Category: Residential Housing Market

  • MIL-OSI: Purpose Investments Inc. Announces May 2025 Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of May 2025 for its open-end exchange traded funds and closed-end funds (“the Funds”).

    The ex-distribution date for all Open-End Funds is May 28, 2025. The ex-distribution date for all closed-end funds is May 30, 2025.   

    Open-End Funds Ticker
    Symbol
    Distribution
    per share/unit
    Record
    Date
    Payable
    Date
    Distribution
    Frequency
    Apple (AAPL) Yield Shares Purpose ETF – ETF Units APLY $0.1667 05/28/2025 06/03/2025 Monthly
    Purpose Canadian Financial Income Fund – ETF Series BNC $0.1225¹ 05/28/2025 06/03/2025 Monthly
    Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units BRKY $0.1000 05/28/2025 06/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Units BTCY $0.0850 05/28/2025 06/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units BTCY.B $0.0970 05/28/2025 06/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF USD Units BTCY.U US $0.0815 05/28/2025 06/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF Units CROP $0.0875 05/28/2025 06/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF USD Units CROP.U US $0.0975 05/28/2025 06/03/2025 Monthly
    Purpose Ether Yield – ETF Units ETHY $0.0405 05/28/2025 06/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Non-Currency Hedged Units ETHY.B $0.0500 05/28/2025 06/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units ETHY.U US $0.0395 05/28/2025 06/03/2025 Monthly
    Purpose Global Flexible Credit Fund – ETF Units FLX $0.0461 05/28/2025 06/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units FLX.B $0.0551 05/28/2025 06/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units FLX.U US $0.0385 05/28/2025 06/03/2025 Monthly
    Purpose Global Bond Class – ETF Units IGB $0.0860¹ 05/28/2025 06/03/2025 Monthly
    Microsoft (MSFT) Yield Shares Purpose ETF – ETF units MSFY $0.1100 05/28/2025 06/03/2025 Monthly
    Purpose Enhanced Premium Yield Fund – ETF Series PAYF $0.1375¹ 05/28/2025 06/03/2025 Monthly
    Purpose Total Return Bond Fund – ETF Series PBD $0.0590¹ 05/28/2025 06/03/2025 Monthly
    Purpose Core Dividend Fund – ETF Series PDF $0.1050¹ 05/28/2025 06/03/2025 Monthly
    Purpose Enhanced Dividend Fund – ETF Series PDIV $0.0950¹ 05/28/2025 06/03/2025 Monthly
    Purpose Real Estate Income Fund – ETF Series PHR $0.0720¹ 05/28/2025 06/03/2025 Monthly
    Purpose International Dividend Fund – ETF Series PID $0.0780 05/28/2025 06/03/2025 Monthly
    Purpose Monthly Income Fund – ETF Series PIN $0.0830¹ 05/28/2025 06/03/2025 Monthly
    Purpose Multi-Asset Income Fund – ETF Units PINC $0.0840 05/28/2025 06/03/2025 Monthly
    Purpose Conservative Income Fund – ETF Series PRP $0.0600¹ 05/28/2025 06/03/2025 Monthly
    Purpose Premium Yield Fund – ETF Series PYF $0.1100¹ 05/28/2025 06/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF Series PYF.B $0.1230¹ 05/28/2025 06/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series PYF.U US $0.1200¹ 05/28/2025 06/03/2025 Monthly
    Purpose Core Equity Income Fund – ETF Series RDE $0.0875¹ 05/28/2025 06/03/2025 Monthly
    Purpose Emerging Markets Dividend Fund – ETF Units REM $0.0950 05/28/2025 06/03/2025 Monthly
    Purpose Canadian Preferred Share Fund – ETF Units RPS $0.0950 05/28/2025 06/03/2025 Monthly
    Purpose US Preferred Share Fund – ETF Series RPU $0.0940 05/28/2025 06/03/2025 Monthly
    Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units2 RPU.B / RPU.U $0.0940 05/28/2025 06/03/2025 Monthly
    Purpose Strategic Yield Fund – ETF Units SYLD $0.0970 05/28/2025 06/03/2025 Monthly
    AMD (AMD) Yield Shares Purpose ETF – ETF Series YAMD $0.2000 05/28/2025 06/03/2025 Monthly
    Amazon (AMZN) Yield Shares Purpose ETF- ETF Units YAMZ $0.4000 05/28/2025 06/03/2025 Monthly
    Broadcom (AVGO) Yield Shares Purpose ETF – ETF Series YAVG $0.1500 05/28/2025 06/03/2025 Monthly
    Coinbase (COIN) Yield Shares Purpose ETF – ETF Series YCON $0.3000 05/28/2025 06/03/2025 Monthly
    Costco (COST) Yield Shares Purpose ETF – ETF Series YCST $0.1000 05/28/2025 06/03/2025 Monthly
    Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units YGOG $0.2500 05/28/2025 06/03/2025 Monthly
    Tech Innovators Yield Shares Purpose ETF – ETF Series YMAG $0.2000 05/28/2025 06/03/2025 Monthly
    META (META) Yield Shares Purpose ETF – ETF Series YMET $0.1600 05/28/2025 06/03/2025 Monthly
    Netflix (NFLX) Yield Shares Purpose ETF – ETF Series YNET $0.1100 05/28/2025 06/03/2025 Monthly
    NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units YNVD $0.7500 05/28/2025 06/03/2025 Monthly
    Palantir (PLTR) Yield Shares Purpose ETF – ETF Series YPLT $0.2500 05/28/2025 06/03/2025 Monthly
    Tesla (TSLA) Yield Shares Purpose ETF – ETF Units YTSL $0.5500 05/28/2025 06/03/2025 Monthly
    UnitedHealth Group (UHN) Yield Shares Purpose ETF – ETF Series YUNH $0.1100 05/28/2025 06/03/2025 Monthly
               
    Closed-End Funds Ticker
    Symbol
    Distribution
    per share/unit
    Record
    Date
    Payable
    Date
    Distribution
    Frequency
    Big Banc Split Corp, Class A BNK $0.1200¹ 05/30/2025 06/13/2025 Monthly
    Big Banc Split Corp – Preferred Shares BNK.PR.A $0.0700¹ 05/30/2025 06/13/2025 Monthly


    Estimated May 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

    The May 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

    Open-End Fund Ticker
    Symbol
    Final distribution
    per unit
    Record
    Date
    Payable
    Date
    Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $ 0.3528 05/28/2025 06/03/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.2370 05/28/2025 06/03/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1068 05/28/2025 06/03/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $ 0.3495 05/28/2025 06/03/2025 Monthly

    Purpose expects to issue a press release on or about May 27, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be May 28, 2025.

    (1) Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
    (2) Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.


    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network

  • MIL-OSI Russia: Kingdom of the Netherlands–The Netherlands: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 20, 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.

    An IMF team, led by Mr. Fabian Bornhorst, visited the Netherlands during May 7–20 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the visit:

    The Dutch economy is among the most developed countries globally and has drawn strength from integration in global value chains. In recent years, it has weathered shocks well, yet its resilience is being tested, again—this time by trade tensions and geoeconomic fragmentation. Fiscal buffers are ample, and the financial system is well-positioned to absorb shocks. At the same time, the economy is operating at capacity and inflation is elevated. And increasingly binding constraints—in the labor market, housing, emissions space, and the electricity grid—are limiting the ability to grow and adapt. Futureproofing the economy will therefore require policies that both tackle bottlenecks and expand supply capacity, and align with a long-term vision for sustainable growth. Reforms, complementary to EU initiatives, should aim to increase labor input and firm productivity, expand the availability of SME financing, and effectively manage the green and demographic transitions.

    Outlook

    1. After a weak start, domestic demand is projected to drive growth in 2025 even as trade tensions affect momentum. Real GDP growth is projected to reach 1.1 percent this year. Fundamentals remain strong: unemployment is low, wage growth is robust, and real household purchasing power is solid—supporting private consumption. However, tariffs, trade tensions, and lower trading partner growth are expected to dampen external demand. Combined with uncertainty over future trade policies and less favorable financial conditions, these factors hold back investment and weaken consumer confidence. With a cooling economy, the small positive output gap is expected to close next year; medium-term growth will converge to its estimated potential of 1.2 percent.
    2. Elevated inflation is projected to decline gradually and reach the 2 percent target in late 2026. Inflation is projected at 3 percent in 2025. Wage growth has been robust, although real wages have not reached pre-pandemic levels. Going forward, wage growth is projected to moderate as indicated by recent collective wage agreements and early signs of easing labor market tightness. Fiscal measures, on net, will contribute positively to inflation in 2025 and 2026, as the roll-back of some reduced VAT rates and the increase in excise rates are partly offset by energy subsidies and the freeze on social housing rents. As the trade shock reverberates through the global economy, deflationary forces are expected to arise from lower global growth and energy prices, and appreciation of the euro.

    Risks

    1. Downside risks to growth dominate and arise mainly from trade tensions. Possible direct effects from new/higher U.S. tariffs on currently exempt items (e.g., pharmaceuticals) would lower exports. More generally, rising geoeconomic fragmentation and stronger-than-expected indirect effects from global trade disruptions pose downside risks to growth. The disruption to supply chains could be more severe than expected, leading to upward price pressures even in the context of subdued growth. Policy makers should stay vigilant and nimble. Barring more extreme scenarios, automatic stabilizers in the fiscal framework are sufficient to weather shocks. Domestically, uncertainties in economic policy and the extent to which growth bottlenecks are binding represent risks to the outlook. These can be addressed by implementing consistent, forward-looking, and confidence-building measures.

    Fiscal Policy

    1. Fiscal policy is geared to supporting households in the near term, while aiming to keep the deficit below 3 percent of GDP by 2030. In view of many, and competing, demands, it is welcome that revised plans in the Spring Memorandum adhere to the trend-based fiscal policy (the Dutch Medium-Term Fiscal Framework) and are in line with national fiscal rules. Key measures in 2025 to support household purchasing power include income tax relief, extending reduced fuel excise duties, energy subsidies, and rent support. To meet the deficit target by 2030, spending cuts in public administration, international cooperation, education, and asylum are proposed. The plans, however, are more backloaded than before, and, in many cases, specific measures have yet to be formulated.
    2. Pivoting fiscal policy from stimulating demand to expanding supply would help the economy grow and adapt. Fiscal policy is set to provide an impulse of around 1 percent of GDP in 2025-26. As household real incomes now exceed pre-pandemic levels and the economy is operating at capacity with elevated inflation, broad fiscal support is no longer needed. Scaling back demand support is timely and advisable. While underspending and revenue overperformance could deliver a neutral fiscal stance—as in 2024—proactively identifying and implementing measures would allow for steering the adjustment. To boost the supply capacity of the economy, the government should invest in infrastructure, education, and R&D, foster investment to increase the housing supply and productivity, implement growth-enhancing tax reforms, and tackle bottlenecks from nitrogen and electricity grid congestion. Fostering private and increasing public investment will also contribute to reducing the high external current account surplus.
    3. Better aligning policies with long-term goals would improve the effectiveness of fiscal policy. For example, while freezing social rents provides immediate support to some households, it weakens the financial health of housing associations and limits investment to expand and upgrade the housing stock—key to addressing shortages. Extending the reduction of fuel excises disincentivizes the clean energy transition, countering efforts to reduce implicit fuel subsidies and foster EV adoption through subsidies. Limited inflation adjustment of income tax brackets—including to finance reduced VAT rates—offsets previous income tax relief, disproportionately affects poorer households, and disincentivizes labor supply. Education and R&D spending cuts are at odds with fostering high levels of human capital and innovation. In this context, the announced tax and benefits system reform is welcome, offering an opportunity to simplify and align policies.
    4. Tackling medium-term spending pressures through structural fiscal reforms will increase fiscal room to maneuver. With a low debt-to-GDP ratio of 43.4 percent, the fiscal position is strong. Moreover, deficits and debt are projected to remain structurally below 3 and 60 percent of GDP through 2030. However, projections also indicate that, by 2050, spending on health, ageing, and climate change will increase by about 4 percent of GDP. Ambitions to scale up defense spending beyond 2 percent of GDP adds to these pressures. Addressing cost drivers early would free fiscal room to maneuver, including: (i) reversing the reduction of health deductibles, increasing health care co-payments, and adjusting the basic policy package while supporting solidarity; (ii) linking the retirement age one-to-one to greater life expectancy for tax-funded old-age pensions; and (iii) moving away from fuel subsidies to revenue-generating carbon pricing and taxation.
    5. Implementing the planned tax reforms would support growth. The Building Blocks Tax report rightly recommends streamlining inefficient and ineffective tax expenditures, including abolishing reduced VAT rates. This would lower compliance costs, broaden the tax base, and may open the door to a lower tax rate. Speedy implementation of the proposed capital income taxation reform (‘Box 3’) would align investment incentives by taxing capital income more consistently. and encouraging better resource allocation. Together, the reforms will foster higher investment, productivity, and growth.

    Financial Sector Policies

    1. Risks to financial stability are elevated and have risen, warranting continued close monitoring. Trade policy tensions and uncertainty have increased financial market volatility and weighed on investor confidence in recent months. More volatility in asset prices could trigger periodic margin calls, particularly on pension funds’ derivatives. Elevated inflation still poses non-negligible risks for insurers. While household and corporate indebtedness is declining, it remains well above the euro area average. In real estate, developments in the commercial sector signal reduced risks. However, the residential market shows renewed signs of overheating. Nominal and real house prices, as well as sales, have picked up again, and housing valuations remain among the highest in Europe.
    2. Even so, the financial sector remains resilient to shocks as buffers are ample and commensurate to risks, and the macroprudential policy stance is broadly appropriate. Banking, insurance, and pension fund (PF) fundamentals remain sound. Banks are well capitalized and liquid. Bank profits remain robust and loan delinquencies low, despite a pick-up in corporate bankruptcies, which reflects normalization following phasing out of pandemic support. The countercyclical capital buffer has been maintained at the 2 percent positive neutral rate since May 2024. Other buffers for the largest banks remain in a 0.25‑2 percent CET1-to-risk-weighted-assets ratio range. The insurance sector is profitable and solvent. Funding ratios of occupational PFs have declined as interest rates fell but are rebounding ahead of the system’s transition to defined-contribution schemes and stood comfortably at 120 percent, on average, at end-2025Q1. PFs are resilient to liquidity risks in adverse stress scenarios and can raise cash at short notice if needed from repo or other money markets to meet margin calls on interest derivatives.
    3. Addressing access to homeownership through policies that increase housing supply would allow recalibrating borrower-based macroprudential measures towards minimizing financial risks. Housing market risks continue to be mitigated by structural factors including rising real disposable incomes, the large share of fixed-rate mortgages, and full legal recourse in case of default. The maximum LTV limit was lowered to 100 percent in 2018. Eligibility for, and duration of the mortgage interest deductibility were tightened, and the maximum rate reduced. Mortgage risks are further mitigated by the recent extension of risk-weight floors until November 2026. Efforts to ensure a clear legal basis for supervisory authorities’ regular access to granular transaction and loan-level data for risk monitoring and analysis—to identify pockets of vulnerability as they emerge—should continue. Still, as recommended in the 2024 IMF Financial Stability Assessment Program (FSAP) report, to cool the housing market, maximum LTV limits should be progressively lowered even more, to 90 percent, mortgage interest deductibility gradually removed, and borrowers further incentivized to lower exposures to interest-only mortgages. A significant increase in housing supply is needed to boost housing affordability, facilitate broad access to the property ladder, and to reduce banking and insurance risks from residential mortgage exposures. This will require reconsideration of the roles of housing associations and private investors, revisiting rent controls, revising land-use policies and streamlining building regulations.
    4. The pension reform will strengthen PFs financial sustainability, and offers an opportunity to improve intergenerational fairness, and rebalance portfolios. Most defined-benefit schemes (DBs) have faced financial pressure since 2008. Many have struggled to index benefits in the low-interest-rate environment, and some were forced to cut benefits. Also, DBs asset allocations do not reflect age-related risk preferences. This has raised concerns about intergenerational fairness. Together, these factors weakened confidence in the system. The transition to defined-contribution schemes will alleviate pressures from ageing on PFs sustainability. It will also allow for portfolio allocations that better align with risk preferences of age cohorts, including more investments in equity, while maintaining a high degree of solidarity and collective risk-sharing. Notably, about 80 percent of plans are expected to combine individual investment accounts with collective investments that bundle assets and distribute returns across individual accounts.

    Addressing Growth Bottlenecks

    1. A legally-robust and future-oriented nitrogen strategy is urgently needed. Developers now face permit uncertainty, investors lack confidence, and farmers remain in limbo, as environmental targets slip further out of reach. Recognizing the urgency, the government is developing a strategy that includes shifting from deposition to direct emission measurement and extending the timeline to halve emissions by 5 years. More details on possible measures are paramount. Economic considerations suggest that fees on emitters are the most cost-effective and efficient way to reduce emissions. To avoid tax increases for the average farmer, a system of feebates—where emissions-intensive farming pays fees that fund rebates for lower emission practices—offers a balanced approach. Socially-acceptable solutions and emission reductions have been achieved through a combination of taxation, regulation, subsidies, and science-based guidance.
    2. Plans to relieve electricity grid bottlenecks and ready the grid for the green transition should be accelerated and paired with dynamic pricing. The government’s strategy focuses on expediting high-voltage grid extensions and streamlining permitting. There are plans to guarantee debt issuance by the grid operator of about 4.4 percent of GDP to facilitate grid expansion. However, in the meantime, connection wait-times remain too long. Efforts to manage grid pressures should also include increasing storage capacity and incentivizing energy efficiency of households and industry, while helping the energy-poor adapt. To better manage demand, energy savings could be further incentivized by promoting greater use of dynamic metering and pricing. These are effective in shifting consumption to off-peak periods, help consumers save money, and reduce the need for extra capacity to meet peak demand.

    Strengthening Labor and Firm Productivity

    1. Labor market reforms should continue to focus on enhancing human capital. Given the aging population and labor shortages, it is critical to fully utilize the potential of workers across all generations and smaller firms. Reforms should improve educational outcomes and vocational training to address skill shortages and enhance lifelong learning. Recent progress to address labor market duality, such as reducing false self-employment, are welcome. Introducing mandatory disability insurance and strengthening pension arrangements for the self-employed are important measures to be implemented.. Additionally, better integration of workers with a migratory background would be facilitated by stepped-up language training, job search support, and recognition of qualifications acquired abroad.
    2. Policies to support firm productivity should address several key areas. First, business dynamism should be promoted by reducing entry/exit barriers to enhance firm-level allocative efficiency. Second, productivity-enhancing investment should be increased by improving the investment climate and addressing growth bottlenecks, advancing digitalization, and encouraging R&D. Third, productivity spillovers should be fostered by investments with large spillover effects (e.g., research parks and networks) to build connections among firms, research institutions, and regions. Fourth, efforts are needed to support firms to grow from start-ups to scale-ups and beyond. Plans to equalize tax treatment of stock options for small firms are welcome and should be expanded to include eliminating the reduced profit tax rate for SMEs as well as providing a menu of financing options along a firm’s development stages.  

    Domestic Capital Market Reforms

    1. Capital market reforms would help expand SME financing by improving valuations, stimulating investor demand for both equity and debt instruments, and simplifying debt issuances.  
    • Improving valuations—thereby increasing the amount of capital firms can raise when they issue stocks or bonds—will require increasing the size and liquidity of secondary markets. This should be combined with measures to narrow information gaps, such as easing investor benchmarking, to help reduce investor risk, and with reforming the Bankruptcy Act and securities laws to help investors shorten the settlement cycle for transferable securities and reallocate capital from failed startups more quickly. The authorities should also continue to push forward EU-level reforms, as integration into a larger, EU-wide capital market would also improve liquidity, and hence valuations.
    • Increasing PFs’ and insurers’ investments in domestic venture capital and other equity funds would also increase equity market size and raise valuations. The pension reform offers such an opportunity. Higher pension investment, including from abroad, in domestic equity may also be supported at the EU level by revised legal and supervisory requirements for pan-European private pension products that allow for more venture capital investment.
    • Standardizing and simplifying procedures for smaller-denomination corporate debt securities issuance, lowering the minimum denomination, making pricing more transparent, and leveraging online platforms and other dealer markets would help increase retail investor participation and make more debt capital available to firms.

    Managing the Green Transition

    1. To meet national and European climate goals, stronger policies will be needed, including to reduce uncertainty and build public support.  The current policy settings are projected to fall short of the 2030 goals. Clear and consistent policies are required to provide investment certainty for the private sector. The EU climate agenda—including introduction of CBAM and phasing out of free ETS allowances and expansion of ETS coverage—will facilitate progress. These measures may impact purchasing power. Lower-income households may struggle to adapt even though the burdens of ETS reforms across different income groups are estimated to be uniform relative to consumption. To manage these challenges, implementing compensatory funds and other targeted fiscal tools can help balance policy trade-offs and enhance public support.
    2. Recalibrating transport policies can prevent a decline in fiscal revenues and address congestion, while meeting climate targets and managing electricity demand. By 2035, revenue from transport is projected to decline by 0.5 percent of GDP, while electricity demand could rise by 20 percent with electrification of the vehicle fleet. These challenges would be best addressed with congestion pricing in urban areas and distance-based charges.

    Supporting EU Reforms

    1. The authorities should continue to push for rapid implementation of EU-wide reforms, including as the Netherlands stands to gain from these initiatives. With its mature markets, enhancing EU-wide competition by cutting intra-EU trade barriers would complement national efforts to boost business dynamism and productivity. EU-level actions to foster intra-EU labor mobility—recognition of professional qualifications, pension portability—are complementary to addressing labor and skill shortages at home. A European Savings and Investment Union (SIU) would broaden investment opportunities for Dutch savers and allow Dutch firms to more easily tap a wider pool of European savings. Finally, completing the EU energy market would ensure better connectivity and energy security, lower prices, and also lower investment needs to match increasing demand.

    *   *   *   *   *

    The IMF team thanks the authorities and other counterparts for the constructive policy dialogue and productive collaboration.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

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

    https://www.imf.org/en/News/Articles/2025/05/19/mcs-05192025-kingdom-of-the-netherlands-staff-concluding-statement-of-2025-art-iv-mission

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Societe Generale_ Combined General Meeting and Board of Directors dated 20 May 2025

    Source: GlobeNewswire (MIL-OSI)

    COMBINED GENERAL MEETING AND BOARD OF DIRECTORS DATED 20 MAY 2025

    Press release

    Paris, 20 May 2025

    Combined General Meeting

    The General Meeting of shareholders of Societe Generale was held on 20 May 2025 at CNIT Forest, 2, Place de la Défense, 92092 Puteaux and was chaired by Mr. Lorenzo Bini Smaghi.

    Quorum was established at 64,34% (vs 55.61% in 2024):

    • 687 shareholders participated by attending the General Meeting in person at the place where it was held on 20 May 2025;
    • 1,057 shareholders were represented at the General Meeting by a person other than the Chairman;
    • 13,140 shareholders voted online;
    • 2,400 shareholders voted by post;
    • 8,767 shareholders, including 2,500 online, representing 1.07% of the share capital, gave proxy to the Chairman;
    • A total of 26 051 shareholders were present or represented and participated in the vote.

    The agenda item, with no vote, was an opportunity to present and discuss with shareholders the Group’s climate strategy and social and environmental responsibility.

    In addition, 9 shareholders sent 56 written questions prior to the General Meeting. The answers were made public before the General Meeting on the institutional website.

    All the resolutions put forward by the Board of Directors were adopted, in particular:

    • The 2024 annual company accounts and annual consolidated accounts;
    • The dividend per share was set at EUR 1.09. It shall traded ex-dividend on 26 May 2025 and will be paid from 28 May 2025;
    • The renewal of two independent directors for 4 years: Mr. William Connelly and Mr. Henri Poupart-Lafarge;
    • The appointment of two independent directors for 4 years: Mr. Olivier Klein and Mrs. Ingrid-Helen Arnold;
    • The renewal of Mr. Sébastien Wetter’s mandate as Director representing the employee shareholders;
    • The compensation policy for the Chairman, Chief Executive Officer, the Deputy Chief Executive Officers and the Directors;
    • The components composing the total compensation and the benefits of any kind paid or awarded for the 2024 financial year to the Chairman and the Chief Executive Officer and the Deputy Chief Executive Officers;
    • The authorisation granted to the Board of Directors to purchase ordinary shares of the Company was renewed for 18 months up to 10% of the share capital;
    • The authorisation for capital increases, enabling the issue of shares in favour of employees under a company or group saving plan, was renewed for 26 months;
    • The amendments to the Articles of Association to take account of the entry into force of the “Loi Attractivité” (no. 2024-537 dated 13 June 2024).

    The detailed voting result is available this day on the Company’s website in the item “Annual General Meeting”.

    Board of Directors

    Following the renewals and appointments of directors, the Board of Directors is composed of 15 directors, including (i) 2 directors re-elected by the employees in March 2024 and (ii) 1 director representing employee shareholders appointed by the General Meeting and one non-voting director.

    Accordingly, the Board of Directors is composed as follows:

    • Mr. Lorenzo Bini Smaghi, Chairman;
    • Mr. Slawomir Krupa, Director;
    • Mrs. Ingrid-Helen Arnold, Director;
    • Mr. William Connelly, Director;
    • Mr. Jérôme Contamine, Director;
    • Mrs. Béatrice Cossa-Dumurgier, Director;
    • Mrs. Diane Côté, Director;
    • Mrs. Ulrika Ekman, Director;
    • Mrs. France Houssaye, Director elected by employees;
    • Mr. Olivier Klein, Director;
    • Mrs. Annette Messemer, Director;
    • Mr. Henri Poupart-Lafarge, Director;
    • Mr Johan Praud, Director elected by employees;
    • Mr. Benoît de Ruffray, Director;
    • Mr. Sébastien Wetter, Director representing employees shareholders;
    • Mr. Jean-Bernard Lévy, Non-voting Director (“censeur”).

    The Board of Directors is made up of 41,7% women (5/12) and 91,7% independent directors (11/12) if we exclude from the calculations the three directors representing the employees in accordance with paragraph 1 of Article L. 225-23 of the Commercial Code, paragraph 2 of Article L. 225-27 of the Commercial Code and the AFEP-MEDEF code. In order to ensure compliance with a forthcoming legislative change scheduled for mid-2026, the Board of Directors has already decided, for the General Meeting of May 2026, that shareholders will be invited to replace a man director, whose term of office will expire, by a woman director.

    The Board of Directors held after the General Meeting has decided that, as of 20 May 2025, the Board committees will be composed as follows:

    • Audit and Internal Control Committee: Mr. Jérôme Contamine (chairman), Mrs. Diane Côté, Mrs. Ulrika Ekman, Mr. Olivier Klein and Mr. Sébastien Wetter;
    • Risk Committee: Mr. William Connelly (chairman), Mrs. Ingrid-Helen Arnold, Mrs. Béatrice Cossa Dumurgier, Mrs. Diane Côté, Mrs. Ulrika Ekman, Mr. Olivier Klein and Mrs. Annette Messemer;
    • Compensation Committee: Mrs. Annette Messemer (chairwoman), Mr. Jerome Contamine, Mr. Benoit de Ruffray and Mrs. France Houssaye;
    • Nomination and Corporate Governance Committee: Mr. Henri Poupart-Lafarge (chairman), Mr. William Connelly, Mme Diane Côté and Mr. Benoit de Ruffray.

    Biographies

    Mr. William Connelly is a graduate of Georgetown University in Washington (US). He began his career in 1980 at Chase Manhattan Bank, where he worked for 10 years, before joining Baring Brothers from 1990 to 1995. He then held various executive positions within ING Group NV from 1995 until he became a member of The Management Board, where he was responsible for Wholesale Banking from 2011 to 2016. He was also the CEO of ING Real Estate from 2009 to 2015. In addition to his mandate as an independent director of Societe Generale since 2017, he currently is the Chairman of the Board of Directors of Amadeus IT Group and the Chairman of the Board of Directors of Aegon until the second half of 2025. He also served as an independent director of Singular Bank from February 2019 to April 2023. During its session on 10 April 2025, the Societe Generale Board of Directors selected William Connelly for the Chairmanship as of the General Meeting which will be held on 27 May 2026. He will succeed Lorenzo Bini Smaghi, who has been Chairman since 2015, and will have completed his third term.

    Mr. Henri Poupart-Lafarge, Graduate of École polytechnique, the École nationale des ponts et chaussées and the Massachusetts Institute of Technology (MIT). He began his career in 1992 at the World Bank in Washington D.C. before moving to the French Ministry of the Economy and Finance in 1994. He joined Alstom in 1998 as Head of Investor Relations and was in charge of Management Control. In 2000, he was appointed Chief Financial Officer of Transmission and Distribution at Alstom, a position he held until 2004. He was Chief Financial Officer of Alstom from 2004 until 2010 and became President of Alstom Grid from 2010 to 2011. On 4 July 2011, he became Chairman of Alstom Transport, before being appointed Chairman and Chief Executive Officer in February 2016, a position he held until June 2024. Since then, he has been Chief Executive Officer and Director of Alstom.

    Mr. Olivier Klein, Graduated from the Panthéon‑Sorbonne University in 1978 with a Bachelor’s degree in Economics, from the National School of Statistics and Economic Administration (ENSAE) in 1980, and from HEC’s graduate course in Finance in 1985. He began his career at the BFCE in 1985 and served as manager of the Foreign Exchange and Rate Risk Management Advisory Department, then as Director of the BFCE’s Investment Bank, and finally as Regional Director of its corporate bank. He joined the Caisse d’Epargne group in 1998 and was Chairman of the Executive Board of the Caisse d’Epargne Ile‑de‑France Ouest from 2000 to 2007 and then of the Caisse d’Epargne Rhône‑Alpes from 2007 to 2009. In January 2010, he was appointed Chief Executive Officer of Commercial Banking and Insurance of the BPCE group until September 2012. He was appointed Chief Executive Officer of the BRED group from October 2012 to May 2023. He was a Member of the Supervisory Board of BPCE and its Risk Committee between 2019 and May 2023. He is Chief Executive Officer of Lazard Frères Banque SA and Managing Partner since September 2023. Since 1986, He is teaching macroeconomics and monetary policy at HEC. He is a director of Rexécode since 2018.

    Mrs. Ingrid-Helen Arnold, Graduated from the University of Applied Sciences Ludwigshafen in 1997 with a master’s degree in economics. She began her career at SAP SE in 1996, where she held various responsibilities related to innovation and digital transformation. In 2014, she was appointed Chief Information Officer and Business
    Processes and extended Member of the SAPExecutiveCommittee. From 2016 to April 2021, she was President of SAP Business Data Network group in Palo Alto (United States) and SAP SE Walldorf (Germany). In 2021, she joined the Südzucker group as Chief Digital Officer and Information tehcnology and member of the Group’s Executive Committee. She is Chief Executive Officer of KAKO GmbH since June 2024. She was a member of the Supervisory Board and a member of the Heineken group Audit Committee from 2019 to 2023. She is a member of the TUI group Supervisory Board since 2020.

