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Category: Politics

  • MIL-OSI Australia: First cohort graduates from global initiative shaping the future of defence and space

    Source:

    24 April 2025

    Global Executive MBA in Defence and Space graduate Glen Gallagher in Washington, DC.

    The first hand-picked cohort from a specialist global program tailored to meet the pressing challenges facing the defence and space sectors graduated from the University of South Australia this week.

    Students from UniSA’s Global Executive MBA in Defence and Space have completed the customised 18-month program, a world-first to help build a global pipeline of talent for the two sectors, specifically benefitting international alliances such as AUKUS.

    The graduates, who include executives and uniformed personnel from defence and space organisations operating in Australia, the US, UK and Europe, will help address critical skills gaps in cyber security, space systems, geopolitics and defence procurement and build the innovation and leadership capabilities required across the sectors.

    UniSA partnered with the University of Exeter (UK) and Carnegie Mellon University (US) to deliver the program, with students undertaking online study and intensive in-person residentials in each of the three AUKUS countries.

    Professor Lan Snell, Dean of Programs (Postgraduate), UniSA Business, says the value of the program lies in its global structure.

    “Throughout the program students develop global experiences, networks and competencies in the defence and space sectors that other Executive MBA programs can’t match. That is not only attractive to SA locals, but to potential recruits and their employers nationally and internationally,” she says.

    Professor Snell says the 2025 graduates are well equipped to tackle the complexities associated with the multi-decade projects that will make up the AUKUS arrangement.

    “Our graduates have built on a range of skills and capabilities ranging from technical skills through to project management and leadership capabilities,” she says. “We now have heightened technical understandings and better developed future-focused capabilities such as communication, teamwork and problem solving.”

    Global Executive MBA in Defence and Space graduate Glen Gallagher says the program directly influenced his career progression over the past two years as he transitioned from Operations Manager at Boeing Defence Australia to Director, Advanced Systems at South Australian Government agency, Defence SA.

    “I think taking part in the program did influence my career path in terms of my confidence, skills and ability to tackle a senior executive role. If I hadn’t been undertaking the Global Executive MBA in Defence and Space, I might not have backed myself or had the necessary attributes to be successful in my current role,” he says.

    “The value of the program is also in the establishment of multiple networks with peers, colleagues and industry professionals from around the world that you wouldn’t typically be exposed to unless you take up a lot of international travel.”

    Gallagher says highlights of the program included the two-week residentials in the US and UK, particularly travelling to Washington, DC, in the lead up to the US election in November 2024.

    “Part of the program was held near Capitol Hill and that was amazing to witness in terms of the build-up in geopolitics at that time. It was an experience that can’t ever be beaten.”

    The next Global Executive MBA in Defence and Space cohort will commence at Adelaide University in 2026.

    …………………………………………………………………………………………………………………………
    Media contact: Melissa Keogh, UniSA Media M: +61 403 659 154 E: Melissa.Keogh@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI USA: ICYMI: Hickenlooper Highlights Trump Admin Chaos at Town Halls in Grand Junction, Colorado Springs, Events Across Western Slope

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado
    In case you missed it, U.S. Senator John Hickenlooper recently held town halls in Grand Junction and Colorado Springs, and made stops in Breckenridge, Eagle, and Glenwood Springs to discuss how the Trump administration’s policies are raising costs and harming communities across Colorado. 
    In Grand Junction, Hickenlooper hosted a town hall at Colorado Mesa University where he answered constituent concerns about Trump administration policies including tariffs and cuts to the Department of Education.
    The next day Hickenlooper stopped in Glenwood Springs to discuss drought on the Colorado River, as well as the current Trump administration’s freeze on federal funding for water conservation across the West.  
    Hickenlooper also stopped in Eagle to meet with local leaders impacted by Trump administration’s funding and workforce cuts to public lands, and in Breckenridge at the Vista Verde workforce housing complex, where he discussed food insecurity and the cost-of-living crisis in Colorado’s mountain communities. 
    Later in the week, Hickenlooper held a second town hall In Colorado Springs where he answered questions on his response to Trump administration ICE detentions and cuts to funding for medical research.
    Check out the coverage below:
    KKCO Grand Junction:  Senator Hickenlooper addresses tariffs, immigration, and federal layoffs at Grand Junction Town Hall
    “I know that there is a lot of frustration, anger, concern about what’s going on in Washington,” said Hickenlooper.
    …KKCO had the opportunity to listen to Hickenlooper’s response to key issues before the Town Hall.
    Hickenlooper was asked about Colorado Public Lands if he will fight to keep State and National Parks and Forests untouched: “I have gone up to every Republican I know and say that’s off the table. Just so you know, I will fight tooth and nail. You’ll never get anything done. And I have been assured that at least through the Senate, that’s not going to happen,” he said.
    Hickenlooper was asked about current immigration laws and Kilmar Garcia: “I think that is the single most egregious act that I’ve seen our government condone, that I can remember,” he said. “This is a level of corruption that I don’t think any American expected when they voted for Donald Trump. I can tell you that at least two or three dozen people I know who are devout supporters of President Trump are outraged.”
    CPR News: US Senator Hickenlooper talks Trump resistance during Grand Junction town hal
    U.S. Sen. John Hickenlooper invoked Valley Forge at an event in Grand Junction Monday night while encouraging disaffected voters to stay engaged in politics. But he also invoked collegiality to defend his approach to navigating Trump politics.
    While Hickenlooper drew questions about some of his concessions, he spent much of the evening outlining policies and actions by the Trump administration he could not abide by. He told reporters that the wrongful deportation of a man to an El Salvadorian prison was “the single most egregious act that I’ve seen our government condone,” and that feared cuts to Medicaid were “unfathomable.
    Daily Sentinel Editorial: Hickenlooper shows up — that’s enough for now
    Monday’s town hall reflected Hickenlooper’s even-keeled personality. The advice he imparted to those concerned with the direction of the country mirrored his own political posture: Stay engaged, show kindness and work to find real solutions to the nation’s problems.
    “In a funny way, we’re at war,” he added. “You’ve got to be pragmatic as well as ruthless.
    Hickenlooper provided examples of Trump administration controversies he can’t tolerate — including the “tariff tax” putting a “chokehold” on economic growth and the wrongful deportation of a man lawfully in the United States to an El Salvadoran prison.
    Calling the latter “the single most egregious act that I’ve seen our government condone,” Hickenlooper told reporters that if the administration defies court orders, “then we really have to go to the streets.”
    WATCH: NBC Grand Junction: Hickenlooper hosts Grand Junction town hall
    Grand Junction Daily Sentinel: Sen. Hickenlooper hosts town hall in Grand Junction
    Colorado Sun: John Hickenlooper’s Western Slope tour reveals growing frustration over Trump’s public lands policy
    Colorado U.S. Sen. John Hickenlooper is hearing a lot of frustration and anger as he tours the state this week. He’s telling people to organize and gather stories that reflect how public lands are suffering under drastic cuts at land agencies.
    “It’s going to be a battle. It’s going to be a war. And the only real leverage that we have … in a constitutional democracy is to have people rise up,” he said, standing on the banks of the Eagle River on Tuesday at a small gathering of local officials worried about their forests.
    Vail Daily: Colorado’s John Hickenlooper says ‘some things just shouldn’t be for sale’ as he stumps for public lands on Western Slope
    Colorado Sen. John Hickenlooper didn’t mince words Tuesday on the threat to public lands in the West during a tour of the Western Slope that included stops in Breckenridge, Eagle and Glenwood Springs. 
    “There are a lot of people out there that have never been to the West,” Hickenlooper said during a stop at the Eagle River Park. “They don’t give a crap. They think government’s too big and they’re just going to cut. Elections have consequences. The way to fight back on that is to bring them lessons from the West in graphic detail. Information is power.”
    Colorado Newsline: Hickenlooper calls on Supreme Court to hold Trump officials in contempt
    U.S. Sen. John Hickenlooper on Tuesday urged the U.S. Supreme Court to start holding Trump administration officials in contempt of court and “lock them up” if they refuse to comply with the court’s unanimous order to “facilitate” the return of a Maryland man wrongly deported to a notorious mega-prison in El Salvador.
    “The Supreme Court’s got to step up and say, ‘All right, we’re going to start holding people in contempt of court.’ They have the ability to sanction,” Hickenlooper said in an interview with Colorado Newsline. “They can take the people, the officials who deny any culpability or any responsibility, they can bring them in and force them to testify, to come to the court. And if they don’t come, they’re in contempt, and then you lock them up.”
    Summit Daily: ‘I don’t see the demand decreasing’: Summit officials get candid with Sen. Hickenlooper about workforce’s struggles with affordability
    U.S. Sen. John Hickenlooper hit stops in Colorado’s High Country on Tuesday, April 15, for what he said was an effort to collect stories from his constituents to help refine his understanding of the area he represents.
    His Breckenridge stop was paired with a tour of an upcoming nonprofit hub, and the story he got from local officials lifted the veil covering the historic mountain town with an affluent appearance to show the local workforce’s struggles with affordability.
    Hickenlooper said the United States is currently in a place where even those living in areas with a low cost of living are having to work multiple jobs to stay afloat.
    “Society has gotten wealthier and wealthier, again, the greatest wealth in the history of the world, and yet we still have to fight like crazy to keep rent within peoples’ grasp,” he said.
    Colorado Springs Gazette: Hickenlooper fields questions on Space Command, immigration, more at Colorado Springs town hall
    “I think the threat on our democracy is real,” Hickenlooper said. “This notion that we can take someone off the street, lock him up, not charge him, no hearing and send him down to a hellhole of a prison in El Salvador, and then admit that we made a mistake, but we’re not going to do anything about it.”
    The president’s tariffs, meanwhile, are going to have a negative impact on the local economy, Hickenlooper said.
    “The tariffs are going to slow down everything, and the fact that he’s going to have these gigantic reciprocal tariffs, and now we paused for 90 days, well, that means no large company can make an investment, right?”
    WATCH: NBC Colorado Springs: Sen. Hickenlooper hosts town hall in Colorado Springs

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Government launches call for evidence on men’s health 

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government launches call for evidence on men’s health 

    It will inform England’s first ever men’s health strategy to tackle the life expectancy gap.

    • Call for evidence will inform England’s first ever men’s health strategy to tackle life expectancy gap
    • Members of the public and healthcare experts will get their say on ways to tackle biggest health problems facing men as part of Plan for Change to improve health care for everyone
    • This follows government’s first ever Men’s Health Summit held in partnership with Movember, co-hosted by Arsenal and Premier League 

    The government is today (Thursday 24 April) calling for men of all ages to come forward and feed into England’s first ever men’s health strategy.

    The 12-week call for evidence will gather vital insights from the public, health and social care professionals, academics and employers so the government can properly consider how to prevent and tackle the biggest issues facing men from all backgrounds.  

    It will ask for their views on what is working and what more needs to be done to close the life expectancy gap between men and women, as men in England die nearly four years earlier than women on average. 

    Health and Social Care Secretary Wes Streeting said: 

    Every day, men across England are dying early from preventable causes. Men are hit harder by a range of conditions, while tragically suicide is the leading cause of death for men under 50. 

    Our Plan for Change means we will tackle these issues head on through a men’s health strategy, and today’s call for evidence is the crucial next step in understanding what works, what doesn’t, and how we can design services men will actually use. I urge people to come forward to share their views.

    The call for evidence will seek responses on how the government’s Plan for Change can work across the board to improve the health and wellbeing of men, through: 

    • Prevention – finding the right areas and the right ways to promote healthier behaviours  
    • Diagnosis and treatment – improving outcomes for health conditions that hit men harder
    • Encouragement to come forward – improving men’s access to, engagement with and experience of the health service

    This government is committed to fixing the NHS and getting a grip on the stark health inequalities that exist across the country through the Plan for Change, which will rebuild the health service and deliver better care for everyone. With a clearer, more tailored approach for both men and women, their distinct health needs will be met better.

    In women’s health, we’re turning the commitments in the women’s health strategy into tangible actions – taking urgent action to tackle gynaecology waiting lists through the Elective Reform Plan, investing in a major AI breast cancer screening trial, and implementing key priority areas outlines in our strategy – alongside taking wider government action to tackle violence against women and girls.

    Amy O’Connor, Global Lead, Policy and Advocacy at Movember, said:

    Too many men are dying too young, the men’s health strategy is a once in a generation opportunity to invest in positive change for men and their loved ones. Share your solutions – whether it’s more community support groups, improved education, or enhancing clinical training, to create a lasting impact on the future of men’s health.

    Julie Bentley, Samaritans CEO, said:

    Suicide is the biggest killer of men under 50 so it’s critical that suicide prevention is front and centre of this strategy. With men making up 75 percent of all suicides, this strategy is a real opportunity to prevent thousands of deaths.  

    Recognising what works for different groups of men, focusing on key risk factors and providing evidenced based support will be crucial and we’d encourage everyone to submit evidence to this important consultation. We look forward to working with Government on meaningful ways to cut suicide rates and save lives.

    Cllr David Fothergill, Chairman of the LGA’s Community and Wellbeing Board, said: 

    We are pleased that the Government has announced plans to launch the first-ever Men’s Health Strategy with a call for evidence. It’s a significant step towards improving men’s health outcomes and ensuring that men can live healthier, longer, happier lives.

    The call for evidence will be open for views on the Department of Health and Social Care website until 17 July. The government aims to launch the men’s health strategy later this year. 

    Notes to editors 

    • The call for evidence will run for 12 weeks from 24 April 2025 to 17 July 2025. 
    • Men are disproportionately affected by a number of health conditions including cancer, cardiovascular disease and type 2 diabetes. 
    • Around 3 in 4 people who died by suicide in 2023 were men. Suicide is the biggest cause of death in men under the age of 50. 
    • Those in the most deprived areas of England are expected to live almost 10 years less than those in the least deprived areas. 
    • The men’s health strategy was announced by the Health Secretary at the Men’s Health Summit held in partnership with Movember, hosted by Arsenal and the Premier League, in November. For more information see here Secretary of State commits to first ever men’s health strategy – GOV.UK

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: SFO sets out route for businesses to avoid prosecution

    Source: United Kingdom – Executive Government & Departments

    Press release

    SFO sets out route for businesses to avoid prosecution

    The Serious Fraud Office (SFO) has today launched new guidance for corporates about self-reporting, co-operation and Deferred Prosecution Agreements (DPAs).

    The Serious Fraud Office (SFO) today launched new guidance, stating for the first time that if a corporate self-reports suspected wrongdoing and co-operates fully with investigators, it can expect to be invited to negotiate a Deferred Prosecution Agreement (DPA) rather than face prosecution, unless exceptional circumstances apply.

    At a legal conference in London, SFO Director Nick Ephgrave introduced new corporate co-operation guidance that will make it simpler for corporates to report suspected wrongdoing by a direct route to the SFO’s Intelligence Division via a secure reporting portal. 

    The guidance also provides greater clarity on what the SFO views as ‘genuine co-operation’, including preservation of digital and hard copy material, presenting the facts on suspected criminal conduct and early engagement with the SFO on any internal investigation.  The guidance also gives examples of what the SFO views as uncooperative conduct, including attempts to “forum shop” by unreasonably reporting offending to another jurisdiction for strategic reasons and attempts to minimise or obfuscate the involvement of individuals.

    In return, a self-reporting company can expect the SFO to:

    • Contact it within 48 business hours of a self-report or other initial contact.

    • Provide a decision whether to open an investigation within six months of a self-report.

    • Conclude its investigation within a prompt time frame.

    • Conclude DPA negotiations within six months of sending an invite.

    Nick Ephgrave QPM, Director of the Serious Fraud Office, said:

    We are determined to lead the fight against serious and complex fraud, bribery and corruption at home and side by side with international partners. Our new guidance sets out how corporates can report suspected criminality to us and what we expect from cooperating corporates.

    If you have knowledge of wrongdoing, the gamble of keeping this to yourself has never been riskier.

    The new guidance comes amidst a push by the SFO to optimise its operating environment to tackle top-tier criminality, including by advancing plans to incentivise whistleblowers, supporting reform of outdated disclosure practice, trialling new technology and setting up a taskforce to tackle international bribery and corruption with key partners.

    Press Office

    Email news@sfo.gov.uk

    Out of hours press office contact number +44 (0)7557 009842

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Prime Minister launches major boost for UK clean energy industry

    Source: United Kingdom – Executive Government & Departments

    Press release

    Prime Minister launches major boost for UK clean energy industry

    Prime Minister brings forward £300 million for Great British Energy to invest in offshore wind supply chains ahead of the Future of Energy Security summit.

    • Prime Minister brings forward an initial £300 million investment ahead of Spending Review through Great British Energy to win global offshore wind investment for the UK
    • Fund will boost domestic jobs, mobilise additional private investment, and secure manufacturing facilities for critical clean energy supply chains like floating offshore platforms
    • Prime Minister and Energy Secretary to announce pro-investment plans at major international summit bringing together governments and industry from around the world to drive collective energy security

    Communities across the country will benefit from new investment in domestic clean energy supply chains – driving economic growth and supporting thousands of jobs through the Plan for Change.

    Workers and businesses in the UK’s industrial heartlands will benefit from an initial £300 million of funding through Great British Energy to invest in supply chains for domestic offshore wind. It is expected that the investment will directly and indirectly mobilise billions in additional private investment – helping de-risk clean energy projects and supporting thousands of jobs and revitalising the UK’s industrial heartlands.

    The public investment complements the £43 billion of private investment pledged for clean energy projects since July.

    Britain’s engineers, technicians, and welders are being backed by this fast-tracked funding, brought forward by the Prime Minister ahead of the Comprehensive Spending Review, which will allow Great British Energy, the country’s publicly-owned clean energy company, to invest in new supply chains for offshore wind manufacturing components such as floating offshore platforms and cables. This builds on the government’s landmark investment in domestic supply chains through initiatives such as the Clean Industry Bonus and the National Wealth Fund.

    As part of the government’s modern Industrial Strategy, which will turbocharge growth in the UK’s key sectors including clean energy, the new investment in domestic offshore wind is part of the Prime Minister’s drive to ensure that the clean energy future is ‘built in Britain’. The funding will ensure that the nation builds resilient domestic supply chains for components which are essential to delivering clean power by 2030.

    It comes after the Prime Minister said that a new era of global insecurity means that the government must go further and faster in reshaping the economy through the Plan for Change, and that this requires a new muscular industrial policy that supports British industry to forge ahead.

    Prime Minister Keir Starmer said:

    Delivering the Plan for Change means winning the race for the clean energy jobs of the future, which will drive growth and help us reach clean power by 2030.

    That is why I am bringing forward much-needed investment in our domestic offshore wind supply chains, strengthening our security and creating good jobs for our welders, electricians, and engineers.

    Let my message to the world go out: come and build the clean energy future in Britain.

    Energy Secretary Ed Miliband said:

    It is only by taking back control of our energy that we can protect families and businesses from the rollercoaster of global markets we don’t control.

    That is why this government is doubling down on our clean energy superpower mission – driving economic growth, good jobs and investment across our country.

    The Prime Minister, ministers and business leaders will gather in London today for the 2-day summit on the Future of Energy Security – hosted by the UK government and International Energy Agency – as countries take action to protect themselves from future energy shocks in these unstable times. Leaders from around the world, including the President of the EU Commission Ursula von der Leyen, will come together to address the global challenges and opportunities of speeding up the clean energy transition.

    The Energy Secretary Ed Miliband, Business Secretary Jonathan Reynolds, the Minister for Investment Baroness Poppy Gustafsson, National Wealth Fund CEO John Flint and Great British Energy Chair Juergen Maier will today write to global clean energy developers and investors inviting them to invest here in Britain. It follows the government announcing a series of pro-growth measures including major reforms to speed up grid connections and overhaul planning rules.

    Dan McGrail, interim CEO of Great British Energy, said:

    Great British Energy will help the UK win the global race for clean energy jobs and growth by investing in homegrown supply chains and ensuring key infrastructure parts are made here in Britain.

