Category: Statistics

  • MIL-OSI United Kingdom: expert reaction to study looking at obesity drugs in people with diabetes and obesity, and neurodegenerative diseases, stroke, and all-cause mortality

    Source: United Kingdom – Executive Government & Departments

    A study published in JAMA Network Open looks at the association between people with obesity and diabetes taking weight loss drugs, and risk of neurodegenerative diseases, stroke, and all-cause mortality. 

    Dr Sarah Marzi, Senior Lecturer in Neuroscience and UK DRI Group Leader, UK Dementia Research Institute at King’s College London, and Institute of Psychiatry, Psychology and Neuroscience, King’s College London, said:

    Is this good quality research?  Are the conclusions backed up by solid data?

    “This is retrospective study in over 60000 individuals with type 2 diabetes and obesity who were using antidiabetic drugs between 2017 and 2024.  The authors looked at the incidence of neurological diseases and mortality.  They showed that people taking glucagon-like peptide 1 receptor agonists (GLP-1Ras), such as semaglutide, was associated with a lower incidence of dementia, stroke and all-cause mortality, but not associated with Parkinson’s disease or mild cognitive impairment.  The hazard ratio for developing dementia with GLP1-RA treatment compared to other diabetic drugs was 0.63.  Or maybe more easily interpretable: The cumulative probability of developing dementia on GLP1-RA after 7 years was 1.63%, whereas it was slightly higher (1.98%) in the group with other antidiabetics.  The study seems well executed and open about the limitations.  There could have been some more detail on the methods, but I suspect that has to do with the format of the publication.

    How does this work fit with the existing evidence?

    “It has been hypothesised that GLP1-RAs may have protective effects in the brain, particularly in the context of dementia, possibly through lowering neuroinflammation or promoting neurogenesis.  There is increasing epidemiological evidence that supports this, for example this meta analysis of clinical trials of GLP1-RAs: https://jamanetwork.com/journals/jamaneurology/fullarticle/2831975

    Have the authors accounted for confounders?  Are there important limitations to be aware of?

    “They used propensity weighting to account for various factors that might bias the outcome, like sex, age, ethnicity, BMI or hospitalisation.  This is good and what should be done in these type of observational studies.  If there is a difference in the two populations that receive the different drugs, that could easily affect their risk to develop neurodegenerative or other neurological conditions.  For example, the proportion of GLP1-RA users who were within hospital inpatient care was much higher than in the comparison group – and this could indicate worse diabetes symptoms or other health complications that may increase risk for neurological disease.  The propensity weighting should account for these differences.  However, it only works for variables that were actively measured, and may overlook other relevant factors.  The authors are clear about the limitations in their discussion, also saying that only a randomized controlled trial would establish causality and that it would be important to investigate underlying biological mechanisms.  One thing I would also note is that the studied population is slightly young for the investigation of neurodegenerative diseases.  Late onset Alzheimer’s disease typically starts after the age of 65 and the probability increases as people age.  The study population here was around 58 years of age on average when originally recruited, so should have been around 65 at 7-year follow-up.  This would be when people are only about to start to develop some of these diseases.

    What are the implications in the real world?  Is there any overspeculation?

    “If shown to be protective for neurodegenerative diseases in future trials, GLP1-RAs could potentially be used clinically in disease prevention in the future, so this is definitely important – but we are not there yet.  No overspeculation on behalf of the authors.”

    Dr Richard Oakley, Associate Director of Research and Innovation, Alzheimer’s Society, said:

    “It is well established that diabetes and obesity can increase your risk of developing dementia.  This study retrospectively examines whether GLP-1RAs drug, such as semaglutide and tirzepatide which are used to treat diabetes, can also reduce a person’s dementia risk.

    “This study supports existing evidence that shows these drugs may reduce dementia risk, particularly for people aged 60 and over who are living with Type 2 diabetes and obesity.

    “Although interesting, we can’t draw conclusions from this study alone as it is an observational study, only a small number of people who took part went on to develop dementia and as the impact of these drugs on different types of dementia is not clear.

    “There are clinical trials currently looking at whether drugs like these can be used to treat early-stage Alzheimer’s disease, so this is a really exciting area being explored in the research fight against dementia.”

    Prof Tara Spires-Jones, Director of the Centre for Discovery Brain Sciences at the University of Edinburgh, Group Leader in the UK Dementia Research Institute, and Past President of the British Neuroscience Association, said:

    “This is a very interesting study adding to evidence that GLP1 receptor agonists are associated with a lower risk of dementia in people with type 2 diabetes and obesity.  This study by Lin and colleagues looked at data from over 60,000 people and found an association between taking GLP1 receptor agonists semaglutide or tirzepatide for 7 years and reduced risk of dementia, stroke, and all-cause mortality (death).  This type of study cannot determine whether the drugs reduced disease risk by directly protecting the brain.  It is highly likely that effectively treating type 2 diabetes and obesity would reduce dementia and stroke risk as they are known risk factors for these conditions.  Further work is needed including randomised clinical trials to confirm these drugs are protective in people with diabetes and obesity and other trials are needed to determine whether these drugs will be protective in people who do not have type 2 diabetes and obesity.”