    Mr. Sébastien Wetter holds a Master degree in Fundamental Physics and graduated from the Lyons Business School (EM Lyon). He began his career at Societe Generale in 1997 in the Strategy and Marketing Division of Societe Generale’s retail bank. Working in the Group’s Organisation Consulting Department from 2002, he performed a range of roles in the Corporate & Investment Banking arm and helped roll out the Group-wide participatory Innovation programme. As of the end of 2005, he joined the Commodities Market Department as Chief Operating Officer holding a global remit, before becoming Head of Business Development in 2008. From 2010 until 2014, he served as General Secretary in the Group’s General Inspection and Audit Division. In 2014, he joined the Sales Division of the Corporate & Investment Bank arm where he held a number of positions: Head of marketing for major French and international clients, then in 2016, Global Chief Operating Officer responsible for the sales teams covering financial institutions. From 2020 to December 2022, he has been a banker managing Societe Generale’s relationship with international financial institutions. He has been a member of the of the Supervisory Board of the Fonds Commun de Placement d’Entreprise (FCPE) since May 2024.

    The regulatory declarations on the absence of conflicts of interest and the absence of convictions mentioned on page 140 of the Universal Registration Document filed by Societe Generale on 12 March 2025 with the French market authority (AMF) under number D.25-00088, relating notably to the three directors whose terms of office are renewed remain valid and the two new directors appointed with effect from the General Meeting of 20 May 2025 have made the same regulatory declarations.

    Press contacts:
    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
    Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    Attachment

    The MIL Network

  • MIL-OSI Global: Financial firms are driving up rent in Toronto — and targeting the most vulnerable tenants

    Source: The Conversation – Canada – By Cloé St-Hilaire, PhD Candidate in Planning, University of Waterloo

    In recent years, Canadians have increasingly seen financial firms — such as private equity firms and real estate investment trusts (REITs) — buying up apartment buildings. The largest 25 financial landlords in Canada hold nearly 20 per cent of the country’s private, purpose-built rental stock.

    At the same time, Canada’s housing affordability crisis has exploded. A 2022 report found that in 93 per cent of Canadian neighbourhoods, a full-time minimum wage worker cannot afford a one-bedroom apartment.

    Many observers have connected this financialization of housing to rising unaffordability. But until recently, a lack of data has made it challenging to prove it.

    Our recent study, based on building-level rent and ownership data in the Greater Toronto Area, is the first to decisively show that financial firms charge higher rents and raise them more quickly than other landlords. We also found that financial firms raise rents most aggressively in lower-income areas with more racialized residents.

    Why does financialization raise rents?

    Financialization refers to the growing role of the finance sector in various parts of the economy. In the rental housing market, it involves the purchase of rental buildings by financial firms like asset managers, REITs and pension funds.

    These “financial landlords” treat housing as an investment product, not as a basic human need.




    Read more:
    Housing is both a human right and a profitable asset, and that’s the problem


    Financial landlords act differently from other landlords. Unlike smaller landlords, they are guided by the “shareholder value maximization” principle, which means their primary goal is to maximize returns for their shareholders.

    While smaller landlords are most likely also motivated by profit, they do not have a duty to external investors like financial firms do and they do not have access to the same strategies to manage their properties. Financial landlords have the scale and sophistication to pursue these profits in ways that smaller-scale landlords cannot.

    Research shows that financial landlords in Canada are associated with increased cost burdens for renters, higher eviction filing rates and higher rates of building disrepair. Our study adds to this evidence by showing they also charge higher rents.

    Financial firms openly promote higher rents

    Even before conducting our analysis, we had reason to believe financial firms would charge higher rents, in part because many of them have publicly said so.

    In a 2018 investor presentation, Minto REIT wrote that they charged “the highest in-place rent” among their public peers.

    Similarly, Centurion REIT published a report in 2020 featuring a graph demonstrating that its rent increases were outpacing both inflation and average rents.

    In a 2019 white paper, Canada’s largest private landlord, Starlight Investments, wrote about how their “value add strategy” for upgrading apartments sets them apart from other types of landlords. In the same publication, they reported increasing the monthly rent in one property by $411 — a 31 per cent increase.

    Financial firms charge the highest rent premiums

    Our analysis reveals that financial firms do indeed charge more.

    Our study compared building-level quarterly rent data to average rents from the Canada Mortgage and Housing Corporation for 1,602 buildings between 2022 and 2024.

    We found that when landlords advertise a unit to rent, they typically charge more than the average neighbourhood rent. We call this upcharge a rent “premium” — the dollar or percentage difference between the rent posted for an available unit and the average neighbourhood rent for a unit of the same size.

    We found that financial firms charged the highest premiums across the GTA, posting 44 per cent higher rents — or $670 more — than local averages. By comparison, non-financial chain landlords — those with multiple buildings but not classified as financial firms — charged a 30 per cent, or $477, premium.

    Meanwhile, smaller-scale owners owners of just a few buildings charged a smaller rent premium of 15-22 per cent. We found financial firms charged the highest premiums regardless of whether the building was brand new or in need of repairs.

    Algorithmic pricing and rent inflation

    One of the landlords with the highest rent premiums is private equity firm Woodbourne, which said they used RealPage’s YieldStar platform, an algorithmic pricing software.

    This software is at the centre of a lawsuit alleging more than a dozen landlords and property managers conspired to artificially inflate rents across Canada.

    The use of AI-driven pricing tools in Canada’s rental market is now under investigation by the Competition Bureau.

    Our study also found that, over time, financial firms raised rents more aggressively than other landlords. On average, they increased asking rents by five per cent — or $96 — every quarter. By comparison, smaller-scale landlords owning just one property raised asking rents by 3.6 per cent, or $59.

    Using a regression model, we demonstrated that out of all ownership types, financial ownership was the strongest predictor for higher rents and higher rent premiums. Using our model, we estimated that a tenant would pay 13 per cent more for their unit if it was owned by a financial firm instead of a single property owner.

    Low-income, marginalized tenants are exposed

    Our study also found that the highest rent premiums were being charged in Toronto’s “neighbourhood improvement areas.” These are areas the city has identified as having inequitable social and economic outcomes.

    While we found that all landlords charge higher premiums in these neighbourhoods, financial landlords were the most aggressive, charging a 49 per cent premium compared to 41 per cent elsewhere.

    We also identified a spatial connection between high rent premiums and the number of racialized residents in a neighbourhood: areas with higher rent premiums often had a greater percentage of racialized residents.

    These findings suggest that financial firms are complicit in driving gentrification in marginalized neighbourhoods, targeting areas with lower-income and racialized renters for the most aggressive rent increases.

    Reining in financial landlords

    While financial firms report on record breaking annual returns and “rental uplifts” of 15 per cent, Canada faces a dire housing affordability crisis.

    Financialization is detrimental to the right to adequate housing. We show that financialization is worsening affordability in Toronto: a trend that will continue, especially since financial landlords are the largest acquirers of suites in the city and the country’s largest landlords.

    To address this issue, we support recent policy recommendations aimed at reining in the power of financial landlords. These include better tracking of who landlords are, stricter tenant protections and more social housing.

    If left unchecked, financialization will continue to deepen the affordability crisis, with the greatest harms falling on those who can least afford it.

    Cloé St-Hilaire receives funding from the Social Sciences and Humanities Research Council of Canada (Vanier Canada Graduate Scholarship). She previously received funding from the Fonds de Recherche du Québec.

    Martine August receives funding from the Social Sciences and Humanities Research Council of Canada and the Government of Ontario Early Researcher Award.

    ref. Financial firms are driving up rent in Toronto — and targeting the most vulnerable tenants – https://theconversation.com/financial-firms-are-driving-up-rent-in-toronto-and-targeting-the-most-vulnerable-tenants-255935

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: Prospectus unveiled to promote investment opportunities in Digbeth

    Source: City of Birmingham

    Birmingham City Council has unveiled a prospectus to promote the investment opportunities available across 10 development sites on 35 plots across Digbeth.

    The council launched the Digbeth Prospectus at the UK Real Estate, Investment and Infrastructure Forum (UKREiiF) and contains plans for over 6,000 new homes & 300,000 sqm of commercial floorspace across Digbeth.

    The Digbeth Prospectus is part of the council’s Our Future City: Central Birmingham Framework 2045 regeneration vision, which plans to provide 10,000 homes in the wider Central East area.

    Digbeth is surrounded by up to around £11bn of planned investment in infrastructure and major development over the next decade, including Smithfield, the Sports Quarter, Birmingham Knowledge Quarter and HS2 Curzon Street Station.

    The council is seeking development partners, investment partners and occupiers for the sites in Digbeth, which range from pre-planning to advanced planning stages.

    Anyone interested, whether that’s developers, investors or residents, is invited to view the Digbeth Prospectus on the council’s website.

    Birmingham City Council unveiled The Digbeth Prospectus alongside other West Midlands local authorities as they collaborated to showcase more than £18 billion worth of investment opportunities at the UKREiiF property show in Leeds.

    Councillor Sharon Thompson, Deputy Leader & Cabinet Member for Economy and Skills, said:

    “Digbeth is a diverse, creative, enterprising community, home to freelancers, makers, agencies, startups and cultural venues.

    “Its rapid transformation into a buzzing creative quarter and centre for TV and film production, fuelled by the BBC’s new broadcast centre and MasterChef studios, is helping return the area to a position of national importance, providing much-needed high-quality jobs for this growing city.

    “The Digbeth Prospectus represents the latest delivery phase of Our Future City: Central Birmingham Framework 2045 and will help bring forward over 6000 new homes and over 300,000 sqm of new workspace.

    “By working with partners and stakeholders across the public and private sector we will make sure that Digbeth remains the go-to place for creative individuals and businesses.”

    To view the Digbeth Prospectus on the council’s website, visit: https://www.birmingham.gov.uk/DigbethProspectus

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Deputy Prime Minister speech to UKREiif – 20 May 2025

    Source: United Kingdom – Government Statements

    Speech

    Deputy Prime Minister speech to UKREiif – 20 May 2025

    Transcript of the Deputy Prime Minister’s speech at the UK Real Estate and Infrastructure Forum (UKREiiF) on 20 May 2025.

    Good morning!

    It’s fantastic to be back at UKREiiF, as Deputy Prime Minister.

    And it’s excellent to be here in Leeds.

    A great city under a great council and West Yorkshire’s Mayor, my friend Tracy Brabin.

    From Holbeck to Hunslet to Horsforth, it’s being remade and reborn.     

    Creating new good-quality jobs as well as opportunities for growth and investment.

    And it’s a testament to partnership between local, regional, and national government.

    And I want to say a big thanks to all of you here today. And it was great to hear Tom and the enthusiasm when I was backstage then and also throwing down the gauntlet to us to say we will match your ambition if you’ve got it, Tom we have that ambition.

    From our local leaders to housebuilders to investors.

    For the part you’re playing in all of this.

    And I’m here, today, to tell you that there’s more to come…

    … As we get Britain building again as part of our Plan for Change.

    I said last year that we would deliver this change.

    New homes, new infrastructure projects, jobs, higher living standards, strong communities and a strong economy.

    And I said that we would deliver this by working in partnership.

    By backing you to build, invest and succeed.

    So that our country and that is what we can do together to succeed.

    Last year, I told you about a new development that I had just visited in my own constituency.

    That delivered 62 much-needed new social and affordable homes.

    For families in my community who needed them.

    I told you what that development meant to me.

    [Political content removed]

    Because our vision is not just building houses, but it’s building homes for people of our country.

    And building the communities in which they live.

    We have a target to build 1.5 million homes this Parliament.

    As most of you in this room know I’m a straight talker, so I’ll say it straight.

    I know that target is stretching.

    [Political content removed]

    But I won’t shy away from the challenge.

    It’s desperately needed after years of failure.

    But I also want to be clear that our vision for housing is about so much more than hitting one target.

    We must continue building well beyond this Parliament.

    These must be well-designed, decent homes for local people.

    And they must come alongside the GP surgeries, schools and parks they need too.

    So, how will we know we’re succeeding?

    Firstly, if we get more and more homes – in every part of the country,  including here in West Yorkshire – built long into the future too.

    We can’t just ramp-up housebuilding over the next few years.

    Secondly, if more people have a home they can afford.

    And we bring crippling costs down.

    Thirdly, if we’re ensuring all homes are safe, secure and warm.

    And we’re driving down bills for working people.

    And finally, if we’re tackling the shameless homelessness crisis that is destroying the life chances of so many.

    Now this will demand huge ambition.

    And I am ready to meet it.

    Already, we are creating the right conditions for building.

    Ensuring smarter regulation for planning.

    And pro-growth and pro-building policy.

    We’re also working in partnership with you –

    Investors, industry…

    … The builders of our great nation.

    And I want to see new players, entrepreneurs and disruptors flourish.

    Small and medium enterprises, community-led housing projects and Councils who can disrupt the market for the better.

    Radically changing what we build, and who builds it.

    And transforming the system.

    To make it more diverse and innovative.

    Capable of not just delivering more homes, more quickly.

    But delivering secure, affordable and decent homes – for everyone, everywhere…

    And homes that will stand the test of time.

    I say that I don’t shy away from the scale of the crisis facing us.

    Because it is  monumentous.

    There’s barely a family in this country hasn’t been affected by it.

    The dream of home ownership has been snatched away from a generation.

    Just over 1.3 million people languish on waiting lists for social housing.

    It is a scandal we have over 160,000 children in temporary accommodation.

    Their lives have been held back.

    Our country is being held back.

    I know, from my own experience, how much having a secure, affordable home matters.

    Alongside decent work and a strong community.

    These were the foundations on which our parents and grandparents built good lives.

    But which are now just not there for too many working people.

    This is not just taking a personal toll, but it’s taking an economic one too.

    Because growth and development go hand in hand.

    Unlocking decent jobs, vital infrastructure and supporting our local economies.

    Which in turn delivers the growth that is so needed to improve living standards and revitalise our public services.

    Yet, I’ve heard from so many people since coming into office, how the system just stopped working.

    Desperate families failed.

    Local leaders feeling powerless to act.

    Developers navigating a complex system.

    This is not a series of crises.

    But the symptoms of a broken system.

    And so, nothing less than action everywhere will do.

    It’s a momentous challenge – but we will meet this moment.

    And in our first ten months of Government that is what I set out to do.

    We said getting shovels in the ground was crucial.

    And so, I wasted no time in turning the pages on years of decline.

    With unwavering action to reverse the tide and get Britain building again.

    We reintroduced local housing targets.

    [Political content removed]

    We set out and consulted on a new pro-growth, pro-supply National Planning Policy Framework within our first three weeks in Office.

    Unlocking brownfield and grey belt land for development.

    And before the summer was out, we started getting stalled sites moving again through our New Homes Accelerator.

    We’re pressing ahead with the hugely ambitious Planning and Infrastructure Bill.

    To speed up the delivery of new homes and critical infrastructure.

    With innovative reforms like our Nature Restoration Fund to unblock building.

    While creating a win-win for nature and development.

    As well as plans to modernise planning committees and bring in a new system of strategic planning.

    Changes which could add up to £7.5 billion to the UK economy over the next decade.  

    The New Towns Task force is also hard at work on its recommendations for sites.

    We’ve committed £3bn of support to small to medium enterprises and the build to rent sector, to access cheaper lending.

    And as part of our commitment to building 1.5 million homes this Parliament…

    …We’ll deliver  the biggest wave of affordable and social housing in a generation.

    And we’ve already topped up investment by £800 million.

    As well as a £2 billion top-up funding next year.

    With more to come at the Spending Review. 

    And that’s not all.

    Our landmark Renters’ Rights Bill was introduced within our first four months.

    Banning no fault evictions and giving the millions renting more security.

    In November, we also set out our blueprint to ending the feudal leasehold system.

    And earlier this year we published our Commonhold White Paper.

    Giving leaseholders more say and power over their homes and lives.

    And we’re empowering mayors through our devolution revolution.

    Because the homes we build must deliver for people in all corners of our country.

    This is the biggest shift of power from Whitehall to our town halls in a generation.

    That was why I was delighted to celebrate the launch of The Great North last night. Not just because I am a northerner.

    The North’s mayors coming together to herald a new era of Northern cooperation.

    Showing what’s possible when we work together.

    And we’re already seeing green shoots of this coming through.

    Today Homes England has announced it’s delivering thousands more homes across the country compared to last year.

    But this is just the start.

    Because I know that there is so much more that still needs to be done.

    As I’ve said, our planning reforms are a game-changer.

    But we know that there must also be a renewed focus on social housebuilding.

    I’m committed to resetting the foundations of the sector.

    And to give the sector stability and confidence to invest in the future.

    It’s also why we have made planning changes to support affordable housing too.

    And we’ve helped Councils to borrow sustainably from the Public Works Loan Board.

    Extending the preferential rate for council housebuilding to the end of 2025-26.

    And we’ll shortly be confirming future regulatory standards.

    To ensure that homes are safe, decent and warm.

    And that social housing tenants are treated with the respect that they deserve.

    Whilst also giving the sector the certainty to invest for the future. 

    I’m committed to this Council housebuilding revolution.

    And not just because social and affordable housing are a nice add-on.

    But because it’s essential to ensuring homes are built – and more quickly.

    Because we know developments with a mix of housing build out faster.

    And that affordable homes are the vital ingredient to unlocking private housebuilding too.

    Partnerships between housebuilders and the public sector – like Vistry’s partnerships model…

    And the projects between Homes England, Muse and Pension Insurance Corporation that are delivering 100% affordable sites in Bradford and Wakefield.

    And are adding greater diversity, ensuring we meet the needs of local communities.

    And I want to see these continue.

    And more partnerships like them too.

    We also want to see smaller housebuilders playing a bigger role.

    Both in terms of who builds our homes and the types of homes they build.

    They already make a significant contribution on smaller brownfield sites.

    Building out faster than is often possible on larger and more complex sites.

    So, we’re backing them to reclaim their rightful place as the backbone of housebuilding.

    But a diverse housing market also depends on a workforce that’s fit for the future.

    And so, we’re working closely with the construction sector to improve skills.

    And job opportunities across the country.

    The Chancellor has already announced £600 million to recruit an extra 60,000 construction workers by 2029.

    And I’m proud to be joining the inaugural meeting of the Construction Skills Mission Board with Mark Reynolds from Mace. This industry-led group will bring together the whole sector to invest in UK plc, and oversee industry plans to recruit 100,000 more workers per year by the end of the Parliament, securing the next generation of construction workers.  

    It’s also why we’re also plugging capacity back into local planning authorities.

    Making funds available to hire 300 new planners.

    And through reforms to our Planning and Infrastructure Bill, letting Councils set their own planning fees.

    And ringfencing this money to reinvest in planning.

    Today, we don’t have to look too far afield for inspiration.

    Just round the corner from this hall, the Leeds College of Building – the UK’s only specialist construction college – is training the next generation of workers.

    And when it comes to who will drive delivery, our Mayors will be key.

    With the powers we’re handing them, they will be critical to powering regional growth.

    They’ve already achieved so much.  

    South Yorkshire’s on course for 20,000 new homes over the next 20 years.

    In West Yorkshire, Mayor Brabin has helped get shovels in the ground on the Dyecoats project where 1,600 new homes will be built.

    In Greater Manchester, there’s a strategic place partnership with Homes England that’s supporting 10 councils with 13 projects.

    And in the North-East, Mayor McGuinness is supporting the delivery of 100 new family homes – including council housing – as part of a regeneration project in East Durham.

    And, just last week, Mayor Parker in the West Midlands, announced 300 affordable homes on the site of the former Yardley Sewage Works…

    … Including 150 for social rent.

    And going forward, we want to forge a stronger partnership between Mayors and Homes England.

    Moving Homes England to a more regionalised model, over time.

    This is Britain [Political content removed].

    Open to building.

    Open for business.

    And delivering for working people.

    So we give people the security and control they deserve.

    Regardless of whether they rent or they own their home.

    Or are in the private or social rented sector.

    We have big changes in the pipeline.

    Disrupting, diversifying and transforming the housing market.

    So that it delivers for working people.

    Big changes that mean big opportunities for investment and growth.

    I urge everyone across the whole system to seize them with both hands.

    To investors, I say: there are an exciting array of opportunities. Tom spoke about them.

    To our housebuilders, we have listened and we’re reversing the tide to create the right conditions.

    But now we need you to build, build, build.

    To our mayors, I say don’t hold back.

    Take control of planning to drive the growth across housing, transport and skills.

    Our councils, too, must raise their game with up-to-date Local Plans.

    And work together with housing associations to build a new generation of social housing.

    Because the days of business as usual are over.

    It’s time to fight for a brighter, more ambitious future for our country.

    And what better inspiration than Clement Attlee’s 1945 Labour Government.

    Out of the ruins of war, he built homes for heroes.

    And as we mark its 80th anniversary, it’s time to recommit ourselves to delivering in the same spirit.

    This is how we’ll unleash the growth and opportunities we all want to see.

    It’s how we will rebuild the foundations of a good life for everyone.

    And it’s how we will deliver for working people.

    Thank you.

    Updates to this page

    Published 20 May 2025

    MIL OSI United Kingdom

  • MIL-OSI Economics: FIFA and Wanda Group partnership largest annual sponsorship deal in construction and real estate sector, reveals GlobalData

    Source: GlobalData

    FIFA and Wanda Group partnership largest annual sponsorship deal in construction and real estate sector, reveals GlobalData

    Posted in Sport

    In 2016, Wanda Group signed a 15-year deal, which sees the brand serve as a top-tier FIFA partner. Under the agreement, Wanda secured rights to all FIFA competitions and corporate activities, extending through the 2030 World Cup, with a deal value reported to be approximately $56.57 million per year. Alongside the brands’ partnership with FIFA, Wanda Group is the highest spending brand across the construction and real estate sector in 2025, reveals GlobalData, a leading data and analytics company.

    GlobalData’ s latest report, “Sponsorship Sector Report – Construction & Real Estate 2025”, reveals that across the construction and real estate sector, soccer commands the top position in terms of annual sponsorship revenue and deal volume in 2025. Mitsui Fudosan is recognized as the most active brand across the sector, boasting 11 active partnerships in 2025.

    Olivia Snooks, Sport Analyst at GlobalData, comments: “Wanda Group was the first Chinese company to achieve top-tier partner status with FIFA. The partnership between Wanda Group and FIFA aims to facilitate the advancement of grassroots soccer development in China and across China.”

    Saudi Arabia has seen a surge in the construction and real estate sector’s involvement with the sports sponsorship industry and occupies a significant portion of the higher-value partnerships across the sector. Brands including Roshn and Red Sea Global, both are owned by the Saudi backed Public Investment Fund (PIF) have both partnered with teams competing in the Saudi Professional League, the top-flight soccer league in Saudi Arabia. Roshn’s naming rights partnership with the Saudi Professional League is one of the largest partnerships across the sector.

    Snooks continues: “The PIF’s involvement in the sponsorship activities across the Saudi Professional League has had a major impact on soccer across Saudi Arabia. The PIF has essentially taken control of the biggest clubs across the Saudi Pro League, as well as the league itself. Through Roshn serving as the league’s title partner and the PIF owning four of the biggest clubs across the league, this enables the fund to not only benefit from one of their brands gaining exposure but also four of their teams gaining more revenue.”

    Despite a decline in the number and total value of transactions within the construction and real estate sector from 2018 to 2019, the industry has experienced consistent year-over-year growth in both the quantity of agreements signed and their cumulative annual worth through 2023. Between 2023 and 2024, the volume of deals signed plateaued; however, the annual value of these deals increased. Taking this into consideration, it could be suggested that even though the volume of deals agreed upon has not increased, the value of the deals that brands across the sector are committing to is growing.

    Snooks concludes: “2025 will present uncertainty for the global economy given the tariffs, which have been implemented by US President Donald Trump. As tariffs elevate the expense of imported materials, including steel and aluminum, construction firms frequently find themselves absorbing these increased costs. The degree to which these developments will influence the construction and real estate sector’s engagement in the sports sponsorship arena remains to be determined.

    “However, it is important to mention that as the tariffs only apply to materials being imported into the US, for brands that do not do business in the US, they are less likely to be affected; the situation is also very changeable with tariff rates changing and having already been postponed for 90 days since the original announcement.”

    MIL OSI Economics

  • MIL-OSI United Kingdom: New figures show thousands more homes delivered across the country as Homes England exceeds targets

    Source: United Kingdom – Executive Government & Departments

    Press release

    New figures show thousands more homes delivered across the country as Homes England exceeds targets

    The government’s housing and regeneration agency beat three key targets for 2024/25 during a pivotal time for housebuilding in England

    Provisional figures show that Homes England surpassed its 2024/2025 annual targets, set centrally by government, for the number of new homes started, the number of new homes completed, and the number of potential homes unlocked.

    This work is key to supporting the government in delivering 1.5 million homes this parliament.

    Homes England colleagues, working in partnership with hundreds of local, regional and national organisations to catalyse housing, regeneration and place-making across the country, have:

    • enabled the completion of more than 36,000 homes, up 14% from 2023/24
    • facilitated the start of construction for an additional 38,000 homes, up 6% on 2023/24
    • unlocked land that is capable of delivering 79,000 further homes, significantly up from 2023/24.

    The figures represent a high-level snapshot of progress underpinned by strong performance from across the Agency.

    • Local leaders are being supported to achieve their housing and regeneration aspirations through targeted interventions including Agency land acquisition, like in Nottingham, boots-on-the-ground expertise in places like York and Bristol, and a rising number of strategic place partnerships, including with the North East Combined Authority, Liverpool City  Region and Cambridgeshire and Peterborough Combined Authority.

    • New, safe and affordable housing is being delivered, with the Agency on track to ensure every penny of the 2021-26 Affordable Homes Programme is spent, including recent government top-ups, with numerous projects supported including Union Village in Middlesbrough.

    • New investment to unlock housing and regeneration projects is being boosted by Agency support and collaboration with the private and public sector, including the affordable-housing, low carbon focused HABIKO housing innovation partnership with Pension Insurance Corporation (PIC) and Muse, and master developer joint venture with Oaktree Capital Management and Greycoat Real Estate.

    • Work to diversify the housing market and back SME homebuilders, including creating new, quality homes through the Home Building Fund by supporting organisations like Wyatt Homes to grow and deliver, and expanding lending initiatives like the Agency’s Greener Homes Alliance with Octopus Real Estate.

    Matthew Pennycook, Minister of State for Housing and Planning, said:

    Homes England is playing a crucial role in supporting the government’s Plan for Change to build 1.5 million new homes and deliver the biggest increase in social and affordable housebuilding in a generation.

    Last year I set out ambitious priorities for Homes England and I am pleased that the Agency has exceeded key housebuilding targets to ramp up the delivery of new homes and place-based regeneration. This is alongside backing SME housebuilders and bolstering the government’s wider devolution agenda to unlock much-needed housing and growth.

    Pat Ritchie, Chair of Homes England, said:

    As the newly appointed Chair of Homes England, I’m proud to see the hard work of the Agency reflected in our 2024/25 performance figures. The team’s passion for housebuilding and regeneration remains its greatest strength, and I’m pleased to see this so clearly demonstrated in these results.

    Looking forward, the transformation of the Agency into a more regionally-based model will mean we’re well-placed to support the government’s mission to build 1.5 million homes this parliament.

    Eamonn Boylan, Chief Executive of Homes England, said:

    Since joining Homes England in January I’ve been continuously impressed with my colleagues’ unwavering dedication to our central mission: to ensure everyone has a place they’re proud to call home.

    Our 2024/25 performance figures reflect the Agency’s determination and passion for housing and regeneration. We’ve exceeded our delivery targets by supporting our housebuilding partners to create much-needed new homes and we’ve worked more closely with mayors across the country to champion place-making and drive regional growth.

    The provisional performance figures are part of Homes England’s annual report, which will be published this summer.

    Notes to editors:

    1. Figures are rounded. Exact completion figures are 36,757 homes, versus a target of 36,484.
    2. Figures are rounded. Exact starts figures are 37,782 homes, versus a target of 33,095.
    3. Figures are rounded. Exact figures are 78,986 further homes versus a target of 59,956.
    4. ‘Unlocked’ refers to land that is capable of delivering homes.
    5. More information about Nottingham land acquisition.
    6. Strategic Place Partnerships (SPPs) are a commitment from Homes England and a Mayoral Strategic Authority to deliver against local housing and regeneration ambitions. Homes England has SPPs in place with Greater Manchester, Liverpool City Region, the North East, South Yorkshire, West Yorkshire, the West Midlands and Cambridgeshire & Peterborough, with more planned to best serve the housing and regeneration needs of millions of people across the country
    7. More information about the North East Combined Authority SPP
    8. More information about the Liverpool City Region SPP
    9. More information about the Cambridge and Peterborough Combined Authority SPP.
    10. More information about the HABIKO partnership.
    11. More information about the joint venture between the Agency, Oaktree Capital Management and Greycoat Real Estate.
    12. More information about Home Building Fund support to Wyatt Homes.
    13. More information about the Green Home Alliance.

    ENDS

    Updates to this page

    Published 20 May 2025

    MIL OSI United Kingdom

  • MIL-OSI: Patriot Bank Expands Its Board and Senior Leadership Team

    Source: GlobeNewswire (MIL-OSI)

    • Richard Smith, Jeff Seabold and Thedora Nickel elected Directors.
    • Paul Simmons appointed EVP, Chief Credit Officer
    • Nicole L. Wells appointed SVP, Head of Operations
    • Rebecca Mais appointed SVP, High Net Worth and Specialty Deposits
    • Raquel Gillett appointed SVP, Digital Transformation and Risk Analytics

    STAMFORD, Conn., May 19, 2025 (GLOBE NEWSWIRE) — Patriot Bank, N.A. (“Patriot Bank”), the wholly owned subsidiary of Patriot National Bancorp, Inc. (NASDAQ: PNBK), is pleased to announce the election of Richard Smith, Jeffrey Seabold and Thedora Nickel to serve on the Patriot Bank’s Board of Directors and the appointment of the following leaders to the management team:

    • Paul Simmons as Executive Vice President, Chief Credit Officer
    • Nicole L. Wells as Senior Vice President, Head of Operations
    • Rebecca Mais as Senior Vice President, High Net Worth and Specialty Deposits
    • Raquel Gillett as Senior Vice President, Digital Automation and Risk Analytics

    These appointments strengthen Patriot Bank’s leadership team as the organization focuses on delivering exceptional banking services to high-net-worth clients and the fiduciaries who serve them.

    “We are delighted to welcome Richard, Jeff, Teddy, Paul, Nicole, Rebecca, and Raquel to their new roles,” said Steven Sugarman, Chief Executive Officer of Patriot Bank. “Their collective expertise and vision will advance Patriot’s mission to empower our clients while delivering exceptional value to our shareholders.”