    We will work closely with businesses across the clean energy sector to get funding out as fast as possible and get projects off the ground.

    Deputy CEO of RenewableUK, Jane Cooper, said,

    There’s a huge opportunity for the UK to secure thousands of new jobs and supply chain investment in the sector, which will make our home-grown energy supply even more secure.

    The Prime Minister’s funding will be critical to ensuring the UK grasps the industrial opportunities in the offshore wind supply chain, at a time of intense global competition for clean energy investment. By nurturing existing UK companies, and ensuring we’re a competitive location for international investors, there’s an opportunity to triple our manufacturing capacity over the next decade, adding £25 billion to the UK economy and creating an additional 10,000 jobs in the supply chain.

    This new government funding is a clear signal of intent to secure those priorities and is vital to unlocking further co-investment from industry.

    The funding for supply chains will be made available as part of the £8.3 billion for Great British Energy over this parliament, with individual companies able to apply for grants if they can show that they will produce long-term investments in UK supply chains.

    Great British Energy, the country’s publicly-owned clean energy company, will produce a return on investment for the British people, and ensure British billpayers reap the benefits of clean, secure, home-grown energy. This first phase of grant funding is needed to capture investment now and reap benefits of jobs and growth.

    Notes to editors

    More details on the £43 billion announced since July can be found here: Clean energy projects prioritised for grid connections .

    Great British Energy’s supply chain fund is expected to be open for applications by the end of the year, with an initial £300 million available for offshore wind schemes over this Parliament. Further details on criteria and eligibility will be published in due course.

    The investment comes in the context of the 2024 Industrial Growth Plan, in which the Offshore Wind Industry Council proposed to match fund £300 million of grant investment in the UK’s supply chains with private sector investment.

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: £1,000 retirement savings boost from plans to bring together small pension pots

    Source: United Kingdom – Executive Government & Departments

    Press release

    £1,000 retirement savings boost from plans to bring together small pension pots

    Millions of Brits will find it easier to track their pension savings with the creation of a small pensions pot consolidator, in reforms unveiled by the pensions minister today (Thursday 24 April).

    • Government unveils reforms to combine small pension pots to make working people better off as part of Plan for Change
    • Move is set to boost retirement savings for the average worker by around £1000 and save businesses £225 million a year in unnecessary admin costs
    • Comes as part of Pension Schemes Bill which will drive investment in pensions industry and deliver on the government’s growth mission

    This new initiative will tackle the growing problem of small, forgotten pension pots that many people accumulate as they move between employers over their working lives. There are now 13 million of these small pots, holding £1,000 or less, with the number increasing by around one million a year. 

    This is a hassle for savers and can stop them getting a good return on their savings if they have to pay multiple flat rate charges. Overseeing all these small pots also costs the pensions industry around £225 million in unnecessary admin costs.  

    Under reforms introduced by this government as part of the Pension Schemes Bill, each individual’s small pots will be brought together into one pension scheme that is certified as delivering good value to savers. Individuals will retain the right to opt out.

    This will cut costs for savers and make it easier to keep track of their pensions while boosting living standards and make working people better off. It will also cut red tape for businesses managing the schemes and unlock economic growth as part of the Plan for Change.

    This announcement will reduce costs as well as hassle for savers, in time increasing the pension pot of an average earner by around £1,000 – boosting living standards and making working people better off. It will also cut red tape for businesses managing the schemes and unlock economic growth as part of the Plan for Change.

    Minister for Pensions Torsten Bell said: 

    It’s great news that more people are saving for their retirement. But I want to make pension saving as simple and rewarding as possible.

    There are now more small pension pots in the UK than pensioners – raising costs and hassle for workers trying to track their savings. It also costs the pensions industry hundreds of millions of pounds every year. 

    We will automatically bring together people’s small pots into one high performing pension, reducing costs as well as hassle for savers. In time this could boost the pension of an average earner by around £1,000 as part of our Plan for Change to put more money in people’s pockets.

    The announcement follows the work of the Small Pots Delivery Group. Their findings, aimed at supporting the design and implementation of the new small pots consolidator scheme, include:

    • A Small Pots Data Platform to identify and source the pension pots that could be consolidated.
    • A framework setting out the rules a scheme would need to follow to become a consolidator scheme. These would include already being in an Automatic Enrolment qualifying scheme, having a specified level of scale to manage expansion, providing good value for money for their members and providing additional protection for members from flat fee charges.
    • Safeguards for savers whose pension pots would be consolidated which include a member op-out option. 

    Transforming the pension landscape through the Pension Schemes Bill, set to be introduced in Parliament later this Spring, will deliver on the government’s manifesto commitment to boost investment and returns for savers and make working people better off. 

    The Bill will help over 15 million people, boost pension pots by £11,000 and spur on greater investment in productive assets. 

    Zoe Alexander, Director of Policy and Advocacy at the Pensions and Lifetime Savings Association, said: 

    The accumulation of small pots creates unnecessary cost and complexity for savers and schemes alike. The PLSA has worked extensively with industry and the DWP to propose solutions and supports the model being proposed by the Government.

    We look forward to working on delivering the recommendations of the Small Pots Development Group and are pleased the Government is tackling this long-standing issue in the Pension Schemes Bill.

    Rocio Concha, Which? Director of Policy and Advocacy, said: 

    Which? called for the consolidation of small pots under £1,000 before the election, so we are delighted that the government is committing to doing this – a move that will provide greater value for savers and support them to keep track of their pensions. 

    Which? looks forward to working with the government to ensure the pensions system is fit for the modern age.

    Gail Izat, Workplace Managing Director at Standard Life, part of Phoenix Group said: 

    The number of small pots in the system is growing at a rate of knots and ultimately heightens the risk that people will lose track of their hard-earned savings. 

    The introduction of consolidators that can administer these pots effectively and invest them dynamically will be a step forward and when combined with pension dashboards will empower people to take control of their savings. We look forward to working with government on the creation of this new system.

    Additional Information

    The Delivery Group was chaired by the DWP and had representation from: 

    • The Financial Conduct Authority 

    • The Pensions Regulator 

    • Pension and Lifetime Savings Association 

    • Association of British Insurers 

    • Pensions Administration Standards Association 

    • Chartered Institute of Payroll Professionals 

    • Association of Pensions Lawyers 

    • Which? 

    • Federation of Small Businesses 

    • Confederation of British Industry 

    • Chair of the industry led Small Pots Coordination Group 

    • Pensions Policy Institute

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Build it in Britain: invitation to clean energy developers and investors

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Build it in Britain: invitation to clean energy developers and investors

    Open letter to clean energy developers and investors inviting them to support the clean energy mission by ‘building it in Britain’.

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    The Energy Secretary Ed Miliband, Business Secretary Jonathan Reynolds, the Minister for Investment Baroness Poppy Gustafsson, National Wealth Fund CEO John Flint and Great British Energy Chair Juergen Maier have written to clean energy developers and investors inviting them to invest here in Britain.

    This follows the government announcing an initial £300 million of funding through Great British Energy to invest in domestic offshore wind supply chains, as well as a series of pro-growth measures including major reforms to speed up grid connections and overhaul planning rules.

    The clarity, consistency and urgency of the UK’s Clean Energy Superpower Mission provides certainty and stability for global investors to ensure the UK takes advantage of the enormous opportunities created by the clean energy transition.

    Updates to this page

    Published 24 April 2025

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  • MIL-OSI United Kingdom: National roadshow kicks off to get businesses exporting and grow the economy

    Source: United Kingdom – Executive Government & Departments

    Press release

    National roadshow kicks off to get businesses exporting and grow the economy

    SMEs from across the UK will benefit from new government support to match them up with international buyers and markets.

    • Export Roadshows, created to get more small businesses exporting and grow the economy, kick off today in the North East 
    • Taking place across all nations and regions of the UK, events will bring together small firms, industry experts, trade bodies and government  
    • Part of the modern Industrial Strategy, the roadshow aims to channel government support to growth-driving sectors, as part of the Plan for Change 

    SMEs from across the UK will benefit from new government support to match them up with international buyers and markets, to turbocharge UK exports and grow the economy as part of the Plan for Change. 

    The ‘Made in the UK, Sold to the World’ roadshows, kicking off today [24 April] in Blyth and taking place across all nations and regions of the UK, have been designed to directly connect international buyers with SME exporters ready to seize the opportunity to grow their businesses. Through these events, the Government is working to maximise international opportunities for UK businesses by highlighting tangible opportunities that exist in new markets.   

    Each event will be aligned to one of the eight key growth driving sectors outlined in Britain’s modern Industrial Strategy, channelling government support to sectors with the highest potential to create jobs, boost productivity and grow the economy. All of which will help deliver the Plan for Change to put more money in more working people’s pockets.   

    Highlighted sectors include clean energy, advanced manufacturing, technology, life sciences, digital and technology, and financial services.  

    Gareth Thomas, Minister for Services, Small Businesses and Exports, said: 

    Maximising the UK’s export potential is crucial to achieving our Plan for Change, by creating good jobs with high wages, raising productivity, and boosting the economy. 

    Through these roadshows, the government is focussing on supporting key growth sectors, making it quicker and easier for smaller businesses to connect with markets, grasp export opportunities and expand. 

    The focus of the first roadshow, taking place today, is exporting in the clean energy sector.  

    There will be 100 attendees at the event – made up of small businesses, trade bodies, and government representatives, as well as 30 Commercial Officers from UK embassies and consulates from around the world, and 97 buyers, all of whom will join the event virtually through pre-planned meetings. 

    The 97 buyers span 19 markets worldwide, from Argentina to Austria, Thailand, Turkey, Mexico, India, and the UAE.  

    All roadshow events will provide opportunities for delegates to meet with domestic and international Commercial Officers, who will be on hand to offer expert support and advice on specific products, markets, and export opportunities.  

    There will also be a designated advice zone for SMEs to learn about wider export support services offered by the Department for Business and Trade, as well as those provided by other public sectors partners like regional Growth Hubs, and trusted private sector providers like the Chambers of Commerce, Federation of Small Business, UKEF and MAKE UK.  

    A range of workshops and seminars on topical issues such as ‘conducting market research’ and ‘routes to market’ will take place throughout the day, led by the UK Export Academy. Several of these will feature DBT Export Champions who will speak of their own experiences in target markets.   

    Alex Marshall, Group Business Development Director at Clarke Energy, said:  

    From the Americas, Africa, Asia to Australasia, clean technologies are now established as one of the most important pillars of the global economy.  

    So as an Export Champion and a UK business developing innovative clean technology solutions across the world, this Made in the UK, Sold to the World roadshow event is an excellent place to discuss the latest international trends and export opportunities for UK businesses in the clean energy sector. 

    We know that when SMEs trade around the world, the whole economy benefits, which is why this government is so committed to supporting smaller businesses grow and export.   

    Just last month, the Department of Business and Trade relaunched the Board of Trade, to help businesses, and in particular the UK’s 5.5 million SMEs, boost their exports.  

    And later this year, we will be launching a small business strategy to raise growth and productivity across the UK’s SME population and boost the number of scale-ups.   

    UK businesses can access DBT’s wealth of export support via Great.gov.uk. This comprises an online support offer and a wider network of support including the Export Academy, UK Export Finance, the International Markets network, and one-to-one support from International Trade Advisers. 

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Major step for fraud prevention with landmark ban on SIM farms

    Source: United Kingdom – Executive Government & Departments

    News story

    Major step for fraud prevention with landmark ban on SIM farms

    The UK will become the first country in Europe to ban the possession and supply of SIM farms – technical devices used to defraud the public.

    Getty Images

    Members of the public will be better protected from fraudsters and scammers through a landmark, Europe-first ban on the possession and supply of SIM farms, the Fraud Minister Lord Hanson has confirmed today.

    SIM farms are technical devices capable of holding multiple SIM cards enabling criminals to send scam texts to thousands of people at once or set up ‘verified’ online accounts in large volumes. They increase the chances of innocent consumers falling victim to major financial losses. 

    With recent data showing that fraud increased last year by 19%, and that it accounts for more than 40% of all reported crime in England and Wales, the government is acting to prevent and counter these evolving threats and deliver security for the public as a foundation of the Plan for Change. This follows the commitment to publish a new, expanded fraud strategy before the end of the year.

    The new offence will make the possession or supply of SIM farms without a legitimate reason illegal, shutting down a key route used by criminals to exploit the public, and will carry an unlimited fine in England and Wales and a £5,000 fine in Scotland and Northern Ireland.

    The ban will come into effect 6 months after the Crime and Policing Bill receives Royal Assent.

    It will mean that those offenders using these devices to defraud the public will not only continue to face the full force of the law for their heinous actions but will also be hit with hefty fines.

    Fraud Minister Lord Hanson said:

    Fraud devastates lives, and I am determined to take the decisive action necessary to protect the public from these shameful criminals.

    Two-thirds of British adults say they’ve received a suspicious message on their phone – equivalent to more than 35 million people – which is why cracking down on SIM farms is so vital to protecting the public.

    This marks a leap forward in our fight against fraud and will provide law enforcement and industry partners the clarity they need to protect the public from this shameful crime. This government will continue to take robust action to protect the public from fraud and deliver security and resilience through the Plan for Change.

    Anyone who is worried about being a victim of fraud and wants to find out more about how to better stay protected, including understanding the tactics fraudsters use, should visit Stop! Think Fraud – How to stay safe from scams.

    Rachel Andrews, Head of Corporate Security at Vodafone UK, said:

    Vodafone UK is committed to protecting all our customers from fraud, including activity enabled by SIM farms. So far this year we have blocked over 38.5 million suspected scam messages, and in 2024 that figure reached over 73.5 million for the year.

    As an industry, UK telecoms operators have blocked more than 1 billion suspected scam messages since 2023. However, we cannot fully tackle fraud in isolation, collaboration between industry and government is crucial. This is a really important step taken by the Home Office and we fully support the inclusion of SIM farms in the upcoming legislation.

    We look forward to working together on this issue.

    Nick Sharp, Deputy Director for Fraud at the National Crime Agency, said:

    Fraud is the crime we are all most likely to experience, and one that causes victims significant emotional and financial harm.

    We know that fraud at scale is being facilitated by SIM farms, which give criminals a means and an opportunity to contact victims at scale with relative ease.

    The ban announced today is very welcome. It will give us a vital tool to step up our fight against fraudsters, target the services they rely on, and better protect the public.

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: British-Irish Intergovernmental Conference takes place at Hillsborough Castle

    Source: United Kingdom – Government Statements

    Press release

    British-Irish Intergovernmental Conference takes place at Hillsborough Castle

    The conference is due to take place today, Thursday 24 April

    The British-Irish Intergovernmental Conference (BIIGC) will take place at Hillsborough Castle today (Thursday 24th April), the first time the Conference has been held in Northern Ireland since 2006. 

    Established under the Good Friday Agreement, the BIIGC is a bilateral forum  which meets regularly, aiming “to bring together the British and Irish Governments to promote cooperation at all levels on all matters of mutual interest within the competence of both Governments”. 

    Today’s meeting will be chaired by Secretary of State for Northern Ireland Hilary Benn and Tánaiste, Minister for Foreign Affairs and Trade, and Minister for Defence Simon Harris. The meeting will also be attended by the Parliamentary under-Secretary of State for Northern Ireland Fleur Anderson MP and the Minister for Justice Jim O’Callaghan TD. 

    It follows the UK-Ireland summit in March when the two governments pledged to work closely to deliver security, investment and growth

    This new era of co-operation with Ireland is a key part of the UK Government’s Plan for Change to put more money in working people’s pockets across the country through a future of greater national security and renewal.

    At today’s BIIGC meeting, the two Governments are expected to discuss ongoing efforts to find a way forward regarding the legacy of the past in Northern Ireland. They will also cover political stability, security, and other areas of bilateral cooperation.

    Secretary of State Hilary Benn said:

    This will be an important meeting in developing the strong and close relationship between the UK and the Irish Governments as we continue to work together on a range of issues.

    Tánaiste Simon Harris said:

    I am looking forward to this significant meeting of the British Irish Intergovernmental Conference and to continuing the intensive discussions with the Secretary of State for Northern Ireland on the challenging but essential work of dealing with the legacy of the past.

    Updates to this page

    Published 24 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: Dresden Man Sentenced to Federal Imprisonment for Possession of Firearms and Ammunition

    Source: Office of United States Attorneys

    Jackson, TN – A federal judge has sentenced Chapell Dain Cissell, 31, to ten years in federal prison for possession of several firearms and a large amount of ammunition. Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the sentence today.

    According to the evidence presented in court, in March 2021, several deputies with the Weakley County Sheriff’s Department responded to Fast Eddie’s Bar in Dresden, Tennessee, after receiving a report of an assault in progress. Upon arrival, the deputies spoke with the victims who said that an individual, later identified as Cissell, drove a black SUV into the parking lot of the bar wearing a “bullet proof vest” and holding an assault rifle firearm. Cissell pointed the firearm at the three victims, threatened to kill them, and fled the parking lot.  

    Deputies later found Cissell wearing a ballistic vest while sitting inside a pickup truck, preparing to leave his residence. The deputies observed a wooden handle of a revolver sticking out of the top of the vest.  Deputies also found three firearms and several hundred rounds of ammunition either on Cissell or in the vehicle he was occupying. Cissell admitted that there were additional firearms in his residence. Three additional firearms and over two thousand rounds of various caliber ammunition were discovered after a search of Cissell’s residence.

    On April 11, 2025, United States District Court Judge J. Daniel Breen sentenced Cissell to 120 months in federal prison and 3 years of supervised release, the maximum term of imprisonment, after Cissell pled guilty to six counts of being a felon in possession of a firearm. 

    There is no parole in the federal system.

    The Bureau of Alcohol, Tobacco, Firearms, and Explosives and the Weakley County Sheriff’s Department investigated this case.

    Assistant United States Attorney Adam Davis prosecuted this case on behalf of the government.

    ###

    For more information, please contact the media relations team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates

    MIL Security OSI –

  • MIL-OSI Security: Former Clerk/Treasurer for Lewis County town charged federally with wire fraud for more than $930,000 in theft

    Source: Office of United States Attorneys

    Seattle – The former Clerk-Treasurer for the City of Morton in Lewis County is now charged federally with wire fraud in connection with her nine-year scheme to steal nearly $1 million from city coffers, announced Acting U.S. Attorney Teal Luthy Miller. Tamara (Tammy) Clevenger served as the Clerk-Treasurer for Morton from 2012-2022. In 2024, an audit by the Washington State Auditor uncovered years of embezzlement totaling $937,584. Clevenger is expected to enter a plea to the wire fraud charge next month.

    “I commend the State Auditor’s Office for their good work on this case,” said Acting U.S. Attorney Miller. “It is critical that all of our government entities have multiple safeguards in place to prevent the theft of hard-earned taxpayer dollars.”

    According to the charging information, Clevenger allegedly used a variety of ways to steal funds. Between November 2015 and December 2021, she stole at least $311,727 of cash that citizens had brought in to pay for city services. In some instances, she would write a check from one city account to another to conceal the theft of the cash. She also made unauthorized cash withdrawals with the Morton ATM card.

    Between February 2013 and December 2021, Clevenger allegedly stole at least $625,857 by writing checks to herself and depositing them in her bank account. Clevenger would allegedly use checks that had been pre-signed by the mayor for use in emergency situations. Clevenger allegedly used fake vendor invoices to make it appear the checks had been written for a service rendered to the city. Clevenger’s actions used interstate wires to commit the fraud with the transfer of funds between various bank accounts. One example is the transfer of $5,808 in funds from Washington to Umpqua bank servers located outside the state.

    Following the audit, the City of Morton established new procedures so that no single person had control of the various banking functions.

    The FBI and IRS worked with the Washington State Auditor’s Office on the criminal financial investigation.