    Dr Coco Newton, Senior Research Fellow, Institute of Cognitive Neuroscience, UCL; and Health Systems Group, University of Cambridge, said:

    “This is a rigorous study and suggests important therapeutic effects of GLP-1RAs beyond glycemic control.  However, the protective effects against dementia should be taken with caution.  Three types of dementia outcomes were investigated – Alzheimer’s, vascular, and ‘other’.  Although there was an overall lower risk of dementia associated with GLP-1RAs, the sub-group analysis revealed that this was only the case for ‘other’ dementia, but not for Alzheimer’s disease or vascular dementia – the two most common forms of dementia.  What constitutes ‘other’ dementia is unclear.  The relatively short average follow-up of 1.7 years is far less than the time it takes to develop symptoms of a dementia disease and access a diagnosis, so a longer follow-up time should be investigated before making claims around dementia protection.”

    Prof Kevin McConway, Emeritus Professor of Applied Statistics, Open University, said:

    “This study adds to previous evidence suggesting that, in people who have type 2 diabetes and are overweight, taking the newer GLP-1RA drugs to manage and alleviate those conditions might also lead to benefits in terms of reduced rates of some neurological conditions such as dementias, and of stroke.

    “I think it’s a careful and competent study of its type.  But it doesn’t yet come near showing with any certainty that talking these drugs definitely causes reduced risk of these neurological and brain conditions.  Also, since everyone in the study already had type 2 diabetes and obesity, and was aged 40 or over, the results can’t tell us anything direct about people who aren’t in that group.

    “That’s why the brief press release, and the abstract (summary) of the research paper, rightly don’t go beyond a suggestion that these GLP-1RA drugs might have a protective effect, even in people with diabetes and obesity, but instead say that their results mean that further clinical trials are called for.

    “The newer GLP-1RA drugs being studied are semaglutide (marketed as Ozempic, Rybelsus  or Wegovy) and tirzepatide (marketed as Zepbound or Mounjaro).

    “The researchers for this study are based in Taiwan.  For the study they used data from deidentified health records from 67 US health care organisations, made available through a research network called TriNetX.  The researchers used data on people aged 40 and over with type 2 diabetes and obesity, who had started as new users of semaglutide, tirzepatide, or other antidiabetic drugs between 2017 and 2024.  They excluded from their analysis patients who had previously been prescribed one of the earlier GLP-1RA drugs.

    “The primary outcomes that were analysed were new diagnoses of neurodegenerative diseases, including dementia, mild cognitive impairment, and Parkinson’s disease, and also diseases of blood circulation to the brain, including strokes (where a blood clot blocks the blood supply to part of the brain) and intracerebral haemorrhage (bleeds in the brain).

    “The study found that there were fewer new cases of several, but not all, of these conditions in people who had started taking semaglutide or tirzepatide, compared to people who had started on a different antidiabetic drug that was not a GLP-1RA.

    “However, this was an observational study – so not like a randomised clinical trial where people are allocated at random to one of the drug treatments.  That means that there will, inevitably, be some other differences between the people taking the GLP-1RA drugs and people taking other kinds of drug, apart from which antidiabetic drug they were taking.  So it would remain possible that any difference in diagnosis rates, for the conditions they were looking at, between those on GLP-1RAs and those on other drugs, was caused by one of these other factors and not by the drugs themselves.

    “Of course the researchers were aware of this possibility, and they tried to allow for it using a statistical procedure called propensity score matching.  They found factors, that were recorded on their database, that were associated with the chance of being prescribed a GLP-1RA drug, and used them to construct a statistical model giving a score for how likely each person was to be prescribed a GLP-1RA drug.  Then each of the more than 30,000 patients who was prescribed a GLP-1RA was matched with a patient who was prescribed a different drug, on the basis of this score.  Here the so-called propensity scores were based on people’s age, sex, ethnicity, BMI and various other aspects of their lives and their previous health.  Then in the statistical analysis, each patient was primarily compared with the person they were matched with.

    “This is a standard statistical procedure these days, but it doesn’t get the researchers off the hook of not being able to conclude that the different type of drug actually cause differences in the risk of being diagnosed with one of the diseases they were interested in.

    “That’s partly because there’s no way to be sure that all relevant factors are included in the statistical model that produces the propensity scores.  For instance, the researchers couldn’t include factors that are not recorded in the database they had – they mention the patient’s frailty as one example of something quite possibly relevant that was not on the database.

    “And basically that’s why the researchers, rightly, don’t go further than suggesting that their findings are a reason for doing clinical trials rather than just more observational studies.

    “The research found evidence that was reasonably solid statistically of a reduced risk of diagnosis of dementia and of stroke in patients who were prescribed semaglutide or tirzepatide, compared to patients prescribed another antidiabetic drug.  But don’t forget that they can’t show that these associations are one of cause and effect.  They might be, but they might not be.

    “Also, all these findings apply only to patients like those in the study – that is, people aged 40 or more who already had both type 2 diabetes and obesity.