    Richard Smith, Director

    Richard Smith brings 40 years of banking expertise, specializing in private banking for high-net-worth individuals. Beginning his career as a banking analyst with Manufacturers Hanover in New York, he later held senior roles at Imperial Bank and Comerica Bank in Southern California. In 2005, Smith founded The Private Bank of California and served as its President. After its sale to Banc of California in 2012, he was named President of Banc of California’s Private Banking Division. Smith serves on the Board of CalPrivate Bank, the Zimmer Children’s Museum, and the Westside Food Bank in Los Angeles.

    “It is a privilege to join Patriot Bank’s Board of Directors,” said Smith. “Patriot Bank’s commitment to serving high net worth clients and their advisors aligns with my passion for fostering strong client relationships.”

    Jeffrey Seabold, Director

    Jeff Seabold is an accomplished entrepreneur, investor, and executive leader with almost 30 years of experience in corporate strategy, business development, and executive management. He has a proven history in real estate finance and commercial banking.

    Mr. Seabold is the Co-Founder and a Director of The Change Company CDFI LLC and Change Lending LLC, a certified Community Development Financial Institution (CDFI) focused on home lending. Previously, Mr. Seabold was the Co-Founder and Executive Vice Chairman of Banc of California, Inc., a publicly traded bank holding company and federally chartered national bank headquartered in Irvine, California. Seabold was also the Founder of CS Financial, Inc., a national mortgage finance company, Co-Founder for Camden Capital Partners, LLC, a bridge & mezzanine real estate lender and servicer, and the Founder of Camden Escrow, Inc., a real estate settlement services provider.

    “I’m proud to join the Board of Directors at Patriot Bank and support its mission of delivering personalized, high-quality banking solutions,” said Seabold. “Throughout my career, I have seen the value of building lasting relationships based on trust, service, and understanding. I look forward to contributing my experience to help Patriot Bank deepen its connection with clients and to build a trusted financial partner for our clients.”

    Thedora Nickel, Director

    Thedora Nickel has over 30 years of banking leadership experience, with deep expertise in domestic and international operations, client service, and organizational transformation. She currently serves as Executive Director of The Change Company and Change Lending. Prior to this role, Nickel was Chief Administrative Officer at Banc of California where she led the strategic direction of key enterprise and operational functions. She previously held several senior leadership positions at Bank of America over a 25-year career, most recently as SVP, Group Operations Executive, overseeing national research, resolution, and reconcilement functions in support of the bank’s bank centers, capture sites, and cash vaults. Earlier, she led the Transaction Services West Region with responsibility for over two thousand employees and five processing units. A certified Six Sigma Executive, Nickel also dedicates her time mentoring MBA students at the University of California, Irvine and serves on the board of The Whole Child, a non-profit organization serving vulnerable families in Los Angeles County.

    “I’m honored to join Patriot Bank’s Board of Directors,” said Nickel. “With my experience driving operational excellence and delivering client-focused solutions, I look forward to helping the organization build a strong foundation for sustainable growth.”

    Paul Simmons, Executive Vice President, Chief Credit Officer

    Paul Simmons is a seasoned banking executive with over 35 years of experience in commercial lending, credit, and financial services. Prior to joining Patriot Bank, Mr. Simmons served as Executive Vice President and Chief Credit Officer of Sunwest Bank, Silvergate Bank and Banc of California. He has overseen all aspects of credit administration, asset quality, and lending operations. He also held senior leadership positions at Citigroup, GE Capital, Apollo Real Estate Advisors, and Zions Bancorporation. A graduate of Brigham Young University, Simmons is recognized for his strategic acumen and breadth of experience.

    “I’m honored to join Patriot Bank as its Chief Credit Officer,” said Simmons. “Over my career, I have been fortunate to lead credit organizations at banks of all sizes — always with a focus on building strong credit cultures, managing risk with discipline, and partnering with lending teams to drive smart, sustainable growth. I am excited to be a part of this high-performing executive team to bring that same approach to Patriot Bank and to contribute to Patriot Bank’s turnaround focused on serving our clients with excellence.”

    Nicole L. Wells, Senior Vice President, Head of Operations

    With over 30 years of experience in banking and financial services, Nicole L. Wells joins Patriot Bank as its Senior Vice President and Head of Operations. She served as Head of Strategic Retail Operations at Santander Bank, N.A. in Greater Boston, a role she started in September 2020. Previously, Ms. Wells served as SVP, Private Banking Operations at Banc of California. Wells also held roles at Bank of America, Countrywide Bank, Western Federal Credit Union, and Citibank. Wells holds an M.P.A. in Public Administration with a focus on Organizational Leadership from California State University-Dominguez Hills and completed the Executive Education Program at Columbia Business School.

    “I am delighted to join Patriot Bank and lead its bank operations,” said Wells. “My experience in driving strategic business enablement, simplification, and process excellence will support the Bank’s commitment to delivering seamless, client-focused services.”

    Rebecca Mais, Senior Vice President, High Net Worth and Specialty Deposits

    Rebecca Mais joins Patriot Bank as its Senior Vice President, High Net Worth and Specialty Deposits. Ms. Mais, bringing over 17 years of experience, leading Private Banking and Non-Profit divisions. Previously, she held leadership roles at Banc of California, Bank of Hope and Commerce Bank, where she specialized in market expansion and developing customized deposit solutions for high-net-worth individuals, centers-of-influence, and specialized sectors, including real estate, entertainment, Institutional Banking, Non-Profits, RIA and Business Management Services. Mais is passionately committed to the families and communities we serve and is the Board Secretary of the Westside Food Bank Non-Profit. She is a highly engaged, results-driven, and client-centric leader who is recognized for her ability to drive deposit growth and foster long-term client relationships. Mais holds an Executive M.B.A. from Pepperdine University’s Graziadio School of Business and a B.S. in Business Administration/Fashion Merchandising from Philadelphia University.

    “It’s a privilege to work with such an incredible team to deliver tailored financial solutions that meet the unique needs of our remarkable clients,” said Mais. “I look forward to building Patriot into a client-focused bank able to empower the communities we serve.”

    Raquel Gillett, Senior Vice President, Digital Transformation and Risk Analytics

    Raquel Gillett joins Patriot Bank as its Senior Vice President of Digital Transformation and Risk Analytics, bringing over 20 years of experience in banking and financial services. Previously, she served in senior roles at The Change Company, COR Clearing, Banc of California, California National Bank, and Southern Pacific. She has led technology-driven process improvements as well as overseen financial controls. Ms. Gillett is highly experienced implementing innovative digital risk and reporting solutions, integrating systems, and optimizing reporting frameworks.

    “I am thrilled to join Patriot Bank to lead its digital transformation, leveraging technology to empower our bankers to serve our clients safely and with operational excellence. Strengthening our risk analytics will allow Patriot to pursue our mission and vision safely and soundly,” Gillett said.

    For more information about Patriot Bank, please visit www.bankpatriot.com.

    Media Contact:

    Kirsten Hoekman
    Patriot Bank, N.A.
    Phone: (203) 252-5905
    Email: khoekman@bankpatriot.com

    The MIL Network

  • MIL-OSI Europe: Highlights – The impact of tax policies on the housing crisis in the EU – Special committee on the Housing Crisis in the European Union

    Source: European Parliament

    On 19 May 2025, from 16:30 to 18:30, the HOUS Committee and the FISC Subcommittee will host a joint public hearing on ‘The impact of tax policies on the housing crisis in the EU’.

    The purpose of the hearing is to explore the intersection of EU tax matters and the housing crisis. Experts, key sector representatives, and Members of the European Parliament will examine whether some tax practices affect the affordability and accessibility of housing in the EU and which tax policies could contribute to addressing both the immediate challenges and long-term structural issues in the housing sector.

    The public hearing will be structured around two panels. The first panel will bring together HOUS and FISC Members with experts to explore the link between taxation and affordability and how tax policies can shape access to housing in the EU. The second panel will focus on how tax policies can contribute to rebalancing the housing market.

    MIL OSI Europe News

  • MIL-OSI: Fast Wealth Under Review: The Get Dumb Money Works System Reviews Reveal Shocking Truth

    Source: GlobeNewswire (MIL-OSI)

    New York, May 16, 2025 (GLOBE NEWSWIRE) —

    In This Article, You’ll Discover:

    • How the Fast Wealth system and the Get Dumb Money 30-second phone ritual are marketed to generate passive income
    • A breakdown of what’s actually included inside the Fast Wealth program
    • Whether the Get Dumb Money Works System is a legitimate path to fast wealth or just another marketing gimmick
    • Pricing, refund policy, and satisfaction guarantee information (with a disclaimer to check the official website)
    • Verified user insights, red flags, and expert commentary on affiliate marketing schemes
    • How mindset, repetition, and identity-shifting are claimed to rewire financial behaviors
    • The psychology behind “dumb money” and why it’s critical for anyone serious about financial independence in 2025
    • Trusted alternative wealth-building methods that go beyond surface-level hype
    • Key buzzwords and SEO-driven analysis to help readers find the best Fast Wealth method in 2025

    TLDR Summary: Fast Wealth and the Get Dumb Money Works System

    Fast Wealth is a digital program sold through ClickBank that claims to show users how to generate quick income online using a mix of affiliate marketing and subconscious behavior hacks, including a 30-second daily ritual called the Get Dumb Money system.

    This article explores whether Fast Wealth in 2025 lives up to its promise of delivering the best method to build wealth quickly, or if it simply recycles generic concepts under a high-converting brand. The Get Dumb Money ritual is said to rely on behavioral psychology, but transparency around how it works is limited, and watchdog sources have raised red flags.

    We review the actual program content, user experiences, refund policies, and pricing structure, as well as common pitfalls like hidden upsells and vague claims. The system may attract beginners hoping for quick wins, but readers looking for real financial results will find better, more grounded options discussed throughout this article.

    This complete review provides the facts to help you decide whether the Get Dumb Money system is the right fit or just another short-term pitch that fades quickly.

    Disclaimer: Pricing and promotional details are subject to change. Always check the official website for the most accurate and current information before purchasing.

    Introduction: The Allure and Risks of Fast Wealth in 2025

    In an era where digital side hustles and AI-powered income streams dominate headlines, the idea of building fast wealth in 2025 has never been more appealing—or more confusing. With countless systems promising shortcuts to financial freedom, one platform gaining viral attention is the Fast Wealth program, paired with the Get Dumb Money Works System. It claims to offer a 30-second phone ritual that unlocks subconscious wealth pathways, helping users move from “broke by default” to a wealth-oriented mindset.

    But with bold promises come even bolder questions: Is this method truly effective? Can a mindset shift alone lead to passive income and financial breakthroughs? Or is this just another cleverly packaged affiliate marketing funnel?

    This in-depth review will explore the complete Fast Wealth ecosystem, examining what’s real, what’s risky, and what users need to know before diving in.

    Let’s find out if this is the best Fast Wealth method in 2025—or just another hyped-up shortcut that fails to deliver.

    Understanding the Fast Wealth Program

    The Fast Wealth program is marketed as a beginner-friendly solution for those seeking to make money online in 2025. At its core, the platform claims to simplify the often complex world of affiliate marketing and digital income generation. Focusing on mindset shifts and “easy-to-follow steps,” it promises to guide users through a process that allegedly delivers quick and repeatable financial results.

    What the Program Includes

    Fast Wealth offers access to a digital portal that features training videos, quick-start guides, and daily rituals. These are designed to help users align their subconscious thoughts with wealth-oriented behaviors. Much of the marketing centers around the idea that wealth creation isn’t just about tactics—it’s about reprogramming how you think and act around money.

    Although the material is light on technical depth, it attempts to cover topics such as:

    • Affiliate product promotion strategies
    • Simple funnel templates and copywriting hooks
    • The “Get Dumb Money” 30-second ritual
    • Daily repetition for subconscious habit installation

    Accessibility and Platform

    The program is distributed through ClickBank, one of the most well-known digital product marketplaces. This provides a level of payment security and support that many users value, especially when dealing with emerging personal finance products.

    Refund Policy and Pricing

    At the time of writing, the Fast Wealth program is available for a one-time fee of $39. It also comes with a 120-day money-back guarantee, promoted as no-questions-asked.

    Disclaimer: Always check the official website for the most accurate pricing and refund information. Offers and access terms may change without notice.

    What the Program Promises

    The core promise of the Fast Wealth system is speed. By following simple steps and engaging with the Get Dumb Money ritual daily, users are told they can generate results quickly, without needing prior experience, a website, or enormous startup costs. However, specifics on how the actual income is earned remain vague, and the promotional materials rely heavily on emotional appeal rather than data-backed claims.

    Discover the 30-second phone ritual claiming to rewire your wealth mindset—start your Fast Wealth journey today before this exclusive offer expires.

    Delving into the Get Dumb Money System

    The Get Dumb Money System is a central piece of the Fast Wealth platform, promoted as a breakthrough subconscious technique for rewiring the way users think about wealth. Branded as a “30-second phone ritual,” it is designed to be simple, repeatable, and instantly actionable—ideal for those looking to see fast changes without extensive learning curves or heavy workloads.

    What Is the 30-Second Ritual?

    At the heart of the system is a short audio or video sequence that users are instructed to engage with daily, typically using their phone. The ritual is framed as a tool to reprogram the subconscious mind by:

    • Interrupting old, scarcity-based thought patterns
    • Installing a new identity rooted in abundance and financial confidence
    • Replacing the default “broke mindset” with what the system calls a “Money Magnet Identity”

    It draws on popular behavioral psychology techniques such as visualization, repetition, and affirmations, though no scientific studies are cited within the material to back up the claimed financial outcomes.

    Psychological Framing: From Scarcity to Wealth Identity

    The creators suggest that most people fail financially because they’ve been unknowingly programmed to self-sabotage. The Get Dumb Money System aims to counteract this through:

    • Daily mental pattern resets
    • Anchoring thoughts of success through simple sensory triggers (like phone rituals)
    • Using repetition to create “automatic abundance behaviors”

    While this approach aligns with some foundational theories in neuroscience and self-development, the financial claims tied to it, like attracting money “effortlessly,” should be viewed cautiously.

    Disclaimer: While mindset and behavior training may offer personal benefits, there are no guarantees that this will directly result in income generation. Financial success typically requires consistent effort, strategic planning, and a mix of proven actions.

    Why It Appeals

    The system’s simplicity is its strongest selling point. With no technical skills required and no lengthy modules to absorb, it attracts those who feel overwhelmed by more complex business models. It also heavily appeals to emotional pain points, like frustration with debt or feeling stuck financially.

    However, the lack of transparency about how it connects to actual revenue generation (e.g., affiliate links, ad monetization, digital sales) limits its credibility when evaluated strictly as a wealth-building method.

    Evaluating the Legitimacy

    While the Get Dumb Money System and the broader Fast Wealth program are marketed with confidence and urgency, it’s crucial to examine their legitimacy through a more objective lens. Many systems in the “make money online” category walk a fine line between motivation and manipulation, and this one is no exception.

    Common Red Flags

    Several warning signs have been raised by users, watchdog reviewers, and independent analysts:

    • Vague implementation steps – Much of the material relies on emotional framing rather than practical, step-by-step strategies.
    • Generic content – Some users report that the advice inside mirrors free content already available through YouTube or public affiliate training forums.
    • Hidden upsells—Although the entry price is low, there are suggestions that additional costs or offers are presented after purchase.
    • Lack of transparency—The system does not have a visible team behind it, and many of the testimonials provided are not independently verified.

    Trust Ratings and External Reviews

    Online security and scam-detection platforms have flagged the FastWealth.io and GetDumbMoney.com websites with low trust ratings. This doesn’t automatically confirm a scam, but it does indicate a lack of verifiable reputation, which is especially concerning in the financial advice space.

    For instance:

    • Scam Detector rates FastWealth.io poorly, citing domain anonymity and promotional vagueness.
    • MalwareTips and Infoquu both note patterns that match standard high-risk digital product funnels, such as exaggerated claims, refund overuse, and unsourced testimonials.
    • The language used throughout promotional materials also mirrors known psychological manipulation techniques, often seen in short-term marketing scams.

    What Does This Mean for Serious Users?

    Those seeking legitimate financial transformation should proceed with caution. While the system may provide motivational value or encourage personal reflection, it does not offer a documented path to income. The real risk lies in confusing “mindset enhancement” with reliable financial models.

    The absence of precise business mechanics, such as affiliate commission structures, marketing funnels, or asset-building frameworks, makes it challenging to categorize Fast Wealth as a genuine wealth-building tool.

    Disclaimer: Individuals should conduct their research and consider multiple sources of information before investing in any income-generating system. Transparency, documented success stories, and verified user support are key indicators of a program’s credibility.

    Ready to ditch the broke mindset? Activate your “Money Magnet Identity” now with the Get Dumb Money ritual. Fast Wealth access just one click away.

    User Experiences and Reviews

    User feedback offers some of the most revealing insights into the real-world impact of the Fast Wealth program and the Get Dumb Money System. In a mix of public reviews, blog analyses, and discussion forums, user experiences tend to be polarized, ranging from motivated praise to deep skepticism.

    Positive Impressions

    Some early adopters express appreciation for the mindset-shifting elements. These users highlight:

    • A sense of empowerment after engaging with the 30-second ritual daily
    • Motivation to take action on personal goals and financial planning
    • Appreciation for the simplicity of the system, especially for those overwhelmed by traditional business courses

    In these cases, it seems the Get Dumb Money System serves as a daily motivator or personal development tool—less of a business method and more of a confidence-building exercise.

    Common Criticisms

    However, many users and reviewers raise recurring concerns:

    • Lack of actionable strategies – The system often stops short of providing detailed monetization paths.
    • Recycled concepts – Much of the advice is general and widely available for free in self-help and affiliate marketing spaces.
    • Overreliance on emotional triggers – Critics point to how the sales material leverages fear, shame, or urgency rather than focusing on practical skills.
    • Unexpected upsells or vague guarantees – While a refund is promised, some users claim that the process isn’t as seamless as advertised.

    Expert Commentary

    Financial experts tend to view the Get Dumb Money System with caution. Without concrete business frameworks or evidence-based strategies, it falls into the category of motivational marketing, not financial education. Professionals emphasize that sustainable income is built through structured models involving time, effort, and strategy, not just mindset rituals.

    Some finance bloggers label the system as a psychological placebo—something that might feel helpful in the short term but lacks the tools for long-term transformation unless paired with real-world income action steps.

    Disclaimer: Personal experiences may vary widely depending on expectations and background. While some may benefit from motivational elements, this program should not be mistaken for a proven business model or substitute for proper financial planning.

    The Psychology Behind “Dumb Money”

    To understand the full pitch behind the Get Dumb Money System, it’s essential to break down the psychology of the term “dumb money.” While the phrase may sound dismissive, it actually refers to a well-documented concept in behavioral finance, often used to describe the emotional decision-making patterns of retail investors or untrained participants in the financial system.

    What Is Dumb Money?

    In financial markets, “dumb money” typically refers to capital invested by individuals who lack institutional insights, real-time data, or technical analysis experience. These investors often:

    • Buy high due to hype or fear of missing out (FOMO)
    • Sell low during market dips driven by panic.
    • Follow viral trends without a long-term strategy.
    • Rely on surface-level promises rather than fundamentals.

    The Fast Wealth program leverages this concept by suggesting most people are programmed to operate from a “broke by default” mindset. The Get Dumb Money System claims to rewire this mental default using subconscious rituals and repetition.

    Smart Money vs. Dumb Money Behavior

    Whereas “dumb money” follows emotions, “smart money” behaves based on:

    • Long-term planning and portfolio diversity
    • Data-backed investment models
    • Consistent financial education
    • Strategic patience, even during downturns

    By labeling the old mindset as “dumb money,” the system aims to position its users as future “smart money thinkers”—though it does this without providing direct education on investing, markets, or budgeting.

    Why This Framing Works

    Psychologically, this narrative is highly compelling for marketing purposes. It:

    • Creates a clear “us vs. them” identity
    • Encourages people to believe their struggles are due to subconscious conditioning
    • Offers a daily ritual as an easy fix for a complex, deeply rooted issue

    While this can inspire change on a surface level, it’s important to distinguish between mindset work and actual financial tools or knowledge.

    Disclaimer: Reprogramming mental habits can support personal growth, but it should be paired with financial education and proven wealth strategies for meaningful, lasting outcomes.

    Transform your financial future in 30 seconds a day. Start the Get Dumb Money System now—risk-free with a 120-day satisfaction guarantee!

    They say mindset is everything—find out if it’s true. Try the Fast Wealth 30-second ritual today and unlock the first step toward smarter money habits.

    Alternatives to Consider

    While the Fast Wealth program and the Get Dumb Money ritual may offer motivational value, those serious about achieving long-term financial results should explore alternative approaches. These alternatives are grounded in transparency, practical action, and well-established principles in personal finance.

    Legitimate Wealth-Building Strategies

    There are proven paths to financial growth that don’t rely on hype, secrecy, or vague subconscious reprogramming. Some of the most effective strategies include:

    Financial Education

    Learning the basics of budgeting, investing, debt management, and passive income creation remains one of the most reliable ways to build wealth. Many free or low-cost resources exist that offer:

    • Step-by-step guides on affiliate marketing
    • Training on building high-converting websites and funnels
    • Education on digital product creation, freelancing, and real estate
    • Courses on financial literacy, trading, and portfolio diversification

    Diversified Income Streams

    Real wealth often comes from multiple, sustainable income sources rather than a single system. Examples include:

    • Affiliate marketing is built on niche content websites or YouTube channels
    • Print-on-demand or drop-shipping businesses with real customer value
    • Creating and selling digital products (e-books, templates, online courses)
    • Long-term investing through index funds, ETFs, or dividend-yielding stocks

    Long-Term Planning

    A key contrast to “get rich quick” platforms is the emphasis on patience and strategy. Individuals serious about wealth accumulation in 2025 should consider:

    • Setting realistic financial goals over a 12–36 month period
    • Tracking expenses, income, and performance over time
    • Reinvesting profits back into scalable systems (ad spend, automation tools, etc.)
    • Consulting certified financial advisors for major decisions

    Trusted Platforms and Tools

    Instead of relying on one-size-fits-all solutions, users can explore platforms that are widely reviewed and offer community support, transparent pricing, and educational infrastructure. These include:

    • Udemy, Coursera, and Skillshare for learning monetizable skills
    • Shopify and Gumroad for launching online stores or products
    • ConvertKit or Systeme.io for email marketing and digital sales automation
    • Personal finance apps like YNAB or Mint for budgeting and goal tracking

    Disclaimer: No single platform or tool guarantees success. Results depend on the time, energy, and strategic thinking each individual brings to the process. Any new system or investment should be researched thoroughly and aligned with your personal goals.

    Conclusion and Final Thoughts

    The Fast Wealth program and the Get Dumb Money Works System offer fast financial results through mindset shifts, daily rituals, and simple steps anyone can follow. For beginners overwhelmed by more technical wealth-building paths, the idea of a 30-second phone ritual unlocking a new financial identity may feel empowering and approachable.

    However, beneath the polished marketing and motivational messaging, there are critical gaps. The program lacks transparency, provides a limited actionable strategy, and relies heavily on emotional appeal. While mindset plays a role in long-term success, it must be supported by concrete actions, skill-building, and a realistic understanding of how income is actually generated.

    Many users will find that the system functions more as a motivational tool than a proven income vehicle. Suppose you’re looking to achieve fast wealth in 2025, truly. In that case, it’s crucial to balance inspiration with education and prioritize platforms and tools with a clear track record of delivering real-world results.

    Those serious about transforming their financial life should use discernment, dig deeper than surface-level promises, and commit to models that combine mindset with measurable strategy.

    Disclaimer: This review is for informational purposes only and does not constitute financial advice. Always consult a qualified professional when making decisions related to income, investing, or business development. Pricing, guarantees, and program details are subject to change—please verify all information with the official website before making a purchase.

    Rewire your subconscious for success—Get Dumb Money claims it only takes 30 seconds. Test it today and claim your full Fast Wealth program access.

    Frequently Asked Questions (FAQs)

    What is the Fast Wealth program?

    The Fast Wealth program is a digital system sold through ClickBank that claims to help users generate quick income online using simple affiliate marketing techniques and subconscious mindset shifts. It is often paired with the Get Dumb Money Works System, which includes a daily 30-second phone ritual.

    Does the Get Dumb Money 30-second ritual actually work?

    The system promotes the idea that daily repetition of mindset rituals can rewire subconscious habits related to money. While some users report feeling more motivated, there is no scientific evidence that this method alone leads to measurable financial success. It may be helpful as a personal development tool, but results can vary widely.

    Is the Fast Wealth system a scam?

    The Fast Wealth system is not officially labeled a scam, but it does raise several red flags, including vague strategies, recycled content, and low trust ratings on third-party review sites. Caution is advised, and users should conduct due diligence before purchasing.

    How much does the Fast Wealth program cost?

    As of the time of writing, the Fast Wealth system is listed for a one-time payment of $39. It also claims to offer a 120-day refund policy through ClickBank.

    Disclaimer: Always check the official website for the latest pricing and refund details. Pricing and promotions may change at any time.

    Can you really get rich quickly using this system?

    Quick wealth is rarely realistic without a combination of experience, resources, and risk. While motivational tools like this may help users take action, actual income usually comes from well-established models such as affiliate marketing, digital product creation, and long-term investing.

    Are there better alternatives to the Fast Wealth system?

    Yes. Platforms that offer transparent training, community support, and proven results, such as affiliate courses, business mentorships, and income-generating tools, deliver more consistent value. Diversifying income and investing in education are more reliable long-term strategies.

    Bonus: Top 5 Legitimate Strategies for Building Fast Wealth in 2025

    While the Fast Wealth program and the Get Dumb Money System have garnered attention, it’s essential to explore proven methods for wealth accumulation. Here are five strategies that individuals serious about financial growth in 2025 might consider:

    1. Affiliate Marketing with Reputable Programs

    Engaging in affiliate marketing through established platforms can be a reliable income stream. By promoting products or services and earning commissions on sales, individuals can build passive income over time. It’s crucial to choose programs with transparent terms and proven track records.

    2. Investing in Dividend-Paying Stocks

    Building a diversified portfolio that includes dividend-paying stocks can provide regular income and potential capital appreciation. This long-term strategy requires research and, often, consultation with financial advisors to align investments with personal financial goals.

    3. Creating and Selling Digital Products

    Developing digital products such as e-books, online courses, or software tools allows individuals to leverage their expertise and generate income. Platforms like Teachable or Gumroad facilitate the distribution and sale of such products to a global audience.

    4. Real Estate Crowdfunding

    Participating in real estate crowdfunding platforms enables investors to contribute to property ventures with relatively low capital. This approach can offer exposure to real estate markets without the responsibilities of direct property management.

    5. Developing a Niche Blog or YouTube Channel

    Creating content around a specific niche can attract a dedicated audience. Monetization avenues include advertising revenue, sponsored content, and merchandise sales. Consistency and quality content are key to building and maintaining an engaged following.

    Disclaimer: The strategies mentioned above involve varying degrees of risk and require due diligence. It’s advisable to consult with financial professionals before making investment decisions. Always ensure that any platform or opportunity is thoroughly researched and aligns with your financial objectives.

    Take the first step toward fast financial confidence. Start your risk-free trial of Fast Wealth and try the Get Dumb Money ritual now.

    • Contact: Fast Wealth
    • Email: support@fastwealth.io

    Disclaimer

    Legal Disclaimer and Affiliate Disclosure

    The content provided in this article is for informational and educational purposes only. It should not be construed as financial advice, investment guidance, medical counsel, or any other form of regulated professional service. While every effort has been made to ensure the accuracy of the information presented, no guarantees are made regarding the completeness, accuracy, timeliness, or applicability of any information herein.

    This article may contain references to third-party products, services, or systems, including but not limited to digital wealth-building platforms and mindset training programs. Any product or service mentioned should be evaluated independently by the reader, and individuals are encouraged to conduct their research and consult qualified professionals before making any financial, business, or personal decisions.

    The publisher of this article may receive compensation through affiliate partnerships with vendors mentioned within the content. This means that if a reader clicks on a link and makes a purchase, a commission may be earned at no additional cost to the reader. Such relationships do not influence the content, opinions, or recommendations provided. All views expressed in this article are based on publicly available information, user reviews, and independent editorial analysis.

    Neither the publisher nor any syndication partners shall be held responsible for any loss, damages, or other consequences arising directly or indirectly from the use of any product, service, or strategy mentioned in this publication. Readers acknowledge that results may vary and that no outcome can be guaranteed.

    All trademarks, logos, brand names, and product images are the property of their respective owners and are used for identification purposes only. This article is not sponsored by or affiliated with any of the brands mentioned unless explicitly stated otherwise.

    Any pricing, refund policies, or promotional offers discussed in this article are subject to change without notice. For the most accurate and up-to-date details, readers should refer to the official websites of the respective product or service providers.

    This content may be syndicated across partner websites and distribution channels for broader visibility. Syndication partners assume no liability for the accuracy, opinions, or claims made within this article.

    The MIL Network

  • MIL-OSI USA: Gov. Kemp Announces 39 Appointments to Boards, Authorities and Commissions

    Source: US State of Georgia

    Atlanta, GA – Governor Brian P. Kemp today announced 39 appointments and reappointments to various state boards, authorities and commissions.

    Nonpublic Postsecondary Education Commission

    Donald Dowless currently serves as President of Shorter University in Rome, Georgia, a role he has held for over a decade. He holds a Ph.D. in religion from Baylor University, a Master of Divinity from Southeastern Baptist Theological Seminary, and a Bachelor of Science in biology from the University of North Carolina at Chapel Hill. In addition to his presidency, Dowless teaches Christian studies and has instructed more than 10 different courses. His academic experience includes teaching at North Carolina State University, Campbell University, Southeastern Seminary, and Emmanuel University of Oradea. He has also completed missionary work in Romania and West Virginia. Dowless and his wife are active members of Pleasant Valley South Baptist Church in Silver Creek, Georgia.

    Georgia Board of Athletic Trainers

    Yusuf Jamal Ali was reappointed.

    Jeffrey Hopp serves as Director of Sports Medicine at Marietta City Schools and has led the Blue Devils’ athletic training program for over 20 years. He oversees student athletic trainers and has organized international trips for them to countries including Costa Rica, Ireland, and France. Prior to this, Hopp provided athletic training to Cobb and Cherokee County schools through Resurgens Orthopedics and was head athletic trainer for the Barcelona Dragons of NFL Europe. He has worked with the Minnesota Vikings, the 1996 Summer Olympic Games, and the 2007 U.S. National Paralympic Track and Field Championships. He was a founding member and chairman of the Georgia Concussion Coalition, contributing to the passage of the GA Return to Play Act. Hopp holds a B.S. in athletic training from Minnesota State University and resides in Dallas, Georgia, with his wife, Julie.

    Georgia Board of Landscape Architects

    Chad Baker, Jon Calabria, and Rebecca Kirk were reappointed.

