
    Major media
    op.fi

    OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi

    The MIL Network –

  • MIL-OSI: Cybernet and Nokia redefine Pakistan’s network landscape with 1.2T-per-lambda backbone

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Cybernet and Nokia redefine Pakistan’s network landscape with 1.2T-per-lambda backbone

    • Cybernet has selected Nokia’s innovative 1830 Global Express (GX) platform with integrated optical line system capabilities and ICE7 coherent optics.
    • Cybernet’s new network will provide connectivity services to over 25 cities across Pakistan.
    • The Nokia solution will help Cybernet meet growing customer bandwidth demands with high-capacity services at market-competitive cost and power per bit.

    7 May 2025

    Espoo, Finland – Nokia today announced that Cybernet, Pakistan’s leading fiber broadband provider, has chosen Nokia’s cutting-edge optical transport solution for its new long-haul Optical Fiber Cable (OFC) network. Designed to deliver 1.2 terabits per second (Tbps) per wavelength, this next-generation infrastructure will power Cybernet’s national backbone. The network will connect over 25 cities in its initial phase and deliver more than 50 Tbps of long-haul capacity.

    This deployment will support data center interconnect, enterprise and carrier networks, as well as Cybernet’s flagship consumer broadband service, StormFiber.

    Cybernet provides comprehensive connectivity solutions across Pakistan, serving enterprise, corporate, and residential customers, in addition to offering carrier and transit services to international telecom operators. To support its growing data demands and build a terabit-scale infrastructure, Cybernet is deploying Nokia’s 1830 GX platform, integrated with 1.2T ICE7 coherent optics. The new network will expand capacity along resilient, diverse routes and enable a high-speed, low-latency terrestrial backbone that spans the entire country.

    In addition to connecting cities and communities through Cybernet’s digital highways, the new backbone will also support cross-border transit services for carriers and internet service providers in Central Asia. By delivering scalable, high-capacity services at globally competitive rates, this initiative will ultimately accelerate Pakistan’s digital transformation and foster regional connectivity.

    “By enhancing our network with cutting-edge technology, we’re able to keep pace with our customers’ rapidly evolving connectivity needs and deliver a superior end-user experience. Nokia is a trusted technology leader with the expertise and innovation to support our modernization goals. The 1830 GX-based solution will form the foundation for high-capacity services connecting Pakistan—and the region—to the global digital economy,” said Maroof Ali Shahani, Chief Operating Officer of Cybernet.

    “Deploying state-of-the-art optical solutions ensures networks are not just keeping pace with, but even staying ahead in the race to meet surging bandwidth demands. As Cybernet prepares to modernize its network infrastructure, Nokia is proud to be helping transform Pakistan’s connectivity landscape with a 1.2T backbone, seamlessly interconnecting data centers, powering government networks, and delivering direct-to-home services,” said James Watt, Senior Vice President and General Manager, Optical Networks at Nokia.

    Multimedia, technical information and related news
    Product Page: ICE7 1.2Tb/s high-performance coherent optics

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

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

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

    About Cybernet

    Cybernet is a leading fixed-line telecommunications provider in Pakistan with over 25 years of experience delivering high-quality connectivity solutions. Operating the country’s largest and most resilient FTTX network, Cybernet serves enterprise, carrier, and residential customers nationwide. It has international points of presence in France, the UAE, Oman, Singapore, and Hong Kong. Its service portfolio includes Carrier Ethernet, IPLC, DIA, MPLS, IP Transit, Wholesale Voice, Peering, cross-border and submarine transit capacities, as well as cloud and carrier-grade hosting. Cybernet is also the parent company of StormFiber, a fast-growing fiber broadband provider active in over 25 cities across Pakistan. Through sustained investment in infrastructure and innovation, Cybernet is helping to shape the future of Pakistan’s digital ecosystem.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
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    The MIL Network –

  • MIL-OSI: OP Corporate Bank plc’s Interim Report 1 January–31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    OP Corporate Bank plc
    Interim Report 1 January–31 March 2025
    Stock Exchange Release 7 May 2025 at 9.00 am EEST

    OP Corporate Bank plc’s Interim Report 1 January–31 March 2025

    • OP Corporate Bank plc’s operating profit rose to EUR 140 million (112).
    • Total income grew by 10% to EUR 215 million (196). Net interest income, EUR 157 million, remained at the previous year’s level (157). Investment income increased to EUR 24 million (9). Net commissions and fees decreased by 14% to EUR 17 million (19). Other operating income increased to EUR 17 million (11).
    • Impairment loss on receivables decreased to EUR 1 million (12).
    • Total operating expenses increased by 3% to EUR 73 million (71). The cost/income ratio improved to 34% (36).
    • The loan portfolio grew by 1.4% to EUR 28.2 billion (27.8) year on year. The deposit portfolio increased by 20.9% year on year, to EUR 16.0 billion (13.3).
    • The Corporate Banking and Capital Markets segment’s operating profit increased to EUR 86 million (80). Net interest income decreased by 2% to EUR 94 million (97). Net commissions and fees totalled EUR 1 million (1). Investment income increased to EUR 22 million (10). Operating expenses increased by 4% to EUR 31 million (30). Impairment loss on receivables totalled EUR 3 million. A year ago, impairment loss on receivables reversed came to EUR 1 million. The cost/income ratio improved to 26% (27).
    • The Asset and Sales Finance Services and Payment Transfers segment’s operating profit increased to EUR 49 million (37). Net interest income, EUR 55 million, remained at the previous year’s level (55). Net commissions and fees decreased to EUR 14 million (17). Operating expenses increased by 4% to EUR 29 million (28). Impairment loss on receivables reversed came to EUR 2 million. A year ago, impairment loss on receivables totalled EUR 13 million. The cost/income ratio weakened to 38% (36).
    • The Baltics segment’s operating profit amounted to EUR 9 million (10). Net interest income, EUR 15 million, remained at the previous year’s level (15). Net commissions and fees totalled EUR 2 million (2). Operating expenses increased to EUR 9 million (8). The cost/income ratio weakened to 49% (45).
    • The Group Functions segment’s operating loss was EUR 3 million. A year ago, the operating loss amounted to EUR 15 million. Funding position and liquidity remained strong.
    • OP Corporate Bank plc’s CET1 ratio remained at 13.9% (14.1), which exceeds the minimum regulatory requirement by 5.1 percentage points. The changes in the EU Capital Requirements Regulation (CRR3), which took effect on 1 January 2025, caused a slight reduction in capital adequacy.

    OP Corporate Bank plc’s key indicators

    € million Q1/2025 Q1/2024 Change, % Q1–4/2024
    Operating profit (loss), € million 140 112         24.9 473
    Corporate Banking and Capital Markets 86 80         7.1 307
    Asset and Sales Finance Services and Payment Transfers 49 37         30.1 167
    Baltics 9 10         -5.4 39
    Group Functions -3 -15         — -40
    Total income 215 196         9.6 773
    Total expenses -73 -71         2.5         -298
    Cost/income ratio, %         34.1         36.5         -2.3*         38.6
    Return on equity (ROE), %         9.2         7.5         1.7*         7.9
    Return on assets (ROA), %         0.59         0.46         0.13*         0.48
      31 Mar 2025 31 Mar 2024 Change, % 31 Dec 2024
    CET1 ratio, % 13.9         13.3 0.6* 14.1
    Loan portfolio, € million 28,234 27,850         1.4 28,295
    Guarantee portfolio, € million 2,735 3,030         -9.7 2,660
    Other exposures, € million 5,389 5,558         -3.1 5,238
    Deposits, € million 16,031 13,258         20.9 17,155
    Ratio of non-performing exposures to exposures, % 1.6 2.2 -0.6* 1.8
    Ratio of impairment loss on receivables to loan and guarantee portfolio, % 0.02 0.16 -0.14* 0.00

    * Change in ratio, percentage point(s).
    Comparatives for the income statement items are based on the corresponding figures in 2024. Unless otherwise specified, figures from 31 December 2024 are used as comparatives for balance-sheet and other cross-sectional items.

    Decisions by OP Corporate Bank plc’s Annual General Meeting

    On 13 March 2025, the Annual General Meeting (AGM) of OP Corporate Bank plc re-elected OP Financial Group’s President and Group Chief Executive Officer Timo Ritakallio as Chair of OP Corporate Bank’s Board of Directors. As other Board members, the AGM elected OP Uusimaa Managing Director Olli Lehtilä, OP Turun Seutu Managing Director Petteri Rinne, OP Financial Group’s Chief Financial Officer Mikko Timonen and OP Financial Group’s Chief People and Culture Officer Hannakaisa Länsisalmi. As new board member to replace Mikko Vepsäläinen, OP Häme Managing Director Mika Kivimäki was elected.

    The AGM elected PricewaterhouseCoopers Oy, an audit firm, to act as OP Corporate Bank’s auditor for the financial year 2025. Lauri Kallaskari, Authorised Public Accountant, acts as the chief auditor appointed by PricewaterhouseCoopers Oy.

    The AGM of 13 March 2025 adopted the Financial Statements for 2024 and discharged members of the Board of Directors and the CEO from liability. The AGM decided that dividends to be distributed total EUR 112,000,000.00, or EUR 0.35 per share, and that following dividend distribution, the remaining amount of EUR 260,323,566.01 be recognised in the retained earnings account. Following dividend distribution, the company’s distributable earnings total EUR 3,309,605,085.96 and its distributable funds total EUR 3,640,985,923.02. 

    Outlook

    The global economic outlook has weakened due to increased tariffs and a higher level of uncertainty. The Finnish economy is likely to grow less than previously expected and the outlook is exceptionally uncertain. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment of OP Corporate Bank and its customers.

    A full-year earnings estimate for 2025 will only be provided at Group level, in OP Financial Group’s financial statements bulletin and in its interim and half-year financial reports.

    The most significant uncertainties affecting OP Corporate Bank’s earnings performance relate to developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables. In addition, future earnings performance will be affected by the market growth rate and the change in the competitive situation.

    Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view of the future development in the business environment and the future financial performance of OP Corporate Bank plc’s and its various functions, and actual results may differ materially from those expressed in the forward-looking statements. 

    Schedule for 2025 Interim Reports and Half-year Financial Report:

    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025

    Helsinki, 7 May 2025

    OP Corporate Bank plc
    Board of Directors

    For additional information, please contact:

    Katja Keitaanniemi, Chief Executive Officer, tel. +358 10 252 1387
    Piia Kumpulainen, Chief Communications Officer, tel. +358 10 252 7317

    DISTRIBUTION
    Nasdaq Helsinki Oy
    Euronext Dublin (Irish Stock Exchange)
    LSE London Stock Exchange
    Major media
    op.fi

    OP Corporate Bank plc is part of OP Financial Group. OP Corporate Bank and OP Mortgage Bank are responsible for OP’s funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other’s debts and commitments. OP Corporate Bank acts as OP Financial Group’s central bank.