    The charges contained in the information are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law. However, use of a criminal information, the sworn statement of the prosecutor, is an indication that there have been discussions with the defendant and their counsel of an agreement to resolve the case.

    Wire fraud is punishable by up to twenty years in prison.

    The case is being prosecuted by Assistant United States Attorney Amanda McDowell. 

    MIL Security OSI –

  • MIL-OSI: iManage Receives IRAP Assessment within Australian Market

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 23, 2025 (GLOBE NEWSWIRE) — iManage, the company dedicated to Making Knowledge Work™, today announced that the iManage Cloud knowledge work platform has been IRAP assessed, giving Australian governmental agencies and the law firms that do business with them a secure and fully compliant choice for managing their sensitive documents and emails.

    IRAP, or the Infosec Registered Assessors Program, is a framework established by the Australian Cyber Security Centre to assess and certify the security practices of organizations, particularly those handling sensitive government information. Endorsed IRAP Assessors assist organizations to secure their systems and data by independently assessing their cybersecurity posture, identifying security risks and suggesting mitigation measures.

    iManage was assessed by CyberCX—a leading provider of professional cyber security and cloud services across Australia and New Zealand—and achieved “Protected” status. Achieving this status means that an organization’s systems, services, or solutions have been assessed as capable of handling sensitive Australian government information, making them eligible for high-security government projects.

    “In an era where the security of sensitive data is paramount, partnering with an IRAP-assessed vendor reflects our commitment to the highest standards of cybersecurity,” said Gary Adler, Chief Digital Officer at MinterEllison. “This collaboration ensures our clients’ information is safeguarded with robust security measures, aligning with our dedication to trust and integrity in all our legal services.”

    In addition to clearing the way for usage by Federal Australian governmental bodies and the law firms who work with them, the IRAP assessment also aligns with Australian state-specific security requirements, making iManage Cloud a compelling option for state government agencies as well.

    “We are proud to have iManage Cloud officially tick the box on being IRAP assessed,” said Jim Krev, Head of Security, iManage. “As a company, iManage has always been focused on empowering knowledge workers to collaborate and be productive from anywhere, on any device, while delivering comprehensive security to protect an organization’s vital assets. Our robust ongoing investment in security—including undergoing the IRAP assessment—positions us as an ideal document and email management vendor for Australian governmental agencies and the firms who work with them that are looking to move from on-premises systems to an IRAP assessed, cloud-based vendor that meets their rigorous security requirements.”

    If you would like to learn more, join us for our upcoming Webinar on Thursday, April 29 at 11:00 a.m. AEST on “Mastering IRAP: Enhancing Security, Compliance, and Assurance for Government Data” where we are joined by Krev, CyberCX who undertook our assessment and our customer MinterEllison. Register here.

    About iManage
    iManage is dedicated to Making Knowledge Work™. Our cloud-native platform is at the center of the knowledge economy, enabling every organization to work more productively, collaboratively, and securely. Built on more than 20 years of industry experience, iManage helps leading organizations manage documents and emails more efficiently, protect vital information assets, and leverage knowledge to drive better business outcomes. As your strategic business partner, we employ our award-winning AI-enabled technology, an extensive partner ecosystem, and a customer-centric approach to provide support and guidance you can trust to make knowledge work for you. iManage is relied on by more than one million professionals at 4,000 organizations around the world. Visit www.imanage.com to learn more.

    Follow iManage via:
    LinkedIn: https://www.linkedin.com/company/imanage
    X: https://x.com/imanageinc
    YouTube: https://www.youtube.com/@iManage 

    Press contact:
    Alicia Saragosa, iManage
    press@imanage.com

    The MIL Network –

  • MIL-OSI USA News: Reinstating Common Sense School Discipline Policies

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, and to ensure safety and order in American classrooms, it is hereby ordered:

    Section 1.  Purpose and Policy.  The Federal Government will no longer tolerate known risks to children’s safety and well-being in the classroom that result from the application of school discipline based on discriminatory and unlawful “equity” ideology.

     In January 2014, the Department of Education and the Department of Justice jointly issued a “Dear Colleague” letter regarding school discipline.  In that letter, the Department of Education and the Department of Justice explained that schools could be found to violate Title VI of the Civil Rights Act of 1964 — and therefore could lose Federal funding — if their disciplinary decisions ran afoul of a newly imposed disparate-impact framework under which race-neutral disciplinary policies, applied in an even-handed manner, may be improper if members of any racial groups are suspended, expelled, or referred to law enforcement at higher rates than others.  The letter effectively required schools to discriminate on the basis of race by imposing discipline based on racial characteristics, rather than on objective behavior alone. 

    The consequences harmed students and schools.  A 2018 report from the Federal Commission on School Safety (Commission) noted evidence that, because of the 2014 letter, “schools ignored or covered up — rather than disciplined — student misconduct in order to avoid any purported racial disparity in discipline numbers that might catch the eye of the federal government.”  As a result, students who should have been suspended or expelled for dangerous behavior remained in the classroom, making all students less safe. 

    As the Commission found:  “When school leaders focus on aggregate school discipline numbers rather than the specific circumstances and conduct that underlie each matter, schools become less safe,” and “[r]esearch clearly indicates that the failure of schools to appropriately discipline disruptive students has consequences for overall student achievement.”  The Commission’s seemingly obvious conclusion was that “disciplinary decisions are best left in the hands of classroom teachers and administrators” and should be based on student behavior, rather than racial statistics.

    Following the Commission’s report on December 18, 2018, the 2014 Dear Colleague letter was rescinded.  In 2023, however, the previous administration’s Department of Education and Department of Justice issued new guidance noting that statistical racial disparities in student discipline may indicate violations of law, and encouraging schools to collect, analyze, and adjust their disciplinary policies in light of racial disciplinary data.  The 2023 guidance thus effectively reinstated the practice of weaponizing Title VI to promote an approach to school discipline based on discriminatory equity ideology.  As a consequence of these policies, teachers and students are suffering increased levels of classroom disorder and school violence.

    Sec. 2.  Definitions.  As used herein:
    (a)  The definitions in the Executive Order of January 29, 2025 (Ending Radical Indoctrination in K-12 Schooling), shall apply to this order.
    (b)  “Behavior Modification Techniques” means any school discipline policies or practices that incorporate or are based on discriminatory equity ideology.

    Sec. 3.  Ensuring Commonsense School Discipline Policies.      (a)  Within 30 days of the date of this order, the Secretary of Education, in consultation with the Attorney General, shall issue new guidance to local educational agencies (LEAs) and State educational agencies (SEAs) regarding school discipline and their obligations not to engage in racial discrimination under Title VI in all contexts, including school discipline.
    (b)  The Secretary of Education shall take appropriate action with respect to LEAs and SEAs that fail to comply with Title VI protections against racial discrimination in the application of school discipline.
    (c)  Within 60 days of the date of this order, the Secretary of Education and the Attorney General shall initiate coordination with Governors and State Attorneys General regarding the prevention of racial discrimination in the application of school discipline.
    (d)  Within 90 days of the date of this order, the Secretary of Defense shall issue a revised school discipline code that appropriately protects and enhances the education of the children of America’s military-service families.
    (e)  Within 120 days of the date of this order, the Secretary of Education shall, in coordination with the Attorney General, the Secretary of Health and Human Services, and the Secretary of Homeland Security, submit a report to the President, through the Assistant to the President for Domestic Policy, regarding the status of discriminatory-equity-ideology-based school discipline and behavior modification techniques in American public education .  The report shall include:
              (i)    an inventory and analysis of the nature and consequences of all Title VI discipline-related investigations since 2009;
              (ii)   an assessment of the role of non-profit organizations that are Federal grant recipients in promoting discriminatory-equity-ideology-based discipline and behavior modification techniques, and recommendations to ensure that Federal taxpayer funds do not flow to programs or activities, including those of non-profit organizations, that promote discriminatory-equity-ideology-based discipline and behavior modification techniques;
             (iii)  an assessment of discipline-related policies and curricular options that do not promote discriminatory equity ideology; and
              (iv)   model school discipline policies that promote common sense, protect the safety and educational environment of students, do not promote unlawful discrimination, and are rooted in American values and traditional virtues.

         Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
              (i)   the authority granted by law to an executive department or agency, or the head thereof; or
              (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,
        April 23, 2025.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Better compensation for scam victims

    Source: New Zealand Government

    Banks have responded to the Government’s expectation to better protect Kiwi consumers from scams by introducing stronger safeguards and a compensation scheme, Commerce and Consumer Affairs Minister Scott Simpson says.
    “New commitments from banks mean that if a bank fails to adequately warn and protect a consumer from a scam, they will reimburse the victim up to $500,000,” Mr Simpson says.
    “This is an important win for bank customers, who have been advocating for some time for better recognition from banks of the role they play as the final gate between a consumer and a scammer.
    “Last year the Government wrote to banks outlining our expectation that banks take greater responsibility for protecting Kiwi consumers. I am pleased that banks have responded to this directive and are updating their Code of Banking Practice with five new commitments to better protect customers, including pre-transaction warnings and identification of high-risk transactions. 
    “Banks will also take a more active role in preventing scams, by participating in information sharing agreements across industry and government and educating people. Stopping scams before they happen is the best strategy.
    “Online scams cause immense harm to our wider economy, as consumers lose confidence transacting online. The fear generated by scams runs directly counter to efforts to digitise our economy. 
    “While people still need to remain vigilant and take responsibility for their own online safety, these changes will enable consumers to check a payment is legitimate before transferring money.
    “I have been clear with banks that the journey doesn’t stop here. I expect banks to continue to prioritise security and adapt to the ever-evolving scams environment. 
    “I have made similar expectations clear to telecommunications companies and digital platforms and look forward to progressing a cross-industry approach with them.
    “Improving the safety and ease of doing business is part of our plan to grow the economy.”
    Notes to editors:
    The five commitments introduced to the New Zealand Banking Associate Code of Banking Practice include:

    a Confirmation of Payee service for customers to check that the name of the person they are paying matches the account number, which has already commenced roll-out
    pre-transaction warnings to consumers based on the payment purpose
    identification of and response to high-risk transactions or unusual account transaction activity, and the ability to block or delay transactions in some cases
    providing a 24/7 reporting channel for customers who think they’ve been scammed, and responding to protect accounts
    sharing scammer account information with other banks to help prevent criminal activity, and freezing funds where appropriate

    The updated Code comes into force on 30 November 2025. This is to allow the banks time to get all the protections in place.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: More than 900 health graduates to receive financial boost through bonding scheme

    Source: New Zealand Government

    More than 900 newly qualified health professionals are set to receive financial support to kick-start their careers, Health Minister Simeon Brown says.“The Government is committed to growing and strengthening our health workforce, and retaining health professionals is a key part of that,” Mr Brown says.“We want more of our nurses, midwives, anaesthetic technicians, and other critical health professions to stay in New Zealand after they graduate. “The Voluntary Bonding Scheme provides financial incentives to encourage new graduates to stay and work in the country – particularly in hard-to-staff regions and specialities where they’re needed most.”The scheme, which was launched under the previous National government, was expanded in 2024 to include new and recent graduate anaesthetic technicians and pharmacists. It offers after-tax payments ranging from $14,165 to $50,000 over a bonding period of three to five years, depending on the profession.The 2024 intake of 925 graduates includes: 

    477 registered and enrolled nurses
    172 midwives
    77 anaesthetic technicians
    70 rural and regional general practice trainees
    48 pharmacists
    23 dentists
    22 oral health therapists
    20 radiation therapists
    15 Sonographers
    One medical physicist 

    “We are relentlessly focused on ensuring Kiwis have access to timely, quality healthcare in the community. “The scheme is a practical way to build and strengthen key parts of our health workforce, particularly in areas and specialities that face the greatest recruitment challenges.“We know there is further work needed to improve access to primary care and boost the primary care workforce, which will be the focus of the intake for 2025.“This builds on the primary care package announced in March, including: 

    100 clinical placements for overseas-trained doctors in primary practice.
    Recruitment incentives for up to 400 graduate nurses annually for five years to work in primary practice.
    100 additional doctor training places over the course of this Government at our medical schools.
    Up to 50 graduate doctors training in primary care annually.
    Up to 120 training places for nurse practitioners in primary care.
    Accelerated tertiary education for up to 120 primary care nurses. 

    “I want to congratulate the most recent cohort of graduates who are entering the scheme and will be working in vital health roles across the country,” Mr Brown says.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Real Estate – National market turning a corner as listings surge and buyer confidence builds

    Source: Raine & Horne

    Highlights

    • Raine & Horne recorded a significant rise in listings and buyer activity in March 2025 across the country, signalling a strong property market rebound aligned with national price growth trends.
    • Affordable prices, infrastructure investment, and coastal lifestyle appeal are driving renewed interest from both first-home buyers and investors, especially in Southland and Christchurch.
    • Falling interest rates and more realistic vendor expectations have created a sweet spot for buyers, with quality homes around $850,000 in Tauranga and Mount Maunganui drawing strong demand.

    Wellington, NZ (24 April 2025) The national property market is showing clear signs of recovery, with a significant uplift in listing activity and buyer engagement recorded by leading real estate network Raine & Horne.

    New data reveals that Raine & Horne listings rose by 49% in March 2025 compared to December 2024, while open for inspections jumped by 175% over the same period. The uptick aligns with national trends, with CoreLogic reporting a +0.5% increase in property values in March, building on a +0.4% lift in February.

    Angus Raine, Executive Chairman of Raine & Horne, said the renewed momentum reflects improving market sentiment, buoyed by earlier interest rate cuts and increased brand awareness.

    “We’re pleased to see the property upturn beginning to take shape. The effects of OCR reductions always take time to filter through fully, but we’re starting to see confidence return,” Mr Raine said.

    “While demand remains patchy across some regional and metropolitan areas, that’s to be expected in a recovering economy. The encouraging consensus is that residential property values are likely to rise by around 5% nationally this year, fuelled by more affordable finance and steady buyer demand.”

    The return of investors is a big plus for Southland real estate

    On the ground, Raine & Horne Southland Franchise Owner Sheree Williams confirmed that market activity is building strongly.

    “Things are really starting to gain momentum here. Southland always moves to the beat of its own drum, and in the past few weeks we’ve definitely seen a noticeable upswing,” Mrs Williams said.

    “There are more buyers actively looking, and importantly, we’re also seeing a strong return of investors to the market.”

    Recent interest rate cuts are having an impact. “First-home buyers have remained a constant presence, but now investors are coming back with renewed confidence,” Mrs Williams said.

    For instance, Mrs Williams noted that a solid three-bedroom home at 586 Tay Street, Hawthorndale[i], is generating strong interest from both investors and first-home buyers. “With the potential to earn approximately $500 per week in rent, it’s a smart option for savvy investors,” she said.

    “However, it’s not all about investors. In many cases, first-home buyers are coming out ahead,” Mrs Williams added. “They’re more informed than ever, they know how to prepare financially, what steps to take, and how to position themselves competitively. So when it comes to going up against investors, they’re holding their own more than ever before.”

    As for what’s attracting buyers to Southland, Mrs Williams said: “It’s definitely our affordability, hands down.

    “Southland remains one of the most affordable regions in the country, which is a huge drawcard. But it’s not just the price point, there’s a lot happening here.

    “We’ve got exciting new infrastructure projects underway that are drawing interest from outside the region. Combined with strong local employment across key industries such as healthcare, agriculture, and education, and an unbeatable lifestyle, it’s giving people real confidence to make the move and invest in Southland.”

    Christchurch attracts buyers chasing coastal lifestyle and “bang for buck”

    In Christchurch, Nick McIsaac-Luke, Franchise Owner at Raine & Horne Parklands, New Brighton, Shirley, Burwood, and Marshland, said the local property market has remained relatively steady. “We’ve seen a bit of a dip over the past couple of years, but right now, things are looking pretty solid,” he said.

    Commenting on what’s driving demand, Mr McIsaac-Luke added, “I’m seeing more people from the North Island realising how good it is down here. Even people from the lower South Island are making the move. Everyone’s cottoning on to the fact you can get wicked bang for buck in Christchurch — you can live by the beach for under a million.”

    To illustrate, Mr McIsaac-Luke and business partner Tina Lawson recently sold a stunning and spacious four-bedroom house at 1 Iti Place, Parklands. “This is a fantastic house that sold within four and a half weeks for $975,000.

    Mr McIsaac-Luke said Parklands is proving especially popular with lifestyle seekers. “It’s probably one of the top spots right now for people wanting that laid-back lifestyle. We’re right on the edge of the forest, and the beach is just five minutes away — seven at a push.

    “In Auckland or Wellington, this would literally be a $1.8 million house — maybe more,” Mr McIsaac-Luke said. “We’re seeing buyers from those cities thinking, ‘We’re sitting on a $2 million home — let’s sell up, move to Christchurch, get relocated by our employer or work remotely, buy a million-dollar mansion, and still have money left in the bank or buying a rental or two on the side.’”

    Confidence returns to Bay of Plenty as rates fall and vendors meet the market

    In the Bay of Plenty region, Paul Billinghurst, Principal of Raine & Horne Mount Maunganui, Tauranga, Katikati, Waihi Beach, and Waihi, said there’s been a clear uplift in market activity over the past six months.

    “People have been more open to transacting. Buyers have responded well since the Reserve Bank began cutting the official cash rate (OCR) and are less spooked by high interest rates,” Mr Billinghurst said.

    “The commentary suggesting prices have bottomed out has also encouraged buyers to act. They see it as a buyers’ market and are coming in confidently.”

    On the flip side, Mr Billinghurst stated that many vendors have moved on from waiting for post-COVID price peaks to return and are now more prepared to meet the market.

    Mr Billinghurst said, “Vendors are recognising the heady days of 2021 are long past, as are the prices being achieved back then.

    “If owners are selling and buying in the same market, they are more willing to accept a lower market price on their current property and pay a lower market price for their new one to be able to move forward.”

    In Tauranga and Mount Maunganui, Mr Billinghurst said that quality properties around $850,00 were in the sweet spot for many buyers.

    “We have a lot of first home buyers really active, up to $850,000, who are snapping up quality properties in Tauranga and Mount Maunganui.

    Outside of any geopolitical risks, such as potential US tariffs, Mr Billinghurst believes the Bay of Plenty market is poised for a strong finish to 2025.

    “We’re on track for a really solid and stable market over the final three quarters of the year,” he said. “It’s shaping up to be a return to more normal conditions.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Consumer NZ – Despite low confidence in government efforts, people want urgent action to lower grocery bills

    Source: Consumer NZ

    Consumer NZ calls for stronger regulation of supermarket pricing and promotional practices following its new survey on supermarkets.

    Consumer’s NZ Grocery Survey, carried out in mid-April, reveals a strong public appetite for government action to improve access to affordable food. Many respondents called for clear and effective intervention by the government, while also expressing low confidence in its ability to deliver.    

    “New Zealanders are struggling to access quality food at affordable prices, and they’re not seeing meaningful change at the checkout,” says Consumer NZ chief executive Jon Duffy.  

    “We’re pleased the government has kicked off a request for information process to explore how new entrants could help increase competition and deliver better grocery prices for New Zealanders. But the urgency is real.”  
     
    The survey also revealed the growing impact of rising prices on households. Thirty percent of people have needed help over the past year to get food – for example, from foodbanks, friends, family or Work and Income – based on the survey results.

    The cost of living remains the highest concern for New Zealanders across all age groups and has for three years according to its Sentiment Tracker.

    Low confidence in government action

    The nationally representative survey shows most New Zealanders don’t believe the government is doing enough to keep food affordable.  

    Two-thirds of people (66%) said they have low confidence in current government policies, while just 9% expressed high confidence in government action.

    Distrust in supermarkets also rising

    These results provide valuable insights into more recent trends in public trust in supermarkets and the government, as shown in Consumer NZ’s Sentiment Tracker.  