    “They did not, however, find good statistical evidence of a reduced risk of Parkinson’s disease, or mild cognitive impairment, or bleeds in the brain in people taking GLP-1RA drugs.

    “That can’t be taken to mean that the drugs definitely don’t lead to reductions in the risk of those conditions.  It’s possible that they don’t lead to risk reductions or risk increases.  But it’s also possible that the study, despite the large number of participants, didn’t provide enough evidence one way or the other.  Only just over 100, out of the over 60,000 people studied, had a Parkinson’s diagnosis and that’s not really enough to come to clear conclusions.  Or it’s also still possible that the effect of other unrelated factors, not accounted for by the propensity scores, disguised an association that would otherwise be detectable.  That’s always a risk with observational studies.

    “The study made one other interesting finding, which actually arose from a restriction in the data tools the researchers had available.  Imagine that, for some reason, patients on the GLP-1RA drugs had a higher death rate than patients on the other antidiabetic drugs.  Then perhaps the GLP-1RA patients would have a lower risk of being diagnosed with one of the diseases being studied, simply because they would have been more likely to die of something else first.  There are standard statistical methods for getting round this issue, but they could not be used with the available database.

    “Therefore the researchers decided to use death from any cause (so-called all-cause mortality) as a secondary outcome of this study, as well as the primary outcomes about neurological conditions, strokes and brain bleeds.  In fact. they found that patients on the GLP-1RA drugs had a lower risk of death, during the study, than patients on the other antidiabetic drugs, not a higher risk, again using the propensity scoring method.  So the lower diagnosis rates for stroke and dementia, that they found in their primary data analyses, weren’t simply an odd consequence of differences in mortality rates.

    “This conclusion about death rates is subject to the same provisos as the other conclusions – we can’t conclude that the difference in death rates is actually caused by the different drugs that people were taking for their diabetes, though it certainly doesn’t rule that possibility out.

    “And it raises the interesting question of whether the associations between the drugs people were talking and their risks of diagnoses of the specific conditions of interest could look different, possible stronger, if differences in risk of death from any cause could have been taken into account directly in measuring those associations.”

    ‘Neurodegeneration and Stroke After Semaglutide and Tirzepatide in Patients With Diabetes and Obesity’ by Huan-Tang Lin et al. was published in JAMA Network Open at 16:00 UK time on Tuesday 15 July 2025.

    DOI: 10.1001/jamanetworkopen.2025.21016

    Declared interests

    Dr Sarah Marzi: “No conflicts of interest on my part (no industry funding etc).”

    Dr Richard Oakley: “Nothing to declare.”

    Prof Tara Spires-Jones: “I have no conflicts with this study but have received payments for consulting, scientific talks, or collaborative research over the past 10 years from AbbVie, Sanofi, Merck, Scottish Brain Sciences, Jay Therapeutics, Cognition Therapeutics, Ono, and Eisai.  I am also Charity trustee for the British Neuroscience Association and the Guarantors of Brain and serve as scientific advisor to several charities and non-profit institutions.”

    Dr Coco Newton: “No interests to declare.”

    Prof Kevin McConway: “I have no conflicts of interest to declare.”

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Oral Statement on Afghan data breach

    Source: United Kingdom – Executive Government & Departments 3

    Oral statement to Parliament

    Oral Statement on Afghan data breach

    Statement on a significant data protection breach from February 2022, relating to the Afghan Relocations and Assistance Policy. 

    With permission, Mr Speaker, I wish to make a statement on a significant data protection breach from February 2022, relating to the Afghan Relocations and Assistance Policy.  This led to the High Court granting an unprecedented superinjunction. And the previous government establishing a secret Afghan resettlement route. 

    Today, I am announcing to the House a change in government policy. I am closing this resettlement route; I’m disclosing the data loss and confirm that the Court Order was lifted at 12 noon today. Members of the House, including you Mr Speaker, have been subject to this superinjunction. It is unprecedented.  

    And to be clear, the Court has always recognised the parliamentary privilege of proceedings in this House and Ministers decided not to tell Parliamentarians at an earlier stage about the data incident, as the widespread publicity would increase the risk of the Taleban obtaining the dataset. 

    But, as Parliamentarians – and as Government Ministers – it has been deeply uncomfortable to be constrained in reporting to this House. 

    And I am grateful today to be able to disclose the details to Parliament. 

    And I trust you, Mr Speaker – and Members – will bear with me, if I take the time to ensure the House now has the fullest information possible, something I discussed with you Mr Speaker, yesterday.   

    Mr Speaker, the facts are as follows… 

    In February 2022… ten months after the Defence Secretary, Ben Wallace, introduced the Afghan Relocations and Assistance Policy and six months after the fall of Kabul a Defence official emailed an ARAP caseworking file outside of authorised government systems. 

    ARAP as the House knows is the resettlement scheme that this country established for Afghan citizens who worked for or with UK Armed Forces over the combat years of Afghanistan. 

    Both in Opposition – and in Government – we have backed this scheme and I know ARAP has had full support from across this House.  

    Now this official mistakenly believed they were sending the names of 150 applicants. 