    The MIL Network –

  • MIL-OSI: Sydbank’s Interim Report – Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 20/2025
    7 May 2025

    Sydbank’s Interim Report – Q1 2025

    Q1 2025 – highlights

    • Profit for the period of DKK 645m equals a return on equity of 17.4% p.a. after tax
    • Core income of DKK 1,700m is 8% lower compared to the same period in 2024
    • Trading income of DKK 64m compared to DKK 89m in the same period in 2024
    • Costs (core earnings) of DKK 881m compared to DKK 831m in the same period in 2024
    • Core earnings before impairment of DKK 883m are 20% lower compared to the same period in 2024
    • Impairment charges for loans and advances etc represent an expense of DKK 35m
    • Bank loans and advances have gone down by DKK 1.2bn, equal to a decrease of 2% compared to year-end 2024
    • The CET1 ratio stands at 16.3%, equal to a decline of 1.5pp compared to year-end 2024

    CEO Mark Luscombe comments on the result:

    • It is positive that we have been able to generate a return on equity of 17.4% under market conditions characterised by uncertainty. In the current environment many of our customers have chosen to remain financially flexible where retail clients focus on savings and corporate clients strengthen their balance sheets and consequently postpone major financial decisions. Inflation and interest rates continue to go down, which should support an increase in lending and investment activities once confidence has been restored. Therefore lending is down, deposits are up and assets under management continue to show a net increase.

    Board chairman Ellen Trane Nørby elaborates:

    • It is positive that profit for Q1 2025 is as expected at the beginning of Q1 2025 despite the ECB and Danish central bank rate cuts occurring at a faster pace than anticipated. Against this background the result must be considered quite satisfactory.

    Mark Luscombe comments on the beginning of the new strategy period:

    • The themes in our new strategy “Bigger Sydbank” will guide us and ensure that we can meet the strategy’s goals. We will focus on the customer and be the workplace for some of our industry’s most talented and dedicated employees. Our consistent customer focus is having the intended effect as customer satisfaction is going up and every segment is welcoming new customers.

    Board chairman Ellen Trane Nørby comments:

    • In times of trade conflicts and geopolitical uncertainty it is particularly important that Sydbank is well prepared to navigate this uncertainty and support its customers. It is gratifying to note that after initiating the share buyback of DKK 1,350m the Bank remains highly capitalised and resilient.

    Outlook for 2025

    • Moderate growth is projected for the Danish economy.
    • Profit after tax is expected to be in the range of DKK 2,200-2,600m.
    • The profit forecast assumes that the Danish central bank will lower the interest rate by 1pp in 2025.
    • The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.

    Additional information
    Jørn Adam Møller, Deputy Group Chief Executive, Tel +45 74 37 20 30
    Lars Grubak Lohff, Press Manager Tel +45 20 31 54 65

    Attachments

    The MIL Network –

  • MIL-OSI Economics: Samsung Unveils Vision AI for Neo QLED, OLED, QLED and The Frame TVs, Bringing Intelligent, Immersive & Adaptive Screens to Indian Consumers

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today announced the launch of its ultra-premium 2025 models of Neo QLED 8K, Neo QLED 4K, OLED, QLED TVs and The Frame lineup, bringing the revolutionary Samsung Vision AI technology to Indian consumers. At the heart of this launch is the new Samsung Vision AI that delivers an unparalleled home entertainment experience with next-generation AI capabilities. Staying true to its commitment to innovation, Samsung’s latest range redefines how users interact with screens, turning them into intelligent companions that enrich everyday living.
     
    Samsung Vision AI – a cutting-edge technology framework – pairs AI-enhanced picture and sound for maximum performance with personalized experience. Samsung Vision AI is built on three pillars.
     
    AI Mode optimizes picture quality and sound in real time by using advanced deep-learning algorithms that adapt to both content and ambient surroundings, ensuring stunning visuals and immersive audio every time.
    AI Experience personalizes content discovery and settings by learning user preferences over time, delivering a smarter, more intuitive interaction.
    Multi-Device Connectivity seamlessly connects the TV with smartphones, tablets, and other smart devices, enabling effortless content sharing, control, and continuity across the Samsung ecosystem.
     
    “The role of the television in Indian homes has evolved – it’s no longer just about watching content, but about enabling connected, intelligent lifestyles. With the introduction of Samsung Vision AI across our widest-ever premium lineup, we are delivering a future-ready TV experience that goes beyond stunning visuals. Samsung Vision AI ushers in a truly personalized, AI-powered screen experience, where the viewer is more important than what’s being viewed. We are calling this shift ‘It’s Your Show’ – an experience where users are in complete control, with the TV adapting to their unique preferences, habits, and ecosystem. Our new AI TV lineup breathes new life into every frame, setting a new benchmark for cinematic excellence at home. With this new era of AI-powered screens, we are confident of accelerating next-generation TV adoption and strengthening our leadership in India’s premium television segment,” said Viplesh Dang, Senior Director, Visual Display Business, Samsung India.
     
    Samsung Vision AI: Powering a New Generation of Smart, Personalized Entertainment Experiences
     
    Samsung Vision AI represents a major leap in making screens smarter, more intuitive and deeply personal. It transforms televisions into adaptive hubs, responsive to their environment and user behaviours. They seamlessly blend into everyday life, making the TV an intelligent partner rather than just a display.
     
    Several features come together to redefine the big screen experience-
     
    Universal Gesture Control allows users to effortlessly navigate their Samsung Smart AI TV using simple hand movements, eliminating the need for a remote. This feature utilizes AI technology, and a connected Galaxy Watch to recognize gestures, allowing for intuitive control over various TV functions.
     
    AI Upscaling Pro elevates lower-resolution content to near-8K quality, ensuring every detail is crystal clear. Powered by Samsung’s NQ8 AI Gen3 Processor, this feature sharpens images and enhances clarity, delivering a vivid and lifelike viewing experience.
     
    Generative Wallpaper transforms idle screens into dynamic, personalized art canvases, creating visuals that match moods or occasions. Leveraging AI, this feature generates unique 4K images, allowing users to personalize their viewing experience with custom artwork. ​
     
    Multi-Device connectivity keeps users updated about their living environment with real-time alerts and energy monitoring. Integrated with SmartThings, it provides real-time summaries of the home’s status and suggests necessary actions, enhancing peace of mind whether users are at home or away.
    ​
    Pet and Family Care Mode provides peace of mind by detecting unusual activities of pets or family members and by automatically adjusting home settings for added comfort. Utilizing on-device AI, it can detect events such as a dog barking or a baby crying, alerting users when attention is needed.
     
    Samsung’s Most Advanced AI-Powered Neo QLED 8K TV Redefines Visual Display Technology
    Leading the 2025 AI TV lineup is the flagship Neo QLED 8K QN950F, designed to deliver the pinnacle of TV innovation. Powered by the advanced NQ8 AI Gen3 Processor, which employs 768 AI neural networks, this TV brings breakthrough features to life. Ensuring an exceptional viewing experience with crisp details, regardless of the input source, it is encased in an ultra-slim, minimalist Infinity Air design. The Neo QLED 8K QN950F is an object of beauty and a technological prowess, offering a truly immersive and sophisticated cinematic visual display.
     
    The 8K AI Upscaling Pro feature intelligently analyzes and enhances any content to 8K quality, preserving details and textures with remarkable accuracy.
     
    The Glare-Free technology ensures distraction-free viewing even in brightly lit spaces, reducing reflections without compromising colour or contrast.
    Q-Symphony and Dolby Atmos combine to deliver a deeply immersive, multidimensional audio experience by perfectly synchronizing the TV speakers with compatible Samsung soundbars.
    The ultra-fast 240Hz refresh rate ensures fluid motion and razor-sharp visuals, ideal for high-speed action, sports, and next-gen gaming.
     
    AI Mode intelligently optimizes picture and sound based on content type and surroundings, delivering a customized viewing experience.’
     
    The Neo QLED 8K is available in sizes of 85, 75, and 65 inches.
     
    Lineup for All Entertainment Needs: Neo QLED 4K
    The QN90F, QN85F, QN80F and QN70F models headline the Neo QLED 4K lineup. The QN90F features Quantum Matrix Technology Plus with 128 Neural Networks, Motion Xcelerator 165Hz, Glare-Free viewing and a powerful 60W 4.2.2 channel speaker system with Dolby Atmos and Q-Symphony for a cinematic audio-visual experience and Samsung’s signature Neo Slim design with Art Store and Generative Wallpaper support.
     
    Samsung’s   2025 OLED TVs push performance further with NQ4 AI Gen3 Processor supported by 128 Neural Networks, Motion Xcelerator 165Hz, Glare-Free Viewing, and AI Motion Enhancer Pro for exceptional clarity in fast-moving scenes. These models support 100% Color Volume, are PANTONE Validated, and feature a minimalist Infinity One design with Attachable Slim One Connect to reduce clutter.
     
    Samsung has also curated localized Smart Experiences for Indian consumers to include a range of services like gaming, entertainment, education and fitness.’
     
    Cloud Gaming Service enables users to experience AAA games with Plug and Play – with no console or PC required.
     
    Samsung Education Hub helps users to experience Big Screen Learning with live classes, making learning for your kids more interactive and immersive.
     
    TV Key service upscales consumers as there is no requirement for a set-top box as it enables direct transmission of content through the cloud.
     
    Samsung TV Plus provides 125+ national and international channels absolutely free with instant access to news, movies, entertainment and more.
     
    The 2025 Samsung AI TVs come equipped with a built-in SmartThings hub, transforming the television into a central command centre for connected living. This integration allows users to effortlessly connect and control a wide array of smart devices. Additionally, SmartThings Energy offers insights into energy consumption patterns, promoting efficient energy use throughout the home. The platform’s ambient sensing capabilities analyse human movements and environmental sounds, allowing the system to adapt settings such as lighting and temperature to suit daily routines, thereby enhancing comfort and convenience. ​
     
    Fortified with Samsung Knox, a comprehensive security platform that safeguards user data and privacy, high security standards are maintained. It detects and prevent unauthorized changes, blocks phishing websites to protect against malicious sites, and enhanced personal information protection through Samsung Knox Vault.
     
    To ensure a future-ready and secure smart TV experience, Samsung’s 2025 AI TV lineup comes with 7 years of guaranteed OS upgrades at no additional cost. This industry-leading commitment extends the longevity of each device, keeping it up to date with the latest features, security enhancements, and performance improvements. Whether it’s advanced AI functionality or seamless SmartThings integration, consumers can enjoy a consistently premium experience year after year, making their investment in Samsung’s Vision AI-powered TVs truly future-proof.
     
    Price, Offers & Availability
    The 2025 lineup of Neo QLED 8K, Neo QLED 4K, OLED, and The Frame TVs will be available for pre-order from May 7, 2025 across Samsung retail stores, Samsung.com, and leading offline and online retail channels.
     