    Source: Consumer Sentiment Tracker

    Shoppers also report limited or declining trust in supermarkets to price and promote products fairly — an issue that raises additional concerns about consumer protection.

    “There’s increasing discomfort with how data is being used in loyalty schemes, and whether the deals offered actually benefit the consumer,” Duffy says.

    Strong support for government regulation

    When asked in the Grocery Survey what could be done to keep food accessible, hundreds of respondents said food is simply too expensive and urgent action is needed. Many supported stronger regulation and clearer rules to stop misleading promotions, not just more competition in the sector.

    “Consumers want the government to take a harder line — not only in promoting competition, but also in actively regulating how prices are set and how promotions are run,” says Duffy.

    Shoppers adapt to high costs

    Consumers are increasingly turning to cost-saving strategies, such as shopping around and buying in bulk, to deal with rising food prices and growing pressure on household budgets.

    More than half of respondents said they compare prices across supermarkets – most commonly through supermarket websites or apps, rather than in-store checks.  This behaviour signals the need for unit pricing and easy price comparison across retailers.

    Loyalty programme perceptions are mixed

    Perceptions of supermarket loyalty programmes are divided. Nearly two in five consumers feel loyalty schemes offer little or no benefit, while around one in three see them as worthwhile.

    “Consumers are rightly questioning the real value of loyalty programmes,” says Duffy.  

    “Our research found 84% of New Zealanders use loyalty cards, but the so-called ‘specials’ don’t always reflect the lowest prices available at the checkout.”

    While the Commerce Commission has not recommended a full review of loyalty programmes, it has called on supermarkets to ensure transparency in how data is collected and used, and to clearly disclose the terms of these schemes.

    Time for action

    “We are hearing loud and clear that shoppers feel unsupported and are losing trust – not just in supermarkets, but in the laws and systems that are meant to protect them,” Duffy says.  

    “To restore confidence, we need tougher regulation and greater enforcement to tackle pricing practices and market power in New Zealand’s grocery sector.”

    Consumer NZ continues to push for measures that ensure fairer pricing, improved transparency, and increased competition in the supermarket industry.

    Note

    Consumer NZ surveyed 1,005 New Zealanders aged 18 and over online, between 10 and 15 April 2025 for the NZ Grocery Survey. The sample was provided by Dynata and reflects national population profiles based on Stats NZ data.

    The Consumer NZ Sentiment Tracker is a quarterly survey that explores the interests and concerns of New Zealanders. The nationally representative survey of 1,000 respondents is conducted every three months.  

    MIL OSI New Zealand News –

  • MIL-OSI Security: Statement from Matt Hartman on the CVE Program

    Source: US Department of Homeland Security

    The CVE Program is an invaluable public resource relied upon by network defenders and software developers alike. As the nation’s cyber defense agency, it is a foundational priority for CISA. Recent public reporting inaccurately implied the program was at risk due to a lack of funding. To set the record straight, there was no funding issue, but rather a contract administration issue that was resolved prior to a contract lapse. There has been no interruption to the CVE program and CISA is fully committed to sustaining and improving this critical cyber infrastructure. 

    CISA is proud to be the sponsor for the CVE program, a role we have held for decades. During this time, the CVE Program has gone through many evolutions, and this opportunity is no exception. MITRE, CISA, and the CVE Board have transformed this program into a federated capability with 453 CVE Numbering Authorities (CNAs). This growth has enabled faster and more distributed CVE identification, providing valuable vulnerability information to the public and enabling defenders to take quick action to protect themselves. We have historically been and remain very open to reevaluating the strategy to support the continued efficacy and value of the program.  

    We also recognize that significant work lies ahead. CISA, in coordination with MITRE and the CVE Board, is committed to actively seeking and incorporating community feedback into our stewardship of the CVE Program. We are committed to fostering inclusivity, active participation, and meaningful collaboration between the private sector and international governments to deliver the requisite stability and innovation to the CVE Program. And we are committed to achieving these goals together.

    MIL Security OSI –

  • MIL-OSI USA: Evans, Larson, DeLauro, Frankel to Introduce ‘Claws Off Social Security’ Act

    Source: United States House of Representatives – Representative Dwight Evans (2nd District of Pennsylvania)

    Democrats push to protect struggling seniors from Trump’s drastic ‘clawbacks’

    WASHINGTON (April 15, 2025) – U.S. Reps. Dwight Evans (D-PA), John Larson (D-CT), Rosa DeLauro (D-CT) and Lois Frankel (D-FL) announced they will introduce the “Claws Off Social Security” Act, aimed at protecting struggling seniors from drastic “clawback” payments ordered by the Trump administration.

    “Under a new Trump administration policy, seniors who received an overpayment because of someone else’s mistake are seeing up to their entire checks withheld, forcing some to choose between basics like food, rent and medicine. Our bill would cap these ‘clawbacks’ at a reasonable 10 percent of monthly benefits, restoring a policy the Biden administration put in place last year,” said Evans, who serves on the House Ways and Means Committee, which oversees Social Security.

    “I’m proud to have three Social Security champions — Representatives John Larson, Rosa DeLauro and Lois Frankel – as co-lead sponsors on this bill. We are telling the Trump administration ‘Claws Off’ people’s earned benefits!”

    The two-page bill would:

    • cap the Social Security Administration’s overpayment withholding rate at 10 percent of a Social Security benefit on a monthly basis;
    • allow beneficiaries the option to repay overpayment in larger amounts if they choose; and
    • allow for an exception in cases of fraud.

    “Elon Musk and Donald Trump will not lose a minute of sleep over their new policy that will mean seniors may lose their entire Social Security check through no fault of their own,” said Larson, ranking member of the Ways and Means Social Security Subcommittee. “Social Security is an earned benefit that our seniors rely on to put food on the table, afford their medications, and keep a roof over their heads. Make no mistake about it – these ‘claw backs’ are about ripping checks out of seniors’ hands to pay for tax cuts for billionaires. Our Claws Off Social Security Act is a common-sense bill to restore the Social Security Administration’s policy protecting beneficiaries from being excessively penalized for accidental overpayments. Congress must act to defend our seniors’ hard-earned benefits from this cruel policy.”

    “If the government makes a mistake & overpays your monthly Social Security, the government can freeze your benefits,” said DeLauro, ranking member of the House Appropriations Committee. “I led the charge to fix overpayment errors without complete clawbacks, but now, President Trump is moving policies that will rollback that progress while driving up costs for seniors. Americans rely on these benefits—they shouldn’t be punished for government errors.”

    “For so many seniors, their Social Security check isn’t extra – it’s everything,” said Frankel, who serves on the Appropriations subcommittee that oversees funding for the Social Security Administration. “It puts food on the table, keeps the lights on, and pays for the medicine they need. But under Donald Trump’s cruel new rule, seniors who’ve done nothing wrong could suddenly lose all of their income overnight – forcing them to go months or even years without a dime to live on. That’s just wrong. Our bill will restore fairness and common sense by capping repayments at 10 percent, just like it was under President Biden – because no senior should be punished into poverty for a government mistake.”

    Also co-sponsoring the bill are Reps. Nanette Barragán (D-CA), Sanford Bishop (D-GA), Brendan Boyle (D-PA), Danny Davis (D-IL), Maxine Dexter (D-OR), Lloyd Doggett and Sylvia Garcia (both D-TX), Eleanor Holmes Norton (D-DC), Gwen Moore (D-WI), Chellie Pingree (D-ME), Delia Ramirez (D-IL), Linda Sánchez (D-CA), Terri Sewell (D-AL), Suhas Subramanyam (D-VA), Tom Suozzi (D-NY), Rashida Tlaib and Shri Thanedar (both D-MI), and Paul Tonko (D-NY).

    Organizations endorsing the bill include the Philadelphia Corporation for Aging, Justice in Aging, National Committee to Preserve Social Security and Medicare, and Social Security Works. 

    The bill is expected to be referred to the Ways and Means Committee, on which Evans, Larson, Boyle, Davis, Doggett, Moore, Sánchez, Sewell and Suozzi serve.

    ###

    MIL OSI USA News –

  • MIL-OSI Submissions: Animal welfare – Animal Groups Condemn Massacre of Hundreds of Koalas by Australian Government

    Source: Animal Wellness Action

    Center for a Humane Economy, others call killings reckless and inhumane, and typical of an Australian state government with little regard for the welfare of animals.

    Budj Bim National Park, Victoria, Australia — Already concerned about mismanagement and inhumane commercial killing of kangaroos, the Center for a Humane Economy is now intensely condemning government authorities in the state of Victoria for conducting aerial gunning of koalas that is a prescription for orphaning and inhumane killing of the beloved marsupials.

    Officials with the state government are killing animals in Budj Bim National Park under the assumption that the recent fires consumed the eucalyptus leaves that the animals need to survive.

    “The state and national governments promote koalas and kangaroos as wildlife icons in their marketing campaigns to draw tourists, but they treat the lives of these animals as expendable and as unworthy of the most basic methods of humane care and management,” said Wayne Pacelle, president of the Center for a Humane Economy. “The decision-makers in Victoria simply do not understand the value of animal welfare, and their aerial gunning assault against the arboreal and slow-moving koalas is a disgrace.”

    Pacelle tied the atrocity to the mass slaying of kangaroos, killed mainly for their skins for export for athletic shoes and some other products. Kangaroos and koalas are native species that evolved on the Australian landscape over many millions of years, while humans have been on the continent for just 65,000 years.

    “Whether they shoot kangaroos from trucks or koalas from aircraft, it’s ruthless treatment,” he said. “If I’m a koala or a kangaroo, let me take my chances even in the wake of fires or drought rather than deal with the henchmen sent out to slaughter the adults and orphan the young. These animals evolved in the presence of major perturbations in their environment.”

    “This tragedy didn’t happen in isolation. It’s the result of decades of mismanagement by DEECA,” said a statement by the Koala Alliance. “Accepting these killings as ‘necessary’ sets a dangerous precedent — one that normalizes cruelty under the guise of welfare, carried out by a government with a long history of secrecy around koala management.”

    Advocates say the government’s explanation doesn’t hold up, especially since koalas in parts of Australia are listed as endangered. They point to existing koala hospitals and rehabilitation centers that could have taken in the injured animals.

    Conservationist Peter Hylands of Creative Cowboy Films emphasized the lack of precision in such aerial operations. “It is not possible to assess the health and condition of a koala, particularly a koala with a joey, from a helicopter,” he said. “Yet they were shot down — uninjured animals included — under the false pretense of mercy.”

    Some critics argue the killings may be linked to efforts to keep koalas away from nearby commercial eucalyptus plantations, where they risk being labeled as pests by private landowners.

    “The Budj Bim koala massacre is the latest disgrace from a government that simply does not value wildlife,” said Alyssa Wormald, president of the Victorian Kangaroo Alliance. “They are already overseeing the systematic slaughter of kangaroos — this is part of a broader ecocidal agenda.”

    “Hundreds of koalas were shot from helicopters — their joeys fallen from trees and left clinging to their dead or dying mothers,” said Jennifer Skiff, director of international programs for the Center for a Humane Economy and a long-time resident of Perth. “After the fires of 2019-20, wildlife hospitals were built, and emergency response protocols were put in place. And yet here we are — not failing due to lack of resources or knowledge, but due to a lack of moral compass by those charged with managing wildlife. This is bureaucratic apathy and a betrayal of the global goodwill that helped Australia build the systems meant to protect wildlife after fires.”

    Despite widespread outcry and the availability of rescue resources, government officials have indicated more koala aerial gunning may be conducted.

    ABOUT

    Animal Wellness Action is a Washington, D.C.-based 501(c)(4) whose mission is to help animals by promoting laws and regulations at federal, state and local levels that forbid cruelty to all animals. The group also works to enforce existing anti-cruelty and wildlife protection laws. Animal Wellness Action believes helping animals helps us all. Twitter: @AWAction_News

    The Center for a Humane Economy is a Washington, D.C.-based 501(c)(3) whose mission is to help animals by helping forge a more humane economic order. The first organization of its kind in the animal protection movement, the Center encourages businesses to honor their social responsibilities in a culture where consumers, investors, and other key stakeholders abhor cruelty and the degradation of the environment and embrace innovation as a means of eliminating both. The Center believes helping animals helps us all. X: @TheHumaneCenter

    MIL OSI – Submitted News –

  • MIL-OSI Russia: Uzbekistan: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    April 23, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC:

    Recent Developments, Outlook, and Risks

    The economy has continued to perform strongly. Real GDP growth was robust at 6.5 percent in 2024, supported by strong domestic demand. The external current account deficit narrowed by 2.6 percentage points of GDP to 5.0 percent in 2024 on the back of strong remittances, high commodity prices, rapidly growing non-gold exports, and the winding down of a one-off increase in imports in 2023. International reserves remain ample. The consolidated government deficit (CGD) fell by 1.7 percentage points of GDP to 3.2 percent in 2024, largely reflecting a reduction in energy subsidies and better-targeted social expenditure, with higher gold prices mitigating lower VAT revenues from high VAT refunds. However, the reduction in domestic demand from the smaller deficit was dampened by higher spending in the broader public sector, including from SOEs, facilitated by an increase in the external borrowing ceiling. Inflation remains elevated, with a headline reading of 10.3 percent year-on-year (y/y) in March 2025, reflecting last year’s needed increases in energy tariffs and other administered prices, as well as spillovers into other prices.

    Growth is expected to remain robust, however, external uncertainty has ratcheted up recently. The announced global tariff increases have increased uncertainty and tightened global financial conditions and could affect Uzbekistan through external demand, commodity prices, and financial flows. Despite this uncertainty, under the baseline, real GDP growth is projected to remain close to 6 percent in 2025 and 2026, supported by continued strength in private consumption, investment, and advancement of structural reforms. The current account deficit is forecast to remain unchanged at 5 percent of GDP in 2025, as higher gold exports and broader public sector consolidation offset weaker non-gold export performance brought about by slower growth in trading partners. Inflation is expected to moderate to slightly above 8 percent y/y at end-2025, and continue to gradually decline thereafter, supported by tight macroeconomic and macroprudential policies and the continuation of structural reforms.

    Elevated uncertainty presents both risks and opportunities. Key external risks stem from larger and protracted trade policy shocks, spillovers from the war in Ukraine, reduced availability of external financing, and commodity price volatility. Domestically, risks include higher-than-expected fiscal deficits, upward adjustments to borrowing ceilings, weakened bank balance sheets, and contingent liabilities from state-owned enterprises, state-owned commercial banks (SOCBs), and public-private partnerships (PPPs). Opportunities could arise from faster implementation of structural reforms, stronger capital and remittance inflows, and higher gold prices.

    Fiscal Policy

    The decline in the consolidated government deficit (CGD) in 2024 is welcome. Staff commends the government for reducing the CGD and remaining committed to the 3 percent medium-term fiscal target. Adhering to the external borrowing limit of US $5.5 billion in 2025 and setting future borrowing ceilings that ensure public and publicly guaranteed debt as a share of GDP doesn’t increase are paramount to enhance budget credibility, help mitigate risks from state-owned enterprises and PPPs, and alleviate demand pressures on inflation. Volatile gold prices create risks of inflationary spending pressures when they are high, and pressures to lower spending when they are low, exacerbating macroeconomic fluctuations. The authorities should thus seek to minimize responses of government spending to gold price changes.

    Revenue mobilization and spending rationalization are needed to create room for development and social needs. A medium-term revenue strategy is needed to offset the 2 percentage point of GDP decline in the tax-to-GDP ratio since 2020. Tax policy options include reforming the corporate and personal income taxes, reducing income-based tax incentives, and removing ineffective customs exemptions while refraining from granting new ones. These should be complemented by revenue administration measures, including revamping the audit program and improving large taxpayer office operations, while ensuring that taxpayers’ rights are respected. In this regard, the two strategies currently under consideration, to reform the tax administration and combat the shadow economy should be approved and implemented. Rationalizing wages, reducing the cost of goods and services leveraging recent procurement reforms, accelerating state-owned enterprise reforms, further consolidating and improving the design of social assistance programs, and reforming the pension system would enhance spending efficiency.

    The reform of fiscal institutions should continue in order to strengthen fiscal discipline and transparency. Staff commends the government for adhering to the budget calendar, preparing the fiscal strategy paper and fiscal risk statements, and adopting the 2025-2030 Public Financial Management Reform Strategy. Further progress is needed to unify the public investment process irrespective of the financing source, better align and integrate the preparation of capital and current budgets, cover all capital expenditures institutions are responsible for when setting their budget ceilings, and publish these ceilings with the budget documents. Importantly, to address fiscal risks from a rapidly growing PPP pipeline, the authorities have made notable progress in designing a system to monitor and manage risks from PPPs. This should be complemented by conducting a sensitivity analysis of key assumptions, include potential PPP costs in the budget, integrate PPPs in the broader public investment management framework, and lower the annual PPP cap in line with limited absorption capacity. Improving Government Financial Statistics (GFS) reporting and publishing the debt management strategy, along with annual borrowing plan, will strengthen fiscal transparency and facilitate relations with investors.

    Monetary and Exchange Rate Policy

    The Central Bank of Uzbekistan (CBU) should keep monetary policy tight until inflation approaches its 5 percent target. The recent policy rate hike in response to rising inflation and inflation expectations signals the CBU’s readiness to address existing pressures. Monetary policy should remain data-driven and be tightened further if core inflation or inflation expectations do not decline. The exchange rate should be gradually allowed to fluctuate in wider ranges to better reflect market conditions, serve as a shock absorber, safeguard reserves, incentivize firms to hedge foreign exchange exposures, and help avoid persistent depreciation expectations. In addition, adhering to the principle of neutrality within the calendar year will facilitate exchange rate flexibility. Staff commends the CBU for its efforts to enhance communication. Bolstering communication further will help anchor inflation expectations and ensure predictability of monetary policy. Efforts to strengthen monetary policy transmission should continue by further improving liquidity management, modernizing the reserve requirements framework, and reducing the role of the state in the banking sector and high dollarization.

    Financial Sector Stability

    The authorities should advance reforms of state-owned commercial banks (SOCBs) and accelerate their privatization to promote financial stability and efficient resource allocation. Their mandates should focus on profitability, and any costs arising from non-commercial operations should be fully and transparently compensated for in the budget until these operations are gradually phased out. Strengthening the corporate governance of SOCBs would support their commercial focus, facilitate privatization, promote state-owned enterprise restructuring, improve monetary policy transmission, and increase access to affordable credit for the private sector. A reduction in government ownership of banking system assets to 40 percent, as envisaged in the 2020-2025 banking reform strategy, calls for the acceleration of SOCB privatization. Transparent procedures, strong regulatory frameworks, good creditor and shareholder rights, and competitive bidding during the privatization process would ensure the attraction of qualified investors and maximize asset value. Furthermore, staff advises against current plans to keep systemic banks as policy banks, which could increase financial risks or costs to the budget.

    Bank supervision should be enhanced, including by adopting international standards. Staff advises the authorities to implement the recommendations of the recent and first Financial Sector Assessment Program (FSAP) for Uzbekistan. These call for reforms to focus on strengthening bank regulation; implementing robust risk-based supervision; enhancing systemic risk analysis and stress testing; strengthening capital requirements; aligning asset classification and non-performing loan resolution with international best practices; improving payment system oversight; and establishing adequate bank resolution, crisis management, and financial safety net arrangements.

    The Central Bank of Uzbekistan (CBU) should continue to closely monitor and be prepared to address emerging financial stability risks. The welcome introduction of macroprudential measures in 2023-24 has moderated household credit growth and resulted in banks’ increased attention to borrower’s creditworthiness. Nevertheless, the microlending segment has been growing rapidly as micro loans and credits are provided under less stringent conditions. While initiatives that aim at enhancing financial inclusion and deepening are welcome, they should not undermine proper credit assessment by banks, which would add to financial stability risks. The CBU should therefore strengthen risk-based supervision to limit these risks and deploy additional capital requirements or other binding macroprudential measures, as needed. It should also address risks from foreign exchange lending to unhedged corporate borrowers, and lending to individuals without formal income and to corporates facing heightened risks of insolvency or illiquidity. Phasing out preferential and directed lending should remain a priority.