    However, the spreadsheet in fact contained personal information associated to 18 714 Afghan who had applied to either the Ex Gratia or ARAP scheme on or before 7 January 2022. 

    It contained names and contact details of applicants – and some instances, information relating to the applicants’ family members.  

    In a small number of cases Mr Speaker, the names of Members of Parliament, senior military officers and government officials were noted as supporting the application. 

    This was a serious departmental error. 

    It was in clear breach of strict data protection protocols. 

    And it was one of many data losses relating to the ARAP scheme during this period.  

    Previous Government Ministers first became aware of the data loss in mid-August 2023 – 18 months after the incident. They became aware of the loss when personal details of nine individuals from the dataset appeared online. 

    Action was taken to ensure they were swiftly removed, an internal investigation was conducted and the incident was reported to both the Metropolitan Police and the Information Commissioner. 

    The Met deemed that no criminal investigation was necessary. 

    And the Information Commissioner has continued to work with the department throughout. 

    However, journalists were almost immediately aware of the breach and the previous administration applied to the High Court for an injunction to prevent the data loss becoming public. 

    The Judge deemed the risk warranted going further and on 1 September 2023, granted a superinjunction, which prevented disclosure of the very existence of the injunction. 

    Mr Speaker, that superinjunction has been in place for nearly two years, during which time 8 media organisations and their journalists have been served to prohibit any reporting. 

    And no government wishes to withhold information from the British public, from parliamentarians or the press in this manner. 

    In Autumn 2023, previous Ministers started work on establishing a new settlement scheme specifically designed for people in the compromised dataset who were not eligible for ARAP, not eligible for ARAP but judged to be at the highest risk of reprisals by the Taleban. 

    It is known as the Afghanistan Response Route (ARR). It was covered by the superinjunction. 

    The then-Government initially established the ARR to resettle a target cohort of around 200 principals but in early 2024, a combination of the Minister’s decisions on the scheme’s policy design and the court’s views had broadened this category to nearly 3,000 principals. 

    I want to provide assurance Mr Speaker – both to the House and the British public – that all individuals relocated under the Afghanistan Response Route, ARAP or the Home Office’s ACRS undergo strict national security checks before being able to enter our country. 

    And the full number of Afghan arrivals under all schemes have been reported in the regular Home Office statistics, meaning they are already counted in existing migration figures. 

    As Shadow Defence Secretary, I was initially briefed on the ARR by James Heappey – former Armed Forces Minister – on 12 December 2023; and issued with the super injunction at the start of the meeting.  

    Other Members of the present Cabinet were only informed of the evidence of the data breach, the operation of the ARR, and the existence of the super injunction on taking office after the General Election. 

    By this time, the ARR scheme was fully established and in operation. By this time it was nearly two and a half years since the data loss.  

    I have felt deeply concerned about the lack of transparency to parliament and the public.  

    I felt it only right to reassess the decision-making criteria for the ARR. 

    So, we began straightway to take a hard look at the policy complexities, costs, risks, court hearings and the range of Afghan relocation schemes being run across government. 

    Cabinet colleagues endorsed the need for new insights in the scheme in the Autumn last year while the scheme kept running. 

    In December 2024, I announced a streamlining of the range of government schemes we inherited into the Afghan Resettlement Programme, to better establish  

    value for money, establish a single set of time-limited entitlements and support to get families resettled. 

    And I would on behalf of the House, Mr Speaker, like to thank our colleagues in local government, without whom this unified resettlement programme would simply not have been possible. 

    And at the beginning of this year, I commissioned Paul Rimmer – a former senior civil servant and ex-Deputy Director of Chief of Defence Intelligence – to conduct an independent review.  

    This Review was concluded and reported to Ministers last month. 

    Today, I am releasing a public version of the Rimmer Review and I am placing a copy of the report in the Library of the House. 

    I am very grateful to him for his work.  

    Mr Speaker, despite brutal human rights abuses in Afghanistan, the Rimmer Review notes the passage of time – nearly four years after the fall of Kabul – and concludes… 

    First and I quote.. there is little evidence of intent by the Taleban to conduct a campaign of retribution against former officials… 

    Second…those who pose a challenge to the Taleban rule now are at greater risk of a reaction from the regime… 

    Three… and the wealth of data inherited from the former Government by the Taleban would already enable them to target individuals if they wish to do so which means fourthly he concludes, and I quote it is “highly unlikely” that merely being on the spreadsheet would be the piece of information enabling or prompting the Taleban to act. 

    However, Rimmer is clear – he stresses the uncertainty in any judgments… and he does not rule out any risk. Yet he concludes given this updated context, the current policy we inherited appears an “extremely significant intervention” to address the potentially limited net additional risk the incident likely presents. 

    Mr Speaker, the Rimmer Review is a very significant, but not the sole element in the Government’s decision to change policy, to change policy to close the ARR and to ensure that the Court Order is lifted today. 

    Policy concerns about proportionality, about public accountability, about cost and about fairness were also important factors to the Government. 

    And this was not a decision taken lightly.  

    It follows a lengthy process, including the Rimmer review, detailed ministerial discussions, and repeated consultations with legal advisors.  