    As part of the pre-order offer, consumers purchasing Neo QLED 8K, Neo QLED 4K, OLED TVs and The Frame can avail of exciting benefits, such as Free Soundbar worth up to INR 90990, cashback of up to 20%, Easy EMI with zero down payment, lowest EMI starting INR 2990 and up to 30-month EMI tenure. These offers are valid till May 28, 2025.
     
    Samsung’s Neo QLED 8K range starts from INR 272990
    Samsung’s Neo QLED 4K range starts from INR 89990
    Samsung’s OLED range starts from INR 154990
    Samsung’s QLED range starts from INR 49490
    Samsung’s Frame TVs range starts from INR 63990
     
    The 2025 Samsung AI TV lineup is available in a wide spectrum of screen sizes, catering to every viewing preference and space requirement. The range includes 43″, 50″, 55″, 65″, 75″, 77″, 83″, 85″, 98″ and the ultra-large 100” and 115″. From compact personal entertainment zones to immersive home theatres, this diverse selection ensures there’s a perfect AI-powered screen for every room and need.
     
     

    MIL OSI Economics –

  • MIL-OSI Economics: State of ransomware in 2025

    Source: Securelist – Kaspersky

    Headline: State of ransomware in 2025

    With the International Anti-Ransomware Day just around the corner on May 12, Kaspersky explores the ever-changing ransomware threat landscape and its implications for cybersecurity. According to Kaspersky Security Network data, the number of ransomware detections decreased by 18% from 2023 to 2024 – from 5,715,892 to 4,668,229. At the same time, the share of users affected by ransomware attacks increased by 0.02 p.p. to 0.44%. This smaller percentage compared to other cyberthreats is explained by the fact that attackers often don’t distribute this type of malware on a mass scale, but prioritize high-value targets, which reduces the overall number of incidents.

    That said, if we look at incidents at organizations requiring immediate incident response services that were mitigated by Kaspersky’s Global Emergency Response Team (GERT), we’ll see that 41.6% of them were related to ransomware in 2024, compared to 33.3% in 2023. Targeted ransomware is likely to remain the primary threat to organizations around the world for the foreseeable future.

    Below are some of the global trends that Kaspersky observed with ransomware in 2024.

    Ransomware-as-a-Service (RaaS) dominance

    The RaaS model remains the predominant framework for ransomware attacks, fueling their proliferation by lowering the technical barrier for cybercriminals. In 2024, RaaS platforms like RansomHub thrived by offering malware, technical support and affiliate programs that split the ransom (e.g., 90/10 for affiliates/core group). This model enables less-skilled actors to execute sophisticated attacks, contributing to the emergence of multiple new ransomware groups in 2024 alone. While traditional ransomware still exists, the scalability and profitability of RaaS make it the primary engine, with platforms evolving to include services such as initial access brokering and data exfiltration, ensuring its dominance into 2025.

    Some groups continue to go cross-platform, while Windows remains the primary target

    Many ransomware attacks still target Windows-based systems, reflecting the operating system’s widespread use in enterprise environments. The architecture of Windows, combined with vulnerabilities in software such as Remote Desktop Protocol (RDP) and unpatched systems, makes it a prime target for ransomware executables. In recent years, however, some attackers have diversified, with groups like RansomHub and Akira developing variants for Linux and VMware systems, particularly in cloud and virtualized environments. While Windows remains the epicenter, the growing focus on cross-platform ransomware signals a shift toward exploiting diverse infrastructures, especially as organizations adopt hybrid and cloud setups. This is not a new trend, and we expect it to persist in the coming years.

    Overall ransomware payments down, average ransom payment up

    According to Chainalysis, ransomware payments dropped significantly in 2024 to approximately $813.55 million, down 35% from a record $1.25 billion in 2023. On the other hand, Sophos reports that the average ransom payment surged from $1,542,333 in 2023 to $3,960,917 in 2024, reflecting a trend of targeting larger organizations with higher demands. This report also highlights that more organizations paid ransoms to get their data back, although other reports indicate that fewer organizations paid ransoms than in 2023. For example, according to Coveware, a company that specializes in fighting ransomware, the payment rate hit a record low of 25% in Q4 2024, down from 29% in Q4 2023, driven by law enforcement crackdowns, improved cybersecurity and regulatory pressures discouraging payments.

    While encryption remains a core component of many ransomware attacks, the primary goal for some groups has shifted or expanded beyond locking data

    In 2024, cybercriminals increasingly prioritized data exfiltration alongside, or sometimes instead of, encryption, focusing on stealing sensitive information to maximize leverage and profits or even extending threats to third parties such as customers, partners, suppliers, etc. Encryption is still widely used, but the rise of double and triple extortion tactics shows a strategic pivot. RansomHub and most modern ransomware groups often combine encryption with data theft, threatening to leak or sell stolen data if a ransom is not paid, making exfiltration a critical tactic.

    Dismantled or disrupted ransomware actors in 2024

    Several major ransomware groups faced significant disruptions in 2024, though the ecosystem’s resilience limited the long-term impact. LockBit, responsible for 27.78% of attacks in 2023, was hit hard by Operation Cronos in February 2024, with law enforcement seizing its infrastructure, arresting members and unmasking its leader, Dmitry Khoroshev. However, despite these efforts, LockBit relaunched its operations and remained active throughout 2024.

    ALPHV/BlackCat, another prolific group, was dismantled after an FBI operation in December 2023, though affiliates migrated to other groups such as RansomHub. The Radar/Dispossessor operation was disrupted by the FBI in August 2024, and German authorities seized 47 cryptocurrency exchanges linked to ransomware laundering. Despite these takedowns, groups like RansomHub and Play quickly filled the void, underscoring the challenge of eradicating ransomware networks. However, according to the latest research, the RansomHub group presumably paused their operations as of April 1, 2025.

    Some groups disappear, others pick up their work

    When ransomware groups disband or disappear, their tools, tactics and infrastructure often remain accessible in the cybercriminal ecosystem, allowing other groups to adopt and enhance them. For example, groups like BlackMatter or REvil, after facing pressure from law enforcement, saw their code and methods reused by successors like BlackCat, which in turn was followed by Cicada3301. Disappearing groups may also sell their source code, exploit kits or affiliate models on dark web forums, enabling emerging or existing gangs to repurpose these resources. In addition, malicious tools are sometimes leaked to the internet, as was the case with LockBit 3.0. As a result, many smaller groups or individuals unrelated to the ransomware developers, including hacktivists and low-skilled cybercriminals, get hold of these tools and use them for their own purposes. This cycle of knowledge transfer accelerates the evolution of ransomware as new actors build on proven strategies, adapt to countermeasures, and exploit vulnerabilities faster than defenders can respond. In telemetry, these new groups using old toolkits can be identified as old groups (e.g., LockBit).

    Ransomware groups increasingly developing their own custom toolkits

    This is done to increase the effectiveness of their attacks and avoid detection. These toolkits often include exploitation tools, lateral movement tools, password attack tools, etc. that are tailored to specific targets or industries. By creating proprietary tools, these groups reduce their reliance on widely available, detectable exploits and maintain control over their operations. This in-house development also facilitates frequent updates to counter defenses and exploit new vulnerabilities, making their attacks more resilient and harder for cybersecurity measures to mitigate.

    General vs. targeted ransomware share

    Targeted ransomware attacks, aimed at specific organizations for maximum disruption and payout, focus on high-value targets such as hospitals, financial institutions and government agencies, leveraging reconnaissance and zero-day exploits for precision. General ransomware, which spreads indiscriminately via phishing or external devices, often affects smaller businesses or individuals with weaker defenses. The focus on targeted attacks reflects cybercriminals’ preference for larger ransoms, though general ransomware persists due to its low-effort, high-volume potential.

    According to Kaspersky research, RansomHub was the most active group executing targeted attacks in 2024, followed by Play.

    Each group’s share of victims according to its data leak site (DLS) as a percentage of all reported victims of all groups during the period under review (download)

    AI tools used in ransomware development (FunkSec)

    FunkSec emerged as a ransomware group in late 2024 and quickly gained notoriety, claiming multiple victims in December alone and outpacing established groups like Cl0p and RansomHub. Operating on a Ransomware-as-a-Service (RaaS) model, FunkSec employs a double extortion tactic that combines data encryption with exfiltration. The group targets sectors such as government, technology, finance and education in countries including India, Spain and Mongolia.

    FunkSec is notable for its heavy reliance on AI-assisted tools, particularly in malware development. Its ransomware features AI-generated code with comments that are perfect from a language perspective, suggesting the use of large language models (LLMs) to streamline development and evade detection. Unlike typical ransomware groups that demand millions, FunkSec’s ransoms are unusually low, adopting a high-volume, low-cost approach.

    Bring Your Own Vulnerable Driver attacks continue

    Bring Your Own Vulnerable Driver (BYOVD) is an increasingly prevalent technique used in ransomware attacks to bypass security defenses and gain kernel-level access on Windows systems.

    With BYOVD, attackers deploy a legitimate but vulnerable driver – often digitally signed by a trusted vendor or Microsoft – on a target system. These drivers, which operate at the kernel level (ring 0) with high privileges, contain exploitable flaws that allow attackers to disable security tools, escalate privileges or execute malicious code undetected. By leveraging signed drivers, attackers can evade Windows’ default security checks.

    Although BYOVD is an advanced technique, there is a range of open-source tools like EDRSandblast and Backstab that lower the technical barriers and simplify such attacks. According to the Living Off The Land Drivers (LOLDrivers) project, hundreds of exploitable drivers are known, highlighting the scale of the problem. Attackers continue to find new vulnerable drivers, and tools like KDMapper allow mapping of unsigned drivers into memory via BYOVD, complicating defenses.

    Share of users whose computers were attacked by crypto-ransomware, by region. Data from Kaspersky Security Network (download)

    In the Middle East and Asia-Pacific regions, ransomware affected a higher share of users due to rapid digital transformation, expanding attack surfaces and varying levels of cybersecurity maturity. Enterprises in APAC were heavily targeted, driven by attacks on infrastructure and operational technology, especially in countries with growing economies and new data privacy laws.

    Ransomware is less prevalent in Africa due to lower levels of digitization and economic constraints, which reduce the number of high-value targets. However, as countries like South Africa and Nigeria expand their digital economies, ransomware attacks are on the rise, particularly in the manufacturing, financial and government sectors. Limited cybersecurity awareness and resources leave many organizations vulnerable, though the smaller attack surface means the region remains behind global hotspots.

    Latin America also experiences ransomware attacks, particularly in countries like Brazil, Argentina, Chile and Mexico. Manufacturing, agriculture, and retail, as well as critical sectors such as government and energy are targeted, but economic constraints and smaller ransoms deter some attackers. The region’s growing digital adoption is increasing exposure. For example, NightSpire ransomware compromised Chilean company EmoTrans, a logistics company serving key industries in Chile such as mining, agriculture and international trade. The group first appeared in March 2025, and attacked government institutions, manufacturers and other companies in various parts of the world. Like many other groups, NightSpire uses the double extortion strategy and has its own data leak site (DLS).