    Georgia Peace Officer Standards and Training Council

    Stan Stalnaker is a member of the Tift County Board of Commissioners, currently serving his third term.  He is a certified county commissioner through the University of Georgia’s Carl Vinson Institute of Government and holds a specialty track certification in public safety. Stalnaker is a 29-year veteran of the Georgia State Patrol, holds the rank of Captain, and currently serves as the Director of GSP’s Aviation Division.  He holds a master’s in public administration from Columbus State University, is a graduate of the Georgia Law Enforcement Command College, and a graduate of the FBI National Academy, Session #261, in Quantico, Virginia. Stalnaker and his wife Keisha reside in Tifton, where they attend Liberty Baptist Church. They have one son who attends Georgia Southern University.

    Georgia State Board of Architects and Interior Designers

    Melissa Cantrell and Anne K. Smith were reappointed.

    Georgia Historical Records Advisory Council

    Mary McCartin Wearn is the President of Georgia Humanities. She formerly served as founding dean of the School of Arts and Letters at Middle Georgia State University, where she led regional partnerships and public-facing arts and culture programs. She holds a Ph.D. in english from UGA, a B.A. in english from the University of Maryland Global Campus, and a B.S. in biomedical engineering from Case Western Reserve University.

    Georgia Commission for the Deaf and Hard of Hearing

    Ibrahim Dabo, Paula Harmon, Anne McQuade, and Allison Morrison were reappointed.

    State Board of Workers Compensation

    Benjamin Vinson was reappointed as Chairman.

    Frank McKay was reappointed.

    State Charter School Commission

    Scott Sweeney is a Senior Business Advisor at InPrime Legal, a business law firm recognized as a 2019 Small Business ROCK STAR by the Georgia Department of Economic Development and the Georgia Economic Developers Association. He has served on numerous national, state, and local boards, including as past president of the Georgia Education Committee, a legislative affairs committee member for the Georgia School Boards Association, and a member of both the CTAE Business & Advisory Committee and the Cobb Chamber of Commerce Government Affairs Committee. Sweeney spent eight years on the Cobb County Board of Education, holding leadership roles including chair, vice-chair, budget liaison, and Facilities and Technology Committee liaison. He later served on the Georgia State Board of Education from 2019 to 2025, representing the 6th and later the 11th Congressional Districts. During his tenure, he served as chairman and chaired the District Flexibility and Charter Schools Committee. Sweeney holds a B.A. in economics from UCLA and resides in East Cobb with his wife, Sandy, and their two sons.

    State Board of Certification of Librarians

    Kathryn R. Epps was reappointed.

    Catherine M. Lewis serves as Associate Vice Provost of Museums, Archives, and Rare Books at the University Libraries and as Professor of History at Kennesaw State University. She manages a multimillion-dollar budget and leads a staff of nearly 100 professionals. Lewis holds a Bachelor of Arts in english and history from Emory University, as well as a Master of Arts and Ph.D. in american studies from the University of Iowa. She has curated more than 40 exhibits for institutions across the country, including the Atlanta History Center, the Brennan Museum, Delta Airlines, Augusta National Golf Club, and United Way. She has co-authored and co-edited over 15 books, regularly presents at national and international conferences, and has helped secure major grants for Kennesaw State from organizations such as the U.S. State Department, the American Association of Museums, and the National Trust for Historic Preservation.

    Bona Fide Coin Operated Amusement Machine Operator Advisory Board

    Shawn Fellows, Mills Flemming, Natalie Jones and Chandra B. Yadav were reappointed.

    Georgia Child Support Commission

    Chuck Efstration, Houston Gaines, Emanuel Jones and Brian Strickland were reappointed.

    Georgia Real Estate Appraisers Board

    Marlon L. Day is a Senior Director at Quest Valuation & Advisors, where he performs appraisals across a wide range of property types and markets. He is an accomplished research and financial analyst and a certified general appraiser with more than 22 years of experience in preparing and presenting valuation analyses. His project experience includes multi-family residential, office, retail, warehouse, industrial, mixed-use, infrastructure, special-use properties, expert witness testimony, and diminution in value. His practical business expertise is supported by a Master of Business Administration in finance. Day and his wife have three children.

    Board of Natural Resources

    Steven Hufstetler and Brent Layton were reappointed.

    State Board of Registration for Foresters

    James Harley Langdale was reappointed.

    Georgia Motor Vehicle Crime Prevention Advisory Board

    Robert Balkcom serves as the South Adjutant of the Georgia State Patrol, overseeing the operations of Troops F, G, H, I, J, and K, as well as the South Nighthawks DUI Task Force, the Recruiting Unit, the Implied Consent Unit (ICU), the Criminal Interdiction Unit (CIU), the Specialized Collision Reconstruction Team (SCRT), the State of Georgia SWAT Team, and four Communication Centers. Prior to assuming this role in 2020, Balkcom served as Troop F Commander. He began his law enforcement career as a police officer with the Savannah Police Department in 1992 and joined the Georgia State Patrol as a Trooper Cadet at Post 42 – Savannah in 1994. After graduating from the 71st Georgia State Patrol Trooper School in 1995, he was assigned to Post 42 – Savannah. Balkcom was promoted to Corporal at Post 45 – Statesboro in 2006. In 2009, he was selected as Commander of the newly formed Nighthawks South DUI Task Force and promoted to Sergeant in 2011. He advanced to Sergeant First Class at Post 11 – Hinesville in 2013, Lieutenant in Troop I in 2018, and Captain in Troop F in March 2020. Balkcom graduated from Reidsville High School in 1987 and earned a Bachelor of Science in criminal justice from Georgia Southern University in 1991. He is also a graduate of the Georgia Law Enforcement Command College and holds a master’s degree in public safety administration from Columbus State University. He and his wife, Nicole, have lived in Reidsville for the past 40 years.

    North Georgia Mountains Authority

    Jeff Andrews currently serves as the Fourth Congressional District Representative on the Board of Natural Resources. He began his career in the long-term care industry in 1981 as marketing director for a continuing care retirement community in Birmingham, Alabama. He was later promoted to executive director and then southeast regional vice president. In 1988, Andrews became senior vice president of corporate development, where he led the addition of 17 properties to the management portfolio, helping establish the company as the largest for-profit, third-party manager of retirement housing in the United States. By 1990, Andrews co-founded Retirement Management Corporation and served as its president until its acquisition by Sun Healthcare in 1998. In 1999, he founded Wellington HealthCare Services, LLC, which grew to 11 owned facilities before being sold in 2007. He retained a significant ownership stake and helped the company meet key operational goals. He continues to lead Wellington, which currently manages 17 facilities.

    North Georgia Mountains Authority- Chair

    Patrick Denney is a graduate of West Georgia College with a BBA in marketing and a lifelong resident of Carroll County. He owns and operates SLM Recycling, SLM Steel and Fabrication, and Heavy Equipment Repair. An avid outdoorsman, Denney manages farm, timber, and hunting land in both Carroll and Heard Counties. He was appointed to the Board of Natural Resources in 2020 and has served on the North Georgia Mountains Authority since 2021. He and his wife, Lynne, have four children and reside in Bowdon.

    State Properties Commission

    Yi Jeng “Jay” Lin was reappointed.

    Georgia Composite Board of Professional Counselors, Social Workers, and Marriage and Family Therapists

    Gregory Keith Moffatt was reappointed.

    State Board of Registration for Professional Geologists

    Jack L. Kittle, Jr. is a retired water and environmental resource manager with Aqua Terra Consultants. With over 40 years of experience, Kittle worked with major clients such as the U.S. Environmental Protection Agency and the United States Geological Survey. He earned a Bachelor of Science in civil engineering from the Georgia Institute of Technology in 1975. An active member of the Decatur community, Kittle helped charter and establish the Decatur Parks and Recreation Pedestrian Committee in 2013 and served on the committee for over 10 years.

    Veterans Service Board

    Darius “Pete” Peterson was reappointed.

    Georgia Board of Private Detective and Security Agencies  

    Timothy Williams was reappointed.

    MIL OSI USA News

  • MIL-OSI New Zealand: 150 social homes for Hawke’s Bay through community-led approach

    Source: NZ Music Month takes to the streets

    Families in need will benefit from 150 new social homes to be delivered in Hawke’s Bay using a new community-led approach, Housing Minister Chris Bishop says.

    “As part of last year’s Budget, the Government invested $140 million into 1500 new social homes to be delivered by Community Housing Providers (CHPs) between June 2025 and June 2027. 

    “Hawke’s Bay has been chosen as a priority location for a pilot community-led approach to social housing delivery due to the high level of need, with disproportionate numbers of people in emergency and temporary housing and on the social housing waitlist. 

    “The Ministry of Housing and Urban Development (HUD) has worked with CHPs, iwi, local government and other community groups to agree a community-led approach to delivering up to 150 social homes across the region. 

    “The Hawke’s Bay, especially in the aftermath of Cyclone Gabrielle, presents both a significant need for social housing, and a unique opportunity for government and local groups to work differently together to deliver social homes.

    “Today in Flaxmere I met with representatives from the Hawke’s Bay Matariki Housing Leadership Group who are taking the lead for the Hawke’s Bay community-led delivery approach. I endorsed the group’s efforts to bring together many different parts of the community, alongside HUD, to deliver 150 social homes in the region. The Government is looking forward to working collaboratively with them to get these homes built.

    “To make contracting more efficient, the Government is delivering many of the 1500 social homes across the country through Strategic Partnership agreements with carefully selected CHPs. In Hawke’s Bay, strategic partner Emerge Aotearoa Housing Trust has already committed to delivering 24 homes. 

    “Our Government is committed to delivering social homes in the communities that need them most, alongside the organisations who know the communities best, using community housing providers who have a track record of delivery.

    “In addition to the community partnership in Hawke’s Bay announced today, I am also confirming the other priority locations for social housing delivery for the five strategic partners announced by the Government in April. 

    “These locations are Auckland, Tauranga, Hamilton, Porirua, Nelson/Tasman, and Rotorua. They have been identified based on social housing need and emergency housing use in each area, along with housing market performance and CHP capacity and capability to deliver. 

    “I look forward to seeing construction of these social homes underway.”

    Note to editor:

    Across the total 1,500 places funded through Budget 2024, over 661 places have already been contracted for delivery up to June 2027, with further places expected to be contracted in the coming months. 

    The first projects are expected to be delivered in the first half of this year, with delivery gaining momentum as time goes on.

    The five strategic partners for social housing delivery were selected based on their current performance, capability, and capacity, as demonstrated by the social homes they already manage and the quality of the housing developments they have delivered to date.

    The strategic partners are:

    • Accessible Properties New Zealand Limited
    • Community of Refuge Trust (CORT)
    • Emerge Aotearoa Housing Trust
    • Te Āhuru Mōwai Limited Partnership
    • The Salvation Army 

    MIL OSI New Zealand News

  • MIL-OSI USA: Two Men Sentenced for Real Estate and Tax Fraud

    Source: US Justice – Antitrust Division

    Headline: Two Men Sentenced for Real Estate and Tax Fraud

    Two men were sentenced to prison for a wire and tax fraud scheme to obtain title to a $1.3 million home in Roanoke County, Virginia. Herman Estes Jr. of Fieldale Virginia was sentenced to 84 months in prison; his co-conspirator Daniel Heggins of Charlotte, North Carolina was sentenced to 24 months in prison.

    MIL OSI USA News

  • MIL-OSI: Canadian Net REIT Announces 2025 First-Quarter Results and a Distribution Increase

    Source: GlobeNewswire (MIL-OSI)

    MONTRÉAL, May 15, 2025 (GLOBE NEWSWIRE) — Canadian Net Real Estate Investment Trust (“Canadian Net” or the “REIT”) (TSX-V: NET.UN) today reported its results for the quarter ended March 31st, 2025 (“Q1 2025”). The REIT also announced an increase in annual distributions and distributions for July, August and September 2025.

    “This was a solid quarter for Canadian Net, with FFO per unit growing by 8% as we are now reaping the benefits of our capital recycling program and reinvestments we’ve made in recent months,” said Kevin Henley, President and CEO of the REIT. “In addition to the positive contributions from our recent acquisitions, our necessity-based niche continues to perform exceptionally well, and the ongoing decline in interest rates is further reinforcing these favourable conditions. We’re also pleased to announce an increase in our distribution, supported by the enhanced profitability driven by actions we took in prior years.”

    RESULTS FOR Q1 2025

    Canadian Net reported Funds from operations1 (“FFO”) of $3.38 million, or $0.164 per unit, an increase of 8% compared to $3.13 million, or $0.152 per unit for the quarter ended March 31, 2024 (“Q1 2024”).

    Rental income was $6.9 million in Q1 2025, an increase of 4.7% from Q1 2024. Net Operating Income1 (“NOI”) in Q1 2025 was $5.0 million, an increase of 3.3% from Q1 2024, reflecting an increase in rental income due to property acquisitions.

    The REIT generated a net income attributable to unitholders of $10.2 million in Q1 2025 compared to net income of $1.3 million in Q1 2024.

    The increase in FFO1 is derived from higher rental income from property acquisitions and lower interest charges on credit facilities. The increase in NOI1 was mainly attributable to the increase in rental income from property acquisitions. Finally, the variance in net income attributable to unitholders is primarily attributable to the change in the fair value of investment properties.

    DISTRIBUTIONS

    Starting in July 2025, the annual distribution will go from $0.345 to $0.350 per unit, representing an increase of 1.5%. With this increase, Canadian Net’s distributions have increased 180% since its first distributions in 2012.

    Canadian Net announced that it will make monthly cash distributions of $0.02917 per unit, representing $0.35 per unit on an annualized basis, on July 31st, August 29th and September 29th, 2025, to unitholders of record on July 15th, August 15th and September 15th, 2025, respectively.

    The tables below represent other financial highlights and the reconciliations of certain non-IFRS measures for Q1 2025 and Q1 2024. This information should be read in conjunction with the Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis (“MD&A”) for the quarters ended March 31st, 2025 and March 31st, 2024.

    SUMMARY OF SELECTED FINANCIAL INFORMATION

      3 months
           
    Periods ended March 31 2025 2024 Δ %
    Financial info        
    Property rental income 6,848,977 6,539,597 309,380   5 %
    Net income and        
    comprehensive income (loss) 10,181,260 1,261,106 8,920,154   707 %
    NOI (1) 4,976,365 4,818,187 158,178   3 %
    FFO (1) 3,378,163 3,126,921 251,242   8 %
    AFFO (1) 3,298,952 3,082,021 216,931   7 %
    EBITDA (1) 11,958,886 3,090,121 8,868,765   287 %
    Adjusted EBITDA (1) 4,785,862 4,710,759 75,103   2 %
    Investment properties 295,093,745 276,395,720 18,698,025   7 %
    Adjusted investment properties (1) 344,781,633 329,720,701 15,060,932   5 %
    Total assets 321,276,862 306,832,564 14,444,298   5 %
    Mortgages 142,478,077 129,866,744 12,611,333   10 %
    Long-term debt 30,000 (30,000 ) (100 %)
    Current portion of mortgages and long-term debt 16,376,220 19,256,906 (2,880,686 ) (15 %)
    Mortgages on investment properties held for sale 2,762,860 (2,762,860 ) (100 %)
    Credit facilities 13,545,000 16,115,000 (2,570,000 ) (16 %)
    Total convertible debentures 5,866,277 5,646,673 219,604   4 %
    Total equity 138,056,530 129,136,416 8,920,114   7 %
    Weighted average units o/s – basic 20,566,343 20,532,438 33,905    
    Amounts on a per unit basis        
    FFO(1) 0.164 0.152 0.012   8 %
    AFFO(1) 0.160 0.150 0.010   7 %
    Distributions 0.086 0.086    
    (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the sections “Non-IFRS financial measures”.

    NON-IFRS FINANCIAL MEASURES

    The Trust’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures: FFO, FFO per unit, AFFO, AFFO per unit, NOI, and Adjusted Investment Properties. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning, and may not be comparable with similar measures presented by other issuers. Canadian Net has presented such non-IFRS measures as management of the Trust believes they are relevant measures of Canadian Net’s underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow, and profitability. Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Condensed Consolidated Interim Financial Statements and MD&A for the Trust. Please refer to the “Non IFRS Financial Measures” section in Canadian Net’s management’s discussion and analysis for the period ended March 31, 2025, available under Canadian Net’s profile on SEDAR+ at www.sedarplus.ca for a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS. Such explanation is incorporated by reference herein.

    In addition, below are the reconciling tables for the non-IFRS measures used in this press release.

    Reconciliation of Investment Properties to Adjusted Investment Properties

    As at March 31 2025 2024 Δ  
    Investment Properties        
    Developed properties 295,093,745 276,395,720 7 %
    Investment properties held for sale 5,078,232 (100 %)
    Joint Venture Ownership(1)        
    Developed properties 47,992,251 45,582,774 5 %
    Properties under development 1,695,637 2,663,975 (36 %)
    Adjusted Investment Properties(2) 344,781,633 329,720,701 5 %
    (1) Represents Canadian Net’s proportionate share
    (2) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”

    Results of Operations

      3 months
         
    Periods ended March 31 2025   2024    Δ  
    Rental Income 6,848,977   6,539,597   309,380  
    Operating expenses (1,872,612 ) (1,721,410 ) (151,202 )
    Net Operating Income(1) 4,976,365   4,818,187   158,178  
    Share of net income from            
    investments in joint ventures 531,226   212,937   318,289  
    Change in fair values            
    of investment properties 7,110,532   (1,429,609 ) 8,540,141  
    Unit-based compensation (369,927 ) (245,177 ) (124,750 )
    Administrative expenses (285,728 ) (270,697 ) (15,031 )
    Financial expenses (1,781,208 ) (1,824,535 ) 43,327  
    Net income            
    attributable to unitholders 10,181,260   1,261,106   8,920,154  
    FFO(1) 3,378,163   3,126,921   8 %
    FFO per unit(1) 0.164   0.152   8 %
    Weighted avg. units o/s            
    Basic 20,566,343   20,532,438   33,905  
    (1) This is a non-IFRS financial measure that does not have any standardized IFRS meaning and as such may not be comparable to other issuers. Refer to section “Non-IFRS financial measures”

    Reconciliation of Net Income to Funds from Operations

      3 months  
    Periods ended March 31 2025   2024    Δ
    Net income attributable      
    to unitholders 10,181,260   1,261,106   8,920,154  
    Δ in value of investment properties (7,110,532 ) 1,429,609   (8,540,141 )
    Δ in value of investment      
    properties in joint ventures (62,752 ) 197,530   (260,282 )
    Unit-based compensation 369,927   245,177   124,750  
    Δ fair value adjustments on derivative      
    financial instruments 260   (6,501 ) 6,761  
    FFO(1) 3,378,163   3,126,921   8 %
    FFO per unit(1) 0.164   0.152   8 %
    Distributions 1,773,437   1,770,629   2,808  
    Distributions per unit 0.086   0.086    
    FFO per unit(1) – after distributions 0.078   0.066   18 %
    Distributions as a % of FFO(1) 52 % 57 % (5 %)
    Weighted avg. units o/s      
    Basic 20,566,343   20,532,438   33,905  
    (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”

    Adjusted Funds from Operations

      3 months  
    Periods ended March 31 2025   2024    Δ
    FFO (1) 3,378,163   3,126,921   251,242  
    Straight-line rent adjustment(2) (51,033 ) (36,583 ) (14,450 )
    Maintenance/cap-ex on      
    existing properties (28,178 ) (8,317 ) (19,861 )
    AFFO(1) 3,298,952   3,082,021   7 %
    AFFO per unit(1) 0.160   0.150   7 %
    Distributions per unit 0.086   0.086    
    AFFO per unit(1) – after distributions 0.074   0.064   16 %
    Distributions as a % of AFFO(1) 54 % 57 % (3 %)
    Weighted avg. units o/s      
    Basic 20,566,343   20,532,438   33,905  
    (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”
    (2) Adjusted for the proportionate share of equity-accounted investments

    Reconciliation of Net Income to EBITDA

      3 months
         
    Periods ended March 31 2025   2024    Δ  
    Net income attributable            
    to unitholders 10,181,260   1,261,106   8,920,154  
    Net interest expense 1,777,626   1,829,015   (51,389 )
    EBITDA(1) 11,958,886   3,090,121   8,868,765  
    Δ in value of investment properties (7,110,532 ) 1,429,609   (8,540,141 )
    Δ in value of investment            
    properties in joint ventures (62,752 ) 197,530   (260,282 )
    Δ in value of convertible debentures 260   (6,501 ) 6,761  
    Adjusted EBITDA(1) 4,785,862   4,710,759   2 %
    Interest expense 1,850,158   1,921,664   (71,506 )
    Principal repayments 1,199,839   1,120,044   79,795  
    Debt service requirements 3,049,997   3,041,708    
    Interest coverage ratio based on adjusted EBITDA(1) 2.6x   2.5x   0.1x  
    Debt service coverage based on adjusted EBITDA(1) 1.6x   1.5x   0.1x  
    (1) This is a non-IFRS financial measure that does not have any standardized IFRS meaning and as such may not be comparable to other issuers. Refer to section “Non-IFRS financial measures”

    EARNINGS WEBCAST
    Canadian Net will host a webcast on May 16, at 9:00 a.m. (EST) to discuss the results.

    The link to join the webcast is the following: https://edge.media-server.com/mmc/p/j85pvyzq

    About Canadian Net – Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.

    Forward-Looking Statements – This press release contains forward-looking statements and information as defined by applicable securities laws. Canadian Net warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence on the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new IFRS standards, as well as other risks and factors described from time to time in the documents filed by Canadian Net with securities regulators, including the management report. Canadian Net does not update or modify its forward-looking statements even if future events occur or for any other reason unless required by law or any regulatory authority.

    Neither the TSX Venture Exchange Inc. nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange and its Regulatory Services Provider) accepts any responsibility for the adequacy or accuracy of this release.

    The March 31, 2025, financial statements and management discussion & analysis of Canadian Net may be viewed on SEDAR+ at www.sedarplus.ca.

    For further information please contact Kevin Henley at (450) 536-5328.


    1 Non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”.

    The MIL Network

  • MIL-OSI: Caliber Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., May 15, 2025 (GLOBE NEWSWIRE) — Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the first quarter ended on March 31, 2025.

    First Quarter 2025 Platform Financial Highlights (compared to First Quarter 2024)

    • Platform revenue of $3.5 million, compared to $4.7 million
      • Asset management revenue of $3.5 million drove the stated results
      • No significant performance allocations were earned, compared to prior period
    • Platform net loss of $4.1 million, or $3.59 per diluted share, compared to Platform net loss of $3.6 million, or $3.30 per diluted share
    • Platform Adjusted EBITDA loss of $1.4 million, compared to Platform Adjusted EBITDA loss of $1.7 million

    Management Commentary

    “Building on the narrowed strategy we outlined earlier this year, Caliber is now actively executing with a focus in hospitality, multifamily, and multi-tenant industrial real estate,” said Chris Loeffler, CEO of Caliber. “While our Q1 results reflect some of the transitional costs associated with this shift, our recent business developments set the stage for success.

    “Our recently announced partnership with Hyatt is a tremendous win for Caliber. The announcement is also a vote of confidence from an industry leader that provides a strategic advantage in building our Caliber Hospitality portfolio.

    “Our strategy is to continue focusing on fee-generating, income-producing assets while reducing our exposure to long-duration development projects. We have also strengthened our liquidity through new equity offerings, strengthened our balance sheet through financing, and improved our operating efficiency.”

    Business Update

    The following are key milestones completed both during and subsequent to the first quarter ended March 31, 2025.

    • On March 17, 2025, Caliber announced an offering of Series AA Cumulative Redeemable Preferred Stock had been qualified by the U.S. Securities and Exchange Commission (“SEC”) and that the Company is seeking to raise up to $20 million through the offering.
    • On March 27, 2025, Caliber announced the launch of its 1031 Exchange Program, a tax-deferral strategy that allows real estate investors to sell a property and reinvest all of the proceeds into a like-kind property while deferring capital gains taxes.
    • On April 22, 2025, Caliber announced the recent Phoenix City Council’s unanimous approval of the Company’s Canyon Village redevelopment project, a retrofit of a distressed +300,000 square foot office building to a 376-unit rental multifamily residential building. The project also benefits from opportunity zone tax incentives.
    • On May 8, 2025, Caliber announced that Caliber Hospitality Development (“CHD”) has entered into a Development Rights Agreement with an affiliate of Hyatt Hotels Corporation (NYSE: H) to exclusively develop 15 new Hyatt Studios hotels in target market areas within Arizona, Colorado, Nevada, Texas and Louisiana.
    • On May 9, 2025, Caliber announced it closed a $22.5 million refinance on the Doubletree by Hilton Hotel in Tuscon, AZ, which is a holding of a Caliber-managed opportunity zone fund. The new $22.5 million loan was refinanced with a unit of Citibank at a fixed rate of 7.43% maturing in June 2030. Proceeds will be utilized for reinvestment across the Fund’s portfolio.

    First Quarter 2025 Consolidated Financial Results (compared to First Quarter 2024)

    • Total consolidated revenue of $7.3 million, compared to $23.0 million reflecting the deconsolidation of Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, DT Mesa, and Caliber Fixed Income Fund III, LLC (“CFIF III”) in 2024.
    • Consolidated net loss attributable to Caliber of $4.4 million, or $3.85 per diluted share, compared to net loss attributable to Caliber of $3.8 million or $3.53 per diluted share
    • Consolidated Adjusted EBITDA loss of $0.1 million, compared to Consolidated Adjusted EBITDA of $2.2 million

    Conference Call Information

    Caliber will host a conference call today, Thursday, May 15, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its first quarter 2025 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.

    Platform Financial Highlights

    Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of any assets and funds that are included in our consolidated results, as required by the Generally Accepted Accounting Principles (“GAAP”). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.

    While GAAP consolidation rules require CWD to include the performance and cash flows of these assets and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.

    Consolidated Financial Results

    Caliber’s GAAP consolidated financial statements have been impacted by the deconsolidation of certain variable interest entities’ assets, liabilities, revenues, and expenses. These entities were deconsolidated because Caliber was no longer a guarantor on the respective entities’ third-party debt. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, prior periods presented may not be comparable due to the deconsolidation of certain entities in the current period.

    About Caliber (CaliberCos Inc.) (NASDAQ: CWD)

    With more than $2.9 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.

    Forward Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate including, but not limited to, the Company’s ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, and the viability of and ability of the Company to adequately access the real estate and capital markets. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

    CONTACTS:

    Caliber Investor Relations:
    Ilya Grozovsky
    +1 480-214-1915
    Ilya@caliberco.com

    NON-GAAP RECONCILIATIONS

    The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber’s performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.

    ASSET MANAGEMENT PLATFORM(1)
    (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
     
      Three Months Ended March 31, 2025
      Platform   Impact of Consolidated Fund and Eliminations   Consolidated
    Revenues          
    Asset management $ 3,542     $ (346 )   $ 3,196  
    Performance allocations   7       (6 )     1  
    Consolidated funds – hospitality revenue         3,919       3,919  
    Consolidated funds – other revenue         145       145  
    Total revenues   3,549       3,712       7,261  
    Expenses          
    Operating costs   4,168       (124 )     4,044  
    General and administrative   1,592       (11 )     1,581  
    Marketing and advertising   165             165  
    Depreciation and amortization   162       (5 )     157  
    Consolidated funds – hospitality expenses         3,465       3,465  
    Consolidated funds – other expenses         458       458  
    Total expenses   6,087       3,783       9,870  
               
    Other income (loss), net   6       (372 )     (366 )
    Interest income   33       (1 )     32  
    Interest expense   (1,611 )           (1,611 )
    Net loss before income taxes $ (4,110 )   $ (444 )   $ (4,554 )
    Provision for income taxes                
    Net loss   (4,110 )     (444 )     (4,554 )
    Net loss attributable to noncontrolling interests         (147 )     (147 )
    Net (loss) income attributable to CaliberCos Inc. $ (4,110 )   $ (297 )   $ (4,407 )
    Basic and Diluted Platform loss per share $ (3.59 )       $ (3.85 )
    Weighted average common shares outstanding:          
    Basic and Diluted   1,146           1,146  
                       
      Three Months Ended March 31, 2024
      Platform   Impact of Consolidated Fund and Eliminations   Consolidated
    Revenues          
    Asset management $ 4,555     $ (1,385 )   $ 3,170  
    Performance allocations   171       (5 )     166  
    Consolidated funds – hospitality revenue         18,145       18,145  
    Consolidated funds – other revenue         1,470       1,470  
    Total revenues   4,726       18,225       22,951  
    Expenses          
    Operating costs   5,484       (222 )     5,262  
    General and administrative   1,949       (9 )     1,940  
    Marketing and advertising   106             106  
    Depreciation and amortization   183       (37 )     146  
    Consolidated funds – hospitality expenses         16,782       16,782  
    Consolidated funds – other expenses         3,072       3,072  
    Total expenses   7,722       19,586       27,308  
               
    Other income (loss), net   452       (180 )     272  
    Interest income   285       (168 )     117  
    Interest expense   (1,295 )     1       (1,294 )
    Net loss before income taxes $ (3,554 )   $ (1,708 )   $ (5,262 )
    Provision for income taxes                
    Net loss   (3,554 )     (1,708 )     (5,262 )
    Net loss attributable to noncontrolling interests         (1,457 )     (1,457 )
    Net loss attributable to CaliberCos Inc. $ (3,554 )   $ (251 )   $ (3,805 )
    Basic and Diluted Platform loss per share $ (3.30 )       $ (3.53 )
    Weighted average common shares outstanding:          
    Basic and diluted   1,077           1,077  

    ____________________

    (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.
       
     
    PLATFORM REVENUE(1)
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
     
      Three Months Ended March 31,
        2025     2024
    Fund management fees   2,744     2,569
    Financing fees   74     73
    Development and construction fees   528     1,654
    Brokerage fees   196     259
    Total asset management   3,542     4,555
    Performance allocations   7     171
    Total revenue $ 3,549   $ 4,726

    ____________________

    (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest.
       

    FV AUM and Managed Capital (UNAUDITED)

    The following information summarizes management’s estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.

    FV AUM
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
           
    Balances as of December 31, 2024 $ 794,923  
    Assets acquired(1)   10,300  
    Construction and net market appreciation   25,800  
    Credit(2)   379  
    Other(3)   (644 )
    Balances as of March 31, 2025 $ 830,758  
           
    FV AUM, by asset class
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
           
      March 31,
    2025
      December 31,
    2024
    Real Estate      
    Hospitality $ 68,400   $ 68,500
    Caliber Hospitality Trust   244,900     236,800
    Residential   173,100     161,700
    Commercial   266,300     249,600
    Total Real Estate   752,700     716,600
    Credit(1)   72,730     72,351
    Other(2)   5,328     5,972
    Total $ 830,758   $ 794,923

    ____________________

    (1) Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.
    (2) Other FV AUM represents undeployed capital held in our diversified funds.
       