    And just as I have changed government policy in light of the Rimmer Review, so the High Court today in light of the Rimmer Review ruled that there is no tenable basis for the continuation of the superinjunction. 

    Mr Speaker, to date, around 900 ARR principals are in Britain or in transit, with 3 600 family members at the cost of £400 million. 

    From today, there will be no new ARR offers of relocation to Britain.  

    From today the route is now closed. 

    However, we will honour the 600 invitations already made to any named person still in Afghanistan and their immediate family.  

    When this nation makes a promise, we should keep it. 

    Today, Mr Speaker, I am also restoring full accountability for the government’s Afghanistan relocations schemes to Parliament. 

    And I would expect select committees to hold us to account now, through in-depth inquiries. 

    Let me turn now if I may, to the practical action we have taken, as a result of this policy change and in preparation for the Court’s lifting of the superinjunction today. 

    Mr Speaker, my first concern has been to notify as many as possible affected by the data incident, and provide them with further advice. 

    The MOD has done this this morning, although I have to say to this House it has not been possible to contact every individual on the dataset due to its incomplete and out-of-date information. 

    Anyone who may be concerned can head to our new dedicated gov.uk website wherein they will find: 

    … more information about the data loss incident… 

    … further security guidance… 

    … a self-checker tool which will inform them whether their application has been affected … 

    … and contact steps for the dedicated Information Services Centre, which the MOD has established. 

    Mr Speaker, this serious data incident should never have happened. 

    It may have occurred 3 years ago under the previous government… 

    But to all those whose information was compromised, I offer a sincere apology today on behalf of the British government. 

    And I trust the Shadow Defence Secretary – as a former Defence Minister – will join me in this.   

    Mr Speaker, to date, 36 000 Afghans have been accepted by Britain through the range of relocation schemes. 

    Britain has honoured the duty we owe to those who worked and fought alongside our troops in Afghanistan.  

    The British people have welcomed them to our country, and in turn this is their chance to rebuild their lives the chance to contribute to – and share in – the prosperity of our great country.  

    However, none of these relocation schemes can carry on in perpetuity, nor were they conceived to do so. 

    That’s why, on 1 July, we announced that we would no longer accept new applicants to ARAP. 

    However, I will reiterate the commitment we made then to process every outstanding ARAP application and relocate those who may prove eligible.  

    And we will complete our commitment to the continuing the review of the Triples. 

    Mr Speaker, I recognise my statement will prompt many questions.  

    I would have wanted to settle these matters sooner – because full accountability to Parliament and freedom of the press matter deeply to me… 

    They are fundamental to our British way of life. 

    However, lives may have been at stake… 

    And I’ve spent many hours thinking about this decision – thinking about the safety of and the lives of people I will never meet – in a far off land in which 457 of our servicemen and women lost their lives. 

    So this weighs heavily on me – and it’s why no government could take such decisions lightly, without sound grounds and hard deliberation. 

    During this last year, we have conducted and have now completed this work. 

    And I commend this statement to this House.

    Updates to this page

    Published 15 July 2025

    MIL OSI United Kingdom

  • MIL-Evening Report: Australia’s census is getting a stress test – keeping it going is good for everyone

    Source: The Conversation (Au and NZ) – By Liz Allen, Demographer, POLIS Centre for Social Policy Research, Australian National University

    GoldPanter/Shutterstock

    The Australian Bureau of Statistics will roll out a large-scale census test next month.

    About 60,000 households will take part across the country to stress test the bureau’s collection processes and IT systems, ahead of next year’s full scale census. The survey questions change little, if at all, between the dry run and the census proper.

    The population count will offer Australians an opportunity to reflect on who we are and the stories we share.

    It comes at a time when traditional censuses are coming under threat worldwide.

    Dying days of census

    Census plays a significant part of the story of humanity. Jesus was born in a stable because a census ordered by Caesar Augusta had brought Joseph and Mary to Bethlehem.

    They have changed down the centuries. But some things remain the same: the data collected is crucial for taxation, political representation and socio-economic indicators.

    But national head counts are costly and cause enormous headaches for governments.

    Vintage census television ad.

    In other countries, censuses are being killed off, replaced with information compiled by other means, such as administrative government data and population surveys. Think of the overseas versions of Medicare, Centrelink and the Tax Office.

    National statistical offices in the United Kingdom and New Zealand have both flagged the end of traditional censuses

    The UK Office of National Statistics had been preparing for census replacement since 2011, only backtracking after a public backlash.

    Devastating under-enumeration of Maori New Zealanders in 2013 and 2018 meant administrative data was needed to supplement the 2023 NZ census. National data agency, Stats NZ, has now called it quits on traditional census altogether.

    Funding cuts in Canada saw dual short- and long-form questionnaires which resulted in the partial collection of crucial socio-economic data akin to a sample survey. Statistics Canada now uses administrative and survey data to help meet its official statistics program.

    Do we still need the census?

    Replacing the census was floated a decade ago when dwindling government funding saw the Australian Bureau of Statistics struggling to “keep the lights on”.