    Structural and Governance Reforms

    After significantly advancing economic transition reforms, Uzbekistan needs to complete them and accelerate implementation of institutional reforms. Necessary energy tariff and broader administrative price increases have advanced price liberalization and should be continued until its completion to allow prices to fully reflect market forces. Significant progress has also been made with World Trade Organization accession in both bilateral and multilateral tracks, and the increased engagement with neighboring countries and other regions such as the Gulf Cooperation Council, have significantly contributed to advancing trade liberalization and diversification. Support for state-owned enterprises needs to be transparent, made conditional on restructuring, and be gradually phased out to level the playing field for the private sector. State involvement in the economy should continue to be reduced, and privatization of large state-owned enterprises should be accelerated and carried out in accordance with international best practices. Controls and direct intervention should be replaced with effective regulation and market institutions. Facilitating firm entry and exit would further contribute to stimulate a competitive environment for the private sector.  

    Governance, labor, and climate reforms should continue. Governance indicators have improved significantly in recent years. The enactment of the conflict-of-interest law, training of government officials to implement it, and the establishment of the Virtual Anti-Corruption Academy are welcome. Public discussion of the draft law on asset declaration for officials of the government and state enterprises, and cabinet review of the draft whistleblower protection law are expected soon. The authorities should enact and implement these laws as soon as possible. Improving transparency and access to information, particularly regarding procurement, and finalizing the National Strategy on Anti-Corruption would also contribute to improved efficiency of public spending and administration. Labor market reforms need to be accelerated to address low female labor participation, high informality, and skill mismatches. Completing the energy price reform and swiftly adopting measures to enhance water efficiency, diversify crops, and support reforestation efforts will significantly advance the climate agenda. Improving the quality of statistics would lead to better analysis and more informed policymaking.

    The mission would like to thank the Uzbek authorities, stakeholders, and private sector representatives for their hospitality, constructive policy dialogue, and productive collaboration during the Article IV mission.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/04/23/mcs-042325-uzbekistan-staff-concluding-statement-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Lankford Celebrates Start of I-44 and US Highway 75 Interchange Improvement Project in Tulsa

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    TULSA, OK — Senator James Lankford (R-OK) today joined officials from the Oklahoma Department of Transportation (ODOT), the City of Tulsa, and Tulsa County to break ground on the next phase of the I-44 and US Highway 75 interchange improvement project, one of the largest and most complex infrastructure undertakings in Oklahoma.
    “Today’s groundbreaking is a major milestone for Tulsa and our entire state,” said Lankford. “This interchange has been a priority for decades, and today’s groundbreaking marks the result of tireless collaboration between federal, state, and local partners. I’m proud we secured the federal support needed to get this done. Improving this corridor isn’t just about concrete and steel—it’s about safer roads, better commutes, and a stronger foundation for Tulsa and Oklahoma’s growth.”
    “The I-44/US-75 interchange in Tulsa is Oklahoma’s largest single investment in transportation infrastructure ever, totaling $252 million, and will update a very busy interchange along two equally busy corridors,” said ODOT Executive Director, Tim Gatz. “Both I-44 and US-75 carry a significant amount of both local and regional traffic through the Tulsa area. This project will make this interchange function much more efficiently while also improving safety for the traveling public. We appreciate the efforts of our congressional representatives, especially Sen. James Lankford, for helping ODOT to earn two federal grants totaling $95 million to help complete the work. I also want to thank the City of Tulsa, Tulsa County and INCOG for their collaboration.”
    “The improvements to the I-44 and US-75 interchange represent a critical investment in Tulsa’s infrastructure and long-term growth,” said Tulsa Mayor Monroe Nichols. “This project will make one of our busiest corridors safer, less congested, and better connected for the people who rely on it every day. We’re proud to work alongside our federal and state partners to strengthen Tulsa’s transportation network and support continued growth across our city.”
    “Because of the good work of federal and state officials, this highway intersection will be transformed from Oklahoma’s most dangerous to the safest, maybe in the nation,” said Tulsa City Council Chair Phil Lakin. “We Tulsans are mighty grateful. Thanks to all the Tulsa area drivers for their patience during construction. The finished product will be well worth the wait.” 
    “This interchange is a critical connector for the movement of people, goods, and services throughout Tulsa County,” said Tulsa County Commissioner Lonnie Sims. “By moving forward with construction, we’re keeping our promise to build a safer, more efficient transportation system that reduces commute times and supports long-term growth for our region and beyond.”
    “The ceremonial groundbreaking for the I-44 and US-75 highway interchange project will complete the construction of long-needed highway improvements at one of the most heavily traveled major highway interchanges in the Tulsa metro area,” said Executive Director of Indian Nations Council of Governance (INCOG), Rich Brierre. “The improvements will relieve traffic congestion experienced daily by motorists, while reducing travel time and saving countless lives.  A project of this magnitude could not be undertaken without the leadership of the Oklahoma Department of Transportation working with our federal partners to secure the necessary funding. Senator Lankford’s leadership, support, and advocacy for addressing real infrastructure needs such as this project and his continued encouragement for working collaboratively to achieve meaningful results is recognized and greatly appreciated.”
    Background: 
    In 2023, Lankford applauded Oklahoma’s selection for a highly competitive $85 million federal grant from the US Department of Transportation to support the I-44 and US-75 interchange project. The funding, awarded to the Oklahoma Department of Transportation, also supports pedestrian and bicycle infrastructure improvements in the corridor.
    Once complete, the project will improve safety, streamline traffic, and enhance pedestrian and bicycle access through one of Oklahoma’s busiest highway interchanges.

    MIL OSI USA News –

  • MIL-OSI Security: East Lyme Business Owner Pleads Guilty to Federal Tax Charge

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, and Harry Chavis, Special Agent in Charge of IRS Criminal Investigation in New England, announced that ANALIA MOUNTZOURES, 48, of East Lyme, waived her right to be indicted and pleaded guilty today before U.S. District Judge Kari A. Dooley in Bridgeport to a tax offense.

    According to court documents and statements made in court, Mountzoures operated Mountzoures Cleaning, a business with approximately 10 employees that provided cleaning services to more than 200 commercial and residential clients in southeastern Connecticut.  During the 2018 through 2023 tax years, Mountzoures often paid her employees in cash, did not report their wages to the state or federal government, did not file required IRS forms related to her employees, did not issue W-2 forms, did not withhold employee taxes as required, and did not pay federal employment taxes and withholding.  She also provided her tax return preparer with false information that resulted in personal tax returns that significantly underreported her gross receipts, income, and taxes due and owing.

    As an example, Mountzoures’ 2023 tax return reported gross receipts of $12,095 and total taxes before credits as $1,450.  In fact, Mountzoures’ gross receipts were approximately $628,072 and the tax due was approximately $96,650.

    Mountzoures has agreed to pay restitution of $380,167.60 to the IRS.

    Mountzoures pleaded guilty to aiding and assisting a false tax return, which carries a maximum term of imprisonment of three years.  Judge Dooley scheduled sentencing for July 22.  Mountzoures is released on a $40,000 bond pending sentencing.

    This investigation has been conducted by the Internal Revenue Service, Criminal Investigation Division.  The case is being prosecuted by Assistant U.S. Attorney Christopher W. Schmeisser.

    MIL Security OSI –

  • MIL-OSI USA: Rep. Baird Meets with Monrovia Middle School Social Studies Class to Share Insights on Legislative Process

    Source: United States House of Representatives – Congressman Jim Baird (R-IN-04)

    Rep. Baird Meets with Monrovia Middle School Social Studies Class to Share Insights on Legislative Process

    Monrovia, IN, April 23, 2025

    Today, Congressman Jim Baird (IN-04) joined Monrovia Middle School to meet with sixth-grade students in their social studies class to share his insights into the legislative process, the importance of civic engagement, and the responsibilities of elected officials. The students asked thoughtful questions and learned about how laws are made, how Congress operates, and the role citizens play in a healthy democracy. 

    “It’s always encouraging to see young Hoosiers taking an interest in how our government works, and I hope that this can inspire the next generation of leaders,” said Congressman Baird. “These students are the future of our country, and it’s important they understand that their voices matter and that they can make a difference in their communities. It was an honor to meet with these bright young students, share stories of my time serving in the U.S. House of Representatives, and discuss the importance of public service, integrity, and leadership.” 

    ###

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Modernizes American Workforce Programs for the High-Paying Skilled Trade Jobs of the Future

    Source: The White House

    OVERHAULING FEDERAL WORKFORCE TRAINING: Today, President Donald J. Trump signed an Executive Order to modernize American workforce programs to prepare citizens for the high-paying skilled trade jobs of the future.

    • The order directs the Secretaries of Labor, Education, and Commerce to review all federal workforce programs to modernize, integrate, and re-align programs to address critical workforce needs in emerging industries.
    • These Secretaries shall provide President Trump with a streamlined and integrated plan to re-orient federal workforce programs to prepare the American economy for the opportunities presented by reshoring and re-industrialization.
    • This Comprehensive Workforce Strategy will further America’s global economic leadership and domination of key sectors by, among other things, capitalizing on the AI revolution.

    PROVIDING RETURN ON WORKFORCE INVESTMENT: After years of shuffling Americans through an economically unproductive postsecondary system, President Trump will refocus young Americans on career preparation.

    • Decades of failed political leadership have left America with a one-size-fits-all approach to workforce preparedness, which previous Administrations promoted as “college for all.”
    • The Federal Government invests over $700 billion a year in American higher education, but only about half of new college graduates find jobs that require college degrees.
    • Meanwhile, the Federal Government spends $4.1 billion on the Workforce Investment and Opportunity Act and $1.4 billion on Career and Technical Education through the Perkins Act. Neither of these programs are structured to promote apprenticeships or have incentives to meet workforce training needs.
    • The Trump Administration is putting American workers first, unleashing domestic advanced manufacturing to produce the best American-made products and implement world-leading, American-developed technologies.

    BACK TO THE FUTURE OF JOBS: After decades of leadership by so-called “Experts” making wrong predictions on what the future will hold, President Trump will restore focus on sectors and programs that Made the American Economy Great in the first place.

    • In 2024, there was a shortage of 447,00 construction workers and 94,000 durable goods workers. The Bureau of Labor Statistics projects that the annual shortage of skilled tradesman over the next decade will be close to half a million—and grow as the years go by.
    • This understates the problem—and the opportunity. Even the best federal government statisticians cannot predict the future. As the potential of American AI increases, and as America reshores manufacturing and makes Made in America a mark of international envy, America will need more skilled tradesman than we’re prepared to train.
    • President Trump’s Executive Order will meet the needs of the future with a focus on registered apprenticeships. The Administration will submit a plan to support more than 1 million apprenticeships per year.

    MIL OSI USA News –

  • MIL-OSI Security: Maryland Man Admits to Leading Drug Trafficking Operation in Eastern Panhandle

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    ELKINS, WEST VIRGINIA – Lenin Erasmo Luna Mota, 52, of Hagerstown, Maryland, has admitted to leading a drug trafficking organization that sold large quantities of fentanyl, heroin, and cocaine in Berkeley County.

    According to court documents and statements made in court, Luna Mota, also known as “Papi,” was one of the leaders of the drug trafficking conspiracy, using his business located in Hagerstown, Maryland, as a central hub for the drug sales.

    Assistant U.S. Attorney Lara Omps-Botteicher is prosecuting the case on behalf of the government.

    The FBI; the U.S. Marshals Service; Homeland Security Investigations; the Bureau of Alcohol, Tobacco, Firearms and Explosives; the Drug Enforcement Administration; the West Virginia Air National Guard; the Eastern Panhandle Drug Task Force, a HIDTA-funded initiative (agencies included are the West Virginia State Police, Berkeley County Sheriff’s Department, Jefferson County Sherriff’s Department, Ranson Police Department, Charles Town Police Department, and Martinsburg City Police Department); West Virginia State Police; U.S. Customs and Border Protection; the Hagerstown Police Department; the National Resources Police Department; FBI-New York Safe Streets Task Force; the New York Police Department; the New Jersey State Police; the Washington County (Maryland) Drug Task Force; the Maryland State Police; the  U.S. Attorney’s Office for the District of Maryland;  and the U.S. Attorney’s Office for the Middle District of Pennsylvania investigated.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    U.S. Magistrate Judge Michael John Aloi presided.

    MIL Security OSI –

  • MIL-OSI: Precision Drilling Announces 2025 First Quarter Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 23, 2025 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

    Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) announces 2025 first quarter results, confirms shareholder return targets, and lowers 2025 capital budget.

    Financial Highlights

    • Revenue in the first quarter was $496 million compared to $528 million realized in the same period last year as strong drilling activity in Canada was offset by lower U.S. drilling activity.
    • Adjusted EBITDA(1) was $137 million and included $3 million of restructuring costs and $3 million of share-based compensation expense. In 2024, first quarter Adjusted EBITDA(1) was $143 million and included share-based compensation expense of $23 million.
    • First quarter net earnings attributable to shareholders was $35 million or $2.52 per share and comparable to $37 million or $2.53 per share in 2024. Precision has consistently delivered positive net earnings since mid-2022.
    • Cash provided by operations during the quarter was $63 million, allowing the Company to repurchase $31 million of common shares and repay $17 million of debt.
    • Capital expenditures were $60 million and the Company has lowered its 2025 capital budget to $200 million versus the $225 million previously announced.
    • Precision remains committed to repaying at least $100 million of debt in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, to share buybacks.

    Operational Highlights

    • Canada’s activity averaged 74 drilling rigs in the first quarter and surpassed the 73 active rigs in the same period last year.
    • Canadian revenue per utilization day was $35,601 and comparable to the $35,596 in the first quarter of 2024.
    • U.S. activity averaged 30 drilling rigs compared to 38 in the same period last year.
    • U.S. revenue per utilization day was US$33,157, which included US$1,263 per utilization day for idle but contracted rig revenue, versus US$32,867 in the first quarter of last year.
    • Internationally, we had eight rigs active in the first quarter, consistent with the first quarter of 2024, and realized revenue of US$36 million compared to US$38 million in 2024.
    • Service rig operating hours decreased 10% compared to the same quarter last year due to customer project deferrals and impacts of an earlier spring break up in Canada, plus lower U.S. activity.
            (1) See “FINANCIAL MEASURES AND RATIOS.”

    MANAGEMENT COMMENTARY

    “I am pleased with Precision’s first quarter financial and operational results, and particularly with the efforts of the Precision team as we manage our way through a period of unusual volatility and market uncertainty. In the first quarter, our net earnings attributable to shareholders was $35 million, marking 11 consecutive quarters of positive earnings, and we are well on our way to meeting our capital allocation targets. During the quarter, we generated $63 million of cash provided by operations, allowing us to repay $17 million of debt and purchase $31 million of shares. Over the last four quarters, Precision has reduced its outstanding shares by nearly one million shares, representing 7% of our outstanding balance.

    “During the first quarter our Canadian drilling activity remained slightly higher than last year, averaging 74 active rigs compared to 73 in 2024 and we expect this trend to continue through the first half of this year. In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With initial Liquefied Natural Gas (LNG) exports beginning shortly in Canada and significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.

    “Second-half industry activity in North America will depend largely on customer realized cash flows and their capital allocation priorities. We believe industry capital discipline will remain a stabilizing market feature muting our customers’ short-term response to volatile commodity prices. However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.

    “Tightly controlling all aspects of our business, adjusting spending and specifically managing Precision’s cash inflows and outflows at a pace that matches the cyclicality of our industry is a cornerstone of Precision’s business model. We are reducing our 2025 capital spending by $25 million to $200 million to mitigate increased market uncertainty and a potential reduction in customer demand. This includes trimming our expected upgrade spending by approximately $8 million and maintenance capital by $17 million. We remain poised to further adjust capital spending in response to actual customer demand. 

    “We have also reduced our fixed costs by approximately $10 million annually by streamlining our internal structure and focusing more directly on customer needs and aligning with current activity levels. These changes included flattening our operations leadership structure, exiting our North Dakota well-servicing business and reducing the related staffing levels.

    “Our International drilling operations and Completion and Production business both contributed meaningful free cash flow for the quarter, and this is expected to continue for the rest of the year.

    “With a predominantly variable cost business and low debt levels, a highly experienced team committed to serving our customers, and a high-performance rig fleet, Precision is better positioned than any time in the past decade to navigate uncertainty while simultaneously creating shareholder value,” concluded Mr. Neveu.

    SELECT FINANCIAL AND OPERATING INFORMATION

    Financial Highlights

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars, except per share amounts)   2025       2024     % Change  
    Revenue   496,331       527,788       (6.0 )
    Adjusted EBITDA(1)   137,497       143,149       (3.9 )
    Net earnings   34,947       36,516       (4.3 )
    Net earnings attributable to shareholders   34,511       36,516       (5.5 )
    Cash provided by operations   63,419       65,543       (3.2 )
    Funds provided by operations(1)   109,842       117,765       (6.7 )
                     
    Cash used in investing activities   57,202       75,237       (24.0 )
    Capital spending by spend category(1)                
    Expansion and upgrade   19,546       14,370       36.0  
    Maintenance and infrastructure   40,419       41,157       (1.8 )
    Proceeds on sale   (3,765 )     (5,186 )     (27.4 )
    Net capital spending(1)   56,200       50,341       11.6  
                     
    Net earnings attributable to shareholders per share :                
    Basic   2.52       2.53       (0.4 )
    Diluted   2.20       2.53       (13.0 )
    Weighted average shares outstanding:                
    Basic   13,683       14,407       (5.0 )
    Diluted   14,287       14,410       (0.9 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Operating Highlights

      For the three months ended March 31,  
      2025     2024     % Change  
    Contract drilling rig fleet   215       214       0.5  
    Drilling rig utilization days:                
    Canada   6,680       6,617       1.0  
    U.S.   2,691       3,453       (22.1 )
    International   720       728       (1.1 )
    Revenue per utilization day:                
    Canada (Cdn$)   35,601       35,596       0.0  
    U.S. (US$)   33,157       32,867       0.9  
    International (US$)   49,419       52,808       (6.4 )
    Operating costs per utilization day:                
    Canada (Cdn$)   20,822       19,959       4.3  
    U.S. (US$)   23,568       21,719       8.5  
                     
    Service rig fleet   153       183       (16.4 )
    Service rig operating hours   66,986       74,505       (10.1 )


    Drilling Activity

      Average for the quarter ended 2024   Average for the quarter ended 2025  
      Mar. 31     June 30     Sept. 30     Dec. 31     Mar. 31  
    Average Precision active rig count(1):                            
    Canada   73       49       72       65       74  
    U.S.   38       36       35       34       30  
    International   8       8       8       8       8  
    Total   119       93       115       107       112  

    (1) Average number of drilling rigs working or moving.