    MANAGED CAPITAL
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
               
    Balance as of December 31, 2024     $ 492,542  
    Originations       2,990  
    Return of capital       (315 )
    Balance as of March 31, 2025     $ 495,217  
           
           
      March 31,
    2025
      December 31,
    2024
    Real Estate      
    Hospitality $ 49,260   $ 49,260  
    Caliber Hospitality Trust(1)   97,157     97,414  
    Residential   98,617     96,687  
    Commercial   172,125     170,858  
    Total Real Estate(2)   417,159     414,219  
    Credit(3)   72,730     72,351  
    Other(4)   5,328     5,972  
    Total $ 495,217   $ 492,542  

    ____________________

    (1) The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.
    (2) Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of March 31, 2025 and December 31, 2024, the Company had invested $15.9 million and $20.4 million, respectively, in our funds.
    (3) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of March 31, 2025 and December 31, 2024, the Company had loaned $0.4 million to our funds.
    (4) Other managed capital represents unemployed capital held in our diversified funds.
       

    Consolidated GAAP Results

    The following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities’ benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD’s Platform performance.

    CALIBERCOS INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
       
      Three Months Ended March 31,
        2025       2024  
      (unaudited)
    Revenues      
    Asset management revenues $ 3,196     $ 3,170  
    Performance allocations   1       166  
    Consolidated funds – hospitality revenues   3,919       18,145  
    Consolidated funds – other revenues   145       1,470  
    Total revenues   7,261       22,951  
           
    Expenses      
    Operating costs   4,044       5,262  
    General and administrative   1,581       1,940  
    Marketing and advertising   165       106  
    Depreciation and amortization   157       146  
    Consolidated funds – hospitality expenses   3,465       16,782  
    Consolidated funds – other expenses   458       3,072  
    Total expenses   9,870       27,308  
           
    Other (loss) income, net   (366 )     272  
    Interest income   32       117  
    Interest expense   (1,611 )     (1,294 )
    Net loss before income taxes   (4,554 )     (5,262 )
    Benefit from income taxes          
    Net loss   (4,554 )     (5,262 )
    Net loss attributable to noncontrolling interests   (147 )     (1,457 )
    Net loss attributable to CaliberCos Inc. $ (4,407 )   $ (3,805 )
    Basic and diluted net loss per share attributable to common stockholders $ (3.85 )   $ (3.53 )
    Weighted average common shares outstanding:      
    Basic and diluted   1,146       1,077  
                   
    CALIBERCOS INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
           
      March 31,
    2025
      December 31,
    2024
      (unaudited)    
    Assets      
    Cash $ 845   $ 1,766
    Restricted cash   2,518     2,582
    Real estate investments, net   21,514     21,572
    Notes receivable – related parties, allowance of $236 and zero, respectively   385     105
    Due from related parties, allowance of $3,985   7,366     6,965
    Investments in unconsolidated entities   15,523     15,643
    Operating lease – right of use assets   135     147
    Prepaid and other assets   2,664     3,501
    Assets of consolidated funds      
    Cash   723     549
    Restricted cash   274    
    Real estate investments, net   44,102     45,090
    Accounts receivable, net   181     163
    Notes receivable – related parties   6,475     6,848
    Due from related parties, allowance of $28   514     320
    Prepaid and other assets   424     284
    Total assets $ 103,643   $ 105,535
           
    Liabilities and Stockholders’ Equity      
    Notes payable $ 51,555   $ 50,450
    Accounts payable and accrued expenses   9,421     9,532
    Due to related parties   443     313
    Operating lease liabilities   86     93
    Other liabilities   1,317     750
    Liabilities of consolidated funds      
    Notes payable, net   29,444     29,172
    Notes payable – related parties   2,114     2,047
    Accounts payable and accrued expenses   1,123     1,207
    Due to related parties   16     79
    Other liabilities   766     639
    Total liabilities   96,285     94,282
           
    Commitments and Contingencies (Note 11)      
           
    CALIBERCOS INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
           
      March 31,
    2025
      December 31,
    2024
    Series A non-cumulative convertible preferred stock, $0.001 par value; 22,500,000 shares authorized, and 5,875 and 5,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively          
    Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 795,285 and 759,370 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively   1       1  
    Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as March 31, 2025 and December 31, 2024          
    Paid-in capital   45,205       44,017  
    Accumulated deficit   (61,014 )     (56,607 )
    Stockholders’ deficit attributable to CaliberCos Inc.   (15,808 )     (12,589 )
    Stockholders’ equity attributable to noncontrolling interests   23,166       23,842  
    Total stockholders’ equity   7,358       11,253  
    Total liabilities and stockholders’ equity $ 103,643     $ 105,535  
                   

    Definitions

    Assets Under Management

    AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:

    1. Managed Capital – we define this as the total capital we fundraise from our customers as investments in our funds. It also includes fundraising into our corporate note program, the proceeds of which were used, in part, to invest in or loan to our funds. We use this information to monitor, among other things, the amount of ‘preferred return’ that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our fund management fees are based on a percentage of managed capital or a percentage of assets under management, and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings.
    2. Fair Value (“FV”) AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.

    Non-GAAP Measures

    We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.

    Asset Management Platform or Platform

    Platform refers to the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.

    Fee-Related Earnings and Related Components

    Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.

    Distributable Earnings

    Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.

    Platform Earnings

    Platform Earnings represents the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.

    Platform Earnings per Share

    Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.

    Platform Adjusted EBITDA

    Platform Adjusted EBITDA represents the Company’s Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company’s Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), Loss on CRAF Investment Redemption, Gain on extinguishment of Payroll Protection Program loans, and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the CaliberCos Inc. Platform and is consistent with performance models and analysis used by management.

    Consolidated Adjusted EBITDA

    Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.

    NON-GAAP ADJUSTED EBITDA
    (AMOUNTS IN THOUSANDS) (UNAUDITED)
       
      Three Months Ended March 31,
      2025       2024  
    Net loss attributable to CaliberCos Inc. $ (4,407 )   $ (3,805 )
    Net loss attributable to noncontrolling interests   (147 )     (1,457 )
    Net loss   (4,554 )     (5,262 )
    Provision for income taxes          
    Net loss before income taxes   (4,554 )     (5,262 )
    Depreciation and amortization   162       183  
    Consolidated funds’ impact on fee-related earnings   71       1,361  
    Stock-based compensation   661       400  
    Severance   51       7  
    Performance allocations   (1 )     (166 )
    Other income, net   366       (272 )
    Investments impairment   279        
    Bad debt expense   3        
    Interest expense, net   1,578       1,010  
    Fee-related earnings   (1,384 )     (2,739 )
    Performance allocations   1       166  
    Interest expense, net   (1,578 )     (1,010 )
    Provision for income taxes          
    Distributable earnings   (2,961 )     (3,583 )
    Interest expense   1,611       1,294  
    Other income, net   (366 )     272  
    Provision for income taxes          
    Consolidated funds’ impact on Platform adjusted EBITDA   364       348  
    Platform adjusted EBITDA   (1,352 )     (1,669 )
    Consolidated funds’ EBITDA adjustments   1,210       3,856  
    Consolidated adjusted EBITDA $ (142 )   $ 2,187  
                   

    The MIL Network

  • MIL-OSI United Kingdom: Housing Bill: Greens slam block on cheaper rents

    Source: Scottish Greens

    It is time to end rip-off rents.

    The Scottish Government must go further to protect renters from unaffordable rent hikes, warn the Scottish Greens.

    Amendments to the Housing (Scotland) Bill proposed by the Scottish Greens would mean that rent would increase no more than the cost-of-living or increases in wages. For those areas where rents are already too high, Councils could put in place lower increases, freezes or rent reductions.

    Last night, the Scottish Government and opposition parties refused to back those plans at Stage 2. They also blocked proposals that would give the Government powers to introduce an emergency national rent cap if required. 

    Independent analysis from the Scottish Parliament Information Centre shows that, had they applied between 2019 and 2024, Green plans to cap rent increases at the lowest of wage and cost of living increases would have saved renters across Scotland an average of £94 a month, and up to £273 in Lothian. 

    Scottish Green MSP Maggie Chapman intends to continue pushing for stronger rent controls and better renters’ rights through the Housing Bill and will force another vote on lower rents at Stage 3 in June. 

    Ms Chapman said: 

    “Proper rent controls are a crucial part of tackling the housing emergency – saving renters money and making sure rents are fairer across the board going forward. 

    “Our proposals would do just that – improving rent control measures so that rents won’t outpace wages, allowing the Government to introduce an emergency rent cap if needed, and ensuring that there are proper sanctions on landlords who continue to flout the rules. 

    “With opposition parties and the Government refusing to back these proposals yesterday, it’s clearer than ever that the Scottish Greens are the only party committed to standing up for renters, in a sector dominated by the landlord lobby. 

    “The Housing Bill was introduced by the Scottish Greens. It gives us the opportunity to transform the broken housing market and protect renters all across our country.

    “I’ll be bringing these important proposals back at Stage 3 of the Housing Bill. So the Government and opposition parties will have an important choice to make – end rip-off rents for good, or continue with business as usual, and let renters continue to pay the price. 

    “All parties agree that we are in a housing emergency – but frankly, we all need to start acting like it.” 

    MIL OSI United Kingdom

  • MIL-OSI: Dan Starr and Mindy Creighton Truex Appointed to Lakeland Financial Corporation and Lake City Bank Boards of Directors

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., May 14, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN) and Lake City Bank announced today that Dan Starr and Mindy Creighton Truex have been appointed to their respective Boards of Directors.

    “Our boards represent the foundational building blocks of stable corporate governance, leadership and engagement in our Indiana communities and provide balanced and thoughtful feedback to our leadership team. The addition of Dan and Mindy brings two proven business and community leaders to the table,” said David M. Findlay, Chairman and CEO. “Our boards are an extension of the bank in our Indiana markets and are active partners in the focus to drive long-term shareholder value. Both Dan and Mindy share a strong commitment to building long-term relationships within their industries and communities, which fits perfectly with Lake City Bank’s community banking philosophy.”

    Starr is CEO of Do it Best Corp., a Fort Wayne-based member-owned hardware, lumber and building materials buying cooperative in the home improvement industry with thousands of member-owned locations across the United States and in more than 60 countries. He has been with Do it Best Corp. for two decades and held several leadership roles prior to becoming President and CEO in 2016. Before joining Do it Best Corp., Starr was a partner with Barnes & Thornburg LLP and served as the firm’s Business, Tax & Real Estate departmental administrator in Fort Wayne.

    “Lake City Bank plays a vital role in many communities across our state and joining the board is an exciting opportunity,” said Starr. “I look forward to contributing to the continued growth and momentum of the bank.”

    Starr has a juris doctor degree magna cum laude from the Indiana University School of Law. He has served in numerous board leadership roles within the greater Fort Wayne community, including the Northeast Indiana Innovation Center, St. Francis Family Business Center and Fort Wayne Ballet. He currently serves as chairman of the Parkview Health Board of Directors, as well as on the Manchester University Board of Trustees Outreach Committee and the Do it Best Foundation.

    Mindy Creighton Truex is President of Creighton Brothers Farms LLC, a Warsaw-based family-owned farm founded in 1925. With extensive experience in the agricultural sector, she has been instrumental in developing innovative initiatives with Creighton Brothers Farms, including educational and farm-to-table experiences. She has served in leadership roles with national and local agricultural advocacy organizations, including the American Egg Board, United Egg Producers, Indiana State Poultry Association and Purdue University Animal Science Department Dean’s Advisory Committee.

    “As a sixth generation Kosciusko County farmer, I’m honored to join the Lake City Bank and Lakeland Financial Corporation boards,” said Creighton Truex. “Lake City Bank has been a part of the fabric of our community since 1872 and I’m excited to help the bank continue to grow.”

    Creighton Truex has a bachelor’s degree in agribusiness management from Purdue University. She has served on the boards of many nonprofit organizations that impact her local community, including the Kosciusko County Visitor’s Bureau, Kosciusko County Community Foundation, Kosciusko County Leadership Academy, Purdue University’s Kosciusko County Agricultural Extension, Kosciusko County Farm Bureau, and United Way of Kosciusko County.

    Lakeland Financial Corporation (Nasdaq Global Select/LKFN) is a $6.9 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank, its single bank subsidiary, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in‐market long‐term customer relationships while delivering technology‐forward solutions for retail and commercial clients. For more information visit www.lakecitybank.com.

    Contact
    Luke Weick
    Marketing Manager
    574 267-9198, x47279 office
    260 431-7061 mobile
    luke.weick@lakecitybank.com

    The MIL Network

  • MIL-OSI Global: Detroit’s next mayor can do these 3 things to support neighborhoods beyond downtown

    Source: The Conversation – USA – By Deyanira Nevárez Martínez, Assistant Professor of Urban and Regional Planning, Michigan State University

    Detroit stands at a pivotal moment.

    Mayor Mike Duggan is preparing to leave office after 11 years at the end of 2025. The city’s next leader will inherit not only a revitalizing downtown but also neighborhoods like Belmont, Petosky-Otsego and Van Steuban that are grappling with housing instability and decades of neglect and disinvestment.

    My research on housing insecurity, homelessness and urban governance, along with broader scholarship on equitable development, suggests that Detroit’s future depends on more than marquee developments like the Michigan Central Station Development. It depends on strengthening neighborhoods from the ground up.

    Here are three strategies that could help Detroit’s next mayor build a just and resilient city by focusing on transitional neighborhoods:

    Stabilize housing and prevent displacement

    Stable housing is the foundation of thriving communities.

    Yet, housing instability in Detroit is both widespread and deeply entrenched. Before the pandemic, roughly 13% of Detroiters, or about 88,000 people, had been evicted or forced to move within the previous year. Families with children faced the highest risk.

    Many Detroiters had little choice but to remain in deteriorating housing, crowd into shared living arrangements or relocate elsewhere because of an estimated shortfall of 24,000 habitable housing units.

    While building more housing is essential, preventing displacement requires more than new construction. It also demands policies that preserve affordability and protect tenants. Researchers have found that household stabilization policies, such as legal representation in eviction court, rent control and property tax relief, have the most immediate impact.

    In Detroit, addressing the wave of expiring Low-Income Housing Tax Credit, or LIHTC, units remains an urgent priority. When units reach the end of their compliance period in this federal program, typically 15 years, owners are no longer required to maintain affordable rents and can raise prices. This “conversion to market rate” often results in the loss of affordable housing for low-income residents.

    In response to a projected loss of 10,000 units by 2023, Detroit launched the Preservation Partnership that secured affordability commitments for about 4,000 units. However, it remains difficult to determine exactly how many of the at-risk units were ultimately lost, and when, due to reporting lags, inconsistencies and overlapping affordability programs.

    Despite the city’s efforts, a 2023 analysis found that a substantial affordability gap persists, with many households unable to comfortably afford market-rate housing without spending more than 30% of their income, which is the standard set by the Department of Housing and Urban Development for affordability.

    The Michigan State Housing Development Authority continues to support affordable housing through tax credit allocations. However, a growing number of LIHTC properties in areas experiencing redevelopment are reaching the end of their affordability periods, putting them at risk of converting to market rate. National estimates suggest that nearly 350,000 units could lose affordability by 2030 and over 1 million by 2040 without sustained local and regional preservation efforts.

    Stabilizing Detroit’s housing market means ensuring that those who stayed during the hardest times are not pushed out as reinvestment takes hold. To achieve this, the next mayor could expand rental assistance and support tenant organizing efforts. This is particularly needed in transitional neighborhoods where renters come together to fight unfair evictions, improve housing conditions and push for more stable rents.

    Reclaim and reimagine vacant land for community benefit

    Many view Detroit’s vast tracks of vacant land, estimated in the hundreds of thousands of parcels, as blight. But they could also be seen as a public asset and a generational opportunity if brought together with the right public strategies.

    Land trusts can turn empty lots into valuable neighborhood spaces. A land trust is a nonprofit that holds land for the community and keeps housing affordable over the long term, a key to preventing displacement.

    Research also shows that greening strategies can improve community health, cohesion and equity. Cities like Philadelphia and Cleveland have launched urban greening initiatives that transform vacant lots into community gardens, small parks and tree-filled spaces. Research shows that these projects can help stabilize property values and strengthen neighborhoods by reducing blight, encouraging investment and creating safer, more attractive environments.

    Detroit has a land bank, a public agency that manages vacant and foreclosed properties. The city has also invested in some green infrastructure. But experts say that these efforts require stronger city leadership, teamwork across departments and real input from residents. These are areas where Detroit still has room to grow.

    By collaborating with residents to cocreate a land use vision, the next mayor could prioritize community ownership and ecological restoration instead of speculative redevelopment.

    Invest in social infrastructure

    Neighborhood strength is about more than buildings — it’s about people.

    As the Brookings Institution notes, economic opportunity is key to long-term safety, and investing in youth is a proven violence reduction strategy.

    Detroit’s neighborhoods have long faced a lack of investment in schools, recreation centers and social services. This leaves families vulnerable and fuels cycles of poverty and criminalization. Under these conditions, young people, especially Black and brown youth, are more likely to be policed, punished and pushed into the criminal justice system.

    A 2021 study found that the Detroit Public Schools Community District reported 2% of its students experienced homelessness, despite 16% of households with children reporting recent eviction or forced moves. This gap reveals major service and awareness gaps. And when families fall through those gaps, it’s often children who suffer the most.

    Addressing these gaps requires investing in mental health services, youth development programs and violence prevention, rather than relying solely on policing or incarceration. These approaches recognize that true public safety comes from access to stable jobs, quality education and supportive services that meet people’s health, housing and social needs. Some of the most effective strategies include restorative justice in schools and outreach to older adults and residents experiencing homelessness.

    These are not luxuries. They are essential infrastructure for neighborhood vitality.

    The work ahead

    Detroit is often held up as a cautionary tale of urban decline, or more recently, as a comeback story driven by downtown revitalization. But in my opinion, its true test lies in what comes next: whether the city can translate momentum into equity for the communities that have long been left behind.

    The next mayor has the chance to shift the narrative by centering housing justice, reclaiming land for public good and investing in the people who make Detroit a city worth fighting for.

    Read more of our stories about Detroit.

    Deyanira Nevárez Martínez is a trustee of the Lansing School District Board of Education and is currently a candidate for the Lansing City Council Ward 2.

    ref. Detroit’s next mayor can do these 3 things to support neighborhoods beyond downtown – https://theconversation.com/detroits-next-mayor-can-do-these-3-things-to-support-neighborhoods-beyond-downtown-254755

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: Students must not be abandoned by Housing Bill

    Source: Scottish Greens

    Students in Scotland need afforable housing

    The Scottish Government will be abandoning students to the ‘wild west’ of the student accommodation market if they do not include support for students in the Housing (Scotland) Bill, says Scottish Green MSP Maggie Chapman.

    During a committee meeting yesterday, Shirley-Anne Somerville, Cabinet Secretary for Social Justice, confirmed that the Scottish Government has no intention to include the purpose built student accommodation (PBSA) sector in the Housing Bill.

    This follows MSPs voting to ensure student accommodation could be covered by rent control regulations only last week, with calls supported by MSPs from the Scottish Greens, Conservatives, and Labour.

    Ms Chapman said: 

    “I’m disappointed and angry that the Scottish Government has decided to leave students out in the cold on the Housing Bill. Only last year they publicly committed to legislate on student accommodation, but now seem to be abandoning their commitments to students all together. [1]

    “The student accommodation market is currently an unregulated wild west, and we should not allow this to continue. PBSA providers, companies who often provide just the bare minimum to students, often snatch up potential sites that should be used for family homes and community facilities too. We desperately need regulation of this sector.

    “We’ve been listening to students and housing campaigners and they’ve been clear: the market is broken. Students across Scotland are paying on average over 80% of their loan on poor quality and insecure PBSA housing, because the Scottish Government has yet to engage with stakeholders on alternative solutions. [2]

    “I hope that the Cabinet Secretary reconsiders her statement and helps us to fight for students in this housing bill. We have had too many years of an unregulated, unsustainable, and unaffordable housing market in Scotland. It’s time we make it fair and affordable for everyone.”

    Notes:
    [1] In February 2024, the Scottish Government commit in the chamber to take forward recommendations from the PBSA Review Group, which had significant student input, which is shown here: Written question and answer: S6W-25244 | Scottish Parliament Website

    [2] The statistic on PBSA cost is sourced from this NUS research showing the state of student housing: Towards a Student Housing Strategy for Scotland – NUS Scotland

    MIL OSI United Kingdom

  • MIL-OSI: ABN AMRO Bank posts net profit of EUR 619 million in Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    ABN AMRO Bank posts net profit of EUR 619 million in Q1 2025

    14 May 2025

    Key messages

    • Solid results: Net profit of EUR 619 million, with a return on equity of around 10%
    • Good business momentum: Mortgage portfolio grew by EUR 1.7 billion and corporate loans by EUR 0.9 billion
    • Resilient net interest income despite impact from lower short-term interest rates
    • Continued fee growth: Increase of 8% compared to Q1 2024, with contributions from all client units
    • Cost discipline: Underlying costs declined 5% compared to Q4 2024; guidance for full-year 2025 unchanged
    • Solid credit quality: Impairments of EUR 5 million, reflecting net additions for individual files offset by model-related releases
    • Strong capital position: Basel IV CET1 ratio of 14.7%
    • Capital Markets Day to be held in November

    Marguerite Bérard, CEO:
    “As we reflect on the first quarter of 2025, I am honoured to address you as the new CEO of ABN AMRO. I value the trust placed in me by the Supervisory Board to lead our bank in the years to come. In the coming period, my priority will be to lead a strategic review of our activities, while building upon our solid foundations and strong market positions. We will focus on enhancing our profitability, optimising our capital position, right-sizing our cost base and achieving meaningful growth. The outcome of this review will be presented at a Capital Markets Day in November this year.

    The Dutch economy continues to demonstrate resilience, with GDP growth in recent years above the Eurozone average, low unemployment and good housing market performance. Thanks to this robust foundation, the economy is well-positioned to navigate the current uncertainties around trade tensions and geopolitical developments. In these challenging times, ABN AMRO performed well, delivering another quarter of solid results and growth in our loan books. This reflects our strategic focus on key growth areas, our credit quality and our ability to adapt to changing market conditions.

    In the first quarter of 2025, we showed solid results with a net profit of EUR 619 million and a return on equity of around 10%. This performance was underpinned by resilient net interest income, continued high fee income and limited net impairments. After a few quarters of rising costs, we managed to reduce our underlying costs in Q1 compared to the previous quarter. To deliver on our guidance of keeping underlying costs broadly flat compared to last year, cost discipline remains a priority. Therefore, we enforced increased controls on consultant expenditures and external hiring.

    Though challenging for colleagues, as we all need to adjust, it will help us reassess capacity needs and optimise our resources. By collaborating and using our creativity and talents, I believe we can deliver on our strategic ambitions while becoming a more agile organisation.

    Our strong capital position, with a Basel IV CET1 ratio of 14.7%, allows us to continue investing in our strategic priorities while maintaining financial stability. In Q1, we submitted the final application to move models to less sophisticated approaches which is now reflected in our capital ratios. The simplification will bring stability and predictability to our capital position. The largest part of our balance sheet remains under advanced models, specifically mortgages, banks and financial institutions. Portfolios that required significant modelling and data efforts will be moved to the standardised approach.

    Our continued efforts to improve customer experience resulted in an increase in our Net Promoter Score for Personal & Business Banking during the first quarter of 2025. Clients especially praise our efficient and good customer services, proactive contact, and the convenience of our digital services. This was also recognised by the 2024 Digital Leaders Study, which ranked ABN AMRO among the top performers. Tikkie, with 10 million active users, is a good example of our innovative offering. During King’s Day this year, Tikkie processed a record number of almost 700,000 transactions. We also introduced the Index Mandate, an actively-managed product that invests in underlying passive instruments. With this product we aim to attract younger clients and help them begin with portfolio management.

    We remain dedicated to sustainability. In the first quarter we launched the free online Green Building Tool which helps provide commercial real estate clients with insights into opportunities to save energy and improve their energy label. We realise that making the switch to a sustainable society is not always straightforward for our clients. A survey among over 350 business clients at our decarbonisation conference revealed challenges in the energy transition, including high capital expenditure, complexity and cost impacts. We aim to support our clients towards a low-carbon future by providing financing and expertise. One example of how we can help them is our recent agreement with the EIB Group to support Dutch SMEs with favourable financing conditions. This collaboration will enhance economic growth and the sustainability efforts of our clients. It includes the largest risk-sharing agreement with the EIB Group to date, totalling EUR 1 billion.

    ABN AMRO believes that everyday represents a new beginning for our customers, and for whom we stand ready to support. I am looking forward to my ‘new beginning’, collaborating with all my colleagues to deliver results for our stakeholders in the years to come.

    This press release is published by ABN AMRO Bank N.V. and contains inside information within the meaning of article 7 (1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation).

    Note to editors, not for publication:
    ABN AMRO Press Office: Jarco de Swart, E-mail: pressrelations@nl.abnamro.com, phone number: +31 (0)20 6288900.
    ABN AMRO Investor Relations: John Heijning, E-mail: investorrelations@nl.abnamro.com, phone number +31 (0)20 6282282.

    Operating results

    (in millions) Q1 2025 Q1 2024 Change Q4 2024 Change
    Net interest income 1,560 1,589 -2% 1,668 -7%
    Net fee and commission income 507 469 8% 500 1%
    Other operating income 79 139 -43% 72 10%
    Operating income 2,145 2,197 -2% 2,240 -4%
    Personnel expenses 725 656 10% 743 -2%
    Other expenses 584 600 -3% 871 -33%
    Operating expenses 1,309 1,257 4% 1,614 -19%
    Operating result 836 940 -11% 626 34%
    Impairment charges on financial instruments 5 3 52% 9 -44%
    Profit/(loss) before taxation 831 937 -11% 618 35%
    Income tax expense 212 263 -19% 220 -4%
    Profit/(loss) for the period 619 674 -8% 397 56%
    Attributable to:          
    Owners of the parent company 619 674 -8% 397 56%
               
    Other indicators          
    Net interest margin (NIM) (in bps) 154 162   167  
    Cost/income ratio 61.0 % 57.2 %   72.0 %  
    Cost of risk (in bps)¹ 1 -1   1  
    Return on average equity² 9.9 % 11.6 %   6.2 %  
    Earnings per share (in EUR)3, 4 0.69 0.76   0.43  
    Client assets (end of period, in billions) 346.9 347.1   344.4  
    Risk-weighted assets (end of period, in billions)5 141.5 144.2   140.9  
    Number of internal employees (end of period, in FTEs) 22,267 20,887   21,976  
    Number of external employees (end of period, in FTEs) 3,312 3,931   3,670  
    1. Annualised impairment charges on loans and advances customers for the period divided by the average loans and advances customers (excluding at fair value through P&L) on the basis of gross carrying amount and excluding fair value adjustments from hedge accounting.
    2. Annualised profit/(loss) for the period, excluding payments attributable to AT1 capital securities and results attributable to non-controlling interests, divided by the average equity attributable to the owners of the company excluding AT1 capital securities.
    3. Profit/(loss) for the period, excluding payments attributable to AT1 capital securities and results attributable to non-controlling interests, divided by the average outstanding and paid-up ordinary shares.
    4. For Q1 2025, the average number of outstanding shares amounted to 833,048,566 (Q4 2024: 833,048,566; Q1 2024: 860,275,379).
    5. As of 1 January 2025, the figures in the table are prepared in accordance with CRR III (Basel IV) regulations. The figures up to 31 December 2024 are prepared in accordance with CRR II (Basel III) regulations.

    Attachments

    The MIL Network

  • MIL-OSI United Nations: Experts of the Committee on the Rights of the Child Commend Norway on Child Welfare Act, Raise Questions on Proposed Increased Use of Force in Schools and Data on Children with Disabilities

    Source: United Nations – Geneva

    The Committee on the Rights of the Child today concluded its review of the seventh periodic report of Norway, with Committee Experts commending the State on the new child welfare act, while raising questions about the proposed increased use of force in schools and the lack of data on children with disabilities. 

    Bragi Gudbrandsson, Committee Expert and Taskforce Member, commended Norway for the child welfare act which was a wonderful piece of legislation. 

     

    Mr. Gudbrandsson said the Committee was concerned that Norway planned to use stronger force and constraints.  How had the country reached this situation?

    Faith Marshall Harris, Committee Expert and Taskforce Member, also emphasised her concern, stating that instead of teachers being trained to de-escalate violence, they were given the power to use more force than police officers.  It seemed that the Government had responded in a knee-jerk reaction to media pressure; however, the situation was more about training teachers to deal with these situations in a non-violent way.  Norway was encouraged to rethink this approach. 

    Thuwayba Al Barwani, Committee Expert and Taskforce Member, said Norway had excellent data but when it came to disability, there was no disaggregated data to better understand the situation of children with disabilities in the country.  How many of these children lived with their families? How many lived in residential care? How many were receiving support services?  What awareness raising campaigns were in place to remove stigma and educate about disability? 

    What measures were in place to provide quality psychological care for children with mental health disabilities in all municipalities?   

    The delegation said the new education act introduced a broader scope for exercising force and restraint.  Employees could now intervene against pupils when necessary.  Norway shared the Committee’s concerns and had tried to state explicitly in the provision that this was a last resort, with strict measures for physical restriction to take place.  The Government and municipalities focused on the competence of the staff to put pre-emptive measures in place so that physical interventions were a last resort and only used when necessary. 

    The delegation said the Norwegian strategy for equality for all ran until 2030, with an important competence to increase the visibility of the Convention on the Rights of Persons with Disabilities in all municipalities.  In 2025, the Government allocated 280 million kroner for grants for people with disabilities.  Norway could not definitively say how many people with disabilities were living in the country.  A recent report by Statistic Norway, focused on the different definitions of disability, which would hopefully assist the State in future.

    Introducing the report, Lene Vågslid, Minister of Children and Families of Norway and head of the delegation, said since the last dialogue with the Committee in 2018, Norway had taken significant steps to further strengthen children’s rights. 

    Last month, the Government presented a proposal for a new children’s act to Parliament, which included a new provision on the child’s right to privacy, and the parents’ responsibility in this regard.  Norway had introduced a range of measures in recent years to develop and improve the child welfare sector, including the new child welfare act, which entered into force in 2023, placing greater emphasis on prevention and helping children and parents as early as possible.  For the first time, a white paper on “Safe digital upbringing” would soon be presented to Parliament to develop policies that empowered and protected children in their digital lives. 

    In closing remarks, Mr. Gudbrandsson said it was clear Norway was on an exciting journey in revisiting the fundamental principles of the Convention, which was reflected in the new legislation, guidelines and action plans; the Committee was very impressed and appreciated these efforts. 

    In her closing remarks, Ms. Vågslid thanked the Committee for the important questions and the dialogue.  Norway aimed to highlight that all sectors were working towards the best possible outcomes for children. 

    The delegation of Norway was comprised of representatives from the Ministry of Children and Families; the Ministry of Culture and Equality; the Ministry of Education and Research; the Ministry of Justice and Public Security; the Ministry of Health Services; the Ministry of Labour and Social Inclusion; and the Permanent Mission of Norway to the United Nations Office at Geneva. 

    Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here. The programme of work of the Committee’s ninety-ninth session and other documents related to the session can be found here.