    The Commonwealth of Independent States (CIS) sees a smaller share of users encountering ransomware attacks. However, hacktivist groups like Head Mare, Twelve and others active in the region often use ransomware such as LockBit 3.0 to inflict damage on target organizations. Manufacturing, government, and retail are the most targeted sectors, with varying levels of cybersecurity maturity across the region affecting security.

    Europe is confronted with ransomware, but benefits from robust cybersecurity frameworks and regulations that deter some attackers. Sectors such as manufacturing, agriculture, and education are targeted, but mature incident response and awareness limit the scale of attacks. The region’s diversified economies and strong defenses make it less of a focal point for ransomware groups than regions with rapid, less secure digital growth.

    For example, RansomHub claimed responsibility for a 2024 attack on Kawasaki’s European offices, disrupting operations across multiple countries. The breach compromised customer and operational data, affecting supply chains for Kawasaki’s motorcycle and industrial products in Europe. The regional impact was significant in countries such as Germany and the Netherlands, where Kawasaki has a strong market presence, highlighting vulnerabilities in Europe’s manufacturing sector.

    Change in the share of users whose computers were attacked by crypto-ransomware, by region, 2024 compared to 2023. Data from Kaspersky Security Network (download)

    Emerging threats and future outlook

    Looking ahead to 2025, ransomware is expected to evolve by exploiting unconventional vulnerabilities, as demonstrated by the Akira gang’s use of a webcam to bypass endpoint detection and response systems and infiltrate internal networks. Attackers are likely to increasingly target overlooked entry points like IoT devices, smart appliances or misconfigured hardware in the workplace, capitalizing on the expanding attack surface created by interconnected systems. As organizations strengthen traditional defenses, cybercriminals will refine their tactics, focusing on stealthy reconnaissance and lateral movement within networks to deploy ransomware with greater precision, making it harder for defenders to detect and respond in time.

    Ransomware groups are also likely to escalate their extortion strategies, moving beyond double extortion to more aggressive approaches such as threatening to leak sensitive data to regulators, competitors or the public. The Ransomware-as-a-Service model will continue to thrive, allowing less-skilled actors to launch sophisticated attacks by purchasing access to pre-built tools and exploit kits. Geopolitical tensions may further drive hacktivism and state-sponsored ransomware campaigns targeting critical assets, such as energy grids or healthcare systems, as part of hybrid warfare. Smaller organizations with limited cybersecurity budgets will face heightened risks as attackers exploit their weaker defenses. To adapt, businesses must adopt zero-trust security models, secure IoT ecosystems and prioritize employee training to mitigate phishing and social engineering threats.

    The proliferation of large language models (LLMs) tailored for cybercrime will further amplify ransomware’s reach and impact. LLMs marketed on the dark web lower the technical barrier to creating malicious code, phishing campaigns and social engineering attacks, allowing even less-skilled actors to craft highly convincing lures or automate ransomware deployment. As more innovative concepts such as RPA (Robotic Process Automation) and LowCode, which provide an intuitive, visual, AI-assisted drag-and-drop interface for rapid software development, are quickly adopted by software developers, we can expect ransomware developers to use them to automate their attacks as well as new code development, making the ransomware threat even more prevalent.

    Recommendations

    To effectively counter ransomware in 2025, organizations and individuals must adopt a multi-layered defense strategy that addresses the evolving tactics of groups like FunkSec, RansomHub and others that leverage AI, Bring Your Own Vulnerable Driver (BYOVD) and double extortion.

    Prioritize proactive prevention through patching and vulnerability management. Many ransomware attacks exploit unpatched systems, so organizations should implement automated patch management tools to ensure timely updates for operating systems, software and drivers. For Windows environments, enabling Microsoft’s Vulnerable Driver Blocklist is critical to thwarting BYOVD attacks. Regularly scan for vulnerabilities and prioritize high-severity flaws, especially in widely used software like Microsoft Exchange or VMware ESXi, which were increasingly targeted by ransomware in 2024.

    Strengthen endpoint and network security with advanced detection and segmentation. Deploy robust endpoint detection and response solutions such as Kaspersky NEXT EDR to monitor for suspicious activity like driver loading or process termination. Network segmentation is equally important – limit lateral movement by isolating critical systems and using firewalls to restrict traffic. Implement a zero-trust architecture that requires continuous authentication for access.

    Invest in backups, training and incident response planning. Maintain offline or immutable backups that are tested regularly to ensure rapid recovery without paying a ransom. Backups should cover critical data and systems and be stored in air-gapped environments to resist encryption or deletion. User education is essential to combat phishing, which remains one of the top attack vectors. Conduct simulated phishing exercises and train employees to recognize AI-crafted emails used by FunkSec and others for stealth. Kaspersky GERT can help develop and test an incident response plan to minimize potential downtime and costs.

    The recommendation to not pay a ransom remains robust, especially given the risk of unavailable keys due to dismantled infrastructure, affiliate chaos or malicious intent, as seen in the 2024 disruptions. By investing in backups, incident response and preventive measures like patching and training, organizations can avoid funding criminals and mitigate the impact. Kaspersky also offers free decryptors for certain ransomware families. If you get hit by ransomware, check to see if there is a decryptor available for the ransomware family used in your case. Note that even if one isn’t available right now, it may be added later.

    MIL OSI Economics –

  • MIL-Evening Report: Greens leader Adam Bandt and Teal Zoe Daniel likely to lose their seats

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    With 80% of enrolled voters counted, the ABC is giving Labor 87 of the 150 House of Representatives seats, the Coalition 40, the Greens zero and all Others ten, with 13 seats remaining undecided.

    Based on votes realigned to a Greens vs Labor two candidate count in Melbourne, the ABC has Greens leader Adam Bandt trailing Labor by almost 4,400 votes (52.9–47.1). This would be a 9.4% swing to Labor from the Greens since the 2022 election. Analyst Kevin Bonham agrees with the ABC’s estimate. Primary votes are 40.3% Bandt (down 4.4%), 31.5% Labor (up 5.8%) and 19.1% Liberals (down 0.5%).

    Bandt had won Melbourne by 60.2–39.8 against Labor at the 2022 election, but his margin was reduced to 56.5–43.5 by an unfavourable redistribution. Bandt has become hated by the right, so it’s natural that their preferences would go to Labor ahead of Bandt.

    If this result is confirmed, the Greens will have lost three of their four House seats. In the fourth seat (Ryan), The Poll Bludger’s projections have the Greens just ahead of Labor when one of these parties is excluded, so they will probably beat the Liberal National Party on Labor preferences.

    Despite these losses, the Greens overall vote has held up, down 0.5% to 11.8%. It’s likely the Greens will improve when absent votes start being counted; these votes were cast outside a voter’s home electorate.

    The problem for the Greens is that their vote has become too dispersed and not concentrated enough to win single-member seats. In the proportional Senate, the Greens have performed far better, holding all their six seats that were last elected in 2019 (one from each state).

    Liberal Tim Wilson gains Goldstein

    The ABC has called a Liberal gain in Goldstein, with Teal independent incumbent Zoe Daniel defeated by a current margin of 684 votes. Daniel won on ordinary votes, which include election day and pre-poll votes cast within Goldstein, by 51.8–48.2. But the nearly 14,000 postals counted so far have favoured Wilson by a huge 64–36, and there’s still at least 6,000 postals to be counted.

    In other close Teal vs Liberal contests, an amendment to a pre-poll booth hurt the Teal in Liberal-held Bradfield, and she now trails by 178 votes. Postals that have heavily favoured the Liberal are almost finished, and the Teal may be able to regain the lead on other vote types.

    In Kooyong, incumbent Teal Monique Ryan leads the Liberals by 622 votes. Ryan won ordinary votes by 52.3–47.7, but she’s losing the 14,000 postals counted so far by 62–38, and there’s still at least 6,500 postals to be counted.

    Other close seats

    The electoral commission is still realigning the two candidate count in Bendigo, Bean and Fremantle. he ABC estimates Labor has an 1,183 vote lead over the Nationals in Bendigo, a 355 vote lead over a Teal independent in Fremantle, but Labor trails a Teal independent in Bean by 943 votes.

    In Liberal-held Menzies, Labor leads by almost 1,400 votes and should win, as the Liberal-favouring postals are nearly finished. In Labor-held Bullwinkel, Labor leads the Liberals by 50 votes and should extend their lead once vote types other than postals start being counted. In LNP-held Longman, the LNP leads Labor by 439 votes, but postals are nearly finished and Labor may regain the lead on other vote types.

    Adrian Beaumont 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. Greens leader Adam Bandt and Teal Zoe Daniel likely to lose their seats – https://theconversation.com/greens-leader-adam-bandt-and-teal-zoe-daniel-likely-to-lose-their-seats-256067

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: How having no pants in public went from a nightmare to the Met Gala’s hottest fashion trend

    Source: The Conversation (Au and NZ) – By Jye Marshall, Lecturer, Fashion Design, School of Design and Architecture, Swinburne University of Technology

    While the official theme of the 2025 Met Gala was Superfine: Tailoring Black Style, another trend emerged among those on the red carpet: no pants.

    While many might shudder at the thought of wearing their underwear in public, the no-pants trend has picked up steam in recent years, with celebrities such as Kristen Stewart, Kendall Jenner, Bella Hadid, Sydney Sweeney and many more rocking the look.

    Lisa’s outfit confuses the internet

    Pop singer Sabrina Carpenter and K-pop star Lisa in particular rocked the internet with their pantless outfits at the Met Gala – although the latter has stirred up some controversy.

    Social media users were offended by Lisa’s underwear – part of a lacy bodysuit designed by Louis Vuitton – which seems to have an image of civil rights activist Rosa Parks embroidered onto it (although this hasn’t been confirmed), along with a number of other figures.

    It’s possible the look wouldn’t seem quite as offensive if the rest of the bodysuit wasn’t concealed by the blazer. Nonetheless, it’s a less successful attempt at marrying the gala’s theme of Black dandyism with one of the hottest trends in fashion right now.

    But where exactly does the no-pants trend come from? Is it as “new” as it seems? And do we have Bridget Jones herself to thank?

    The modern revival of no pants

    The revival of no pants, or mini shorts, marks a shift towards individualism in fashion, and is possibly also leveraging shock value. We’ve seen the trend slowly reemerge since 2022, with celebrity outfits and a series of runway adoptions.

    The latest runways have continued to deliver collections with hot pants, mini shorts and simply no pants, including Miu Miu Spring 2024 RTW, Alexander Wang Spring 2025 RTW and Louis Vuitton Spring 2025.

    The body positive movement may also be a factor in the way celebrities are expressing themselves. The no-pants trend is a moment to celebrate the legs. It’s also particularly useful for people who are shorter, as it creates the illusion of longer legs by pulling the focus to the torso.