    Financial Position

    (Stated in thousands of Canadian dollars, except ratios) March 31, 2025     December 31, 2024  
    Working capital(1)   (45,033 )     162,592  
    Cash   28,245       73,771  
    Long-term debt   567,824       812,469  
    Total long-term financial liabilities(1)   632,369       888,173  
    Total assets   2,915,984       2,956,315  
    Long-term debt to long-term debt plus equity ratio(1)   0.25       0.33  

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Summary for the three months ended March 31, 2025:

    • Revenue was $496 million compared to $528 million in the first quarter of 2024 as strong drilling activity in Canada was offset by lower U.S. drilling activity.
    • Adjusted EBITDA decreased to $137 million from $143 million, primarily due to lower drilling activity in the U.S. and restructuring costs of $3 million that were partially offset by lower share-based compensation expense. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
    • Adjusted EBITDA as a percentage of revenue was relatively stable at 28% compared to 27% in 2024.
    • Net earnings attributable to shareholders was $35 million or $2.52 per share and comparable with $37 million or $2.53 per share for the same period last year. On a diluted basis, net earnings attributable to shareholders was $2.20 versus $2.53 in 2024.
    • Cash provided by operations was $63 million, allowing the Company to repurchase 408,973 shares for $31 million, reduce debt by $17 million by repaying the outstanding balance on the Senior Credit Facility, and end the quarter with $28 million of cash and almost $550 million of available liquidity.
    • In Canada, revenue per utilization day was $35,601, consistent with the first quarter of 2024. Canadian operating costs per utilization day increased 4% to $20,822, mainly due to wage increases and Super Single rig reactivations. First quarter revenue and operating costs per utilization day were consistent with the fourth quarter of 2024.
    • In the U.S. revenue per utilization day, excluding idle but contracted rig revenue of US$1,263, was US$31,894 compared with US$32,867 in the first quarter of last year. First quarter revenue per utilization day, excluding idle but contracted rig revenue, increased by 4% from the fourth quarter of 2024.
    • U.S. operating costs per utilization day increased 9% to US$23,568 compared to the same quarter last year due to higher mobilization costs, additional rig reactivations, and fixed costs being spread over fewer activity days. These same factors caused operating costs per utilization per day in the first quarter to rise 9% compared to the fourth quarter of 2024.
    • Internationally, we realized revenue of US$36 million from eight active drilling rigs, which is similar to the US$38 million generated in the first quarter of 2024.
    • Completion and Production Services revenue was $79 million, a decrease of $8 million from 2024, as service rig operating hours decreased 10% due to a number of customer project deferrals and an earlier spring break up in Canada, plus less activity in the U.S. Adjusted EBITDA was $18 million, representing 22% of revenue compared to 21% in the first quarter of 2024.
    • General and administrative expenses were $30 million compared with $45 million in the first quarter of 2024 primarily due to lower share-based compensation expense.
    • Capital expenditures increased slightly to $60 million versus $56 million in 2024 and by spend category included $40 million for the maintenance of existing assets, infrastructure, and intangible assets and $20 million for expansion and upgrades. Precision has lowered its 2025 capital budget to $200 million.

    STRATEGY

    Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

    Precision’s 2025 strategic priorities and the progress made during the first quarter are as follows:

    1. Maximize free cash flow through disciplined capital deployment and strict cost management.
      • Generated cash from operations of $63 million, allowing the Company to reduce debt and buy back shares.
      • Proactively reduced fixed cost structure to address market uncertainty and expect to realize approximately $10 million in annual savings.
      • Reduced our 2025 capital budget to $200 million versus the $225 million previously announced.
    2. Enhance shareholder returns through debt reduction and share repurchases. Plan to reduce debt by at least $100 million and allocate 35% to 45% of free cash flow before debt repayments for share repurchases.
      • Returned $31 million of capital to shareholders by repurchasing 408,973 shares during the quarter.
      • Reduced debt by $17 million and ended the quarter with almost $550 million of available liquidity.
      • Remain committed to reducing debt by at least $100 million in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, directly to shareholders.
    3. Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic consolidating tuck-in acquisitions.
      • Increased Canadian rig utilization, averaging 74 active rigs for the first quarter versus 73 in 2024.
      • Maintained strong pricing in Canada with revenue per utilization per day of $35,601, aligning with an average day rate of $35,596 in the first quarter of 2024.
      • Invested $20 million in expansion and upgrade capital to enhance our drilling rigs.
      • Current market conditions and commodity price volatility make acquisitions less likely in the near term.

    OUTLOOK

    Near-term expectations for global energy demand growth have been tempered by several geopolitical events including OPEC+ easing of curtailments, trade policy uncertainty, and international conflicts. However, we believe the long-term fundamentals for energy demand are positive, driven by economic growth, increasing demand from emerging economies, and new energy sources of power demand. 

    In Canada, the Trans Mountain pipeline expansion, which became operational in May of 2024, combined with the imminent startup of LNG Canada will provide significant tidewater access for Canadian crude oil and natural gas, supporting Canadian drilling activity. In the U.S., the next wave of LNG export terminals is expected to add approximately 13 bcf/d of export capacity over the next five years, supporting U.S. natural gas drilling activity beyond domestic demand growth and further supporting natural gas drilling.

    Our Canadian drilling activity peaked at 82 rigs in the first quarter with our Super Triple and Super Single rigs near full utilization. We expect the traditional spring breakup period this year to have a historically small impact on our activity, as strong demand for our growing fleet of pad-capable rigs should allow 45 to 48 rigs to continue operating during this period versus 43 last year. Despite trade and tariff uncertainty and oil prices falling to approximately US$60 per barrel, we have not experienced any meaningful change in customer demand or their longer-term plans. Overall, we expect our Canadian drilling activity to be up for the first half of the year compared to the first six months of 2024.

    In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.

    North American industry activity in the second half of this year will depend largely on customer realized cash flows and their capital allocation priorities. We believe industry capital discipline will remain a stabilizing market feature muting our customers’ short-term response to volatile commodity prices. However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.

    Internationally, we have eight rigs on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years. In May and for the remainder of the year, we expect seven active rigs compared to eight for the first four months of the year but with no material impact on our 2025 cash flow. We continue to look for opportunities to leverage our international expertise.

    As the premier well service provider in Canada, the outlook for this business remains strong, driven by increased takeaway capacity from Trans Mountain pipeline expansion and LNG Canada, and increased regulatory spending requirements for abandonment work. With continued labour constraints, we expect firm pricing into the foreseeable future.

    Contracts

    The following chart outlines the average number of drilling rigs under term contract by quarter as at April 23, 2025. For those quarters ending after March 31, 2025, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

    As at April 23, 2025 Average for the quarter ended 2024     Average     Average for the quarter ended 2025     Average  
      Mar. 31     June 30     Sept. 30     Dec. 31     2024     Mar. 31     June 30     Sept. 30     Dec. 31     2025  
    Average rigs under term contract:                                                          
    Canada   24       22       23       23       23       20       19       18       14       18  
    U.S.   20       17       17       16       18       16       15       11       8       13  
    International   8       8       8       8       8       8       7       7       7       7  
    Total   52       47       48       47       49       44       41       36       29       38  

    SEGMENTED FINANCIAL RESULTS

    Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

    SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars, except where noted)   2025       2024     % Change  
    Revenue   419,457       443,367       (5.4 )
    Expenses:                
    Operating   272,412       276,692       (1.5 )
    General and administrative   11,029       13,002       (15.2 )
    Adjusted EBITDA(1)   136,016       153,673       (11.5 )
    Adjusted EBITDA as a percentage of revenue(1)   32.4 %     34.7 %      

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Canadian onshore drilling statistics:(1) 2025     2024  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   74       214       73       208  

    (1) Canadian operations only.
    (2) Baker Hughes rig counts.

    United States onshore drilling statistics:(1) 2025     2024  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   30       572       38       602  

    (1) United States lower 48 operations only.
    (2) Baker Hughes rig counts.

    SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars, except where noted)   2025       2024     % Change  
    Revenue   79,330       87,087       (8.9 )
    Expenses:                
    Operating   59,112       65,480       (9.7 )
    General and administrative   2,672       3,002       (11.0 )
    Adjusted EBITDA(1)   17,546       18,605       (5.7 )
    Adjusted EBITDA as a percentage of revenue(1)   22.1 %     21.4 %      
    Well servicing statistics:                
    Number of service rigs (end of period)   153       183       (16.4 )
    Service rig operating hours   66,986       74,505       (10.1 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    OTHER ITEMS

    Share-based Incentive Compensation Plans

    We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2024 Annual Report.

    A summary of expense amounts under these plans during the reporting periods are as follows:

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars) 2025     2024  
    Cash settled share-based incentive plans   403       21,759  
    Equity settled share-based incentive plans   2,427       875  
    Total share-based incentive compensation plan expense   2,830       22,634  
               
    Allocated:          
    Operating   1,128       5,252  
    General and Administrative   1,702       17,382  
        2,830       22,634  

    FINANCIAL MEASURES AND RATIOS

    Non-GAAP Financial Measures
    We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA We believe Adjusted EBITDA (earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

    The most directly comparable financial measure is net earnings.
      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Adjusted EBITDA by segment:          
    Contract Drilling Services   136,016       153,673  
    Completion and Production Services   17,546       18,605  
    Corporate and Other   (16,065 )     (29,129 )
    Adjusted EBITDA   137,497       143,149  
    Depreciation and amortization   75,036       78,213  
    Gain on asset disposals   (2,872 )     (3,237 )
    Foreign exchange   367       394  
    Finance charges   15,760       18,369  
    Gain on investments and other assets   (49 )     (228 )
    Income taxes   14,308       13,122  
    Net earnings   34,947       36,516  
    Non-controlling interests   436       —  
    Net earnings attributable to shareholders   34,511       36,516  
    Funds Provided by (Used in) Operations We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

    The most directly comparable financial measure is cash provided by (used in) operations.
    Net Capital Spending We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

    The most directly comparable financial measure is cash provided by (used in) investing activities.

    Net capital spending is calculated as follows:
      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Capital spending by spend category          
    Expansion and upgrade   19,546       14,370  
    Maintenance, infrastructure and intangibles   40,419       41,157  
        59,965       55,527  
    Proceeds on sale of property, plant and equipment   (3,765 )     (5,186 )
    Net capital spending   56,200       50,341  
    Purchase of investments and other assets   11       —  
    Receipt of finance lease payments   (208 )     (191 )
    Changes in non-cash working capital balances   1,199       25,087  
    Cash used in investing activities   57,202       75,237  
    Working Capital We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Working capital is calculated as follows:
      March 31,     December 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Current assets   481,111       501,284  
    Current liabilities   (526,144 )     (338,692 )
    Working capital   (45,033 )     162,592  
    Total Long-term Financial Liabilities We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Total long-term financial liabilities is calculated as follows:
      March 31,     December 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Total non-current liabilities   688,940       935,624  
    Deferred tax liabilities   (56,571 )     (47,451 )
    Total long-term financial liabilities   632,369       888,173  
    Non-GAAP Ratios
    We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA % of Revenue We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
    Long-term debt to long-term debt plus equity We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
    Net Debt to Adjusted EBITDA We believe that the Net Debt (long-term debt plus current portion of long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
    Supplementary Financial Measures
    We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Capital Spending by Spend Category We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

    Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

    In particular, forward-looking information and statements include, but are not limited to, the following:

    • our strategic priorities for 2025;
    • our capital expenditures, free cash flow allocation and debt reduction plans for 2025 and beyond;
    • anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;
    • the average number of term contracts in place for 2025;
    • customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
    • potential commercial opportunities and rig contract renewals; and
    • our future debt reduction plans.

    These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

    • our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
    • the status of current negotiations with our customers and vendors;
    • customer focus on safety performance;
    • existing term contracts are neither renewed nor terminated prematurely;
    • our ability to deliver rigs to customers on a timely basis;
    • the impact of an increase/decrease in capital spending; and
    • the general stability of the economic and political environments in the jurisdictions where we operate.

    Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

    • volatility in the price and demand for oil and natural gas;
    • fluctuations in the level of oil and natural gas exploration and development activities;
    • fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
    • our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
    • changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
    • shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
    • liquidity of the capital markets to fund customer drilling programs;
    • availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
    • the impact of weather and seasonal conditions on operations and facilities;
    • the impact of tariffs and trade disputes;
    • competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
    • ability to improve our rig technology to improve drilling efficiency;
    • general economic, market or business conditions;
    • the availability of qualified personnel and management;
    • a decline in our safety performance which could result in lower demand for our services;
    • changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
    • terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
    • fluctuations in foreign exchange, interest rates and tax rates; and
    • other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

    Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2024, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

    (Stated in thousands of Canadian dollars) March 31, 2025     December 31, 2024  
    ASSETS          
    Current assets:          
    Cash $ 28,245     $ 73,771  
    Accounts receivable   397,684       378,712  
    Inventory   49,176       43,300  
    Assets held for sale   6,006       5,501  
    Total current assets   481,111       501,284  
    Non-current assets:          
    Deferred tax assets   2,437       6,559  
    Property, plant and equipment   2,342,482       2,356,173  
    Intangibles   13,537       12,997  
    Right-of-use assets   63,223       66,032  
    Finance lease receivables   4,670       4,806  
    Investments and other assets   8,524       8,464  
    Total non-current assets   2,434,873       2,455,031  
    Total assets $ 2,915,984     $ 2,956,315  
               
    LIABILITIES AND EQUITY          
    Current liabilities:          
    Accounts payable and accrued liabilities $ 271,696     $ 314,355  
    Income taxes payable   4,526       3,778  
    Current portion of lease obligations   19,703       20,559  
    Current portion of long-term debt   230,219       —  
    Total current liabilities   526,144       338,692  
               
    Non-current liabilities:          
    Share-based compensation   5,391       13,666  
    Provisions and other   7,478       7,472  
    Lease obligations   51,676       54,566  
    Long-term debt   567,824       812,469  
    Deferred tax liabilities   56,571       47,451  
    Total non-current liabilities   688,940       935,624  
    Equity:          
    Shareholders’ capital   2,287,422       2,301,729  
    Contributed surplus   77,011       77,557  
    Accumulated other comprehensive income   197,827       199,020  
    Deficit   (866,323 )     (900,834 )
    Total equity attributable to shareholders   1,695,937       1,677,472  
    Non-controlling interest   4,963       4,527  
    Total equity   1,700,900       1,681,999  
    Total liabilities and equity $ 2,915,984     $ 2,956,315  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

      Three Months Ended March 31,  
    (Stated in thousands of Canadian dollars, except per share amounts) 2025     2024  
               
               
    Revenue $ 496,331     $ 527,788  
    Expenses:          
    Operating   329,068       339,506  
    General and administrative   29,766       45,133  
    Earnings before income taxes, gain on
    investments and other assets, finance
    charges, foreign exchange, gain on asset
    disposals, and depreciation and amortization    		   137,497       143,149  
    Depreciation and amortization   75,036       78,213  
    Gain on asset disposals   (2,872 )     (3,237 )
    Foreign exchange   367       394  
    Finance charges   15,760       18,369  
    Gain on investments and other assets   (49 )     (228 )
    Earnings before income taxes   49,255       49,638  
    Income taxes:          
    Current   1,106       1,017  
    Deferred   13,202       12,105  
        14,308       13,122  
    Net earnings $ 34,947     $ 36,516  
    Attributable to:          
    Shareholders of Precision Drilling Corporation $ 34,511     $ 36,516  
    Non-controlling interests $ 436     $ —  
    Net earnings per share attributable to shareholders
    of Precision Drilling Corporation:    		          
    Basic $ 2.52     $ 2.53  
    Diluted $ 2.20     $ 2.53  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

      Three Months Ended March 31,  
    (Stated in thousands of Canadian dollars) 2025     2024  
    Net earnings $ 34,947     $ 36,516  
    Unrealized gain (loss) on translation of assets
    and liabilities of operations denominated in
    foreign currency    		   (658 )     32,253  
    Foreign exchange loss on net investment hedge
    with U.S. denominated debt    		   (535 )     (20,159 )
    Comprehensive income $ 33,754     $ 48,610  
    Attributable to:          
    Shareholders of Precision Drilling Corporation $ 33,318     $ 48,610  
    Non-controlling interests $ 436     $ —  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

      Three Months Ended March 31,  
    (Stated in thousands of Canadian dollars) 2025     2024  
    Cash provided by (used in):          
    Operations:          
    Net earnings $ 34,947     $ 36,516  
    Adjustments for:          
    Long-term compensation plans   3,016       7,451  
    Depreciation and amortization   75,036       78,213  
    Gain on asset disposals   (2,872 )     (3,237 )
    Foreign exchange   (783 )     728  
    Finance charges   15,760       18,369  
    Income taxes   14,308       13,122  
    Gain on investments and other assets   (49 )     (228 )
    Income taxes paid   (321 )     (234 )
    Interest paid   (29,637 )     (33,430 )
    Interest received   437       495  
    Funds provided by operations   109,842       117,765  
    Changes in non-cash working capital balances   (46,423 )     (52,222 )
    Cash provided by operations   63,419       65,543  
               
    Investments:          
    Purchase of property, plant and equipment   (59,965 )     (55,527 )
    Proceeds on sale of property, plant and equipment   3,765       5,186  
    Purchase of investments and other assets   (11 )     —  
    Receipt of finance lease payments   208       191  
    Changes in non-cash working capital balances   (1,199 )     (25,087 )
    Cash used in investing activities   (57,202 )     (75,237 )
               
    Financing:          
    Repayment of long-term debt   (17,110 )     (716 )
    Repurchase of share capital   (30,766 )     (10,081 )
    Lease payments   (3,587 )     (3,200 )
    Cash used in financing activities   (51,463 )     (13,997 )
    Effect of exchange rate changes on cash   (280 )     457  
    Increase (decrease) in cash   (45,526 )     (23,234 )
    Cash, beginning of period   73,771       54,182  
    Cash, end of period $ 28,245     $ 30,948  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

      Attributable to shareholders of the Corporation              
    (Stated in thousands of
    Canadian dollars)    		 Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling
    interest    		     Total
    Equity    		  
    Balance at January 1, 2025 $ 2,301,729     $ 77,557     $ 199,020     $ (900,834 )   $ 1,677,472     $ 4,527     $ 1,681,999  
    Net earnings for the period   —       —       —       34,511       34,511       436       34,947  
    Other comprehensive income
    for the period    		   —       —       (1,193 )     —       (1,193 )     —       (1,193 )
    Settlement of Executive
    Performance and Restricted
    Share Units    		   11,651       (2,790 )     —       —       8,861       —       8,861  
    Share repurchases   (26,141 )     —       —       —       (26,141 )     —       (26,141 )
    Redemption of non-management
    directors share units    		   183       (183 )     —       —       —       —       —  
    Share-based compensation
    expense    		   —       2,427       —       —       2,427       —       2,427  
    Balance at March 31, 2025 $ 2,287,422     $ 77,011     $ 197,827     $ (866,323 )   $ 1,695,937     $ 4,963     $ 1,700,900  
      Attributable to shareholders of the Corporation              
    (Stated in thousands of
    Canadian dollars)    		 Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling interest    		     Total
    Equity    		  
    Balance at January 1, 2024 $ 2,365,129     $ 75,086     $ 147,476     $ (1,012,029 )   $ 1,575,662     $ —     $ 1,575,662  
    Net earnings for the period   —       —       —       36,516       36,516       —       36,516  
    Other comprehensive income
    for the period    		   —       —       12,094       —       12,094       —       12,094  
    Settlement of Executive
    Performance and Restricted
    Share Units    		   21,846       (1,479 )     —       —       20,367       —       20,367  
    Share repurchases   (10,081 )     —       —       —       (10,081 )     —       (10,081 )
    Share-based compensation
    expense    		   —       875       —       —       875       —       875  
    Balance at March 31, 2024 $ 2,376,894     $ 74,482     $ 159,570     $ (975,513 )   $ 1,635,433     $ —     $ 1,635,433  

    2025 FIRST QUARTER RESULTS CONFERENCE CALL AND WEBCAST

    Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, April 24, 2025.