    Worried after 2016’s “censusfail”, the agency sought to ensure legislatively required data could be achieved even in the absence of a census. The bureau collected population and housing data using experimental administrative data, proving a national census isn’t necessarily needed for population estimates.

    Costs associated with running a five-yearly head count and the decline in the social licence to collect such data are routinely used as justifications for replacing the census. Why conduct a wartime-like undertaking when you don’t have to?

    The threat to the traditional census comes as no surprise to data scientists. Data is now ubiquitous, covering nearly every aspect of our lives – loyalty rewards, public transport cards and even frequent flyer points.

    But there’s so much heavy lifting only a census can do and it’s crucial to helping Australia understand its diverse population.

    More than just numbers

    Data helps contextualise our lives.

    Data made me feel less alone as a young person. I could see I wasn’t the only person doing it tough. Poverty wasn’t my fault, rather a wider structural problem politicians and policymakers failed to understand.

    Being missed by the 1996 census as a homeless teen drives me to ensure Australia’s national census snapshot reflects the needs of the country.

    Data holds powerful truths and has the capability to heal through information. Who we are, how and where we live, our commonalities and differences, and what might come next.

    The Australian Bureau of Statistics is finding increasingly creative ways to communicate and bring Australians along for the ride.

    Its outreach through social media makes data more accessible and fun.

    The paraphernalia promoting previous censuses make it clear how much the agency is invested in ensuring complete coverage of all people. A significant departure from the stuffy practices of national statistical offices overseas.

    Small solar powered census-at-school calculators have been given to pupils to help increase awareness among linguistically diverse communities. This is recognition children complete the census questionnaire in some families.

    Desks of cards gifted to homeless people sleeping rough attests to the bureau’s dedication to ensuring all people are counted, no matter where or how they live

    Behind The News’s take on the census.

    More inclusive family photograph

    But it hasn’t always been plain sailing for the Australian Bureau of Statistics.

    Last year’s unprecedented government interference in the independent conduct of the bureau resulted in proposed questions on sexuality and gender diversity being dumped from the 2026 census.

    Scheduled testing was cancelled and related printed materials were likely pulped.

    A public outcry forced a government back down with the sorry saga clearly demonstrating a myriad of critical data cannot be collected by other means.

    The upcoming census family photograph will be more inclusive – Australians will have the opportunity to have their gender identity and sexual orientation reflected in the tally.

    Family ancestry information will be broadened, and the questionnaire itself will better reflect Australian households overall.

    The alternative to a census is a private, behind-closed-doors collation of personal information by government.

    The good news is Australia’s census is alive and well and keeping up with the times.

    Liz Allen worked as a graduate at the Australian Bureau of Statistics in 2006. She receives funding from the Australian Research Council for work examining grandparenting in Australia. Liz is a member of the National Foundation of Australian Women Social Policy Committee.

    ref. Australia’s census is getting a stress test – keeping it going is good for everyone – https://theconversation.com/australias-census-is-getting-a-stress-test-keeping-it-going-is-good-for-everyone-261077

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: Merchandise trade posts strong growth in Q1 ahead of tariff hikes

    Source: WTO

    Headline: Merchandise trade posts strong growth in Q1 ahead of tariff hikes

    The new tariffs announced by the United States on 2 April at the start of the second quarter were widely anticipated, allowing importers to move purchases forward to avoid paying higher duties at a later date. Trade volume growth in the first quarter was above projections issued in the WTO’s Global Trade Outlook and Statistics report on 16 April, both for the Secretariat’s baseline forecast of 2.7% for 2025, which assumed a continuation of policies in place at the start of the year, and the adjusted forecast of ‑0.2% assuming policies in place on 16 April.
    Since then, a variety of trade agreements and trade measures have nudged the adjusted forecast up and down slightly, but as of mid-June merchandise trade growth for the year was still expected to be basically flat at 0.1%.
    Chart 1: World merchandise trade volume and value, 2019Q1-2025Q1Indices, 2019=100

    Sources: WTO and UNCTAD for merchandise trade volume, WTO for merchandise trade value.Note: Merchandise trade volume refers to the average of exports and imports, while merchandise trade value refers to exports in current US dollar terms.  SA indicates a seasonally-adjusted data series while NSA denotes non-seasonally-adjusted data.
    Meanwhile, the US dollar value of world merchandise trade — as measured by non-seasonally-adjusted exports — was up 4% year-on-year in the first quarter of 2025, reflecting strong growth in volume terms and declining prices (Chart 1). The value of trade in the first quarter was down compared to the previous quarter due to regular seasonal variation, but seasonally-adjusted figures continued to rise.
    There were significant disparities across regions in merchandise trade volume growth in the first quarter, especially on the import side (Chart 2). North America recorded the strongest quarter-on-quarter import growth of any region by far at 13.4%, followed by Africa at 5.1%, South and Central America and the Caribbean at 3.6%, the Middle East at 3.0%, Europe at 1.3%, and Asia at 1.1%. The Commonwealth of Independent States (CIS), including certain associate and former member states, was the only region to record a decline in the first quarter at -0.5%.  On the export side, the Middle East recorded the strongest quarter-on-quarter growth at 6.3%, followed by Asia at 5.6%, South America at 3.2%, Africa at 2.5%, Europe at 1.9% and North America at 1.8%. The CIS region also registered an export decline of -1.0% in the first quarter.
    Chart 2: Merchandise export and import volumes by region, 2019Q1 – 2025Q1Seasonally-adjusted indices, 2019=100