    Sabrina Carpenter told Vogue she was specifically advised by Pharrell Williams – Louis Vuitton’s men’s creative director – to not wear pants at the Met Gala due to her short stature.

    Back to the origins

    While fashion is often seen as frivolous, the way we dress is actually closely linked with cultural, economic and political movements.

    Pants for women have a long and complex history. Before the mid-19th century, it was considered unacceptable for women in Western societies to wear bloomers (pants), as this was seen as a threat to male power.

    This 1896 satirical cartoon by William H. Walker (1871-1938) shows a navy ship crewed by women.
    untitled; William H. Walker Cartoon Collection, MC068, Public Policy Papers, Department of Special Collections, Princeton University Library

    The taboo continued up until the early 19th century, with one 1903 men’s magazine presenting a special issue of “bifurcated girls” – that is, women posing in trousers.

    And it was only in 2013 that France officially overturned a 200-year-old (unenforced) ban that said women could only wear trousers with permission from the police.

    If the no-pants trend seems overtly or subtly transgressive, it is because of the centuries women have spent trying to negotiate how much they can show of their bodies.

    Exoticism also has a big role to play in the way women adopted trends to expose their body. In the past, each time women revealed parts of their body they weren’t “supposed to”, they’ve been met with public shock.

    As for the no-pants trend, we can probably trace the first contemporary examples of this back to the rise of ballet clothing and dancewear, particularly the leotard, from the 1950s onward.

    The workout videos of the 1980s (hello, Jane Fonda) also boosted the popularity of the look.

    The fashion life cycle

    For women, pants provided practicality and freedom of movement, which was especially important as they took on men’s roles during the first and second world wars. So it’s no surprise womens’ pants became a fashion mainstay.

    Other trends, such as going pantless, will usually come into mainstream fashion in one of two ways. Either they trickle down from runways and celebrities, or bubble up from street style or social media.

    Trend cycles begin with “innovators” and “early adopters” – the bold among us who are ready to take the risk before others. Research into fashion trends suggests about 1% to 2.5% of the population are innovators who will adopt a style before it gains traction among the public.

    Trends will generally die when they hit a point of saturation and people become tired of them. While a trend that’s closer to classic fashion may last ten years, fashion “fads” tend to fizzle out after about one to two years.

    Given the Met Gala appearances, I think the no-pants look will be sticking around for at least another year. We can also expect it to dilute as it trickles down into mainstream fashion, which means we might see more mini shorts in stores instead.

    Jye Marshall is a member of the Australian Fashion Council and Ethical Clothing Australia Accreditation.

    – ref. How having no pants in public went from a nightmare to the Met Gala’s hottest fashion trend – https://theconversation.com/how-having-no-pants-in-public-went-from-a-nightmare-to-the-met-galas-hottest-fashion-trend-255952

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Labor has promised fast action to cut student debt, but arts students will have to wait for lower fees

    Source: The Conversation (Au and NZ) – By Andrew Norton, Professor of Higher Education Policy, Monash University

    Labor’s federal election win means university fees and costs are set to change. But some of these changes will not be immediate.

    Prime Minister Anthony Albanese has already said planned cuts to student debt will be a top priority for the the new parliament. A new student debt repayment system will follow soon after.

    But humanities students paying nearly A$17,000 a year for their studies – thanks to the Job-ready Graduates scheme introduced by the Morrison government – will probably have to wait until 2027 for lower fees.

    Reduction in student debt

    People with student debt will benefit from a 20% cut to how much they owe. As the Greens support wiping student debt entirely, Labor is likely to only need one or two other senators to pass the cut.

    With more Labor senators elected, Labor will be less reliant on crossbenchers to get legislation through parliament.

    Labor says the debt reduction will apply before 3.2% indexation is applied to HELP loan balances on June 1 this year. Given this deadline is mere weeks away, the necessary legislation will probably need to be retrospective.

    On average, the 20% reduction will save Australia’s 3 million student debtors about $5,500 each.

    A new student debt repayment system

    Another promised Labor change will deliver quick cash benefits to the about 1.2 million people making compulsory student debt repayments.

    If the Senate agrees, for the 2025-26 financial year, the income threshold to start repaying student loans will increase from $56,156 to $67,000. Anyone earning less than $67,000 in 2025-26 will repay nothing that financial year, compared to between $561 and $1,340 under current settings.

    Once the $67,000 income threshold is reached, student debtors will repay 15% of their income above this amount up to an income of $125,000, when the rate moves up to 17%. For example, a person earning $68,000 will be $1,000 above the new threshold – 15% of $1,000 equals a repayment of $150. Under the current system, somebody earning $68,000 would repay $1,360.

    Employers will deduct lower HELP repayments from their payroll, delivering extra cash to student debtor employees. Given the limited time before the thresholds are scheduled to change on July 1, employers may start with the old repayment system and transition to the new one after the necessary legislation passes.

    Understand the fine print

    During the election campaign, the Parliamentary Budget Office released work it did on HELP repayment scenarios for independent ACT Senator David Pocock, who was reelected on Saturday.

    This showed how under Labor’s proposed system, people with student debt will take longer to repay and incur higher indexation costs. If student debtors are concerned about this they can make voluntary repayments.

    What happens to the Job-ready Graduates scheme?

    A key to reducing repayment times is students accruing less debt in the first place. The Morrison government’s Job-ready Graduates policy increased student contributions for business, law and most arts subjects. Currently they pay $16,992 a year for their studies.

    The Coalition introduced this change in 2022 in a bid to encourage more university students to study “job-ready” teaching, nursing and STEM subjects.

    A new Australian Tertiary Education Commission, which Labor plans to legislate in the second half of 2025, will review student contribution levels as part of its broader role in managing the domestic student funding system.

    Last year, the Australian Universities Accord final report recommended student contributions should no longer be designed to steer course choices. Instead they should be based on expected future earnings.

    Using this principle, humanities students would pay the cheapest student contribution level. But this will not happen quickly.

    The new commission has a lot of work to do, with new student contributions forming part of a broader funding overhaul. The government then needs to accept any recommendations and legislate the new rates.

    Unfortunately for current students, this process means that student contributions are unlikely to change before 2027 at the earliest.

    International students

    While many domestic students are set to eventually pay less for their education, international students face early increases in costs. During the election campaign, Labor announced student visa application fees will increase from $1,600 to $2,000. As recently as June 2024 the visa application fee was only $710.

    This latest visa increase adds another item to an already long list of policies designed to discourage or block potential international students. It probably isn’t the last.

    Although student visa applications have trended down, the number of student visa holders in Australia at the end of March 2025 was higher than at the same time in 2023 or 2024.

    The government might try again to legislate formal caps on international student numbers. The Greens combined with the Liberals to block this in 2024.

    Commonwealth Prac Payments

    With Labor returned, eligible teaching, nursing and social work students will receive $331.65 a week when on mandatory work placements.

    While the “Commonwealth Prac Payments” policy is scheduled to start on July 1, the necessary legal instrument is not yet in place.

    Late in the election campaign the Coalition announced that, if elected, it would proceed with Prac Payments as a loan, rather than a grant.

    With the election result, Prac Payments can go ahead as originally planned. The minister can authorise the necessary delegated legislation before parliament sits. While the Senate could later “disallow” Prac Payments, the new Senate numbers make this very unlikely.

    Needs-based funding

    Labor’s election win should see another so far unlegislated program – needs-based funding for equity students – proceed as promised from January 1 2026.

    This will be a per student payment made to universities for each low socioeconomic status and First Nations student, along with each student enrolled at a regional campus. The idea is similar to needs-based funding for schools.

    Whether or not current education minister Jason Clare remains in the portfolio, Labor has a large higher education agenda to implement. In some areas the detail is already clear. But significant work remains to develop the new Australian Tertiary Education Commission and a new domestic student funding system.

    With several policy start dates due in the next eight weeks, the government will need to move quickly.

    Andrew Norton provided higher education policy advice to previous Liberal governments and served on the Universities Accord reference group during the first Albanese government.

    His current employer, Monash University, is significantly affected by policies on international students.

    – ref. Labor has promised fast action to cut student debt, but arts students will have to wait for lower fees – https://theconversation.com/labor-has-promised-fast-action-to-cut-student-debt-but-arts-students-will-have-to-wait-for-lower-fees-255872

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: In an election that played out on social media as much as TV, do leaders’ debates still matter?

    Source: The Conversation (Au and NZ) – By Stephen Mills, Honorary Senior Lecturer, School of Social and Political Sciences, University of Sydney

    With the election campaign now fading into the rear-view mirror, the parties, particularly the Liberals, will be reviewing their campaign strategies. A part of this will likely be the use of televised debates.

    Leaders’ debates have been part of Australian election campaigns since 1984, but the 2025 campaign set a record of four televised exchanges between Prime Minister Anthony Albanese and Opposition Leader Peter Dutton.

    The increased frequency, ever-evolving formats and fragmenting audiences of these televised campaign rituals do not guarantee improved voter information.

    Debates are idealised in international academic research as a “public service event”.

    But the evolution of Australian debates over four decades suggests voter education tends to be compromised by considerations of electoral strategy and network marketing.

    Risk versus reward

    Back in the 1980s, debates were a more stately affair – one-off events hosted by the National Press Club and carried by the national broadcaster.

    1984 Great Debate: Bob Hawke and Andrew Peacock.
    National Library of Australia29.9 MB (download)

    This year, all four of the Albanese–Dutton exchanges were conducted in-house by the rival television networks.

    In total, the four debates reached nearly six million viewers – though “reach” only measures “the total amount of people who dipped in for at least 60 seconds on linear TV, and 15 seconds on streaming”, according to media publication Mumbrella.

    Even allowing for party officials, election nerds and political scientists who watched more than one debate, these are still significant numbers, if lower than in decades past. The Australian electorate, it seems, is not yet entirely jaded about politics and politicians.

    Notably, squeezing four debates into a five-week campaign meant the last two took place with pre-polling under way.

    For the networks, hosting a debate presents an opportunity to showcase their stars, generate “exclusives” and maximise audiences. Their interest lies in mistakes or conflict, not policy rundowns.

    By contrast, for the Labor and Liberal campaign professionals, debates are primarily about risk minimisation. Debates are high-risk verbal combat: any gaffe, “gotcha” moment, forgotten statistic or ill-disciplined response in front of a live television audience carries a potentially high cost.

    So leaders spend valuable campaign hours preparing for debates, rehearsing their talking points, workshopping zingers, probing ways of exploiting the other’s weaknesses and responding to their taunts and challenges.

    They are structured such that they are not debates at all. There is no exchange, no rebuttal, no counterargument. For the most part, they resemble press conferences or studio interviews: formats in which the leaders are well practised and journalists are elevated to equal prominence with the political leaders.

    What’s the appeal?

    The principal motivation for both incumbent and challenger is that debates offer direct and protracted opportunities to articulate their key messages.