    To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

    https://register-conf.media-server.com/register/BIfac587dca2994a30be564b41d99b43ac

    The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

    https://edge.media-server.com/mmc/p/gifawh57

    About Precision

    Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

    Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

    Additional Information

    For further information, please contact:

    Lavonne Zdunich, CPA, CA
    Vice President, Investor Relations
    403.716.4500

    800, 525 – 8th Avenue S.W.
    Calgary, Alberta, Canada T2P 1G1
    Website: www.precisiondrilling.com

    The MIL Network –

  • MIL-OSI: Northfield Bancorp, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NOTABLE ITEMS FOR THE QUARTER INCLUDE:

    • DILUTED EARNINGS PER SHARE WERE $0.19 FOR THE CURRENT QUARTER COMPARED TO $0.27 FOR THE TRAILING QUARTER, AND $0.15 FOR THE FIRST QUARTER OF 2024.
      • Fourth Quarter 2024 earnings included a gain of $3.4 million, or $0.06 per share, on the sale and consolidation of a branch in December 2024.
    • NET INTEREST MARGIN INCREASED TO 2.38% FOR THE CURRENT QUARTER AS COMPARED TO 2.18% FOR THE TRAILING QUARTER AND 2.03% FOR THE FIRST QUARTER OF 2024, REFLECTING LOWER FUNDING COSTS AND HIGHER YIELDS ON INTEREST-EARNING ASSETS.
    • DEPOSITS (EXCLUDING BROKERED) INCREASED $133.6 MILLION, OR 13.8% ANNUALIZED, FROM DECEMBER 31, 2024. COST OF DEPOSITS AT MARCH 31, 2025 WAS 1.94% AS COMPARED TO 1.95% AT DECEMBER 31, 2024.
    • LOANS DECLINED BY $30.7 MILLION, OR 3.0% ANNUALIZED, FROM DECEMBER 31, 2024, PRIMARILY DUE TO A DECREASE IN MULTIFAMILY LOANS, PARTIALLY OFFSET BY INCREASES IN HOME EQUITY AND CONSTRUCTION AND LAND LOANS.
    • ASSET QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.48% AT MARCH 31, 2025 AND 0.51% AT DECEMBER 31, 2024.
    • THE COMPANY MAINTAINED STRONG LIQUIDITY WITH APPROXIMATELY $1.12 BILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $547 MILLION.
    • THE BOARD OF DIRECTORS APPROVED A $10.0 MILLION REPURCHASE PLAN ON APRIL 23, 2025. THE PREVIOUSLY APPROVED $5.0 MILLION PLAN WAS COMPLETED DURING THE CURRENT QUARTER AND THE COMPANY REPURCHASED 440,150 SHARES.
    • CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE ON MAY 21, 2025, TO STOCKHOLDERS OF RECORD AS OF MAY 7, 2025.

    WOODBRIDGE, N.J., April 23, 2025 (GLOBE NEWSWIRE) — NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, compared to $11.3 million, or $0.27 per diluted share, for the three months ended December 31, 2024, and $6.2 million, or $0.15 per diluted share, for the three months ended March 31, 2024. The decrease in net income for the three months ended March 31, 2025, compared to the trailing quarter was primarily due to a $3.4 million, or $0.06 per share, gain on sale of property in the trailing quarter. The increase in net income in the current quarter as compared to the first quarter of 2024 was primarily the result of an increase in net interest income, attributable to lower funding costs and higher yields on interest-earning assets, partially offset by an increase in the provision for credit losses on loans.

    Commenting on the quarter, Steven M. Klein, the Company’s Chairman and Chief Executive Officer stated, “The Northfield team continued to focus on growing our franchise, deploying our strong capital base, and delivering solid financial performance for the quarter.” Mr. Klein commented further, “We remained focused on serving our communities, and the fundamentals of reducing our funding costs and increasing the yield on our interest-earning assets resulting in higher net interest income and net interest margin.” Mr. Klein further stated, “We remain committed to prudently managing our operating expenses, maintaining strong asset quality, and managing our strong capital levels through dividends and stock repurchases.”

    Mr. Klein concluded, “I am pleased to announce that the Board of Directors has declared a cash dividend of $0.13 per common share, payable on May 21, 2025 to stockholders of record on May 7, 2025.”

    Results of Operations

    Comparison of Operating Results for the Three Months Ended March 31, 2025 and 2024

    Net income was $7.9 million and $6.2 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Significant variances from the comparable prior year period are as follows: a $3.9 million increase in net interest income, a $2.2 million increase in the provision for credit losses on loans, a $359,000 decrease in non-interest income, an $897,000 decrease in non-interest expense, and a $616,000 increase in income tax expense.

    Net interest income for the three months ended March 31, 2025, increased $3.9 million, or 14.0%, to $31.8 million, from $27.9 million for the three months ended March 31, 2024, due to a $2.5 million decrease in interest expense and a $1.4 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the cost of interest-bearing liabilities which decreased by 15 basis points to 2.74% for the three months ended March 31, 2025, from 2.89% for the three months ended March 31, 2024, driven by a 20 basis point decrease in the cost of borrowed funds to 3.67% from 3.87%, partially offset by a two basis point increase in the cost of interest-bearing deposits to 2.51% from 2.49%, due to a higher concentration of certificates of deposit. The decrease in the average balance of interest-bearing liabilities was primarily due to a $413.6 million, or 37.3% decrease in the average balance of borrowed funds, partially offset by a $307.8 million, or 9.9%, increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to a 23 basis point increase in the yield on interest-earning assets, specifically higher yields on mortgage-backed securities, partially offset by a $104.0 million, or 1.9%, decrease in the average balance of interest earning assets. The decrease in the average balance of interest-earning assets was primarily due to decreases in the average balance of other securities of $273.9 million, the average balance of loans of $167.4 million and the average balance of interest-earning deposits in financial institutions of $143.9 million, partially offset by an increase in the average balance of mortgage-backed securities of $483.9 million.

    Net interest margin increased by 35 basis points to 2.38% for the three months ended March 31, 2025, from 2.03% for the three months ended March 31, 2024. The increase in net interest margin was primarily due to higher yields on mortgage-backed securities, coupled with a decrease in the cost of borrowed funds. The Company accreted interest income related to purchased credit-deteriorated (“PCD”) loans of $223,000 for the three months ended March 31, 2025, as compared to $426,000 for the three months ended March 31, 2024. Net interest income for the three months ended March 31, 2025, included loan prepayment income of $245,000 as compared to $351,000 for the three months ended March 31, 2024.

    The provision for credit losses on loans increased by $2.2 million to $2.6 million for the three months ended March 31, 2025, compared to $415,000 for the three months ended March 31, 2024, primarily due to higher net charge-offs, changes in model assumptions, including a reduction in prepayment speeds and an increase in loss given defaults in the multifamily loans related to risk rating downgrades of certain loans in the portfolio. Net charge-offs were $2.8 million for the three months ended March 31, 2025, primarily due to $2.4 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $911,000 for the three months ended March 31, 2024. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $25.5 million at March 31, 2025.

    Non-interest income decreased by $359,000, or 10.6%, to $3.0 million for the three months ended March 31, 2025, compared to $3.4 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease of $998,000 in gains on sales of trading securities, partially offset by an increase in income on bank-owned life insurance of $675,000, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields. Losses on trading securities in the three months ended March 31, 2025, were $299,000, as compared to gains of $699,000 in the three months ended March 31, 2024. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the plan. The participants of this plan, at their election, defer a portion of their compensation.  Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of, changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the plan.

    Non-interest expense decreased $897,000, or 4.0%, to $21.4 million for the three months ended March 31, 2025, compared to $22.3 million for the three months ended March 31, 2024. The decrease was primarily due to a $990,000 decrease in employee compensation and benefits, primarily attributable to a decrease in deferred compensation expense, which is described above, and had no effect on net income. Additionally, there was a $268,000 decrease in advertising expense. Partially offsetting the decreases were increases of $263,000 in professional fees related to outsourced audit services and recruitment fees and $164,000 in other expense.

    The Company recorded income tax expense of $2.9 million for the three months ended March 31, 2025, compared to $2.3 million for the three months ended March 31, 2024. The effective tax rate for both the three months ended March 31, 2025, and March 31, 2024, was 27.0%. The effective tax rate for three months ending March 31, 2025, and March 31, 2024, were negatively impacted by increased tax expense of $79,000 and $18,000, respectively, as a result of vesting of stock awards.

    Comparison of Operating Results for the Three Months Ended March 31, 2025 and December 31, 2024

    Net income was $7.9 million and $11.3 million for the quarters ended March 31, 2025, and December 31, 2024, respectively. Significant variances from the prior quarter are as follows: a $2.1 million increase in net interest income, a $640,000 increase in the provision for credit losses on loans, a $4.0 million decrease in non-interest income, a $613,000 increase in non-interest expense, and a $246,000 increase in income tax expense.

    Net interest income for the quarter ended March 31, 2025, increased by $2.1 million, or 7.1%, primarily due to a $1.7 million decrease in interest expense and a $370,000 increase in interest income. The decrease in interest expense was primarily due to an 11 basis point decrease in the cost of interest-bearing liabilities to 2.74% for the quarter ended March 31, 2025, from 2.85% for the quarter ended December 31, 2024, and a $7.0 million, or 0.2%, decrease in the average balance of interest-bearing liabilities attributable to an $80.4 million decrease in the average balance of borrowed funds, partially offset by a $73.3 million increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to an 11 basis point increase in the yield on interest-earning assets and a $206,000 increase in the average balance of interest-earning assets primarily due to an increase in the average balance of mortgage-backed securities of $182.4 million, partially offset by decreases in the average balance of interest-earning deposits in financial institutions of $85.2 million, the average balance of other securities of $59.4 million, and the average balance of loans of $37.5 million.

    Net interest margin increased by 20 basis points to 2.38% for the quarter ended March 31, 2025, from 2.18% for the quarter ended December 31, 2024, primarily due to higher yields on loans and mortgage-backed securities coupled with a decrease in the cost of funds. Net interest income for the quarter ended March 31, 2025, included loan prepayment income of $245,000 as compared to $215,000 for the quarter ended December 31, 2024. The Company accreted interest income related to PCD loans of $223,000 for the quarter ended March 31, 2025, as compared to $568,000 for the quarter ended December 31, 2024.

    The provision for credit losses on loans increased by $640,000 to $2.6 million for the quarter ended March 31, 2025, from $1.9 million for the quarter ended December 31, 2024. The increase in the provision for the current quarter was primarily due to an increase in reserves in the commercial and industrial and in multifamily loans related to risk rating downgrades of certain loans in the portfolio, and higher net charge-offs. Net charge-offs were $2.8 million for the quarter ended March 31, 2025, as compared to net charge-offs of $2.0 million for the quarter ended December 31, 2024.

    Non-interest income decreased by $4.0 million, or 56.9%, to $3.0 million for the quarter ended March 31, 2025, from $7.0 million for the quarter ended December 31, 2024. The decrease was primarily due to a $3.4 million gain on sale of property in the quarter ended December 31, 2024. Additionally, there was a $367,000 decrease in gains on sales of trading securities, net, and a $561,000 decrease in other income, primarily due to lower swap fee income. For the quarter ended March 31, 2025, losses on trading securities, net, were $299,000, compared to gains of $68,000 for the quarter ended December 31, 2024. Partially offsetting the decreases was a $362,000 increase in income on bank owned life insurance, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields.

    Non-interest expense increased by $613,000, or 2.9%, to $21.4 million for the quarter ended March 31, 2025, from $20.8 million for the quarter ended December 31, 2024. The increase was primarily due to increases of $280,000 in occupancy expense, related to higher repairs and maintenance costs, $201,000 in data processing costs due to an increase in core system expenses, $310,000 in professional fees primarily due to an increase in outsourced audit services and recruitment fees, and a $158,000 increase in credit loss expense/(benefit) for off-balance sheet exposure. The increase in credit loss/(benefit) for off-balance sheet exposure was due to a provision of $103,000 recorded during the quarter ended March 31, 2025, as compared to a benefit of $55,000 recorded during the quarter ended December 31, 2024. Partially offsetting the decreases was a $283,000 decrease in other expense.

    The Company recorded income tax expense of $2.9 million for the quarter ended March 31, 2025, compared to $2.7 million for the quarter ended December 31, 2024. The effective tax rate for the quarter ended March 31, 2025 was 27.0%, compared to 19.2% for the quarter ended December 31, 2024. The effective tax rate for the quarter ending December 31, 2024, was positively impacted by the revaluation of certain state deferred tax assets.

    Financial Condition

    Total assets increased by $43.6 million, or 0.8%, to $5.71 billion at March 31, 2025, from $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $145.7 million, or 13.2%, partially offset by decreases in cash and cash equivalents of $66.1 million, or 39.4%, loans receivable of $30.7 million, or 0.8% and other assets of $4.5 million, or 9.6%.

    Cash and cash equivalents decreased by $66.1 million, or 39.4%, to $101.7 million at March 31, 2025, from $167.7 million at December 31, 2024, as excess liquidity was deployed into purchasing higher-yielding mortgage-backed securities. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

    Loans held-for-investment, net, decreased by $30.7 million, or 0.8%, to $3.99 billion at March 31, 2025 from $4.02 billion at December 31, 2024, primarily due to decreases in multifamily real estate loans, partially offset by increases in home equity and lines of credit and construction and land loans. The decrease in loan balances reflects the Company’s continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $29.6 million, or 1.1%, to $2.57 billion at March 31, 2025 from $2.60 billion at December 31, 2024, commercial real estate loans decreased $7.2 million, or 0.8%, to $882.6 million at March 31, 2025 from $889.8 million at December 31, 2024, one-to-four family residential loans decreased $3.4 million, or 2.3%, to $146.8 million at March 31, 2025 from $150.2 million at December 31, 2024, and commercial and industrial loans decreased $1.3 million, or 0.8%, to $162.1 million at March 31, 2025 from $163.4 million at December 31, 2024, and other loans decreased $754,000, or 34.8%, to $1.4 million at March 31, 2025 from $2.2 million at December 31, 2024. Partially offsetting these decreases were increases in home equity and lines of credit of $7.3 million, or 4.2%, to $181.4 million at March 31, 2025 from $174.1 million at December 31, 2024, and construction and land loans of $4.4 million, or 12.2%, to $40.3 million at March 31, 2025 from $35.9 million at December 31, 2024.

    As of March 31, 2025, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 424%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which includes monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company’s ability to pay dividends, and overall profitability.

    Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York State subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At March 31, 2025, office-related loans represented $182.4 million, or 4.6% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 59%. Approximately 39% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 50.0% in New York, 48.5% in New Jersey and 1.5% in Pennsylvania. At March 31, 2025, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.5 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At March 31, 2025, multifamily loans that have some form of rent stabilization or rent control totaled approximately $435.8 million, or approximately 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 51%. At March 31, 2025, our largest rent-regulated loan had a principal balance of $16.7 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

    PCD loans totaled $9.0 million and $9.2 million at March 31, 2025 and December 31, 2024, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $223,000 attributable to PCD loans for three months ended March 31, 2025, compared to $426,000 for three months ended March 31, 2024. PCD loans had an allowance for credit losses of approximately $2.7 million at March 31, 2025.

    Loan balances are summarized as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
    Real estate loans:      
    Multifamily $ 2,567,913   $ 2,597,484
    Commercial mortgage   882,600     889,801
    One-to-four family residential mortgage   146,791     150,217
    Home equity and lines of credit   181,354     174,062
    Construction and land   40,284     35,897
    Total real estate loans   3,818,942     3,847,461
    Commercial and industrial loans   162,133     163,425
    Other loans   1,411     2,165
    Total commercial and industrial and other loans   163,544     165,590
    Loans held-for-investment, net (excluding PCD)   3,982,486     4,013,051
    PCD loans   9,043     9,173
    Total loans held-for-investment, net $ 3,991,529   $ 4,022,224
     

    The Company’s available-for-sale debt securities portfolio increased by $145.7 million, or 13.2%, to $1.25 billion at March 31, 2025, from $1.10 billion at December 31, 2024. The increase was primarily attributable to purchases of securities, partially offset by paydowns and maturities. At March 31, 2025, $1.21 billion of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $33.4 million in corporate bonds, substantially all of which were investment grade, $683,000 in municipal bonds and $608,000 in U.S. Government agency securities at March 31, 2025. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $16.7 million and $307,000, respectively, at March 31, 2025, and $21.8 million and $400,000, respectively, at December 31, 2024.

    Equity securities were $10.9 million at March 31, 2025 and $14.3 million at December 31, 2024. Equity securities are primarily comprised of an investment in a Small Business Administration Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program. The decrease in equity securities was primarily due to a decrease in money market mutual funds.

    Total liabilities increased $37.2 million, or 0.7%, to $5.00 billion at March 31, 2025, from $4.96 billion at December 31, 2024. The increase was primarily attributable to an increase in borrowings of $42.8 million, partially offset by a decrease in total deposits of $6.5 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

    Deposits decreased $6.5 million, or 0.2%, to $4.13 billion at March 31, 2025 as compared to $4.14 billion at December 31, 2024. Brokered deposits decreased by $140.1 million, or 53.2%, as the Company placed less reliance on brokered deposits which were used as a lower-cost alternative to borrowings in the trailing quarter. Deposits, excluding brokered deposits, increased $133.6 million, or 3.4%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $97.1 million in transaction accounts and $41.6 million in time deposits, partially offset by decreases of $4.5 million in savings accounts, and $579,000 in money market accounts. Growth in transaction accounts and time deposits was primarily due to new municipal relationships and new commercial customer relationships.

    Estimated gross uninsured deposits at March 31, 2025 were $1.95 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $1.01 billion, leaving estimated uninsured deposits of approximately $934.7 million, or 22.6%, of total deposits. At December 31, 2024, estimated uninsured deposits totaled $896.5 million, or 21.7% of total deposits.

    Deposit account balances are summarized as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
    Transaction:      
    Non-interest bearing checking $ 722,994   $ 706,976
    Negotiable orders of withdrawal and interest-bearing checking   1,367,219     1,286,154
    Total transaction   2,090,213     1,993,130
    Savings and money market:      
    Savings   899,674     904,163
    Money market   271,566     272,145
    Total savings   1,171,240     1,176,308
    Certificates of deposit:      
    $250,000 and under   602,959     580,940
    Over $250,000   144,255     124,681
    Brokered deposits   123,289     263,418
    Total certificates of deposit   870,503     969,039
    Total deposits $ 4,131,956   $ 4,138,477
     

    Included in the table above are business and municipal deposit account balances as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
           
    Business customers $ 891,545   $ 885,769
    Municipal (governmental) customers $ 929,611   $ 859,319
               

    Borrowed funds increased to $770.7 million at March 31, 2025, from $727.8 million at December 31, 2024. The increase in borrowings for the period was primarily due to a $67.0 million increase in borrowings under an overnight line of credit, partially offset by a decrease of $24.2 million in other borrowings due to maturities. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

    The following table sets forth borrowing maturities (excluding overnight borrowings and subordinated debt) and the weighted average rate by year at March 31, 2025 (dollars in thousands):

    Year   Amount   Weighted Average Rate
    2025   $160,684   3.89%
    2026   148,000   4.36%
    2027   173,000   3.19%
    2028   154,288   3.96%
        $635,972   3.83%
     

    Total stockholders’ equity increased by $6.5 million to $711.1 million at March 31, 2025, from $704.7 million at December 31, 2024. The increase was attributable to net income of $7.9 million for the three months ended March 31, 2025, an $8.1 million increase in accumulated other comprehensive income, associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, and a $900,000 increase in equity award activity, partially offset by $5.0 million in stock repurchases and $5.4 million in dividend payments. On February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program. During the three months ended March 31, 2025, the Company repurchased 440,150 of its common stock outstanding at an average price of $11.36 for a total of $5.0 million pursuant to approved stock repurchase plan. As of March 31, 2025, the Company has no outstanding repurchase program.

    The Company’s most liquid assets are cash and cash equivalents, corporate bonds, and unpledged mortgage-related securities issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against or sell. We also have the ability to surrender bank-owned life insurance contracts. The surrender of these contracts would subject the Company to income taxes and penalties for increases in the cash surrender values over the original premium payments. We also have the ability to obtain additional funding from the Federal Home Loan Bank and Federal Reserve Bank of New York utilizing unencumbered and unpledged securities and multifamily loans. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. The Company’s on-hand liquidity ratio as of March 31, 2025 was 24.3%.