    The Committee will next meet in public at 3. pm on Wednesday, 14 May to begin its consideration of the combined fifth and sixth periodic reports of Indonesia (CRC/C/IDN/5-6).

    Report

    The Committee has before it the seventh periodic report of Norway (CRC/C/NOR/7).

    Presentation of Report

    LENE VÅGSLID, Minister of Children and Families of Norway and head of the delegation, said since the last dialogue with the Committee in 2018, Norway had taken significant steps to further strengthen children’s rights.  Fundamental children’s rights were included in the Norwegian Constitution, including that the best interests of the child must be a key consideration, and that children had a right to be heard regarding issues affecting them.  Moreover, the Convention was implemented through the human rights act, meaning it was applied as Norwegian law and prevailed if in conflict with other legislation. 

    Last month, the Government presented a proposal for a new children’s act to Parliament, which included a new provision on the child’s right to privacy, and the parents’ responsibility in this regard.  There were also several amendments to strengthen children’s rights when parents separated, including mandatory mediation for the parents and children. Additionally, the new education act of 2023 applied to all public primary and secondary education and contained general provisions stating that the best interests of pupils should be a fundamental consideration in actions and decisions concerning them. 

    Norway had introduced a range of measures in recent years to develop and improve the child welfare sector, including the new child welfare act, which entered into force in 2023, placing greater emphasis on prevention and helping children and parents as early as possible.  Last month, the Government launched the Quality Improvement Initiative, to give children relying on child welfare services greater predictability and stability. 

    It was only in exceptional cases, and as a matter of last resort, that the best interest of the child could lead to children being separated from their parents.  From 2023, children in health institutions had the right to be accompanied by a parent or guardian throughout their stay.  Families who had a child with a serious illness, injury or disability now had a right to a coordinator.  The Government also recently decided to incorporate the Convention on the Rights of Persons with Disabilities into the human rights act. 

    Since 2022, Norway had offered collective protection to around 90,000 refugees from Ukraine, many of them children.  The State had also increased the earmarked budget line for strengthened child expertise in asylum reception centres, and the County Governor’s supervision of unaccompanied minors was increased.  A national strategy for children in low-income families (2020-2023) was put forward in 2020 and renewed in 2024, aiming to strengthen the economy of low-income families and reduce economic barriers to kindergartens and after-school programmes. 

    In 2023, the Government introduced a “youth guarantee” which ensured young people close follow-up and individual support.  Since 2022, a cross-sector initiative called the Core Group for Vulnerable Children and Youth coordinated efforts across eight ministries and 14 agencies to address the needs of at-risk children.  Two weeks ago, Norway launched a national mission on the inclusion of children in education, work and societal life, with the key goal of reducing exclusion among children by 2035. 

    For the first time, a white paper on “Safe digital upbringing” would soon be presented to Parliament to develop policies that empowered and protected children in their digital lives.  Norway had also, for the first time, established a Ministry of Digitalisation, working closely together on children’s behalf.  Norway had high ambitions for all its children and was committed to advancing their well-being.  Ms. Vågslid concluded by commending the important role played by the United Nations treaty bodies in improving States’ implementation of human rights. 

    TORMOD C. ENDRESEN, Permanent Representative of Norway to the United Nations Office at Geneva, said Norway was looking forward to doing a deep dive with the Committee on the Rights of the Child in the country.  He then introduced the Norwegian delegation. 

    Questions by Committee Experts

    BRAGI GUDBRANDSSON, Committee Expert and Taskforce Member, said the Committee was aware of Norway’s exemplary record in children’s rights, being the first country to incorporate the Convention into domestic legislation, and the first in the world to establish the position of Ombudsman for children.  For this reason, the Committee would do its best to give Norway a critical appraisal. 

    The Government of Norway had been criticised in the law-making process, including the lack of a child rights assessment impact, and that children’s views were not included in the process of lawmaking.  It was understood that steps had been taken to address this; could the delegation share these with the Committee?  Could some examples be provided?  How was it ensured that the public administration act contributed to strong policies for children?  It was interesting that Norway had not yet formulated a comprehensive implementation plan for the Convention on a national, regional or sectoral basis. Could the delegation comment on this? 

    Norway was commended for collaboration between the Ministries and the Core Group for Vulnerable People.  Had it addressed the discrepancies in resources between the different municipalities? Had a strategy been devised in this regard?  Were children regularly consulted by the Core Group?  Norway currently did not collect disaggregated data which was of concern to the Committee.  Could the State use a safeguard strategy, rather than simply not collecting the statistics?  How did the State address the concerns of unaccompanied minors in reception centres? What was the status of amendments to the legal aid act?  To what extent were local politicians aware of the Committee’s observations since 2018? What was being done to improve this situation?  How were the concluding observations applied in the Government? 

    Mr. Gudbrandsson commended Norway for the child welfare act which was a wonderful piece of legislation.  The lack of participation of children in Norway was of concern, with many pieces of legislation being implemented without children having a chance to provide their views.  Were steps being taken to follow-up the child welfare act to ensure children were heard? Was there a possibility to accommodate the views of the children during child abuse cases through the Barnahus model? Would the State consider the age limit for accessing Barnahus services to 18?  It was important to provide young offenders with inappropriate sexual behaviour with good therapy, and Norway was commended for thinking about this.  The Committee welcomed the State’s action plan to address violence against children.  Had an evaluation of the previous plans been conducted?  How had this impacted the new plan? 

    The Committee was concerned that Norway planned to use stronger force and constraints.  How had the country reached this situation? Would Norway ban child marriages completely without any exceptions?  There was a lack of specific prohibition of the sale and sexual exploitation of children; could this be explained? 

    MARY BELOFF, Committee Vice-Chair and Taskforce Member, said Norway’s high-level delegation present before the Committee highlighted the country’s commitment to human rights.  Norway was an exemplary country in so many ways.  Why did discrimination still persist in such an egalitarian community, particularly when it came to Sami, migrant, asylum and refugee children? Where did the root causes lie? Were there any plans to diminish the levels of discrimination seen against children? 

    All State practices in Norway kept the best interests of the child in mind.  However, there were certain cases where questions arose. Was there an instrument for local and national authorities for this purpose?  How could the best interest of the child be reconciled with chemical restraints or practices of confinement?  How was it assessed whether the best interests of the children involved were satisfied? 

    If a child needed to be removed from their family, was there a protocol in place to ensure that the best interests of the child were still respected?  How was the situation of brothers and sisters assessed and the impact on children’s mental health?  Was there sufficient information to provide a solution to deportation or family reunification as it pertained to refugees?  How did “extended detention” reconcile with the best interests of the child?

    Responses by the Delegation 

    The delegation said the proposed children’s act strengthened the rights of all children in Norway and put their safety first, with the best interests of the child always considered most important.  The act aimed to facilitate the child’s contact with both parents and reduce conflict in situations of separation of parents.  The new act also included special provisions for cases of abuse of children.

    Norway placed a great emphasis on human rights and had implemented human rights conventions in the national law; in case of conflict, the conventions would prevail.  Norway’s Parliament had considered the ratification of the third Optional Protocol on several occasions, most recently in 2022, but given several reservations expressed, had voted not to implement it by an 80 per cent majority.  Given that recent decision, the Government was currently not considering ratifying the third Optional Protocol.  The Government remained adamant to develop a national complaints procedure and had taken steps in this regard.  A child-friendly website had been designed, allowing children to access the complaints procedure more easily. 

    The participation of children was becoming an increasingly valued part of Norway’s decision-making process.  The right to be heard was enshrined in the Constitution, and there were now established youth councils and mandated conversations with the Government and youth-oriented non-governmental organizations.  In March this year, the Government developed and clarified the role of the Norwegian Directorate for Children, Youth and Family which would now oversee all aspects pertaining to children and participation, and provide guidance to the public sector in this regard. 

    There were many national complaints bodies in Norway which had the competence to handle complaints concerning children.  Several measures had been taken to strengthen children’s right to complain. Politicians at all levels were responsible for following Norwegian law in all their decisions, and the Convention was part of Norwegian law.  Politicians received a copy of the Convention on the first day of work and an informative poster.  All general comments made by the Committee were published on the Government’s website in Norwegian and English. 

    The Norwegian Human Rights Institution had created a guide on children’s rights which was available online.  Since 2018, it was forbidden to enter a marriage with someone under 18 in Norway, and from this year, foreign marriages of a person under the age of 18 were not recognised. 

    In April, a bill was submitted to parliament for a new administrative procedural act.  The legal aid act stipulated the right to free legal aid for natural citizens, including minors.  The Norwegian Barnahus model was evaluated in 2021, with the system seeming to work well and in accordance with international conventions.  The Government aimed to strengthen the legal protection of child suspects, including around interrogation of minors. The evaluation of the Barnahus model did not delve further into the proposal to raise the age for access to services to 18. 

    Residents in asylum reception centres took part in an information programme about the Norwegian society and its fundamental values.  The objective was to help residents take care of their own living situations and also inform them of their rights.  In cases of expulsion, an extended right to free legal aid was granted. 

    In recent years, Norway had taken significant steps to strengthen the child welfare services through policies, research, and financial commitments.  The child welfare services aimed to do everything within their power to allow children to live at home.  The municipalities were vital in this regard.  In Norway, around 54,000 children and adolescents received help from child welfare services annually.  The new child welfare act entered into force in 2023, and children were provided with additional rights, including speaking to child welfare authorities without parental consent.  The new participation regulation came into force in 2024 and clarified the duty of the child welfare services to provide child participation in cases.  Norway was working to improve the system, including through evaluating the new rules, developing more child friendly processes, and ensuring access to qualified legal representation to children, among other measures.   

    Norway had been working hard on foster homes; nine out of 10 children living in alternative care lived in foster homes.  Several measures had been launched to improve the situation of foster parents, including for them to be given clearer decision-making authority.  Children who had lived in a foster home for at least two years could be proposed a permanent residence in the home, if the aim of reunification had been abandoned.  The State was currently investing in models for foster homes for siblings. 

    The responsibility of the treatment and follow-up of intersex children was assigned to two hospitals, and necessary medical treatment was initiated when relevant. Treatment practices in Norway were aligned with the rest of the Nordic countries.    Norway did not collect any data or statistics based on the ethnicity of the population.  The Government was strengthening and renewing its efforts to combat hate and discrimination based on ethnicity and religion, and had delivered four action plans, including against anti-Semitism and anti-Muslim racism and hate speech, as well as discrimination against the Sami.  A study showed that a high number of children with ethnic backgrounds had experienced racism. 

    The kindergarten act and education act stated that children had the right to an education free from discrimination.  The new education act introduced a broader scope for exercising force and restraint. Employees could now intervene against pupils when necessary.  Norway shared the Committee’s concerns and had tried to state explicitly in the provision that this was a last resort, with strict measures for physical restriction to take place.   

    Several guidelines had been produced by the immigration service and the appeals board on how to hear children in the case-handling process.   

    Questions by Committee Experts

    THUWAYBA AL BARWANI, Committee Vice-Chair and Taskforce Member, acknowledged the hard work Norway had put into the strategy of equality for persons with disabilities 2020 to 2030.  How had the strategy helped mitigate the discrimination of vulnerable children? What interventions were envisaged to address access to services for children with disabilities to ensure their rights were upheld?  The Committee had heard reports of abuse of children with psychosocial disabilities, particularly girls.  What measures had been taken to address this problem?  To what extent did these children know their rights?  Was the State party making efforts to give them opportunities to be heard and their views taken into account? 

    There had been violations found in 76 per cent of respite homes; how was the Government planning to regulate these homes?  Were there efforts to reduce and phase out these institutions and replace them with more community-based care? 

    Norway had excellent data but when it came to disability, there was no disaggregated data to better understand the situation of children with disabilities in the country. How many of these children lived with their families?  How many lived in residential care?  How many were receiving support services?  What awareness raising campaigns were in place to remove stigma and educate about disability? 

    What measures were in place to provide quality psychological care for children with mental health disabilities in all municipalities?   

    The Committee had received reports that children without resident permits could not be seen by a general practitioner, and could only receive emergency health care, which was of concern.  Was the Government planning to change this practice?  The Committee welcomed Norway’s commitment to protect intersex children from violence; however, it was concerned that unnecessary irreversible surgeries had been performed on intersex children without their informed consent.  Was this the case?  Had data been collected on these practices?  Had there been redress for these children?  How was the Government planning to protect children from these practices?  What measures did the Government have to combat family poverty?  What additional measures were in place to improve the living conditions of children in municipal housing? 

    FAITH MARSHALL HARRIS, Committee Expert and Taskforce Member, said Norway had been the envy of the world in terms of the environment and had an incredible record. Why was the State now granting more licenses for gas and extraction and exports?  The Committee was concerned about this change of direction.  Why was the State turning its back on the commitments made in the Paris Agreement?  Why was Norway undermining its incredible heritage in this direction?  Given the fact that this was so important to the lives of children, was there a mechanism in place for consulting them on these major decisions?

    Children with disabilities in Svalbard could not receive special education and had to move with their parents to the mainland; could more information be provided on this? The use of force by teachers in the classroom against disruptive pupils was concerning and seemed to escalate violence. Instead of teachers being trained to de-escalate violence, they were given the power to use more force than police officers.  It seemed that the Government had responded in a knee-jerk reaction to media pressure; however, the situation was more about training teachers to deal with these situations in a non-violent way.  Norway was encouraged to rethink this approach. 

    Could Norway provide more information about programmes and strategies for the Sami people?  Had Norway developed a national referral mechanism for trafficking?  Was legal representation available to children from the very start of an investigation?  How were children who had come out of warzones being rehabilitated? 

    BRAGI GUDBRANDSSON, Committee Expert and Taskforce Member, asked what services children with challenging behaviours were entitled to by law? 

    MARY BELOFF, Committee Vice-Chair and Taskforce Member, asked how children were heard in cases where the State legally granted a sex change?  Had a legal definition of statelessness been adopted? What mechanisms existed to protect children who had been exposed on the internet?  Did children deprived of liberty receive information on their rights?

    A Committee Expert said Norway did not participate in the ministerial conference on ending violence against children; was there a specific reason for this? 

    Another Expert asked about the Norwegian children’s act.  When would this be finished?  How much were children involved in that act? 

    An Expert asked what was being done to prevent violence against children, including risks in the digital environment?  How was the birth declaration of refugee or stateless individuals conducted?  What was being done to support those parents?

    Responses by the Delegation

    The delegation said children’s rights would always be work in progress; it was important to evolve and improve.  Children in Norway were among the highest users of screens, social media and digital technology globally.  How could the State protect them in their everyday life?  This was a difficult problem to solve. 

    The work with the Core Group for Vulnerable Children and Youth started in 2021.  There was a need for a better cross-sectoral collaboration to ensure children, youth and their families received the necessary support and follow-up.  The Core Group was comprised of representatives from seven ministries. Last year, the Core Group was evaluated, with conclusions finding that it was well established.  The Core Group did not consult children directly in its work. 

    To combat complex forms of discrimination, it was important to apply a cross-sectional approach when developing legislation.  The action plan to combat hate speech and discrimination against the Sami was launched in January this year, and included 32 measures under headings such as dialogue, democracy, safety and security, among others.  Many valuable inputs from those concerned had been received, including from young people, as well as the Sami Parliament, which was actively involved in the development of the plan.

    The Norwegian strategy for equality for all ran until 2030, with an important competence to increase the visibility of the Convention on the Rights of Persons with Disabilities in all municipalities.  In 2025, the Government allocated 280 million kroner for grants for persons with disabilities.  Norway could not definitively say how many persons with disabilities were living in the country.  A recent report by Statistic Norway focused on the different definitions of disability, which would hopefully assist the State in the future.

    Every year, the Government submitted a forward-looking white paper to the Sami Parliament.  The Government aimed to get more qualified teachers in Sami schools and kindergartens.  The lack of Sami language competence was the biggest challenge to provide good services to the Sami population.  The Government had financed a school programme to assist students with a Roma background to complete primary and secondary education.  The unique framework of the Svalbard community determined what services could be provided.  It was not possible to ensure all needs could be met in the archipelago as on the mainland, including the educational offering, particularly special education, which required a tailored, individual approach.  Any additional needs needed to be met on the mainland. 

    The education act and the private school act that clarified employees to use physical interventions, included an obligation to prevent physical intervention from occurring. The Government and municipalities focused on the competence of the staff to put pre-emptive measures in place so that physical interventions were a last resort and only used when necessary. Schools should have an environment where all students thrived and benefited from education, including those who exhibited disruptive behaviours.  The solutions for these students needed to be adapted to each individual pupil.  This year, the Norwegian Government had allocated money to municipalities to address these issues.   

    Minors who came to Norway alone were a particularly vulnerable group and given high priority. In 2022, an independent evaluation of minors in asylum reception centres was conducted to ensure they received the necessary care, and violations were detected in several centres.  In 2025, the Government increased the funding of independent supervision and funding in several reception centres.  Norway worked systematically to improve the care provided to children in reception centres.  It was mandatory for reception centres to have routines in place to handle violence against children, with staff required to report any violent behaviour to relevant authorities.  The Norwegian Directorate of Immigration had instructed follow-up procedures for minor asylum seekers who may be victims of human trafficking, violence or child marriage. The Directorate of Immigration had developed specific action cards for the reception centres, for each of these specific issues.

    The Directorate of Immigration required that cooperation resident councils were established within asylum centres to ensure residents could express their views on the operation of the centre.  When applying for protection, all unaccompanied asylum-seeking minors were offered an asylum interview, either in person or online.  Clear child-friendly guidelines had been prepared on interviewing children which needed to be followed by police units.  The Immigration Appeal Board heard children orally if deemed necessary.  It was rare for children to be involved in the Board meetings.  Child hearings were conducted orally by the local police in Norway. The police had received guidance on how to hear children in a child-friendly manner. 

    A person charged with a criminal offence who was under the age of 18 at the time of the offense would only be sentenced to preventive detention in extraordinary circumstances. Unfortunately, there were cases where the court had found there were no alternative ways to safeguard public security. In light of the recommendation from the Committee, the Norwegian Government was monitoring this situation. 

    Human trafficking was a grave violation of human rights and a crime with serious consequences. The level of trafficking was low in Norway.  The Government had decided to release a strategy on trafficking in human beings which would be presented in 2025.  Training to detect victims of torture and trafficking was of utmost importance; a national guideline was published in this regard in 2023.  There were several provisions in the criminal procedure act which granted the right to a publicly appointed defence council, which was an unconditional right if the individual was a minor at the time of the offence. 

    More than 89 per cent of children in Norway participated in kindergartens.  The Government’s strategy to 2030 aimed to ensure all children could participate in high quality kindergartens, regardless of where they lived and their financial situation.  The Government had taken steps in 2024 to reduce the price of kindergarten places, significantly lowering barriers for families to enrol their children in kindergartens.  Children of minority backgrounds had lower levels of enrolment.  Children in asylum reception centres were not entitled to a place in kindergarten, but grants were provided to assist them in this regard. 

    Municipalities were strengthening formal competence in education.  School absenteeism could have many different courses and the severity of cases varied.  Absenteeism early in the school year could have significant consequences for pupils. The Government was strengthening efforts to prevent students from developing school absenteeism.

    The Convention on the Rights of Persons with Disabilities’ project was an important measure to ensure the Convention was implemented throughout the whole country. A guide had been created to help the municipalities understand and implement the Convention, and films and other materials had been made to increase the understanding of using the Convention in practice. 

    Children and young people would have to live with the climate, and the decisions made today would affect their future.  It was crucial to limit the global temperature increase to 1.5 degrees Celsius. Norway was contributing to this effort by striving to complete its own climate goals and it collaborated with the European Union in this regard.  The Government involved children and young people in the development of the climate policy.  An agreement had been reached which safeguarded the rights of reindeer herders. The State had taken a responsibility to ensure that reindeer herders could utilise additional land for winter grazing.  Following the full-scale invasion of Ukraine, the supply of gas from Norway to Europe had helped free Europe from Russian gas.

    Questions by Committee Experts

    FAITH MARSHALL HARRIS, Committee Expert and Taskforce Member, congratulated Norway on the outcome for the reindeer herders.  The issues of violence and bullying in schools was an increasing worldwide phenomenon which had reached even Norway.  Did Norway consider that the socialisation in schools needed to increase?  What would be done about this?  Was the issue of displacement among indigenous peoples being addressed?  Was their free, prior and informed consent being obtained for development activities? 

    A Committee Expert asked if the Immigration Appeals Board had an administrative and judicial competency?  What kind of appeals did it hear?  Were there age assessment appeals before this Board?  How was the right of children to be heard guaranteed if the Board did not hear children directly?  Did the Board hear appeals from detention conditions?  Was there mandatory reporting with regards to the best interest of the child?  Did permanency only apply to children in residential care or those in all care settings?

    Another Expert said developing countries were most vulnerable to the impact of greenhouse gases. What was Norway doing for those countries? 

    A Committee Expert asked if children in Norway had been consulted regarding the ratification of the third Optional Protocol?  Norway should be commended regarding its commitment to the landmine treaty, as landmines were some of the worst arms affecting children.  Did the State plan to take a stronger stance?

    Another Committee Expert asked if there were positive parenting programmes in place in Norway? How was artificial intelligence used in Norway and how did the State protect children from its threats? 

    MARY BELOFF, Committee Vice-Chair and Taskforce Member, asked why Norway did not feel the need to have a differentiated response between the ages of 15 to 18? 

    Responses by the Delegation

    The delegation said three quarters of the country’s child and adolescent mental health services had implemented cognitive behaviour therapies to address trauma.  The Norwegian Board of Health Supervision conducted nationwide inspections of children in respite homes between 2022 and 2023, and had provided several recommendations, with follow-up measures now initiated.  Since 1991, Norway had implemented a reform for the care of people with developmental disabilities, with the goal to phase out institutional care.  Data showed that almost 20,000 children had received one or more municipal care services. 

    Children with disabilities should be treated equally and protected against discrimination. The Ombudsman for Children played an important role in raising awareness about children’s rights.  Illegal substance use among children and young people in Norway was relatively low.  However, there had been a concerning increase in cocaine use among young men and boys.  The Government was particularly focused on preventing substance use among children and young people.  Most children and young people in Norway reported a good quality of life and satisfaction; however, there had been an increase of poor self-mental health diagnosis among young people in Norway, particularly after the COVID-19 pandemic. The Government aimed to ensure that everyone had access to good quality, low-threshold mental health services, and municipal capacities had been developed in this regard.

    Combatting violence against children was a high priority for the Norwegian Government and a national action plan had been developed.  A whitepaper on safe digital upbringing would soon be submitted to Parliament.  The development of social media was being debated, and Norway was assessing an age limit for social media services.  Most social media services were not developed with children’s wellbeing in mind. Children of any age could refuse a parent sharing videos or photos of them on social media.

    In cases of separation, parents should have shared daily authority as a general rule, to safeguard the child’s right to family life and reduce conflict.  Norway had a free and low threshold counselling service for families to prevent disputes.  The Norwegian Directorate of Children and Youth offered a wealth of online resources for parents to help them navigate different aspects of parenting. 

    The Government had proposed legislative amendments to ensure foster parents could be given direct authority to make decisions on behalf of the child.  Foster parents were given the right to appeal the decision to move a child.  The child welfare act regulated follow-up between parents and monitored the child’s development. 

    Children could be placed in child welfare institutions if they had serious behavioural problems; this was the case for approximately 20 per cent of children residing in these institutions.  The State had a duty to ensure these children received the necessary care and help required. 

    Norway’s housing allowance had been strengthened in 2024 and 2025 to help those struggling in the housing market.  The Government had strengthened the grants scheme for the inclusion of children and youth. Policies targeted newly arrived refugees and immigrants who had lived in Norway for years, to increase their access to the labour market.   

    The Government had initiated a series of measures to improve the school environment and was further strengthening this effort.  Studies showed that pupils who did not use their phones in school hours experienced less bullying, and for this reason there was a directive for schools to keep school-hours mobile free.  Schools and kindergartens had an obligation to act if a child was experiencing bullying.

    An age assessment was considered during the asylum decision.  It was not the case that the Immigration Appeal Board never heard the child. When it was assessed that the case was sufficiently informed, the Board could decide on the case without a hearing. Usually, it was assessed that the case was sufficiently informed, as the child had previously been heard through an asylum-seeking interview.  The detention of children was only used to carry out an immediate pending return. Minors above 16 years old could be granted a resident permit if they reached the age of 18.  This was important to reduce the number of asylum-seeking minors embarking on dangerous journeys to Norway and Europe.  There were special penal sentences in place for juvenile offenders.

    Norway regretted the decision of some countries to withdraw from the mine ban treaty and had no plans to withdraw. 

    Gender affirming treatment was not provided to intersex children based on this diagnosis alone; it was only after a diagnosis of gender dysmorphia where treatment could be received, following years of monitoring.  Surgeries were not performed on the psychosocial indications of intersex children.  The last time this occurred was several decades ago. 

    When giving birth in Norway, most births took place in a hospital, where the birth was then registered.  If the birth took place at home without a doctor or midwife present, it was up to the mother to report the birth within one month. 

    Closing Remarks

    BRAGI GUDBRANDSSON, Committee Expert and Taskforce Member, appreciated the rich, comprehensive information shared by the delegation.  It was clear Norway was on an exciting journey in revisiting the fundamental principles of the Convention, which was reflected in the new legislation, guidelines and action plans; the Committee was very impressed and appreciated these efforts.  The proposal to expand the use of force in schools and residential care was of concern to the Committee and it was hoped this would be carefully considered before being enacted. 

    LENE VÅGSLID, Minister of Children and Families of Norway and head of the delegation, thanked the Committee for the important questions and the dialogue.  Norway had seen a rise in the exclusion of children which it wished to turn around.  The proposed children’s act aimed to secure the child’s right to family life, provided it was in their best interest.  Norway aimed to highlight that all sectors were working towards the best possible outcomes for children.  Norway looked forward to receiving the Committee’s concluding observations.

    SOPIO KILADZE, Committee Chair, thanked Norway for the dialogue and for acknowledging the challenges faced by the country.  The concluding observations would contain recommendations to make Norway a better place for children.  Ms. Kiladze extended warm regards on behalf of the Committee to the children of Norway.

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    CRC25.010E

    MIL OSI United Nations News

  • MIL-OSI USA: CREA Foundation Creates Two Scholarships, Bonus Opportunities for Real Estate Students

    Source: US State of Connecticut

    CREA Foundation, Inc. has created two, renewable scholarships for UConn students interested in studying commercial real estate, and they include bonus opportunities to set them up for success.

    “We’re excited and eager to partner with CREA to introduce more students to the real estate industry,’’ said David Wharmby, director of the Center for Real Estate and Urban Economic Studies at UConn. “This gift will ensure that they are not just career-ready but have solid work experience in the industry.’’

    Open to rising juniors, CREA Foundation will award a $10,000 renewable scholarship for two students majoring or minoring in real estate. CREA Scholars will also have the opportunity to have an internship with CREA, LLC or local partners, and will have a CREA mentor to answer questions and offer guidance. Scholarship applications are now open and will be awarded in late summer.

    CREA has created similar programs with Indiana University, Indianapolis, and California State University, Northridge, and they are going exceptionally well, said UConn alumnus and CREA CEO Tony Bertoldi ’89. He said he and his team are excited to welcome a new generation of industry experts, engage with them, and help them find their career path.

    “We want to improve the pipeline of talent coming into our business,’’ he said. “When we’re in the interview process, I look for applicable experience. It’s a great advantage to have that exposure beyond the classroom.’’

    CREA is a national tax-credit syndicator, working with developer and investor partners to create affordable housing. Its Foundation supports access to higher education and introductory work experiences.

    “Tony has hired lots of our graduates and knows they have the skills to succeed and contribute right away,’’ Wharmby said.

    “I had a great experience at UConn,’’ said Bertoldi, who has served as a guest speaker in real estate courses and is a serial UConn donor. A recent trip back to campus reignited his enthusiasm. “I saw the opportunity to do something meaningful for UConn.’’

    “It’s a fantastic gift,’’ Wharmby said. “I think real estate offers a really exciting, broad, diverse career opportunity. Not a lot of students know about it until they get to college. With these scholarships, we’re exposing the industry to a broader set of students.’’

    MIL OSI USA News

  • MIL-OSI USA: LANCASTER COUNTY – Shapiro Administration to Make Major Economic Development Announcement

    Source: US State of Pennsylvania

    May 14, 2025Lancaster, PA

    ADVISORY – LANCASTER COUNTY – Shapiro Administration to Make Major Economic Development Announcement

    Department of Community and Economic Development Secretary Rick Siger will join local leaders to announce the Commonwealth’s investment in Kettle & Fire to create jobs and grow Pennsylvania’s manufacturing and agricultural sectors.

    WHO:
    Rick Siger, DCED Secretary
    Brian Hack, CEO, Kettle & Fire
    Justin Mares, Co-Founder, Kettle & Fire
    Armando Ramirez, COO, Kettle & Fire
    Mark Fitzgerald, President, High Real Estate Group

    WHEN:

    Wednesday, May 14, 2025, at 11:30 AM

    WHERE:
    425 Ben Franklin Boulevard
    Lancaster, PA 17601

    VISUALS:
    Formal remarks followed by a ribbon-cutting ceremony and guided tour of the facility.

    RSVP:
    Press who are interested in attending should RSVP to dcedpress@pa.gov.

    MIL OSI USA News

  • MIL-OSI USA: What They’re Saying: Investing in NYC Transportation

    Source: US State of New York

    overnor Kathy Hochul recently signed new legislation as part of the FY26 Enacted Budget to make transformative investments in transportation infrastructure. In keeping with her record of leading on pro-transit investments, the FY26 Enacted Budget includes historic investments in New York City’s public transportation system with the biggest capital investment in New York’s transportation history by fully funding the Metropolitan Transportation Authority’s (MTA) $68.4 billion 2025-29 Capital Plan.

    State Senator Jeremy Cooney said, “Millions of New Yorkers rely on the MTA every day, both passengers downstate and manufacturers upstate who rely on MTA contracts to support their employees. This budget is forward thinking about the future needs of the MTA and I’m grateful for Governor Hochul’s leadership in making these investments possible to create the kind of modern system New Yorkers deserve.”

    State Senator Brad Hoylman-Sigal said, “A functioning public transit system is essential to a functioning New York City and State. I applaud Governor Hochul, Majority Leader Stewart-Cousins, and Speaker Heastie for working together to fully fund the MTA’s $68.4 billion Capital Plan. Under this agreement we will be able to make more subway stations accessible, including many stations in my district, modernize the signal system to reduce wait times, and purchase more electric buses. These changes will make a tremendous difference to the millions of people across the tristate area who use our public transit system every single day.”

    State Senator Andrew Gounardes said, “It’s never been more important to invest in our transit system. With so much uncertainty in Washington, New Yorkers are looking to us to offer the safe, reliable, accessible service that they need and deserve. That means new trains, upgraded signals, and long-overdue investments in station elevators and other improvements. This is a long-term investment in the future of our city, our economy and our communities, and I’m glad to work with Governor Hochul and my colleagues in the legislature to deliver it.”