    In an era of fragmented audiences and shortened attention spans, each network promoted and gathered the viewers for them.

    Opening and closing statements in which the leaders outline their contrasting visions and policy themes operate like paid advertisements – but without the payment.

    The parties can then repackage the highlights into snackable short videos for social media, giving it a long tail. Both parties did this in this election.

    Indeed, debates are all about whose voice is heard in an election campaign. Leaders’ debates reinforce the dominance of the major parties. Labor and Liberal strategists alike resist any suggestion that they should share the debate platform with minor parties.

    But while it remains true that only the major party leaders have a chance of forming a new government, the new reality of Australian elections is that the majors rely heavily on preference flows from minor parties and independents, who thus have a legitimate claim to be heard on a debate stage.

    Perhaps those in the live TV audiences who judged neither Albanese nor Dutton as winners of the debates were not “undecideds”, but minor party supporters.

    Do debates shift votes?

    Previous research suggests debates tend to assist challengers more than incumbents. Opposition leaders have the additional advantage of standing on an equal footing with the prime minister.

    The exceptions generally occur when incumbents look likely to lose the election and want to gain ground against their challenger. Think Paul Keating in 1996, Kevin Rudd in 2013 and Scott Morrison in 2019, who all agreed to multiple debates.

    In 2025, Albanese joins that list, given his poor poll standings before the campaign began.

    It is not possible to measure what, if any, effect the four debates had on Albanese’s turnaround during the campaign. Voter effects are notoriously difficult to measure.

    The Australian Electoral Study has identified only modest effects in previous campaigns. Perhaps thanks to confirmation bias, debates are more likely to reinforce than change opinions.

    But the 2025 campaign may suggest something more. The campaign certainly saw significant shifts in opinion, including in perceptions of the two leaders. In Newspoll, Albanese surged as preferred prime minister, and as more likely to make Australians better off over the next three years.

    With hindsight, it seems clear that voters warmed to Albanese’s confidence, consistency and plans for the future, and cooled on Dutton’s policy-light focus on grievance.

    My hunch is the extended exposure of the leaders over four debates, right through the campaign and into the early voting period, provided some fuel for that change in perception.

    Stephen Mills was a staff member (1986-91) for Labor Prime Minister Bob Hawke and since 2015 has volunteered for local Labor election campaigns.

    – ref. In an election that played out on social media as much as TV, do leaders’ debates still matter? – https://theconversation.com/in-an-election-that-played-out-on-social-media-as-much-as-tv-do-leaders-debates-still-matter-255771

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 7, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on May 7, 2025.

    In an election that played out on social media as much as TV, do leaders’ debates still matter?
    Source: The Conversation (Au and NZ) – By Stephen Mills, Honorary Senior Lecturer, School of Social and Political Sciences, University of Sydney With the election campaign now fading into the rear-view mirror, the parties, particularly the Liberals, will be reviewing their campaign strategies. A part of this will likely be the use of televised debates.

    Labor has promised fast action to cut student debt, but arts students will have to wait for lower fees
    Source: The Conversation (Au and NZ) – By Andrew Norton, Professor of Higher Education Policy, Monash University Labor’s federal election win means university fees and costs are set to change. But some of these changes will not be immediate. Prime Minister Anthony Albanese has already said planned cuts to student debt will be a top

    How having no pants in public went from a nightmare to the Met Gala’s hottest fashion trend
    Source: The Conversation (Au and NZ) – By Jye Marshall, Lecturer, Fashion Design, School of Design and Architecture, Swinburne University of Technology While the official theme of the 2025 Met Gala was Superfine: Tailoring Black Style, another trend emerged among those on the red carpet: no pants. While many might shudder at the thought of

    Greens leader Adam Bandt and Teal Zoe Daniel likely to lose their seats
    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne With 80% of enrolled voters counted, the ABC is giving Labor 87 of the 150 House of Representatives seats, the Coalition 40, the Greens zero and all

    For 100 years, we have marvelled at planetariums. Here’s a brief history of how humans brought the stars indoors
    Source: The Conversation (Au and NZ) – By Martin Bush, Senior Lecturer in History and Philosophy of Science, The University of Melbourne Ulverstone Planetarium, Hive Tasmania Picture this: a small audience is quietly ushered into a darkened room. They gasp in awe, as a brilliant night sky shines above. They wonder – as many after

    More than 50 years after trying to reach Venus, a failed Soviet spacecraft is about to return to Earth
    Source: The Conversation (Au and NZ) – By Alice Gorman, Associate Professor in Archaeology and Space Studies, Flinders University A postage stamp from the Soviet Union celebrating its Venus space program from the 1960s and 1970s. Soviet Union/Wikipedia During the height of the Cold War in the 1960s and 1970s, the USSR launched 29 spacecraft

    The Premier League champions have already been crowned but there’s still a lot on the line – mainly money
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    More Australians are overdosing on GHB. But there are ways to reduce your risk
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    The election of a new pope is announced with smoke: what do the colours mean, and how are they made?
    Source: The Conversation (Au and NZ) – By Clare Johnson, Professor of Liturgical Studies and Sacramental Theology and Director of the ACU Centre for Liturgy, Australian Catholic University For nearly 800 years the Catholic Church has utilised the process of the conclave to elect a new pope. “Conclave” means “with a key”, indicating the cardinal-electors

    Avoiding AI is hard – but our freedom to opt out must be protected
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    Moving towns: 4 stories of communities facing relocation show the complex realities of managed retreat
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    As Warren Buffett prepares to retire, does his investing philosophy have a future?
    Source: The Conversation (Au and NZ) – By Angel Zhong, Professor of Finance, RMIT University Warren Buffett, the 94-year-old investing legend and chief executive of Berkshire Hathaway, has announced plans to step down at the end of this year. His departure will mark the end of an era for value investing, an investment approach built

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    What’s the difference between osteoarthritis and rheumatoid arthritis?
    Source: The Conversation (Au and NZ) – By Giovanni E. Ferreira, NHMRC Emerging Leader Research Fellow, Institute of Musculoskeletal Health, University of Sydney Douglas Olivares/Shutterstock. Arthritis – an umbrella term for around 100 conditions that damage the joints – affects 4.1 million Australians. This is expected to rise by 31% to 5.4 million by 2040

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    Source: The Conversation (Au and NZ) – By Ozgur Gocer, Senior Lecturer, University of Sydney Flexible work has become the new norm, despite the best efforts of companies calling workers back to the office. Some employers assume that a return to the old ways of working is both possible and desirable. But for many workers,

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: COVID is still around and a risk to vulnerable people. What are the symptoms in 2025? And how long does it last?

    Source: The Conversation (Au and NZ) – By Meru Sheel, Associate Professor and Epidemiologist, Infectious Diseases, Immunisation and Emergencies (IDIE) Group, Sydney School of Public Health, University of Sydney

    Five years ago, COVID was all we could think about. Today, we’d rather forget about lockdowns, testing queues and social distancing. But the virus that sparked the pandemic, SARS-CoV-2, is still circulating.

    Most people who get COVID today will experience only a mild illness. But some people are still at risk of severe illness and are more likely to be hospitalised with COVID. This includes older people, those who are immunocompromised by conditions such as cancer, and people with other health conditions such as diabetes.

    Outcomes also tend to be more severe in those who experience social inequities such as homelessness. In the United Kingdom, people living in the 20% most deprived areas have double chance of being hospitalised from infectious diseases than those in the least deprived areas.

    How many cases and hospitalisations?

    In Australia, 58,000 COVID cases have been reported so far in 2025. However, testing rates have declined and not all positive cases are reported to the government, so case numbers in the community are likely much higher.

    Latest data from FluCan, a network of 14 hospitals, found 781 people were hospitalised for COVID complications in the first three months of the year. This “sentinel surveillance” data gives a snapshot from a handful of hospitals, so the actual number of hospitalisations across Australia is expected to be much higher.

    While deaths are lower than previous years, 289 people died from COVID-related respiratory infections in the first two months of the year.

    What can we expect as we head into winter?

    We often see an increase in respiratory infections in winter.

    However, COVID peaks aren’t just necessarily seasonal. Over the past few years, peaks have tended to appear around every six months.

    What are the most common COVID symptoms?

    Typical early symptoms of COVID included fever, cough, sore throat, runny nose and shortness of breath. These have remained the most common COVID symptoms across the multiple variant waves.

    Early in the pandemic, we realised COVID caused a unique symptom called anosmia – the changed sense of taste or smell. Anosmia lasts about a week and in some cases can last longer.
    Anosmia was more frequently reported from infections due to the ancestral, Gamma, and Delta variants but not for the Omicron variant, which emerged in 2021.

    However, loss of smell still seems to be associated with some newer variants. A recent French study found anosmia was more frequently reported in people with JN.1.

    But the researchers didn’t find any differences for other COVID symptoms between older and newer variants.

    Should you bother doing a test?

    Yes. Testing is particularly important if you experience COVID-like symptoms or were recently exposed to someone with COVID and are at high-risk of severe COVID. You might require timely treatment.

    If you are at risk of severe COVID, you can see a doctor or visit a clinic with point-of-care testing services to access confirmatory PCR (polymerase chain reaction) testing.

    Rapid antigen tests (RATs) approved by Australia’s regulator are also still available for personal use.

    But a negative RAT doesn’t mean that you don’t have COVID – especially if you are symptomatic.



    Read more:
    COVID-19 rapid tests still work against new variants – researchers keep ‘testing the tests,’ and they pass

    If you do test positive, while you don’t have to isolate, it’s best to stay at home.

    If you do leave the house while experiencing COVID symptoms, minimise the spread to others by wearing a well-fitted mask, avoiding public places such as hospitals and avoiding contact with those at higher risk of severe COVID.

    How long does COVID last these days?

    In most people with mild to moderate COVID, it can last 7–10 days.

    Symptomatic people can spread the infection to others from about 48 hours before you develop symptoms to about ten days after developing symptoms. Few people are infectious beyond that.

    But symptoms can persist in more severe cases for longer.

    A UK study which tracked the persistence of symptoms in 5,000 health-care workers found symptoms were less likely to last for more than 12 weeks in subsequent infections.

    General fatigue, for example, was reported in 17.3% of people after the first infection compared with 12.8% after the second infection and 10.8% following the third infection.

    Unvaccinated people also had more persistent symptoms.



    Read more:
    How long are you infectious when you have coronavirus?

    Vaccinated people who catch COVID tend to present with milder disease and recover faster. This may be because vaccination prevents over-activation of the innate immune response.

    Vaccination remains the best way to prevent COVID

    Vaccination against COVID continues to be one of the most effective ways to prevent COVID and protect against it. Data from Europe’s most recent winter, which is yet to be peer reviewed, reports COVID vaccines were 66% effective at preventing symptomatic, confirmed COVID cases.

    Most people in Australia have had at least one dose of the COVID vaccine. But if you haven’t, people over 18 years of age are recommended to have a COVID vaccine.