    The Company had the following primary sources of liquidity at March 31, 2025 (dollars in thousands):

    Cash and cash equivalents(1)   $ 89,139
    Corporate bonds(2)   $ 19,323
    Multifamily loans(2)   $ 547,043
    Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)(2)   $ 1,102,759
         

    (1) Excludes $12.5 million of cash at Northfield Bank.
    (2) Represents estimated remaining borrowing potential.

    The Company and the Bank utilize the Community Bank Leverage Ratio (“CBLR”) framework. At March 31, 2025, the Company and the Bank’s estimated CBLR ratios were 12.08% and 12.62%, respectively, which exceeded the minimum requirement to be considered well-capitalized of 9%.

    Asset Quality

    The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at March 31, 2025 and December 31, 2024 (dollars in thousands):

      March 31, 2025   December 31, 2024
    Non-accrual loans:      
    Held-for-investment      
    Real estate loans:      
    Multifamily $ 2,565     $ 2,609  
    Commercial mortgage   4,565       4,578  
    Home equity and lines of credit   1,267       1,270  
    Commercial and industrial   4,972       5,807  
    Total non-accrual loans   13,369       14,264  
    Loans delinquent 90 days or more and still accruing:      
    Held-for-investment      
    Real estate loans:      
    Multifamily   —       164  
    One-to-four family residential   878       882  
    Home equity and lines of credit   140       140  
    Total loans held-for-investment delinquent 90 days or more and still accruing   1,018       1,186  
    Non-performing loans held-for-sale      
    Commercial mortgage   4,397       4,397  
    Commercial and industrial   500       500  
    Total non-performing loans held-for-sale   4,897       4,897  
    Total non-performing loans   19,284       20,347  
    Total non-performing assets $ 19,284     $ 20,347  
    Non-performing loans to total loans   0.48 %     0.51 %
    Non-performing assets to total assets   0.34 %     0.36 %
    Accruing loans 30 to 89 days delinquent $ 6,845     $ 9,336  
     

    Accruing Loans 30 to 89 Days Delinquent

    Loans 30 to 89 days delinquent and on accrual status totaled $6.8 million and $9.3 million at March 31, 2025 and December 31, 2024, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at March 31, 2025 and December 31, 2024 (dollars in thousands):

      March 31, 2025   December 31, 2024
    Held-for-investment      
    Real estate loans:      
    Multifamily $ 1,296   $ 2,831
    Commercial mortgage   147     78
    One-to-four family residential   2,584     2,407
    Home equity and lines of credit   1,141     1,472
    Commercial and industrial loans   1,674     2,545
    Other loans   3     3
    Total delinquent accruing loans held-for-investment $ 6,845   $ 9,336
     

    The decrease in delinquent multifamily loans was primarily due to one relationship totaling $2.1 million that became current during the quarter ended March 31, 2025. The decrease in delinquent commercial and industrial loans was primarily due to five unsecured small business loans that were charged off totaling $797,000. Management continues to monitor the unsecured small business commercial and industrial loan portfolio which represents the majority of the commercial and industrial delinquencies in the table above.

    PCD Loans (Held-for-Investment)

    The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.0 million at March 31, 2025 and $9.2 million at December 31, 2024, respectively) as accruing, even though they may be contractually past due. At March 31, 2025, 2.1% of PCD loans were past due 30 to 89 days, and 25.2% were past due 90 days or more, as compared to 2.9% and 27.1%, respectively, at December 31, 2024.

    Our multifamily loan portfolio at March 31, 2025 totaled $2.57 billion, or 64% of our total loan portfolio, of which $435.8 million, or 11%, included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

    % Rent Regulated   Balance   % Portfolio Total NY Multifamily Portfolio   Average Balance   Largest Loan   LTV*   Debt Service Coverage Ratio (DSCR)*   30-89 Days Delinquent   Non-Accrual   Special Mention   Substandard
    0   $ 279,630   39.1 %   $ 1,175   $ 16,441   50.6 %   1.48x   $ 580   $ 499   $ —   $ 1,800
    >0-10     4,696   0.6       1,565     2,107   50.9     1.33     —     —     —     —
    >10-20     18,397   2.6       1,415     2,834   48.7     1.40     —     —     —     —
    >20-30     19,268   2.7       2,141     5,449   53.2     1.65     —     —     —     —
    >30-40     14,958   2.1       1,247     3,037   47.8     1.59     —     —     —     —
    >40-50     21,558   3.0       1,268     2,710   46.9     1.77     —     —     —     —
    >50-60     9,298   1.3       1,550     2,313   39.4     1.80     —     —     —     —
    >60-70     20,765   2.9       2,966     11,181   53.4     1.51     —     —     —     —
    >70-80     22,158   3.1       2,462     4,874   47.5     1.43     —     —     —     —
    >80-90     20,516   2.9       1,140     3,124   46.1     1.64     —     —     1,124     —
    >90-100     284,164   39.7       1,733     16,698   51.6     1.60     665     2,067     3,630     4,389
    Total   $ 715,408   100.0 %   $ 1,442   $ 16,698   50.6 %   1.55x   $ 1,245   $ 2,566   $ 4,754   $ 6,189
     

    The table below sets forth our New York rent-regulated loans by county (dollars in thousands).

    County   Balance   LTV*   DSCR*
    Bronx   $ 116,944   51.2 %   1.60x
    Kings     184,545   50.5 %   1.57
    Nassau     2,155   35.8 %   1.88
    New York     48,838   46.3 %   1.61
    Queens     37,633   44.3 %   1.69
    Richmond     32,258   60.1 %   1.41
    Westchester     13,405   58.7 %   1.78
    Total   $ 435,778   50.6 %   1.59x
                 

    * Weighted Average

    None of the loans that are rent-regulated in New York are interest only. During the remainder of 2025, 27 loans with an aggregate principal balance of $46.0 million will re-price.

    About Northfield Bank

    Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.

    Forward-Looking Statements: This release may contain certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Northfield Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong. They can be affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by known or unknown risks and uncertainties as described in our SEC filings, including, but not limited to, those related to general economic conditions, particularly in the market areas in which the Company operates, competition and demand for financial services in our market area, fluctuations in real estate values and both residential and commercial real estate market conditions, changes in liquidity, the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, competition among depository and other financial institutions, including with respect to fees and interest rates, changes in laws or government regulations or policies affecting financial institutions, including changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies, changes in the quality and/or composition of our loan and securities portfolios, prepayment speeds, charge-offs and/or credit loss provisions, our ability to access cost-effective funding, changes in the value of our goodwill or other intangible assets, changes in regulatory fees, assessments  and capital requirements, inflation and changes in the interest rate environment that reduce our margins, reduce the fair value of financial instruments or reduce our ability to originate loans, the failure to maintain current technologies and to successfully implement future information technology enhancements, cyber security and fraud risks against our information technology and those of our third-party providers, the ability of third-party providers to perform their obligations to us, the effects of war, conflict, and acts of terrorism, our ability to successfully integrate acquired entities, and adverse changes in the securities markets. Consequently, no forward-looking statement can be guaranteed. Northfield Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release, or conform these statements to actual events.

    Company Contact:
    William R. Jacobs
    Chief Financial Officer
    Tel: (732) 499-7200 ext. 2519

    (Tables follow)

    NORTHFIELD BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
    (Dollars in thousands, except per share amounts) (unaudited)
     
      At or For the Three Months Ended
      March 31,   December 31
      2025   2024   2024
    Selected Financial Ratios:          
    Performance Ratios (1)          
    Return on assets (ratio of net income to average total assets) 0.56 %   0.43 %   0.79 %
    Return on equity (ratio of net income to average equity) 4.52     3.59     6.40  
    Average equity to average total assets 12.43     12.04     12.28  
    Interest rate spread 1.76     1.39     1.54  
    Net interest margin 2.38     2.03     2.18  
    Efficiency ratio (2) 61.57     71.43     56.75  
    Non-interest expense to average total assets 1.53     1.55     1.46  
    Non-interest expense to average total interest-earning assets 1.61     1.63     1.53  
    Average interest-earning assets to average interest-bearing liabilities 129.42     128.66     129.20  
    Asset Quality Ratios:          
    Non-performing assets to total assets 0.34     0.29     0.36  
    Non-performing loans (3) to total loans (4) 0.48     0.41     0.51  
    Allowance for credit losses to non-performing loans (5) 242.73     214.83     227.72  
    Allowance for credit losses to total loans held-for-investment, net (6) 0.87     0.89     0.87  
     

    (1) Annualized where appropriate.
    (2) The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
    (3) Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCD loans), and are included in total loans held-for-investment, net.
    (4) Includes originated loans held-for-investment, PCD loans, acquired loans and loans held-for-sale.
    (5) Excludes loans held-for-sale.
    (6) Includes originated loans held-for-investment, PCD loans, and acquired loans.

    NORTHFIELD BANCORP, INC.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      March 31, 2025   December 31, 2024
    ASSETS:      
    Cash and due from banks $ 12,523     $ 13,043  
    Interest-bearing deposits in other financial institutions   89,139       154,701  
    Total cash and cash equivalents   101,662       167,744  
    Trading securities   13,003       13,884  
    Debt securities available-for-sale, at estimated fair value   1,246,473       1,100,817  
    Debt securities held-to-maturity, at amortized cost   8,883       9,303  
    Equity securities   10,855       14,261  
    Loans held-for-sale   4,897       4,897  
    Loans held-for-investment, net   3,991,529       4,022,224  
    Allowance for credit losses   (34,921 )     (35,183 )
    Net loans held-for-investment   3,956,608       3,987,041  
    Accrued interest receivable   19,648       19,078  
    Bank-owned life insurance   177,398       175,759  
    Federal Home Loan Bank of New York stock, at cost   38,350       35,894  
    Operating lease right-of-use assets   27,345       27,771  
    Premises and equipment, net   21,431       21,985  
    Goodwill   41,012       41,012  
    Other assets   42,435       46,932  
    Total assets $ 5,710,000     $ 5,666,378  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
    LIABILITIES:      
    Deposits $ 4,131,956     $ 4,138,477  
    Federal Home Loan Bank advances and other borrowings   709,159       666,402  
    Subordinated debentures, net of issuance costs   61,498       61,442  
    Lease liabilities   31,630       32,209  
    Advance payments by borrowers for taxes and insurance   29,270       24,057  
    Accrued expenses and other liabilities   35,338       39,095  
    Total liabilities   4,998,851       4,961,682  
           
    STOCKHOLDERS’ EQUITY:      
    Total stockholders’ equity   711,149       704,696  
    Total liabilities and stockholders’ equity $ 5,710,000     $ 5,666,378  
           
    Total shares outstanding   42,676,274       42,903,598  
    Tangible book value per share(1) $ 15.70     $ 15.46  
     

    (1) Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were $57 and $69 at March 31, 2025 and December 31, 2024, respectively, and are included in other assets.

    NORTHFIELD BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      For the Three Months Ended
      March 31,   December 31,
        2025       2024     2024  
    Interest income:          
    Loans $ 45,283     $ 46,047   $ 45,902  
    Mortgage-backed securities   12,009       4,398     9,160  
    Other securities   797       3,841     1,428  
    Federal Home Loan Bank of New York dividends   862       970     885  
    Deposits in other financial institutions   1,141       3,392     2,347  
    Total interest income   60,092       58,648     59,722  
    Interest expense:          
    Deposits   21,191       19,273     22,031  
    Borrowings   6,291       10,663     7,169  
    Subordinated debt   819       828     837  
    Total interest expense   28,301       30,764     30,037  
    Net interest income   31,791       27,884     29,685  
    Provision for credit losses   2,582       415     1,942  
    Net interest income after provision for credit losses   29,209       27,469     27,743  
    Non-interest income:          
    Fees and service charges for customer services   1,620       1,615     1,634  
    Income on bank-owned life insurance   1,639       964     1,277  
    (Losses)/gains on trading securities, net   (299 )     699     68  
    Gain on sale of property   —       —     3,402  
    Other   62       103     623  
    Total non-interest income   3,022       3,381     7,004  
    Non-interest expense:          
    Compensation and employee benefits   11,775       12,765     11,761  
    Occupancy   3,533       3,553     3,253  
    Furniture and equipment   414       484     436  
    Data processing   2,122       2,147     1,921  
    Professional fees   1,072       809     762  
    Advertising   250       518     287  
    Federal Deposit Insurance Corporation insurance   617       588     625  
    Credit loss expense/(benefit) for off-balance sheet exposures   103       83     (55 )
    Other   1,549       1,385     1,832  
    Total non-interest expense   21,435       22,332     20,822  
    Income before income tax expense   10,796       8,518     13,925  
    Income tax expense   2,920       2,304     2,674  
    Net income $ 7,876     $ 6,214   $ 11,251  
    Net income per common share:          
    Basic $ 0.19     $ 0.15   $ 0.28  
    Diluted $ 0.19     $ 0.15   $ 0.27  
    Basic average shares outstanding   40,864,529       42,367,243     40,889,355  
    Diluted average shares outstanding   40,922,829       42,408,953     41,029,275  
     
    NORTHFIELD BANCORP, INC.
    ANALYSIS OF NET INTEREST INCOME
    (Dollars in thousands) (unaudited)
     
      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average Outstanding Balance   Interest   Average Yield/ Rate(1)   Average Outstanding Balance   Interest   Average Yield/ Rate(1)   Average Outstanding Balance   Interest   Average Yield/ Rate(1)
    Interest-earning assets:                                  
    Loans(2) $ 4,007,266   $ 45,283   4.58 %   $ 4,044,787   $ 45,902   4.51 %   $ 4,174,668   $ 46,047   4.44 %
    Mortgage-backed securities(3)   1,132,715     12,009   4.30       950,309     9,160   3.83       648,811     4,398   2.73  
    Other securities(3)   118,082     797   2.74       177,462     1,428   3.20       391,980     3,841   3.94  
    Federal Home Loan Bank of New York stock   36,929     862   9.47       37,065     885   9.50       39,599     970   9.85  
    Interest-earning deposits in financial institutions   118,983     1,141   3.89       204,146     2,347   4.57       262,884     3,392   5.19  
    Total interest-earning assets   5,413,975     60,092   4.50       5,413,769     59,722   4.39       5,517,942     58,648   4.27  
    Non-interest-earning assets   277,586             277,067             266,428        
    Total assets $ 5,691,561           $ 5,690,836           $ 5,784,370        
                                       
    Interest-bearing liabilities:                                  
    Savings, NOW, and money market accounts $ 2,502,664   $ 12,148   1.97 %   $ 2,424,370   $ 11,997   1.97 %   $ 2,464,297   $ 12,331   2.01 %
    Certificates of deposit   923,713     9,043   3.97       928,658     10,034   4.30       654,328     6,942   4.27  
    Total interest-bearing deposits   3,426,377     21,191   2.51       3,353,028     22,031   2.61       3,118,625     19,273   2.49  
    Borrowed funds   695,281     6,291   3.67       775,722     7,169   3.68       1,108,880     10,663   3.87  
    Subordinated debt   61,461     819   5.40       61,406     837   5.42       61,239     828   5.44  
    Total interest-bearing liabilities   4,183,119     28,301   2.74       4,190,156     30,037   2.85       4,288,744     30,764   2.89  
    Non-interest bearing deposits   706,217             703,886             699,640        
    Accrued expenses and other liabilities   94,819             97,918             99,594        
    Total liabilities   4,984,155             4,991,960             5,087,978        
    Stockholders’ equity   707,406             698,876             696,392        
    Total liabilities and stockholders’ equity $ 5,691,561           $ 5,690,836           $ 5,784,370        
                                       
    Net interest income     $ 31,791           $ 29,685           $ 27,884    
    Net interest rate spread(4)         1.76 %           1.54 %           1.39 %
    Net interest-earning assets(5) $ 1,230,856           $ 1,223,613           $ 1,229,198        
    Net interest margin(6)         2.38 %           2.18 %           2.03 %
    Average interest-earning assets to interest-bearing liabilities         129.42 %           129.20 %           128.66 %
     

    (1) Average yields and rates are annualized.
    (2) Includes non-accruing loans.
    (3) Securities available-for-sale and other securities are reported at amortized cost.
    (4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
    (6) Net interest margin represents net interest income divided by average total interest-earning assets.

    The MIL Network –

  • MIL-Evening Report: The billions spent on NZ’s accommodation supplement is failing to make rent affordable – so what will?

    Source: The Conversation (Au and NZ) – By Edward Yiu, Associate Professor, School of Business, University of Auckland, Waipapa Taumata Rau

    Pixelbliss/Shutterstock

    New Zealand’s unaffordable housing market has left many low and middle-income families reliant on the accommodation supplement to cover rent and mortgage payments.

    But our new research has found the scheme, which costs the government almost NZ$5 billion a year, might not be an effective tool in addressing the country’s housing affordability crisis.

    Introduced in 1993, the accommodation supplement is a weekly, means-tested payment designed to subsidise part of a household’s rent or mortgage. The supplement is calculated independently of actual rent or mortgage payments.

    But our study looking at data from Auckland between 2019 and 2023 found accommodation supplement rental subsidies were not delivering meaningful improvements in affordability for renters. Subsidies used to support mortgage payments, however, appeared to be more effective in offering relief to low-income households wanting stable and affordable housing.

    Our results raise questions about whether the current policy of subsidising private rentals is working to address housing affordability in New Zealand.

    Renters left behind

    Our study compared the proportion of household disposable income spent on rent between households receiving the supplement versus those in the same income group who did not receive it.

    The results revealed a striking gap.

    In 2023 renters in the middle-income bracket who received the accommodation supplement were spending, on average, 35.6% of their income (including the supplement) on rent. Similar households without the subsidy spent 25.85% of their income on rent. This suggests the support is not significantly narrowing the affordability gap between subsidised and unsubsidised renters.

    This study also picked up potential signs of landlords inflating the rents for tenants receiving subsidies. This is known as “subsidy capturing”. On average, middle-income tenants receiving the accommodation supplement paid NZ$539.40 per week in rent in 2023. Non-recipients paid $502.90. That’s a 7.3% difference.

    Further research is needed to determine whether this discrepancy is due to rent inflation or differences in housing quality. But the finding aligns with international studies showing that subsidies can unintentionally drive up market rents.

    If landlords are capturing part of the subsidy by increasing rents, then the benefit meant for vulnerable tenants is being diluted.

    New Zealand’s housing market ranks as one of the least affordable in the OECD.
    ChameleonsEye/Shutterstock

    Greater promise with mortgage support

    Our data suggests mortgage support seems to level the playing field more effectively than rental assistance. The mortgage-to-income ratio for subsidised households stood at 25.55% and 29.95% in 2022 and 2023, respectively (income includes the supplement). This closely matches the 26.6% and 27.5% recorded for non-subsidised households in the same income group.

    One reason for the difference in the effectiveness of the supplement is that homeowners are typically required to contribute more upfront – a deposit – giving them a greater financial stake in their housing. This commitment may encourage better financial decisions and housing choices. It may also offer long-term benefits such as asset building and housing stability.

    Rental subsidies are essential for immediate relief, especially in emergencies or periods of transition. But our research calls into question their effectiveness in enhancing affordability. More targeted support for low-income homeowners could offer a more sustainable path forward.

    Intentions must match results

    The accommodation is undoubtedly grounded in good intentions. But considering how much of the national budget is being spent on housing-related welfare, it is essential the programmes deliver the best possible results for taxpayers.

    Measuring effectiveness is not about questioning the intent but about ensuring public resources truly achieve meaningful objectives.

    Simply increasing funding for subsidies is unlikely to solve the problem. As New Zealand confronts an ongoing housing affordability crisis, this study adds to growing evidence that policy effectiveness – not just how much is spent – is what truly matters.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. The billions spent on NZ’s accommodation supplement is failing to make rent affordable – so what will? – https://theconversation.com/the-billions-spent-on-nzs-accommodation-supplement-is-failing-to-make-rent-affordable-so-what-will-254779

    MIL OSI Analysis – EveningReport.nz –