    State Senator Robert Jackson said, “Our subways and buses are not luxuries—they are lifelines. Fully funding the MTA’s Capital Plan is more than an investment in concrete and steel; it’s a commitment to working people, to mobility, to equity. For the essential workers who kept this city alive, for the students racing to class, for the elders who deserve dignity in every ride—this is what putting people first looks like. This robust investment will help the MTA deliver on that promise: expanding ADA accessibility at subway stations across the district I serve, upgrading to clean electric bus fleets, and strengthening the rails and roads that keep my constituents moving. I’m proud to support a plan that moves New Yorkers forward—not just in transit, but in justice.”

    State Senator Cordell Cleare said, “We are hoping that this funding will extend to much needed projects like the Second Avenue Subway expansion, and other long-requested and necessary MTA accessibility upgrades and transportation alternatives, plus efforts to comply with the Americans with Disabilities Act (ADA), and pressing forward with modernizing the subway system and improving overall air quality. My constituents in the 30th District are awaiting the implementation of these improvements.”

    State Senator Kristen Gonzalez said, “I’m proud to have advocated for the full funding of the $68 billion MTA Capital Plan. This pro-transit investment will result in infrastructure improvements that will benefit my constituents, including Midtown tunnel upgrades and Communications-Based Train Control (CBTC) modernization. I’m grateful to advocates, Majority Leader Stewart-Cousins, and Governor Hochul for this funding to move our city and state forward.”

    Assemblymember Deborah J. Glick said, “The MTA is vital not only to New York City residents who depend on it for their daily commute, but for the entire metro area. Many New Yorkers rely on the MTA to enter the city to work, dine, and recreate. Fully funding the MTA capital plan will provide the resources that are needed to expand and modernize services, while increasing the environmental benefits gained by supporting a reliable public transit system. I thank Governor Hochul for her work in securing this critical funding.”

    Assemblymember Rodneyse Bichotte-Hermelyn said, “Public transportation is critical for many of my constituents, and for the millions of New Yorkers (and beyond) who rely on MTA’s infrastructure to keep moving forward. I applaud Governor Hochul and my colleagues for passing this legislation to make critical, record-high investments to improve transit for all New Yorkers, with a fully-funded 2025-29 Capital Plan. These prudent policies and transformative investments will ensure New York City’s largest public transportation system is continually improving, modernizing, and making our commutes better – all while creating good-paying jobs.”

    Assemblymember Yudelka Tapia said, “This historic investment in our transit infrastructure is a game changer for the Bronx. Fully funding the MTA’s Capital Plan means safer and more reliable service for our residents who rely on public transportation every day. I’m proud to support a budget that delivers the resources our communities need.”

    Assemblymember Brian Cunningham said, “A fully funded MTA Capital Plan is an important step toward delivering the transit improvements our communities deserve. For residents in my district, systemwide investments in accessibility and upgraded infrastructure will mean more dependable service and stronger connections to opportunity. The Interborough Express will bring new, much-needed transit options to Brooklyn residents who have long lacked efficient cross-borough service. This plan lays the groundwork for meaningful improvements in my district of Crown Heights, Prospect Lefferts Gardens, Flatbush, as well as across New York City’s transit system.”

    Assemblymember Tony Simone said, “The 2025-2029 MTA Capital Plan is essential for both riders and our local economy. This historic investment by Governor Hochul and the Legislature will address the significant infrastructure issues our aging system faces, enabling it to make large strides towards becoming a truly 21st century system worthy of our great city.”

    Assemblymember George Alvarez said, “I want to thank Governor Hochul for her strong support for, and meaningful investment in, New York City’s public transit system. The Governor clearly understands that improvements in transit translate to more opportunity, a better quality-of-life, and a stronger economy for all New Yorkers.”

    New York City Comptroller Brad Lander said, “For decades, Albany underfunded the MTA and neglected the needs of our transit system, creating a multibillion-dollar backlog of deferred maintenance that led to several preventable system failures — most notably, the infamous ‘Summer of Hell’ in 2017. By fully funding the 2025-2029 Capital Plan, the FY2026 Budget brings much-needed stability to the MTA’s finances and will deliver billions in subway accessibility, safety, and state-of-good repair improvements. Thanks to the efforts of Governor Hochul and the Legislature, a more accessible, reliable, and safer transit system is finally within reach.”

    Manhattan Borough President Mark Levine said, “There is no New York City without mass transit, so I am thrilled that this year’s state budget will fully fund the MTA’s 2025-29 Capital Plan. This plan will improve service, safety, and reliability for the millions of New Yorkers who take transit every day, with investments like making at least 60 stations fully accessible, modernizing signals to speed up service, replacing 40+ year old subway cars, and more. I commend the Governor, legislature, and MTA for getting this done.”

    New York City Council Deputy Speaker Diana Ayala said, “I commend Governor Hochul for her leadership and commitment to strengthening public transit infrastructure across New York City. The full funding of the MTA’s $68.4 billion Capital Plan marks a historic investment that will directly benefit the people of East Harlem and the South Bronx—communities that rely heavily on our transit system every single day. This funding will improve service, accessibility, and safety, helping to close long-standing transit equity gaps and ensuring that our constituents can commute, work, and live with the reliability and dignity they deserve.”

    Council Member Gale Brewer said, “This investment in the MTA is a huge win for New Yorkers who rely on public transit every day. Fully funding the Capital Plan means safer, more reliable service, and long-overdue upgrades that will benefit every borough. I thank Governor Hochul for her leadership and continued commitment to a more equitable, accessible, and resilient transportation system.”

    Permanent Citizens Advisory Committee to the MTA Executive Director Lisa Daglian said, “The region’s riders have a lot to be thankful for in the state budget. Governor Hochul, Senate Majority Leader Stewart-Cousins and Assembly Speaker Heastie clearly understand the importance of the MTA to the millions of New Yorkers who use transit everyday, to our economy, and to employers across New York State. We are grateful for their steadfast support. Fully funding the 2025-29 MTA Capital Plan ensures the $1.5 trillion asset that keeps our region moving is kept in a state of good repair and brought into the 21st century – especially important in light of unwarranted threats to transportation programs from the federal government. Funding critical safety programs and support services will help riders feel and be safe underground — progressing what we have already begun to see. We look forward to continuing to work with Governor Hochul and the Legislature to advance more equitable access to affordable transit, especially for the New Yorkers who need it most.”

    Transportation Alternatives Executive Director Ben Furnas said, “A fully-funded MTA Capital Plan is existential for the future of our city. Congratulations to Governor Hochul and the legislature for their leadership. New York as we know it is only possible with mass transit. Our bridges and subways need to be brought into a state of good repair, and we need to be able to expand bus and train service in order to grow as a city without adding more cars to the road.”

    Brooklyn Center for Independence of the Disabled Executive Director Joe Rappaport said, “A fully funded 2025-2029 capital budget means the MTA will meet its legal requirement to add elevators at dozens of stations across the city. It will get the MTA closer to meeting its ultimate goal of making virtually all subway stations accessible, as it agreed to do as part of a 2022 settlement with disability advocates, including BCID. It’ll also pay for other improvements that all riders need, whether or not they have a disability. We applaud Gov. Hochul’s and the legislature’s vision in passing this vitally needed funding.”

    Regional Plan Association President and CEO Tom Wright said, “As RPA’s recent research has shown, the 2025-2029 MTA Capital Plan will enable the region’s 2.1 million riders who live in the MTA service area and regularly take transit to work to earn $187 billion in wages, powering the economy of the New York region. Thanks to the determination and dedication of Governor Hochul and the New York State Legislature, all the region’s riders will be able to rely on the vital infrastructure investments secured in this year’s New York State budget that will make taking transit more reliable, comfortable, safe, and accessible.”

    Riders Alliance Executive Director Betsy Plum said, “Public transit riders organized and Governor Hochul and the legislature heard us loud and clear. This budget builds on New York’s successful congestion relief program to keep fixing the subway that millions of us depend on every day. We’re grateful to the governor for her leadership in funding and maintaining a safe, affordable, reliable, accessible public transit system for all New Yorkers.”

    General Contractors Association of New York Executive Director Robert G. Wessels said, “We have worked hard in Albany, Washington, and right here in New York City to support funding for many MTA Capital Programs since its first five year plan in 1982, yet this one is particularly satisfying given its extraordinary level of investment. We commend the Governor for her efforts in getting this done, and our over 250 members and 25,000 skilled trades workers look forward to continuing to help New York rebuild and expand the nation’s premier transportation system.”

    New York Building Congress President and CEO Carlo Scissura said, “We are thrilled to see our partners in state government heed our industry’s call to ensure the MTA gets the funding it needs for the world class transit future New Yorkers deserve. Fully funding the MTA’s 2025–2029 Capital Program in the State Budget will generate over $106 billion in economic activity and support nearly 73,000 good-paying jobs across New York State, while delivering much-needed improvements to our transit infrastructure. The Capital Plan is essential to the continued growth of the region and is one of our strongest economic drivers. Building Congress members are ready to roll up their sleeves and get to work building a transportation network we can continue to be proud of. We thank Governor Hochul, Speaker Heastie, Majority Leader Stewart-Cousins, and the entire legislature for their leadership and commitment to New York’s future.”

    Felice Farber Executive Director Subcontractors Trade Association said, “We applaud Governor Hochul, Speaker Heastie, Majority Leader Stewart Cousins and the state legislature for their leadership in passing a budget that fully funds the MTA capital program. This critical investment not only ensures a safer, more reliable, and modernized transit system for millions of New Yorkers, but also fuels job growth and economic opportunity across the state. For subcontractors and small businesses, full funding means expanded access to projects, more predictable work pipelines, and a stronger foundation for long-term growth and innovation in the transportation infrastructure sector.”

    American Institute of Architects New York Chapter Executive Director Jesse Lazar said, “AIANY applauds Governor Hochul, Majority Leader Stewart-Cousins, Speaker Heastie, and the Members of the New York State Legislature for their demonstrated commitment to our public transportation system. This investment in the 2025-2029 Capital Plan will have critical impacts on the resiliency of our transit system with signal modernization and new rail cars as well as valuable expansion projects such as the Interborough Express. The design community is eager to continue its work with the MTA to ensure our region’s infrastructure is well-maintained and quality is prioritized.”

    Real Estate Board of New York President Jim Whelan said, “A world class transit infrastructure network is essential for attracting and retaining residents and businesses, and will help encourage investment for new real estate developments. REBNY commends the Governor and State Legislature for outlining a sustainable funding plan for the MTA as part of the budget.”

    Associated General Contractors of New York State President and CEO Mike Elmendorf said, “The fact that the enacted state budget fully funds the MTA Capital Program is welcome news for New York’s commuters and economy. This, coupled with the budget’s inclusion of increased funding for core NYSDOT capital needs and for local roads and bridges—highlights just how critical infrastructure is to our communities and economy. We commend Governor Hochul and the Legislature for recognizing this reality and for their forward-looking action.”

    American Council of Engineering Companies of New York President and CEO John T. Evers said, “New York’s economic future depends on the efficiency and effectiveness of our transportation systems, and that’s why we would like to applaud the steadfast leadership of Governor Kathy Hochul and our legislative leaders for their diligent work to significantly increase in the budget of $800 million for the state Department of Transportation’s Capital Plan and adopt the five-year MTA Capital Plan. This funding will enable necessary upgrades to our aging network of roads, bridges and tunnels statewide, ensuring millions of New Yorkers can move forward in a safer and more sustainable manner. Improving our infrastructure means improving our quality of life, and as leaders in design and engineering, our members commend our government partners for securing the funds to better protect generations to come.”

    MIL OSI USA News

  • MIL-OSI: Auto and Property Insurance Shopping in First Quarter 2025 Elevated Compared to One Year Ago

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 13, 2025 (GLOBE NEWSWIRE) — Auto insurance shopping in Q1 2025 increased 10% compared to the same period in 2024. Home insurance shopping was up 5% year over year, according to TransUnion (NYSE: TRU) research.

    While the trend of elevated shopping levels has been consistent for some time, a key difference emerged over the last quarter for auto insurance. Higher-risk consumers are once again the most active shoppers for the first time since Q4 2021. Insurers may have returned to traditional practices of focusing rate increases on higher risk segments, rather than across the board.

    As a result, higher-risk customers are still shopping for lower rates, while mid- and low-risk customers may have seen their rates stabilize. These findings and more are included in TransUnion’s latest quarterly Insurance Personal Lines Trends and Perspectives Report.

    “As rates have settled for the majority of auto insurance customers, we are experiencing a return to historical insurance shopping patterns, which correlate price sensitivity closely to relative insurance risk,” said Patrick Foy, senior director of strategic planning for TransUnion’s Insurance business. “However, uncertainty in the cost and availability of parts for vehicle and home repairs, could eventually lead to a return of broad-based price increases, and weather-related catastrophes—while still unpredictable—have also become a far more common and costly phenomenon.”

    The report notes that natural disasters have increased substantially, with 27 observed $1 billion dollar-plus disasters in 2024. This is more than double the 2010-2019 average of 13 disasters per year. The overall 2024 total cost was around $183 billion—also more than double the average annual cost in the 2010s.1 

    Generational shifts in homeownership
    The home insurance landscape is facing other changes as well. In 2009 more than half of Gen X consumers owned homes. However, in 2024, only 41% of Millennials at a similar age were homeowners. This is primarily due to the increasing size and cost of housing inventories that led to delays in homeownership or have priced many young adults out of the housing market entirely.

    As a result, there is a shift in home composition, with two- and even three-generation households becoming more common. Only 38% of credit-active occupants were living alone as of 2024, compared to 45% in 2009. Consumers seem to expect this trend to continue. According to a recent TransUnion consumer survey,18% of Gen X, 26% of Millennials and 35% of Gen Z plan to provide financial support to parents and grandparents in the next five years.2

    “As consumers are readjusting their lifestyles in the face of new economic realities, insurers must also become flexible with their policy offerings,” said Foy. “Multi-generational households represent a different risk profile as well as a different audience segment for their marketing.”

    By acknowledging this emerging trend in household composition, insurers can design products that more effectively price the inherent risks. They can also design advertising campaigns that better reach and resonate with their desired customers.

    Insurers can achieve more effective marketing with TransUnion’s TruAudience® suite of marketing solutions that help with identity resolution, audience building and measurement.

    Read the latest Insurance Personal Lines Trends and Perspectives Report.

    1. Billion-Dollar Weather and Climate Disasters | Time Series | National Centers for Environmental Information (NCEI)
    2. 2025 TransUnion Insurance Summit Consumer Survey

    About TransUnion’s Insurance Personal Lines Trends and Perspectives Report
    This quarterly publication examines trends in the personal lines insurance industry, including shopping, migration, violation, credit-based insurance stability and more. The Trends and Perspectives Report research is based almost entirely on TransUnion’s extensive internal data and analyses. It includes information on insurance shopping transactions from October 2023 to March 2025. However, the report excludes shopping data from insurance customers in California, Hawaii (auto), Massachusetts (auto), and Maryland (property), where credit-based insurance scoring information is not used for insurance rating or underwriting.

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

     

    The MIL Network

  • MIL-OSI: EfTEN Real Estate Fund AS’s net asset value as of April 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    EfTEN Real Estate Fund AS earned strong financial results in April. Consolidated rental income reached 2,611 thousand euros, increasing by 55 thousand euros compared to March. The increase in rental income was primarily driven by the first rental payments from the newly completed ICONFIT logistics centre in Tallinn and the Hiiu elderly care home acquired in March, which is now undergoing renovation. The overall vacancy rate of the fund’s real estate portfolio decreased from 4.4% in March to 4.1% in April, mainly due to the improved occupancy in the L3 and Evolution office buildings in Vilnius and the Jurkalne and Piepilsetas logistics properties in Riga.

    The Fund’s EBITDA amounted to 2,183 thousand euros in April, an increase of 193 thousand euros month-over-month due to higher rental income and lower expenses. Adjusted cash flow increased to 1,010 thousand euros, by 170 thousand euros compared to March.

    In April, EfTEN Real Estate Fund AS paid the largest dividend in its history – a total of 12.7 million euros, or 1.11 euros per share. To partially finance the dividend payment and optimize the capital structure, the Fund refinanced bank loans on five properties for a total amount of 6.3 million euros. As a result of this refinancing, income tax expense related to dividend payments was accounted in the amount of 1.4 million euros, which led to a lower-than-usual net profit of 106 thousand euros for the month.

    The Fund’s weighted average interest rate decreased to 4.21% in April (from 4.37% in March). Compared to the same period last year, consolidated interest expense has decreased by 586 thousand euros.

    During the first four months of 2025, EfTEN Real Estate Fund has earned consolidated rental income of 10.3 million euros (+1% year-over-year) and consolidated EBITDA of 8.4 million euros (compared to 8.6 million euros in the same period last year). The decrease in EBITDA is mainly due to the higher vacancy in the office segment and the sale of the Tähesaju Hortes property in the summer of 2024.

    The Fund’s net asset value (NAV) per share was 19.64 euros as of the end of April, and EPRA NRV was 20.50 euros. Due to the April dividend distribution, the NAV decreased by 5.3%. Without the dividend payment, the NAV would have increased by 0.6%.

    Marilin Hein
    CFO
    Phone +372 6559 515
    E-mail: marilin.hein@eften.ee

    Attachment

    The MIL Network

  • MIL-OSI New Zealand: Housing market – NZ housing market conditions tip in favour of first home buyers – QV

    Source: Quality Valuation (QV)

    Lower home values and easing interest rates are creating a rare opportunity for first-home buyers to enter the New Zealand housing market, particularly in hard to access main centres like Auckland and Wellington.

    Our latest QV House Price Index shows home values rose 0.10% in the three months to April to a new national average value of $914,504, which is -1.33% lower than the same time last year.

    Across New Zealand’s main urban areas: the Auckland region continues to soften, with home values down 2.89% year on year, and 0.08% over the past 3-months; the Wellington region dropped 4.11% year on year, and 0.50% over the quarter to April; Dunedin was down 0.04% year on year and -0.73% over the past three months; while Christchurch bucked the trend, rising 1.35% year on year and 0.88% in the April quarter; as did Hamilton up 0.36% year on year and 0.12% over the past 3-months.
     
    QV Operations Manager James Wilson said while headline values remain soft, early signs suggest a shift in sentiment, with some main urban centres showing a positive monthly trend.

    “After five years of significant volatility, the market appears to have stabilised,” he said. “We’re not seeing big swings anymore—home values are holding steady as we head into winter.”

    “Although interest rates are trending down, demand is tempered by cautious buyer sentiment and a large supply of properties. Still, signs of a turnaround are emerging, especially in the main centres.”

    “For first home buyers, particularly in parts of Auckland where standalone homes are now selling in the $700,000s in some areas—something we didn’t see a year ago—now is the time to act,” said Mr Wilson.

    “Investors remain more active than first home buyers, taking advantage of lower competition compared to previous peaks. However, many are still taking a ‘wait and see’ approach.”

    Northland

    Northland home values have experienced modest recovery momentum rising 1.30% in the three months to April 2025. Whangarei was the top performer in the region with values up 3.19%; value growth in the Far North slowed to just 0.17%; while the Kaipara District was down -2.05% over 3 months, reversing the gains it made earlier in the year.

    The annual trend remains negative at -2.79%, but growth signs suggest renewed buyer activity, particularly in Whangarei among investors and first home buyers. The average home value across the region now sits at $731,090, up from $721,626 in January.

    Auckland

    Across the Auckland region values are down -0.08% over the past three months and 2.89% year on year. The current average value is now $1,244,996.

    Manukau (0.53%), Papakura (0.40%) and Franklin (0.81%) all posted 3-month gains, while in the local council areas previously known as Auckland City values softened (-0.28%); North Shore was down the most (-1.19%); Waitakere also dipped (-0.33%); and Rodney (-0.06%) also eased slightly over the same period.

    Local QV registered valuer, Hugh Robson said, “Overall, market conditions remain similar to three months ago, we continue to see the strongest demand from first home buyers who are often purchasing more affordable townhouse developments.”

    “Annual growth remains in decline at -2.89%, pointing to a patchy recovery across the super city. In areas where supply levels are beginning to be absorbed and owner occupier interest remains stronger, we are starting to see some early positive signals,” he said.

    Bay of Plenty

    Home values were down in Tauranga -0.23% over the past three months. The city’s average home value $1,014,726, which is -1.48% less than the same time last year.

    Meanwhile, the Bay of Plenty region saw values rise slightly by 0.28% over the past 3-months but were down -1.30% year on year. Kawerau values saw the greatest increase, jumping 7.16% over the quarter to April and 1.59% year on year. Western Bay of Plenty district also saw values rise 2.96% over the past three months; Gisborne was also up 2.78%; as was Rotorua up 0.14%; while Opotiki values dropped -2.21%.  

    Waikato

    The latest QV House Price Index shows Hamilton’s average home value is now $792,221, rising 0.12% over the past three months and 0.36% year on year.

    Local QV registered valuer Marshall Wu said, “While we are seeing demand levels beginning to return in mid-price brackets where investor and first home buyers competition meet, a significant volume of unsold inventory continues to linger on the market. So, although April’s upturn in Hamilton’s home values is a positive sign, it remains premature to declare a market recovery,” he said.

    The Waikato region demonstrated slight improvement in the April quarter with a 3-month gain of 0.60% and 0.03% year on year. The average home value across the region now stands at $817,310. Waitomo District surged 5.41% over the past 3 months, making it the standout performer.

    Taranaki

    Home values in New Plymouth have risen 1.24% over the past three months and are 1.27% higher than the same time last year. The average home value is now $729,739. Meanwhile, the average home value in South Taranaki dipped 0.64% over the quarter to April to $443,886 while Stratford values also dipped 1.35% over the past three months and the average home there is worth $478,051.

    QV property consultant, Danny Grace said “New Plymouth district is more stable with improved levels of activity and interest over the recent months, with more interest from buyers and agents feeling more confident. Stratford and South Taranaki are also stabilising, but not to the same level as New Plymouth. The quarterly gain in New Plymouth of 1.24% shows improved sentiment fueled mostly by the strength of first home buyer demand.”

    Hawke’s Bay

    Napier City home values rose 0.97% over the past 3 months and were up 0.15% in the year to April. The average value in the city is now $760,444. Hastings values were also up 0.29% over the past three months but were down 2.24% year on year.

    The average value in Hastings is now $773,595. Wairoa saw values rise 2.21% in the three months to April and 9.83% year on year to a new average value of $414,919. While it was a different story in the Central Hawke’s Bay District, which saw the greatest decrease down -4.25% over 3 months and -7.02% year on year with an average value of $540,303.

    Palmerston North

    Home values in Palmerston North dipped 0.68% over the past three months to a new average value of $634,094 which is 1.61% lower than this time last year.

    QV registered valuer, Olivia Betts said, “We are currently seeing increased sales activity however prices remain stable. Homes with older, outdated features are struggling to attract buyers and are often listed on the market for longer periods. In contrast, there’s been a growing demand for homes recently renovated, reflecting a preference for modern amenities, according to industry experts.”

    Wellington

    Residential property values have continued their downward trend most parts of Wellington this quarter. The latest QV House Price Index shows the region’s average home value decreased by 0.50% to $837,745 throughout the quarter to April and is 4.11% lower than the same time last year.

    Upper Hutt bucked the trend this quarter with average growth of 0.69%. While, Wellington City (-0.69%), Kapiti Coast (-0.01%), Hutt City (-0.47%) and Porirua (-0.21%) all recorded small average home value losses.
     
    QV senior consultant, David Cornford said, “Stock levels remain at elevated levels and accordingly we have seen a slight overall softening in values in recent months in the region.”

    “There is adequate market activity, however the volume of stock on the market is making conditions challenging for vendors in some cases,” he said.

    “Buyers have plenty of options currently and are not afraid to walk away from a property. Economic and employment uncertainty continues and we are seeing this reflected in a relatively soft market where buyers are taking a cautious approach.”

    Tasman-Nelson-Marlborough

    These three regions fared relatively well in April, with Nelson City and Tasman District recording 3-month growth of 1.21% and 2.16%, respectively. Marlborough posted a slight increase of 0.82% over the 3 months to April. The average value in Nelson is now $799,144, Tasman is $829,427, and Marlborough is $703,836.

    QV Property Consultant, Craig Russel said “In the Tasman and Nelson markets, demand for homes within the $500,000 to $800,000 price range is still strong, with multiple offers being a common occurrence.”

    “Pricing remains a key determinate, with accurate pricing required to avoid properties languishing on the market for an extended period, and with multiple price reductions.”

    “Although we have seen modest growth over recent months we are still facing economic headwinds, and with the quieter winter period approaching, it is likely that values will remain flat over the next few months.”

    West Coast

    Our QV House Price Index for the April brought mixed results for the region with values down 2.60% over the past three months, indicating recent volatility. However, annual growth remains at 1.87% higher than the same time last year.

    Average home values in Westland rose 0.27% to $471,390 this quarter. While they decreased by 3.80% to $375,858 in Buller and by 3.55% to $445,433 in Grey.

    Canterbury

    The Christchurch city average home value rose slightly by 0.88% in the past three months to April to $776,636 and are now 1.35% higher than a year ago.

    Meanwhile home values in Hurunui rose 0.76% in the past three months to $645,875 but were down 0.89% year on year. While Waimakariri rose 0.52% over the past quarter to an $721,149 which is 0.47% higher than they were a year ago.

    QV registered valuer Olivia Brownie said, “In the three months to April we’ve seen more positive market movement for Christchurch City and the neighbouring districts. We have seen slightly more activity over the previous month which can be attributed to some more affordability and a slight reduction in the cost of borrowing.”

    “The market is currently seeing a balance in supply and demand, with buyers having a good range of options and sellers not expecting immediate price increases. Well-presented and located homes are transacting with buyers having the option to leave less appealing stock to the side or negotiating on price. Overall the market movement is minimal and we are seeing a somewhat steady property market.”

    Dunedin

    Our QV House Price Index for April 2025 shows values dipped slightly in Dunedin City overall by an average of -0.73% over the past quarter, with Dunedin’s average home value now $646,378, which is just 0.04% lower than the same time last year. Dunedin’s central suburbs saw the greatest quarterly increase up 1.40%.

    QV Property Consultant Robin Graham said, “Listing levels in Dunedin remain high when compared to the same period last year, with downsizing activity occurring within the owner occupier market. Demand levels remain firm for Mosgiel, followed by Maori Hill and Saint Clair, however agents continue to report that heightened levels of supply, mean vendor price points need to be realistic.”

    “Overall property values in the region are flatlining, with only minor growth in isolated areas and softening sentiment in Dunedin among first home buyers and investors when compared to earlier in the year.”

    Queenstown

    Residential property values are continuing their slight downward trend across the Queenstown Lakes District in this quarter.

    Our QV House Price Index for April 2025 shows the average home value reduced by 0.43% over the past three months to $1,818,422. Home values in Queenstown are now -0.45% lower on average than at the same time last year.

    Southland

    Invercargill values rose 0.21% over the past three months to top half a million with an average value of $501,322, which is 4.01% higher than the same time last year.

    While in Gore, values increased 3.15% over the quarter to $418,768 which is 0.22% higher than a year ago. And in Southland values rose were up 1.88% over the past three months to $535,303 which is 6.56% higher than a year ago.

    QV registered valuer Andrew Ronald said the region’s affordability and consistent performance underpin buyer interest. We are still experiencing strong demand from first home buyers seeking entry level properties, typically under $500,000.

    “Investor activity continues to increase, although not in any significant levels yet. There is still limited demand for upper price bracket properties,” he said.

    MIL OSI New Zealand News

  • MIL-OSI USA: CARLISLE – Lt. Gov. Austin Davis to Highlight Shapiro-Davis Administration’s Investment in Cumberland County to Create More Jobs and Build Shovel-Ready Sites for Businesses

    Source: US State of Pennsylvania

    May 13, 2025Carlisle, PA

    ADVISORY – CARLISLE – Lt. Gov. Austin Davis to Highlight Shapiro-Davis Administration’s Investment in Cumberland County to Create More Jobs and Build Shovel-Ready Sites for Businesses

    Lt. Gov. Austin Davis will join state and local leaders and economic development officials for a news conference to highlight investments by the Shapiro-Davis Administration to create more jobs and build shovel-ready sites for businesses, Tuesday, May 13, at 10 a.m. at the former Frog, Switch & Manufacturing site, 600 E. High St., Carlisle.

    The Shapiro-Davis Administration is delivering a $10.2 million investment for this redevelopment project through the first round of the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) program.

    WHO:
    Lt. Gov. Austin Davis
    State Sen. Greg Rothman
    Cumberland County Board of Commissioners Chair Kelly Neiderer,
    Carlisle Mayor Sean Shultz
    Representatives from the Real Estate Collaborative and Frog, Switch & Manufacturing

    WHAT: News conference to highlight investments by the Shapiro-Davis Administration to create more jobs and build shovel-ready sites for businesses

    WHEN:
    Tuesday, May 13, at 10 a.m.

    WHERE:
    Former Frog, Switch & Manufacturing site
    600 E. High St. Carlisle

    RSVP:
    Members of the news media who are interested in attending must RSVP to Kirstin Alvanitakis at kirstinalv@pa.go.