    Boosters are available for adults over 18 years of age. If you don’t have any underlying immune issues, you’re eligible to receive a funded dose every 12 months.

    Boosters are recommended for adults 65–74 years every 12 months and for those over 75 years every six months.

    Adults over 18 years who are at higher risk because of weaker immune systems are recommended to get a COVID vaccine every 12 months and are eligible every six months.

    Check your status and eligibility using this booster eligibility tool and you can access your vaccine history here.

    A new review of more than 4,300 studies found full vaccination before a SARS-CoV-2 infection could reduce the risk of long COVID by 27% relative to no vaccination for the general adult population.

    With ongoing circulation of COVID, hybrid immunity from natural infection supplemented with booster vaccination can help prevent large-scale COVID waves.

    Meru Sheel receives funding from National Health and Medical Research Council and Department of Foreign Affairs and Trade. She serves on WHO’s Immunization and Vaccines Related Implementation Research Advisory Committee (IVIR-AC)

    – ref. COVID is still around and a risk to vulnerable people. What are the symptoms in 2025? And how long does it last? – https://theconversation.com/covid-is-still-around-and-a-risk-to-vulnerable-people-what-are-the-symptoms-in-2025-and-how-long-does-it-last-253840

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Hear it from locals: State investment helps prevent and prosecute organized retail crime

    Source: US State of California 2

    May 6, 2025

    What you need to know: From October 2023 to December 2024, participants collected data on arrests, referrals, charges, convictions, and sentencing related to organized retail crime.

    Sacramento, California – Last month, Governor Gavin Newsom announced the results from $267 million in grants to 55 communities to hire more police and secure more felony charges against suspects. Proposed by the Governor and distributed by the Board of State and Community Corrections (BSCC), program participants collected data on arrests, referrals, charges, convictions, and sentencing related to organized retail crime. From October 2023 to December 2024, 88% of the 373 organized retail theft convictions were felonies. 

    The funding is split between two grant programs with unique applicants for each. The prevention program grantees compile arrest and referral data, while prosecution grant participants record charges, convictions, and sentencing. Future reporting may include updates on charges, convictions, and sentencing as individuals move through the criminal justice system. 

    Here is a snapshot of what leaders are saying across the state:

    Local elected officials 

    Mayor Mark Armstrong, City of San Ramon: “As of March 30, 2025, San Ramon’s Organized Retail Theft (ORT) Suppression Team has investigated 264 incidents of ORT crimes and made 119 arrests. They have referred 137 cases to Contra Costa County District Attorney for review, and participated in 6 multi-agency special operations. They have recovered more than $196,000 in stolen goods. The team has made a significant impact for major retailers like Ulta Beauty, Sephora, Target, Home Depot and Safeway. Ulta Beauty recently reported that 30% of all of their organized retail theft cases in northern California were solved or closed by the San Ramon ORT team.”

    Mayor Martha Guerrero, City of West Sacramento: “As Mayor of West Sacramento, I fully support the launch of the FastPass to Prosecution initiative being put forth by Yolo County District Attorney Reisig in partnership with our regional law enforcement partners. This collaboration is a critical step towards addressing a rise in retail theft negatively impacting the business communities throughout Yolo County. By streamlining the reporting and prosecution processes specific to habitual offenders, the FastPass initiative offers much needed assurance to the business community and will promote a safer consumer experience for residents. Through these partnerships, West Sacramento is investing in real solutions and will continue to champion innovative approaches to promoting public safety.”

    Supervisor Lynda Hopkins, Sonoma County Board of Supervisors President: “Retail theft has taken a real toll on our local businesses, but thanks to the Governor’s investment in preventing and prosecuting organized retail crime, we’re finally turning a corner. We’re hearing from business owners and residents who feel a renewed sense of safety and support. This is what it looks like when the state steps up as a true partner to local communities – and it’s making a difference.”

    Mayor Daniel Lurie, City of San Francisco: “People deserve to both feel safe and be safe in our city. Our administration is working every day to support our local businesses and energize our commercial corridors, and support from our state partners is critical to doing that work downtown and in communities across the city. Thank you to Governor Newsom for investing in the safety of San Franciscans.”

    Mayor Bapu Vaitla, City of Davis: “We commend Governor Newsom for his strong leadership in addressing the rise of organized retail crime through the ORT grant investment. This initiative directly strengthens local jurisdictions’ capacity to prevent and investigate complex retail theft operations that impact our local businesses and community safety. In Yolo County, state funding has enhanced our ability to conduct investigations and work closely with the District Attorney’s Office to ensure that offenders are held accountable. These targeted resources are helping disrupt criminal networks and restore confidence among retailers and residents alike.”

    Law enforcement leaders

    Ron Lawrence, Costa Mesa Chief of Police: “The Costa Mesa Police Department is grateful for the opportunity provided by the Governor’s Office and BSCC to launch a grant-funded initiative targeting organized retail theft, motor vehicle theft, and motor vehicle accessory theft. With this support, CMPD implemented high-visibility patrols, cutting-edge technology, and collaborative operations that resulted in a 31% reduction in organized retail theft and a 35% drop in vehicle-related crimes. This partnership has also enabled 18 operations, 205 arrests, expanded officer training, and successful collaboration with other agencies and retail partners to disrupt major theft rings.”

    Jonathan Arguello, Newark Chief of Police: “The Organized Retail Theft Grant has been a tremendous asset to the Newark Police Department in launching Newark’s Vehicle and Accessory Theft Prevention Program. It has enabled us to expand our deployment of Automated License Plate Readers in our city, significantly enhancing our ability to identify and apprehend those responsible for motor vehicle thefts and other crimes. This technology is critical in our continued efforts to protect Newark’s businesses, support our local economy, and keep our community safe.”

    Andrew Binder, Palo Alto Chief of Police: “The State’s Organized Retail Theft grant funding has made a real difference in our community. It has enabled us to strategically deploy additional officers in our high traffic retail areas, expand our automated license plate recognition network, and invest in a new technological alternative to high speed vehicle pursuits.  It has also deepened our collaborative relationships with local retailers and facilitated community policing. In no small part due to the initiatives supported by the ORT grant, we’ve experienced fewer overall retail thefts, coupled with an increase in the rate of suspect apprehension and the recovery of property. This program continues to be a success story for us.”

    William “Bill” Scott, San Francisco Police Chief: “The City and County of San Francisco was facing an epidemic of organized retail theft and motor vehicle accessory theft. The grant has enabled us to utilize tools like automated license plate reader cameras in strategic areas, a surge of retail theft blitz operations with increased staffing, and better coordination with other law enforcement agencies, as well as the San Francisco District Attorney’s Office. The support has greatly enhanced our ability to reduce theft related crimes and has been critical to our success.”

    Denton Carlson, San Ramon Chief of Police: “Organized retail theft goes beyond the financial loss for retailers. It impacts the quality of life in our community and is linked to criminal activities like drug trafficking and other illegal operations. This grant has allowed the San Ramon Police Department to strengthen our ability to combat Organized Retail Theft through state-of-the-art technological tools and the initiation of a suppression team, dramatically improving our collaborative efforts with local retailers and other law enforcement organizations. This behavior will not be tolerated in our community or by our organization, and this grant provided and continues to provide the resources the San Ramon Police Department needed to see that through.”

    Robert Jonsen, Santa Clara County Sheriff: “Organized retail theft is not a victimless crime—it threatens the safety, economic stability, and quality of life for everyone in our community. This critical grant funding has been a game-changer, empowering our task force to build strong partnerships with retailers and allied agencies, swiftly dismantle sophisticated theft rings, and send a clear message: Santa Clara County will not tolerate these crimes. Our team has made nearly 200 arrests and recovered close to $770,000. The results speak for themselves. We’re not just solving cases, we’re restoring public trust and protecting local businesses from serious financial harm.”

    Jeff Laugero, Stanislaus County Chief District Attorney: “The ORT Grant has been extremely helpful in strengthening partnerships and in obtaining additional follow up information that is crucial to the prosecution of these cases. The grant has also enabled us to increase our visibility. Our ‘Pay at the register or pay the consequences’ public messaging campaign sends the clear message that retail theft will not be tolerated in Stanislaus County. Those who commit these crimes will be held accountable.”

    David Marshall, Yolo County District Attorney’s Office Chief Investigator: “The direct file reporting option for retailers has been incredibly effective, with several retailers sharing their stored digital evidence and internal theft reports. This enables us to link offenders to multiple incidents, across various retailers, and to connect criminal associates. We’ve closed the gap between retailers and law enforcement – the trust we have been able to build has led to unprecedented partnerships.” 

    Local prosecutors

    Ryan Bal, Placer County District Attorney Investigator: “I have investigated Retail Theft for years – these funds have changed the landscape – allowing the Placer County District Attorney’s team to rapidly deploy our resources, identify those individuals engaged in organized retail theft, and ultimately protecting the safety of our citizens and the bottom line of our local retail partners.”

    Thien Ho, Sacramento County District Attorney: “The ORT grant has enabled our office to expand the prosecution of retail thefts through the vertical prosecution model. Our office is now better positioned to identify and prosecute upper-level offenders who orchestrate organized retail theft and recruit lower-level individuals to commit the crimes.”

    Brooke Jenkins, San Francisco District Attorney: “The organized retail theft vertical prosecution grant has been a game changer for my office. Because of this grant, our work with the San Francisco Police Department to combat rampant organized retail theft in our city has been strengthened, ensuring that perpetrators are held accountable and making our community safer.”

    Jeff Rosen, Santa Clara County District Attorney: “The Organized Retail Theft Vertical Grant has strengthened our ability to effectively combat the scourge of retail theft affecting our county. The grant has furthered our goal to become the organized retail theft intelligence hub for our county by collaborating closely with law enforcement, retailers and prosecutors in other counties to hold cross-jurisdictional thieves accountable to the greatest extent possible. A sign of the grant’s success is a recently filed 65 felony charge complaint against a group of thieves who stole over 150 times from Home Depots throughout 11 Northern California counties. Our county will continue to hold those who threaten our retailers, both big and small, accountable.”

    Erik Nasarenko, Ventura County District Attorney: “Thanks to Governor Newsom and the state’s ORT Grant, we’ve been able to dedicate a full-time prosecutor to fight organized retail theft in Ventura County. Just last year alone, we filed 124 cases involving 208 defendants, and recovering more than $500,000 in stolen goods. This grant has made a real difference in helping us hold offenders accountable and protect our businesses and communities.”

    This is the biggest reform of the California mental health system in decades and will finally equip partners to deliver the results all Californians need and deserve. Treatment centers will prioritize mental health and substance use support in the community like never before. Now, it’s time to roll up our sleeves and begin implementing this critical reform – working closely with city and county leaders to ensure we see results.