    a     Refers to South and Central America and the Caribbean.b     Refers to Commonwealth of Independent States, including certain associate and former member states.Source: WTO and UNCTAD estimates.
    Merchandise trade developments in value terms during the first quarter of 2025
    Chart 3 shows year-on-year growth in the US dollar value of world merchandise trade by broad product category in the first quarter.1 The strongest performance was in office and telecom equipment (+16% year-on-year), followed by chemicals (+12%) and clothing (+7%). Among the product categories shown, only automotive products (-4%), fuels and mining products (-4%; of which: fuels -7%) and iron and steel (-3%) decreased in value terms. While fuel prices changed little compared with the same quarter in the previous year, prices for metals and minerals (excluding gold & silver) were 8% higher.
    Chart 3: Year-on-year merchandise trade growth by product in the first quarter of 2025% change in US$ values

    a Includes electrical machinery, non-electrical machinery and power generating equipment.Source: WTO for total merchandise exports, WTO Secretariat estimates for products.
    Africa had the strongest merchandise export growth of any region in value terms in the first quarter, up 9% year-on-year (Chart 4). The increase was led by gold, ores, cocoa, and copper, while fuel shipments declined. It was followed by Asia (up 5%, led by precious metals and machinery) and South and Central America (up 4%, with increases in precious metals, ores and coffee/tea, and declines in fuels, oil seeds, and cereals). Among WTO regions, only the Commonwealth of Independent States (CIS)2 saw its exports decline (-6%).
    Chart 4: Merchandise trade growth by regions in the first quarter of 2025% change in US$ values

    a  Refers to South and Central America and the Caribbean.b Refers to Commonwealth of Independent States (CIS), including certain associate and former member states.Source: WTO.
    On the import side, strong year-on-year increases were observed in North America (+19%) and South America (+12%). Regarding North America, imports of machinery, precious metals and pharmaceuticals showed marked increases, while vehicle imports dropped slightly. South America saw particularly strong imports of machinery, articles of iron and steel, and vehicles, while imports of fuel fell. Asia’s first quarter merchandise imports increased the least amongst the regions (1%), apart from the 0.1% decline in the CIS region. Asia saw strong import growth for gold and iron ore while imports of vehicles fell. In line with the world trend, Asian imports of fuels also declined year-on-year, while imports of integrated circuits rose.
    Monthly merchandise trade developments
    Monthly merchandise trade statistics in value terms are available for many countries into the second quarter of 2025.  These data show evidence of import demand starting to slow after the first quarter surge. This is illustrated by Chart 5, which shows year-on-year growth in the US dollar value of merchandise exports and imports in 2025 for selected economies in the first quarter, plus partial data for the second quarter (April-May or the latest available month).
    For example, imports of the United States were up 25% in the first quarter but only 1% in the first two months of the second quarter.  For the year to date (Jan-May), US imports were up 15%.  On the export side, shipments from China were up 6% year-on-year in both Q1 and Q2, but other Asian economies saw export growth accelerate (e.g. India, down 4% year-on-year in Q1 but up 9% in April).
    These latest quarterly and monthly merchandise trade statistics and other data can be downloaded from the WTO’s online database at stats.wto.org.
    Chart 5: Merchandise export and import growth of selected economies, Jan.-May 2025year-on-year % change in US$ values

    a  April-June.b  April.Source: National customs statistics accessed through Trade Data Monitor (TDM).

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    MIL OSI Economics

  • MIL-Evening Report: As house prices drop, will the retirement nest egg still be such a safe bet?

    Source: The Conversation (Au and NZ) – By Claire Dale, Research Fellow, the Pensions and Intergenerational Equity (PIE) research hub, University of Auckland, Waipapa Taumata Rau

    MonthiraYodtiwong/Getty Images

    Changes to KiwiSaver, global economic uncertainty and predictions house prices could drop by as much as 20% by 2030 all mean retirement is looking very different to how it once did.

    A retirement strategy based on the equity held in a house is no longer as reliable as it has been in the past. Home ownership in Aotearoa New Zealand fell from 75% in 1991 to 60% in 2023 and is projected to fall to 48% in 2048.

    The average age of a first-home buyer has also risen to 36, meaning an increasing number of New Zealanders (13%) are paying off their mortgages after they reach retirement age.

    The number of retirees renting is also on the rise. By 2048, 40% of them will rent, placing pressure on New Zealand’s housing stock.

    KiwiSaver is unlikely to replace the traditional housing nest egg. New Zealanders have, on average, NZ$37,079 in their KiwiSaver accounts, with thousands of people reaching close to retirement age with less than $10,000 saved.

    Investing at the price peak

    The prospect of retirement looks bleakest for those currently aged between 35 and 49 years old. A recent report from credit agency Centrix found this group was struggling the most financially.