    MIL OSI USA News

  • MIL-OSI Europe: Text adopted – Ninth report on economic and social cohesion – P10_TA(2025)0098 – Thursday, 8 May 2025 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to Articles 2 and 3 of the Treaty on European Union,

    –  having regard to Articles 4, 162, 174 to 178, and 349 of the Treaty on the Functioning of the European Union (TFEU),

    –  having regard to Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy(1) (Common Provisions Regulation),

    –  having regard to Regulation (EU) 2021/1058 of the European Parliament and of the Council of 24 June 2021 on the European Regional Development Fund and on the Cohesion Fund(2),

    –  having regard to Regulation (EU) 2021/1059 of the European Parliament and of the Council of 24 June 2021 on specific provisions for the European territorial cooperation goal (Interreg) supported by the European Regional Development Fund and external financing instruments(3),

    –  having regard to Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) No 1296/2013(4),

    –  having regard to Regulation (EU) 2021/1056 of the European Parliament and of the Council of 24 June 2021 establishing the Just Transition Fund(5),

    –  having regard to Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013(6),

    –  having regard to Regulation (EU) 2020/460 of the European Parliament and of the Council of 30 March 2020 amending Regulations (EU) No 1301/2013, (EU) No 1303/2013 and (EU) No 508/2014 as regards specific measures to mobilise investments in the healthcare systems of Member States and in other sectors of their economies in response to the COVID-19 outbreak (Coronavirus Response Investment Initiative)(7),

    –  having regard to Regulation (EU) 2020/558 of the European Parliament and of the Council of 23 April 2020 amending Regulations (EU) No 1301/2013 and (EU) No 1303/2013 as regards specific measures to provide exceptional flexibility for the use of the European Structural and Investments Funds in response to the COVID-19 outbreak(8),

    –  having regard to Regulation (EU) 2020/461 of the European Parliament and of the Council of 30 March 2020 amending Council Regulation (EC) No 2012/2002 in order to provide financial assistance to Member States and to countries negotiating their accession to the Union that are seriously affected by a major public health emergency(9),

    –  having regard to Regulation (EU) 2020/2221 of the European Parliament and of the Council of 23 December 2020 amending Regulation (EU) No 1303/2013 as regards additional resources and implementing arrangements to provide assistance for fostering crisis repair in the context of the COVID-19 pandemic and its social consequences and for preparing a green, digital and resilient recovery of the economy (REACT-EU)(10),

    –  having regard to Regulation (EU) 2022/562 of the European Parliament and of the Council of 6 April 2022 amending Regulations (EU) No 1303/2013 and (EU) No 223/2014 as regards Cohesion’s Action for Refugees in Europe (CARE)(11),

    –  having regard to Regulation (EU) 2022/2039 of the European Parliament and of the Council of 19 October 2022 amending Regulations (EU) No 1303/2013 and (EU) 2021/1060 as regards additional flexibility to address the consequences of the military aggression of the Russian Federation FAST (Flexible Assistance for Territories) – CARE(12),

    –  having regard to the URBACT programme for sustainable urban cooperation, established in 2002,

    –  having regard to the Urban Agenda for the EU of 30 May 2016,

    –  having regard to the Territorial Agenda 2030 of 1 December 2020,

    –  having regard to the 9th Cohesion Report, published by the Commission on 27 March 2024(13), and the Commission communication of 27 March 2024 on the 9th Cohesion Report (COM(2024)0149),

    –  having regard to the study entitled ‘The future of EU cohesion: Scenarios and their impacts on regional inequalities’, published by the European Parliamentary Research Service in December 2024,

    –  having regard to the Commission report of February 2024 entitled ‘Forging a sustainable future together – Cohesion for a competitive and inclusive Europe’(14),

    –  having regard to the opinion of the European Economic and Social Committee of 31 May 2024 on the 9th Cohesion Report(15),

    –  having regard to the opinion of the Committee of the Regions of 21 November 2024 entitled ‘A renewed Cohesion Policy post 2027 that leaves no one behind – CoR responses to the 9th Cohesion Report and the Report of the Group of High-Level Specialists on the Future of Cohesion Policy’,

    –  having regard to the report entitled ‘The future of European competitiveness – A competitiveness strategy for Europe’, published by the Commission on 9 September 2024,

    –  having regard to the agreement adopted at the 21st Conference of the Parties to the UN Framework Convention on Climate Change (COP21) in Paris on 12 December 2015 (the Paris Agreement),

    –  having regard to the study entitled ‘Streamlining EU Cohesion Funds: addressing administrative burdens and redundancy’, published by its Directorate-General for Internal Policies of the Union in November 2024(16),

    –  having regard to a Regulation of the European Parliament and of the Council of 7 May 2025 on the Border Regions’ Instrument for Development and Growth in the EU (BRIDGEforEU)(17),

    –  having regard to the Commission communication of 3 May 2022 entitled ‘Putting people first, securing sustainable and inclusive growth, unlocking the potential of the EU’s outermost regions’ (COM(2022)0198),

    –  having regard to the opinion in the form of a letter from the Committee on Agriculture and Rural Development(18),

    –  having regard to its resolution of 25 March 2021 on cohesion policy and regional environment strategies in the fight against climate change(19),

    –  having regard to its resolution of 20 May 2021 on reversing demographic trends in EU regions using cohesion policy instruments(20),

    –  having regard to its resolution of 14 September 2021 entitled ‘Towards a stronger partnership with the EU outermost regions(21),

    –  having regard to its resolution of 15 September 2022 on economic, social and territorial cohesion in the EU: the 8th Cohesion Report(22),

    –  having regard to its resolution of 21 November 2023 on possibilities to increase the reliability of audits and controls by national authorities in shared management(23),

    –  having regard to its resolution of 23 November 2023 on harnessing talent in Europe’s regions(24),

    –  having regard to its resolution of 14 March 2024 entitled ‘Cohesion policy 2014-2020 – implementation and outcomes in the Member States(25),

    –  having regard to Rule 55 of its Rules of Procedure,

    –  having regard to the report of the Committee on Regional Development (A10-0066/2025),

    A.  whereas cohesion policy is at the heart of EU policies and is the EU’s main tool for investments in sustainable economic, social and territorial development, and contributing to the Green Deal objectives, across the EU under its multiannual financial frameworks for the periods of 2014-2020 and 2021-2027; whereas cohesion policy, as mandated by the Treaties, is fundamental for a well-functioning and thriving internal market by promoting the development of all regions in the EU, and especially the less developed ones;

    B.  whereas cohesion policy has fostered economic, social and territorial convergence in the EU, notably by increasing the gross domestic products, for example, of central and eastern EU Member States, which went from 43 % of the EU average in 1995 to around 80 % in 2023; whereas the 9th Cohesion Report highlights that, by the end of 2022, cohesion policy supported over 4,4 million businesses, creating more than 370 000 jobs in these companies; whereas it also underlines that cohesion policy generates a significant return on investment, and that each euro invested in the 2014–2020 and 2021–2027 programmes will have generated 1,3 euros of additional GDP in the Union by 2030; whereas cohesion policy constituted, on average, around 13 % of total public investment in the EU(26);

    C.  whereas the Commission report entitled ‘The long-term vision for the EU’s rural areas: key achievements and ways forward’, presented alongside the ninth Cohesion Report, underlines that EUR 24,6 billion, or 8 % of the rural development pillar of the common agricultural policy, is directed towards investments in rural areas beyond farming investments, setting the scene for a debate on the future of rural areas;

    D.  whereas between 2021 and 2027, cohesion policy will have invested over EUR 140 billion in the green and digital transitions(27), to help improve networks and infrastructure, support nature conservation, improve green and digital skills and foster job creation and services for the public;

    E.  whereas despite the widely acknowledged and proven positive impact of cohesion policy on social, economic and territorial convergence, significant challenges remain, marked notably by development disparities at sub-national level, within regions and in regions caught in a development trap, and by the impact of climate change, in terms of demography, the digital and green transitions, and connectivity, but also in terms of sustainable economic development, in particular in least developed regions and rural and remote areas;

    F.  whereas cohesion policy and sectoral programmes of the EU have repeatedly and efficiently helped regions to respond effectively to emergencies and asymmetric shocks such as the COVID-19 crisis, Brexit, the energy crisis and the refugee crisis caused by Russia’s invasion of Ukraine, as well as natural disasters, even though it is a long-term, structural policy and not a crisis management instrument or the ‘go-to’ emergency response funding mechanism; whereas such crises have delayed the implementation of the European Structural and Investment Funds and whereas a considerable number of projects financed with Recovery and Resilience Facility (RRF) funds have been taken for the most part from projects that had been slated for investment under cohesion policy;

    G.  whereas despite measures already taken for the 2014-2020 and 2021-2027 periods, the regulatory framework governing the use and administration of cohesion policy instruments and funds should be further simplified and interoperable digital tools better used and developed, including the establishment of one-stop digitalised service centres, with the objective of streamlining procedures, enhancing stakeholder trust, reducing the administrative burden, increasing flexibility in fund management and speeding up payments, not only for the relevant authorities but also for the final beneficiaries; whereas it is necessary to increase the scope for using funds more flexibly, including the possibility of financing the development of dual-use products; whereas it is of utmost importance to formulate any future cohesion policy with a strategic impetus throughout the funding period, which could, however, be reassessed at midterm;

    H.  whereas the low absorption rate of the 2021-2027 cohesion policy funds, currently at just 6 %, is not because of a lack of need from Member States or regions, but rather stems from delays in the approval of operational programmes, the transition period between financial frameworks, the prioritisation of NextGenerationEU by national managing authorities, limited administrative capacity and complex bureaucratic procedures; whereas Member States and regions may not rush to absorb all available funds as they anticipate a possible extension under the N+2 or N+3 rules;

    I.  whereas radical modifications to the cohesion regulatory framework, from one programming period to the next, contribute to generating insecurity among the authorities responsible and beneficiaries, gold-plating legislation, increasing error rates (and the accompanying negative reputational and financial consequences), delays in implementation and, ultimately, disaffection among beneficiaries and the general population;

    J.  whereas there is sometimes competition between cohesion funds, emergency funds and sectoral policies;

    K.  whereas demographic changes vary significantly across EU regions, with the populations of some Member States facing a projected decline in the coming years and others projected to grow; whereas demographic changes also take place between regions, including movement away from outermost regions, but are generally observed as movement from rural to urban areas within Member States, wherein women are leaving rural areas in greater numbers than men, but also to metropolitan areas, where villages around big cities encounter difficulties in investing in basic infrastructure; whereas the provision of essential services such as healthcare, education and transportation must be reinforced in all regions, with a particular focus on rural and remote areas; whereas a stronger focus is needed on areas suffering from depopulation and inadequate services, requiring targeted measures to encourage young people to remain through entrepreneurship projects, high-quality agriculture and sustainable tourism;

    L.  whereas taking account of the ageing population is crucial in order to ensure justice among the generations and thereby to strengthen participation, especially among young people;

    M.  whereas urban areas are burdened by new challenges resulting from the population influx to cities, as well as rising housing and energy prices, requiring the necessary housing development, new environmental protection and energy-saving measures, such as accelerated deep renovation to combat energy poverty and promote energy efficiency; whereas the EU cohesion policy should help to contribute to an affordable and accessible housing market for all people in the EU, especially for low- and middle-income households, urban residents, families with children, women and young people;

    N.  whereas effective implementation of the Urban Agenda for the EU can enhance the capacity of cities to contribute to cohesion objectives, thereby improving the quality of life of citizens and guaranteeing a more efficient use of the EU’s financial resources;

    O.  whereas particular attention needs to be paid to rural areas, as well as areas affected by industrial transition and EU regions that suffer from severe and permanent natural or demographic handicaps, brain drain, climate-related risks and water scarcity, such as the outermost regions, and in particular islands located at their peripheries or at the periphery of the EU, sparsely populated regions, islands, mountainous areas and cross-border regions, as well as coastal and maritime regions;

    P.  whereas Russia’s war of aggression against Ukraine has created a new geopolitical reality that has had a strong impact on the employment, economic development and opportunities, and general well-being of the population living in regions bordering Ukraine, Belarus and Russia, as well as candidate countries such as Ukraine and Moldova, which therefore require special attention and support, including by accordingly adapting cohesion policy; whereas this war has led to an unprecedented number of people seeking shelter in the EU, placing an additional burden on local communities and services; whereas the collective security of the EU is strongly dependent on the vitality and well-being of regions situated at the EU’s external borders;

    Q.  whereas the unique situation of Northern Ireland requires a bespoke approach building on the benefits of PEACE programmes examining how wider cohesion policy can benefit the process of reconciliation;

    R.  whereas 79 % of citizens who are aware of EU-funded projects under cohesion policy believe that EU-funded projects have a positive impact on the regions(28), which contributes to a pro-EU attitude;

    S.  whereas overall awareness of EU-funded projects under cohesion policy has decreased by 2 percentage points since 2021(29), meaning that greater decentralisation should be pursued to bring cohesion policy even closer to the citizen;

    1.  Insists that the regional and local focus, place-based approach and strategic planning of cohesion policy, as well as its decentralised programming and implementation model based on the partnership principle with strengthened implementation of the European code of conduct, the involvement of economic and civil society actors, and multi-level governance, are key and positive elements of the policy, and determine its effectiveness; is firmly convinced that this model of cohesion policy should be continued in all regions and deepened where possible as the EU’s main long-term investment instrument for reducing disparities, ensuring economic, social and territorial cohesion, and stimulating regional and local sustainable growth in line with EU strategies, protecting the environment, and as a key contributor to EU competitiveness and just transition, as well as helping to cope with new challenges ahead;

    2.  Calls for a clear demarcation between cohesion policy and other instruments, in order to avoid overlaps and competition between EU instruments, ensure complementarity of the various interventions and increase visibility and readability of EU support; in this context, notes that the RRF funds are committed to economic development and growth, without specifically focusing on economic, social and territorial cohesion between regions; is concerned about the Commission’s plans to apply a performance-based approach to the European Structural and Investment Funds (ESIF); acknowledges that performance-based mechanisms can be instrumental in making the policy more efficient and results-orientated, but cautions against a one-size-fits-all imposition of the model and expresses serious doubt about ideas to link the disbursement of ESIF to the fulfilment of centrally defined reform goals, even more so if the reform goals do not fall within the scope of competence of the regional level;

    3.  Is opposed to any form of top-down centralisation reform of EU funding programmes, including those under shared management, such as the cohesion policy and the common agricultural policy, and advocates for greater decentralisation of decision-making to the local and regional levels; calls for enhanced involvement of local and regional authorities and economic and civil society actors at every stage of EU shared management programmes, from preparation and programming to implementation, delivery and evaluation, keeping in mind that the economic and social development of, and territorial cohesion between, regions can only be accomplished on the basis of good cooperation between all actors;

    4.  Emphasises that the European Agricultural Fund for Rural Development (EAFRD) plays a key role, alongside cohesion policy funds, in supporting rural areas; stresses that the EAFRD’s design must align with the rules of cohesion policy funds to boost synergies and facilitate multi-funded rural development projects;

    5.  Is convinced that cohesion policy can only continue to play its role if it has solid funding; underlines that this implies that future cohesion policy must be provided with robust funding for the post-2027 financial period; stresses that it is necessary to provide funding that is ambitious enough and easily accessible to allow cohesion policy to continue to fulfil its role as the EU’s main investment policy, while retaining the flexibility to meet potential new challenges, including the possibility of financing the development of dual-use products, and to enable local authorities, stakeholders and beneficiaries to effectively foster local development; is of the firm opinion that the capacity to offer flexible responses to unpredictable challenges should not come at the expense of the clear long-term strategic focus and objectives of cohesion policy;

    6.  Underlines the importance of the next EU multiannual financial framework (MFF) and the mid-term review of cohesion policy programmes 2021-2027 in shaping the future of cohesion policy; reiterates the need for a more ambitious post-2027 cohesion policy in the next MFF 2028-2034; calls, therefore, for the upcoming MFF to ensure that cohesion policy continues to receive at least the same level of funding as in the current period in real terms; furthermore calls for cohesion policy to remain a separate heading in the new MFF; stresses that cohesion policy should be protected from statistical effects that may alter the eligibility of regions by changing the average EU GDP; reiterates the need for new EU own resources;

    7.  Proposes, therefore, that next MFF be more responsive to unforeseen needs, including with sufficient margins and flexibilities from the outset; emphasises in this regard, however, that cohesion policy is not a crisis instrument and that it should not deviate from its main objectives, namely from its long-term investment nature; calls for the European Union Solidarity Fund to be strengthened, including in its pre-financing, making it less bureaucratic and more easily accessible, in order to develop an appropriate instrument capable of responding adequately to the economic, social and territorial consequences of future natural disasters or health emergencies; emphasises the need for Parliament to have adequate control over any emergency funds and instruments;

    8.  Recognises the need to also use nomenclature of territorial units for statistics (NUTS) 3 classification for specific cases, in a manner that recognises that inequalities in development exist within all NUTS 2 regions; is of the opinion that regional GDP per capita must remain the main criterion for determining Member States’ allocations under cohesion policy; welcomes the fact that, following Parliament’s persistent calls, the Commission has begun considering additional criteria(30) such as greenhouse gas emissions, population density, education levels and unemployment rates, in order to provide a better socio-economic overview of the regions;

    9.  Stresses that the rule of law conditionality is an overarching conditionality, recognising and enforcing respect for the rule of law, also as an enabling condition for cohesion policy funding, to ensure that Union resources are used in a transparent, fair and responsible manner with sound financial management; considers it necessary to reinforce respect for the rule of law and fundamental rights, and to ensure that all actions are consistent with supporting democratic principles, gender equality and human rights, including workers’ rights, the rights of disabled people and children’s rights, in the implementation of cohesion policy; highlights the important role of the European Anti-Fraud Office and the European Public Prosecutor’s Office in protecting the financial interests of the Union;

    10.  Calls for further efforts to simplify, make more flexible, strengthen synergies and streamline the rules and administrative procedures governing cohesion policy funds at EU, national and regional level, taking full advantage of the technologies available to increase accessibility and efficiency, building on the existing and well-established shared management framework, in order to strengthen confidence among users, thus encouraging the participation of a broader range of economic and civil society actors in projects supported and maximising the funds’ impact; calls for further initiatives enabling better absorption of cohesion funds, including increased co-financing levels, higher pre-financing and faster investment reimbursements; calls for local administration, in particular representing smaller communities, to be technically trained for better administrative management of the funds; stresses, therefore, the importance of strengthening the single audit principle, further expanding simplified cost options and reducing duplicating controls and audits that overlap with national and regional oversight for the same project and beneficiary, with a view to eliminating the possibility of repeating errors in subsequent years of implementation;

    11.  Calls on the Commission and the Member States to give regions greater flexibility already at the programming stage, in order to cater for their particular needs and specificities, emphasising the need to involve the economic and civil society actors; underlines that thematic concentration was a key element in aligning cohesion policy with Europe 2020 objectives; asks the Commission, therefore, to present all findings related to the implementation of thematic concentration and to draw lessons for future legislative proposals;

    12.  Acknowledges that the green, digital and demographic transitions present significant challenges but, at the same time, opportunities to achieve the objective of economic, social and territorial cohesion; recognises that, statistically, high-income areas can hide the economic problems within a region; is aware of the risk of a widening of regional disparities, a deepening of social inequalities and a rising ‘geography of discontent’ related to the transition process; underlines the need to reach the EU’s sustainability and climate objectives, and to maintain shared economic growth by strengthening the Union’s competitiveness; calls, therefore, for a European strategy that guarantees harmonious growth within the Union, meeting the respective regions’ specific needs; reaffirms its commitment to pursuing the green and digital transitions, as this will create opportunities to improve the EU’s competitiveness; underlines the need to invest in infrastructure projects that enhance connectivity, particularly in sustainable, intelligent transport, and in energy and digital networks, ensuring that all regions, including remote and less-developed ones, are fully integrated into the single market and benefit equitably from the opportunities it provides; emphasises, in this context, the need to support the development of green industries, fostering local specificities and traditions to increase the resilience of the economic environment and civil society to future challenges;

    13.  Urges that the cohesion policy remain consistent with a push towards increasing innovation and completing the EU single market, in line with the conclusions of the Draghi report on European competitiveness; underlines, in the context of regional disparities, the problem of the persisting innovation divide and advocates for a tailored, place-based approach to fostering innovation and economic convergence across regions and reducing the innovation gap; calls for a stronger role for local and regional innovation in building competitive research and innovation ecosystems and promoting territorial cohesion; points to new EU initiatives, such as regional innovation valleys and partnerships for regional innovation, that aim to connect territories with different levels of innovation performance and tackle the innovation gap; considers that this approach will reinforce regional autonomy, allowing local and regional authorities to shape EU policies and objectives in line with their specific needs, characteristics and capacities, while safeguarding the partnership principle;

    14.  Is convinced that cohesion policy needs to continue to foster the principle of just transition, addressing the specific needs of regions, while leaving no territory and no one behind; calls for continued financing of the just transition process, with the Just Transition Fund being fully integrated into the Common Provisions Regulation and endowed with reinforced financial means for the post-2027 programming period; emphasises, nonetheless, the need to assess the impact of the Just Transition Fund on the transformation of eligible regions and, while ensuring it remains part of cohesion policy, refine its approach in the new MFF on the basis of the findings and concrete measures to ensure the economic and social well-being of affected communities;

    15.  Underlines the need to improve the relationship between cohesion policy and EU economic governance, while avoiding a punitive approach; stresses that the European Semester should comply with cohesion policy objectives under Articles 174 and 175 TFEU; calls for the participation of the regions in the fulfilment of these objectives and for a stronger territorial approach; calls for a process of reflection on the concept of macroeconomic conditionality and for the possibility to be explored of replacing this concept with new forms of conditionality to better reflect the new challenges ahead;

    16.  Is concerned about the growing number of regions in a development trap, which are stagnating economically and are suffering from sharp demographic decline and limited access to essential services; calls, therefore, for an upward adjustment in co-financing for projects aimed at strengthening essential services; stresses the role of cohesion policy instruments in supporting different regions and local areas that are coping with demographic evolution affecting people’s effective right to stay, including, among others, challenges related to depopulation, ageing, gender imbalances, brain drain, skills shortages and workforce imbalances across regions; recognises the need for targeted economic incentives and structural interventions to counteract these phenomena; in this context, calls for the implementation of targeted programmes to attract, develop and retain talent, particularly in regions experiencing significant outflows of skilled workers, by fostering education, culture, entrepreneurship and innovation ecosystems that align with local and regional economic needs and opportunities;

    17.  Recognises the importance of supporting and financing specific solutions for regions with long-standing and serious economic difficulties or severe permanent natural and demographic handicaps; reiterates the need for maintaining and improving the provision of quality essential services (such as education and healthcare), transport and digital connectivity of these regions, fostering their economic diversification and job creation, and helping them respond to challenges such as rural desertification, population ageing, poverty, depopulation, loneliness and isolation, as well as the lack of opportunities for vulnerable people such as persons with disabilities; underlines the need to prioritise the development and adequate funding of strategic sectors, such as renewable energy, sustainable tourism, digital innovation and infrastructure, in a manner that is tailored to the economic potential and resources of each region, in order to create broader conditions for endogenous growth and balanced development across all regions, especially rural, remote and less-developed areas, border regions, islands and outermost regions; recalls the importance of strong rural-urban linkages and particular support for women in rural areas;

    18.  Emphasises the need for a tailored approach for the outermost regions, as defined under Article 349 TFEU, which face unique and cumulative structural challenges due to their remoteness, small market size, vulnerability to climate change and economic dependencies; underlines that these permanent constraints, including the small size of the domestic economy, great distance from the European continent, location near third countries, double insularity for most of them, and limited diversification of the productive sector, result in additional costs and reduced competitiveness, making their adaptation to the green and digital transition particularly complex and costly; underlines their great potential to further develop, inter alia through improved regional connectivity, key sectors such as blue economy, sustainable agriculture, renewable energies, space activities, research or eco-tourism; reiterates its long-standing call on the Commission to duly consider the impact of all newly proposed legislation on the outermost regions, with a view to avoiding disproportionate regulatory burdens and adverse effects on these regions’ economies;

    19.  Underlines the fact that towns, cities and metropolitan areas have challenges of their own, such as considerable pockets of poverty, housing problems, traffic congestion and poor air quality, generating challenges for social and economic cohesion created by inharmonious territorial development; emphasises the need for a specific agenda for cities and calls for deepening their links with functional urban areas, encompassing smaller cities and towns, to ensure that economic and social benefits are spread more evenly across the entire territory; highlights the need to strengthen coordination between the initiatives of the Urban Agenda for the EU and the instruments of cohesion policy, favouring an integrated approach that takes into account territorial specificities and emerging challenges; calls, furthermore, for more direct access to EU funding for regional and local authorities, as well as cities and urban authorities, by inter alia widening the use of integrated territorial investments (ITI);

    20.  Stresses the need to continue and strengthen investments in affordable housing within the cohesion policy framework, recognising its significance for both regions and cities; highlights the need to foster its changes relevant to investing in housing beyond the two current possibilities (energy efficiency and social housing); emphasises the important role that cohesion policy plays in the roll-out and coordination of these initiatives; believes, furthermore, that it is important to include housing affordability in the URBACT initiative;

    21.  Stresses the strategic importance of strong external border regions for the security and resilience of the EU; calls on the Commission to support the Member States and regions affected by Russia’s war of aggression against Ukraine, in particular the regions on the EU’s eastern border, by revising the Guidelines on regional State aid(31), through tailor-made tools and investments under the cohesion policy, as well as supporting them to make the most of the possibilities offered by the cohesion policy funds, including Interreg, in a flexible way, to help cope with the detrimental socio-economic impact of the war on their populations and territories; calls, furthermore, for support to be given to regions bordering candidate countries such as Ukraine and Moldova to strengthen connections and promote their EU integration;

    22.  Highlights the added value of territorial cooperation in general and cross-border cooperation in particular; underlines the importance of Interreg for cross-border regions, including outermost regions; emphasises its important role in contributing to their development and overcoming cross-border obstacles, including building trust across borders, developing transport links, identifying and reducing legal and administrative obstacles and increasing the provision and use of cross-border public services, among others; considers Interreg as the main EU instrument for tackling the persistent cross-border obstacles faced by emergency services, and proposes that there be a more prominent focus on these services; underlines the fact that cross-border areas, including areas at the EU’s external borders, bordering aggressor countries often face specific challenges; believes that EU border regions, facing multiple challenges, must be supported and is of the opinion that they must be provided with increased means; welcomes the new regulation on BRIDGEforEU; emphasises the importance of small-scale and cross-border projects and stresses the need for effective implementation on the ground; calls on the Commission to encourage Member States to actively support awareness-raising campaigns in bordering regions to maximise the impact of cross-border cooperation;

    23.  Recalls the need to ‘support cohesion’, rather than just rely on the ‘do no harm to cohesion’ principle, which means that no action should hamper the convergence process or contribute to regional disparities; calls for a stronger integration of these principles as cross-cutting in all EU policies, to ensure that they support the objectives of social, economic and territorial cohesion, as set out in Articles 3 and 174 TFEU; calls, furthermore, on the Commission to issue specific guidelines on how to implement and enforce these principles across EU policies, paying particular attention to the impact of EU laws on the competitiveness of less developed regions; reiterates that new legislative proposals need to take due account of local and regional realities; suggests that the Commission draw on innovative tools such as RegHUB (the network of regional hubs) to collect data on the impact of EU policies on the regions; to this end, underlines the need to strengthen the territorial impact assessment of EU legislation, with a simultaneous strengthening of the territorial aspects of other relevant policies; insists that promoting cohesion should also be seen as a way of fostering solidarity and mutual support among Member States and their regions; calls on the Commission and the Member States to continue their efforts regarding communication and visibility of the benefits of cohesion policy, demonstrating to citizens the EU’s tangible impact and serving as a key tool in addressing Euroscepticism; welcomes the launch of the multilingual version of the Kohesio platform;

    24.  Notes with concern the severe decline in recent years of adequate levels of national funding by Member States towards their poorer regions; recalls the importance of respecting the EU rule on additionality; calls on the Commission to ensure that national authorities take due account of internal cohesion in drafting and implementing structural and investment fund projects;

    25.  Insists that, in addition to adjusting to regional needs, cohesion policy must be adapted to the smallest scale, i.e. funds must be accessible to the smallest projects and project bearers; points out that their initiatives are often the most innovative and have a significant impact on rural development; reiterates that these funds should be accessible to all, regardless of their size or scope; approves of the Cohesion Alliance’s call for ‘a post-2027 Cohesion Policy that leaves no one behind’;

    26.  Stresses that delays in the MFF negotiations, together with the fact that Member States have placed a greater focus on the programming of the RRF funds, led to considerable delays in the programming period 2021-2027; stresses the importance of a timely agreement in the next framework, and therefore calls for the Common Provisions Regulation (CPR) and the budget negotiations to be finalised at least one year before the start of the new funding period so that Member States can develop their national and regional funding strategies in good time to ensure a successful transition to the next funding period and the continuation of existing ESIF projects;

    27.  Instructs its President to forward this resolution to the Council, the Commission, the European Economic and Social Committee, the European Committee of the Regions and the national and regional parliaments of the Member States.

    (1) OJ L 231, 30.6.2021, p. 159, ELI: http://data.europa.eu/eli/reg/2021/1060/oj.
    (2) OJ L 231, 30.6.2021, p. 60, ELI: http://data.europa.eu/eli/reg/2021/1058/oj.
    (3) OJ L 231, 30.6.2021, p. 94, ELI: http://data.europa.eu/eli/reg/2021/1059/oj.
    (4) OJ L 231, 30.6.2021, p. 21, ELI: http://data.europa.eu/eli/reg/2021/1057/oj.
    (5) OJ L 231, 30.6.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/1056/oj.
    (6) OJ L 435, 6.12.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/2115/oj.
    (7) OJ L 99, 31.3.2020, p. 5, ELI: http://data.europa.eu/eli/reg/2020/460/oj.
    (8) OJ L 130, 24.4.2020, p. 1, ELI: http://data.europa.eu/eli/reg/2020/558/oj.
    (9) OJ L 99, 31.3.2020, p. 9, ELI: http://data.europa.eu/eli/reg/2020/461/oj.
    (10) OJ L 437, 28.12.2020, p. 30, ELI: http://data.europa.eu/eli/reg/2020/2221/oj.
    (11) OJ L 109, 8.4.2022, p. 1, ELI: http://data.europa.eu/eli/reg/2022/562/oj.
    (12) OJ L 275, 25.10.2022, p. 23, ELI: http://data.europa.eu/eli/reg/2022/2039/oj.
    (13) European Commission: Directorate-General for Regional and Urban Policy, Ninth report on economic, social and territorial cohesion, 2024.
    (14) European Commission: Directorate-General for Regional and Urban Policy, Forging a sustainable future together: Cohesion for a competitive and inclusive Europe – Report of the High-Level Group on the Future of Cohesion Policy, February 2024.
    (15) OJ C, C/2024/4668, 9.8.2024, ELI: http://data.europa.eu/eli/C/2024/4668/oj.
    (16) European Parliament: Policy Department for Structural and Cohesion Policies, Directorate-General for Internal Policies, Streamlining EU Cohesion funds – addressing administrative burdens and redundancy, 2024.
    (17) Not yet published in the Official Journal.
    (18) Not yet published in the Official Journal.
    (19) OJ C 494, 8.12.2021, p. 26.
    (20) OJ C 15, 12.1.2022, p. 125.
    (21) OJ C 117, 11.3.2022, p. 18.
    (22) OJ C 125, 5.4.2023, p. 100.
    (23) OJ C, C/2024/4207, 24.7.2024, ELI: http://data.europa.eu/eli/C/2024/4207/oj.
    (24) OJ C, C/2024/4225, 24.7.2024, ELI: http://data.europa.eu/eli/C/2024/4225/oj.
    (25) OJ C, C/2024/6562, 12.11.2024, ELI: http://data.europa.eu/eli/C/2024/6562/oj.
    (26) European Commission, Ninth report on economic, social and territorial cohesion, op.cit.
    (27) European Commission: Ninth report on economic, social and territorial cohesion, op. cit.
    (28) European Commission: Directorate-General for Regional and Urban Policy and Directorate-General for Communication, Citizens’ awareness and perceptions of EU Regional Policy, Flash Eurobarometer 531, 2023.
    (29) Flash Eurobarometer 531, op. cit.
    (30) European Court of Auditors, Rapid case review – Allocation of Cohesion policy funding to Member States for 2021-2027, March 2019.
    (31) Commission communication of 29 April 2021 entitled ‘Guidelines on regional State aid’ (OJ C 153, 29.4.2021, p. 1).

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