    Governor Gavin Newsom

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  • MIL-Evening Report: 10 reasons why banning social media for New Zealanders under 16 is a bad idea – and will affect adults too

    Source: The Conversation (Au and NZ) – By Alex Beattie, Lecturer, Media and Communication, Te Herenga Waka — Victoria University of Wellington

    metamorworks/Getty Images

    Government coalition partners National and Act are at odds over proposed restrictions on social media use by New Zealanders aged 16 and under.

    Prime Minister Christopher Luxon recently announced a National Party private member’s bill that would require social media companies to verify someone is aged 16 or older. Luxon said social media was not “always a safe place for young people”.

    But ACT Party leader David Seymour has dismissed National’s proposal, saying it was “simple, neat and wrong”.

    Even if the member’s bill is not chosen out of the parliament biscuit tin, global interest in getting young people off social media is increasing.

    In late 2024, Australia passed a law banning children aged under 16 from social media platforms. Advocates, police and politicians in the United Kingdom, United States and elsewhere have all proposed similar laws.

    While there is merit in young people spending more time offline, and there are real concerns about the impact of social media on wider society, it’s not clear that outright prohibition will achieve what is hoped for. Here are ten reasons a blanket ban is not the answer.

    1. The addiction fallacy

    Lobby group Before 16 has compared social media to tobacco, saying the platforms should be treated as a public health harm. The implication is that young people could get addicted to social media.

    But the standard for diagnosing addiction is high. Most young people are not addicted to social media; they have a habitual relationship with it that is hard to change.

    Likewise, comparing digital experiences to food may not capture the full range of interactions and impacts. This often implies value judgements, suggesting online experiences are all about “dopamine hits” (similar to sweet treats) and inherently less valuable or “unhealthy” compared to offline experiences.

    Prime Minister Christopher Luxon has introduced a members bill banning social media for people under 16 years old.
    Hagen Hopkins/Getty Images

    2. People are not ‘exposed to’ social media

    The language of the ban seems to suggest the relationship between social media and users goes in one direction – that people are simply exposed to the good and bad of platforms such as Facebook, TikTok and X. But using social media is not like going outside and getting burnt by the sun.

    While social media affects people, it’s also a tool we use to actively shape and create meaning for ourselves. It provides social scaffolding for day-to-day lives, identity formation, communication with family overseas, community support, and even a place to complain about parents.

    3. Murky science

    One of most influential books behind the ban is Jonathan Haidt’s The Anxious Generation. Haidt claims a causal link between social media use and increased anxiety and depression in Gen Z (those born between 1995 and 2012).

    But this claim is highly contentious and has been criticised for failing to consider other causes for the rise in anxiety in young people.

    At best, there may be a correlation between social media and poor mental health – they are happening at the same time. Young people are also grappling with the climate crisis, increasing inequality and global instability. These variables are difficult to isolate in a study, meaning social media becomes an easy target.

    4. A range of experiences

    Critics of social media also assume everyone has a negative experience online. And yes, if you tend to compare yourself to others on social media then you might end up feeling bad about your life.

    But not everyone thinks this way or uses social media to compare what they have (and don’t have) with others.

    5. The moral panic factor

    Moral panics can occur when emerging technologies challenge established social norms.

    Phenomena such as “phubbing” (using a phone to snub someone) challenge what is considered “socially acceptable” behaviour, triggering a deluge of think pieces about how they hurt society.

    While some skills may decline (such as reading and writing) with new technology, others like visual or oral storytelling practiced on social media are on the rise.

    Banning social media could mean young people miss out on valuable digital skills.

    ACT Party leader David Seymour has called the social media ban bill ‘simple, neat and wrong’.
    Hagen Hopkins/Getty Images

    6. Marginalised groups lose out

    Getting young people off social media might not be a big deal for kids who fit within their community. But if you are young, gay and live in a small town, for example, social media may provide the only space where you can feel safe or celebrated for who you are.

    Social media is also a key means for immigrants to stay in touch with their families and culture.

    7. Enforcement challenges

    There are also problems with how the ban is supposed to work – something Australia is still grappling with despite already passing a ban into law (which comes into effect at the end of this year).

    Policymakers have yet to explain how age verification technologies would work without giving away more personal data to media platforms. And everyone would have to verify their age, regardless of whether they are under 16 years old or not.

    8. Losing innovation

    Young people are savvier with technology than older generations. They lead with innovations such as FINSTA (fake Instagram) accounts – fake profiles that allow people to post more privately on Instagram without the pressure of conforming to expectations or judgement of people who know you.

    Blanket bans could hurt this technological adeptness and creativity and stop young people from teaching us how to navigate our online and offline lives.

    9. Learning how to disconnect

    Media literacy is also a crucial skill in today’s media saturated age. The skill of unplugging could become part of that curriculum.

    Temporarily going offline is an excellent way to make students aware of their relationship with social media. Schools could have media-free classes or courses to build awareness, encourage new habits and support students to develop new routines.

    10. Better options than a ban

    No one is arguing that social media hasn’t had a negative effect on individuals and society as a whole. But instead of a ban, why not work to improve the platforms?

    We could focus regulatory efforts on creating safer spaces, like we do with physical buildings.

    Overseas advocacy work on children’s digital rights shows how we can protect children from algorithms, gamification and other predatory tactics used by social media platforms, rather than introducing an outright ban.

    Alex Beattie receives funding from The Royal Society of New Zealand. He has previously won a Marsden Fast Start Grant.

    – ref. 10 reasons why banning social media for New Zealanders under 16 is a bad idea – and will affect adults too – https://theconversation.com/10-reasons-why-banning-social-media-for-new-zealanders-under-16-is-a-bad-idea-and-will-affect-adults-too-256065

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: India and Pakistan have fought many wars in the past. Are we on the precipice of a new one?

    Source: The Conversation (Au and NZ) – By Ian Hall, Professor of International Relations, Griffith University

    India conducted military strikes against Pakistan overnight, hitting numerous sites in Pakistan-controlled Kashmir and deeper into Pakistan itself. Security officials say precision strike weapon systems, including drones, were used to carry out the strikes.

    Pakistan says at least eight civilians have been killed and many more injured.

    While there’s still much uncertainty around what’s happened, it is clear both sides are closer to a major conflict than they have been in years – perhaps decades.

    We’ve seen these kinds of crises before. India and Pakistan have fought full-scale wars many times over the years, in 1947, 1965, 1971 and 1999.

    There were also cross-border strikes between the two sides in 2016 and 2019 that did not lead to a larger war.

    These conflicts were limited because there was an understanding, given both sides possess nuclear weapons, that escalating to a full-scale war would be very dangerous. That imposed some control on both sides, or at least some caution.

    There was also external pressure from the United States and others on both occasions not to allow those conflicts to spiral out of control.

    While it’s possible both sides will exercise similar restraint now, there may be less pressure from other countries to compel them to do so.

    In this context, tensions can escalate quickly. And when they do, it’s difficult to get both sides to back down and return to where they were before.

    Why did India strike now?

    India says it was retaliating for a terror attack last month on mostly Indian tourists in heavily militarised Kashmir, which both sides claim. The attack left 26 dead.

    There was a claim of responsibility after the attack from a group called the Resistance Front, but it was subsequently withdrawn, so there’s some uncertainty about that.

    Indian sources suggest this group, which is relatively new, is an extension of a pre-existing militant group, Lashkar-e-Taiba, which has been based in Pakistan for many years.

    Pakistan has denied any involvement in the tourist attack. However, there’s been good evidence in the past suggesting that even if the Pakistani government hasn’t officially sanctioned these groups operating on its territory, there are parts of the Pakistani establishment or military that do support them. This could be ideologically, financially, or through other types of assistance.

    In previous terror attacks in India, weapons and other equipment have been sourced from Pakistan. In the Mumbai terror attack in 2008, for instance, the Indian government produced evidence it claimed showed the gunmen were being directed by handlers in Pakistan by phone.

    But as yet, we have no such evidence demonstrating Pakistan is connected to the tourist attack in Kashmir.

    India has also repeatedly asked Pakistan to shut down these groups. While the leaders have occasionally been put in jail, they’ve later been released, including the alleged mastermind of the 2008 Mumbai attack.

    And madrassas (religious schools) that have long been accused of supplying recruits for militant groups are still permitted to operate in Pakistan, with little state control.

    Pakistan, meanwhile, claims that attacks in Kashmir are committed by local Kashmiris protesting against Indian “occupation” or Pakistanis spontaneously moved to take action.

    These two positions obviously don’t match up in any way, shape or form.

    A political cost to pay for not acting

    It remains to be seen what cost either side is willing to pay to escalate tensions further.

    From an economic standpoint, there’s very little cost to either side if a larger conflict breaks out. There’s practically no trade between India and Pakistan.

    New Delhi has likely calculated that its fast-growing economy will not be harmed by its strikes and others will continue to trade and invest in India. The conclusion of a trade deal with the United Kingdom, after three years of negotiations, will reinforce that impression. The deal was signed on May 6, just before the Pakistan strikes.

    And from the standpoint of international reputation, neither side has much to lose.

    In past crises, Western countries were quick to condemn and criticise military actions committed by either side. But these days, most take the view that the long-simmering conflict is a bilateral issue, which India and Pakistan need to settle themselves.

    The main concern for both sides, then, is the political cost they would suffer from not taking military action.

    Before the terrorist attack on April 22, the government of Indian Prime Minister Narendra Modi had claimed the security situation in Kashmir was improving, and ordinary Indians could safely travel in the region. Those claims were undermined by what occurred that day, making it crucial for the government to respond.

    And now, if Pakistan doesn’t react to the Indian strikes, its government and especially its military would have a cost to pay, too.

    Despite a patchy record of success, Pakistan’s army has long justified its outsize role in national politics by claiming that it alone stands between the Pakistani people and Indian aggression. If it fails to act now, that claim might look hollow.

    Little external mediation to bank on

    So, how does this play out? The hope would be there’s limited military action, lasting a few days, and then things calm down rapidly, as they have in the past. But there are no guarantees.

    And there are few others willing to step in and help deescalate the dispute. US President Donald Trump is mired in other conflicts in Ukraine, Gaza and with the Houthi rebels in Yemen, and his administration’s diplomacy has so far been inept and ineffective.

    When asked about the Indian strike today, Trump replied it was a “shame” and he “hopes” it ends quickly.

    That’s very different from the strong rhetoric we’ve seen from US presidents in the past when India and Pakistan have come to blows.

    New Delhi and Islamabad will likely have to settle this round themselves. And for whoever decides to blink or back down first, there may be a substantial political cost to pay.

    Ian Hall receives funding from the Department of Foreign Affairs and Trade. He is also an honorary academic fellow of the Australia India Institute at the University of Melbourne.

    – ref. India and Pakistan have fought many wars in the past. Are we on the precipice of a new one? – https://theconversation.com/india-and-pakistan-have-fought-many-wars-in-the-past-are-we-on-the-precipice-of-a-new-one-256080

    MIL OSI Analysis – EveningReport.nz –