    A big part of the problem is that house prices skyrocketed just as they became first-time home buyers. The average asking price for residential property rose by 60.3% over the past decade, from $556,931 at the beginning of 2015 to $892,579 at the end of 2024.

    While incomes have also increased, they have not matched housing prices. In 2000, houses cost about five times the median household income. But by 2025, the median price had risen to 7.5 times the median household income.

    Those who bought their first home around the peak in 2021 are likely to be hit hardest by the forecast drop in house values. According to data insight firm Cotality (formerly Corelogic), nominal prices are expected to pass their 2021 peak by mid-2029. But when adjusted for inflation, prices in mid-2030 would be a fifth below the peak.

    Working into retirement

    Older New Zealanders are also facing significant housing pressures.

    According to a 2022 report from Treasury, over half of superannuitants still paying off mortgages spent more than 80% of their superannuation income on housing costs. Those who are mortgage-free are spending less than 20% of their super on housing.

    Between 2019 and 2024, the percentage of overdue mortgages for the 50+ age groups ranged between 2% and 2.5%, compared to a range of 1% to 1.5% for all mortgages.

    People between the age of 55 and 64 are likely to have purchased their homes in the late 1990s and early 2000s, so are less likely to be hurt by the 2021 peak and subsequent trough.

    Despite this apparent advantage, only 38% of people between 55 and 64 are mortgage free.

    KiwiSaver issues

    The possibility of using accumulated KiwiSaver funds to clear a mortgage is also diminishing. As a result of the 2025 Budget changes to KiwiSaver, employee and employer contributions will rise from April 2026 to 3.5% and from April 2028 to 4%, offsetting the reduced annual government contribution.

    The end of employer contributions matters particularly to the 24% of those aged over 65 years who are still in the workforce. A rule change in 2021 means employers are not required to make contributions or to deduct employee contributions, unless the employee continues to make KiwiSaver contributions.

    But current global crises are affecting KiwiSaver returns. Uncertain and volatile markets, especially for actively managed funds, mean fund managers reallocate money to try to minimise losses. Not all their bets pay off.

    By 2030, Stats NZ projects that approximately 265,000 people aged 65 and over will be in the workforce.

    The Office for Seniors notes that although older workers have challenges finding and staying in paid work, a third of the workforce is aged over 50 and 50% of people aged 60 to 69 are employed.

    Importantly, as the Retirement Commission research found, a third of people over 65 were not working by choice. An increasing number, who neither own their home nor have significant retirement savings, have to continue working past 65 because they need the money to eat and pay the bills.

    As New Zealand’s population ages, and more seniors have to work to pay for the essentials, it’s clear retirement is going to look different. Betting on the value of a house to fund life after 65 is less certain than it used to be. More than ever, New Zealanders need to consider how they will live well in their later years.

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

    ref. As house prices drop, will the retirement nest egg still be such a safe bet? – https://theconversation.com/as-house-prices-drop-will-the-retirement-nest-egg-still-be-such-a-safe-bet-259380

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: As house prices drop, will the retirement nest egg still be such a safe bet?

    Source: The Conversation (Au and NZ) – By Claire Dale, Research Fellow, the Pensions and Intergenerational Equity (PIE) research hub, University of Auckland, Waipapa Taumata Rau

    MonthiraYodtiwong/Getty Images

    Changes to KiwiSaver, global economic uncertainty and predictions house prices could drop by as much as 20% by 2030 all mean retirement is looking very different to how it once did.

    A retirement strategy based on the equity held in a house is no longer as reliable as it has been in the past. Home ownership in Aotearoa New Zealand fell from 75% in 1991 to 60% in 2023 and is projected to fall to 48% in 2048.

    The average age of a first-home buyer has also risen to 36, meaning an increasing number of New Zealanders (13%) are paying off their mortgages after they reach retirement age.

    The number of retirees renting is also on the rise. By 2048, 40% of them will rent, placing pressure on New Zealand’s housing stock.

    KiwiSaver is unlikely to replace the traditional housing nest egg. New Zealanders have, on average, NZ$37,079 in their KiwiSaver accounts, with thousands of people reaching close to retirement age with less than $10,000 saved.

    Investing at the price peak

    The prospect of retirement looks bleakest for those currently aged between 35 and 49 years old. A recent report from credit agency Centrix found this group was struggling the most financially.

    A big part of the problem is that house prices skyrocketed just as they became first-time home buyers. The average asking price for residential property rose by 60.3% over the past decade, from $556,931 at the beginning of 2015 to $892,579 at the end of 2024.

    While incomes have also increased, they have not matched housing prices. In 2000, houses cost about five times the median household income. But by 2025, the median price had risen to 7.5 times the median household income.

    Those who bought their first home around the peak in 2021 are likely to be hit hardest by the forecast drop in house values. According to data insight firm Cotality (formerly Corelogic), nominal prices are expected to pass their 2021 peak by mid-2029. But when adjusted for inflation, prices in mid-2030 would be a fifth below the peak.

    Working into retirement

    Older New Zealanders are also facing significant housing pressures.

    According to a 2022 report from Treasury, over half of superannuitants still paying off mortgages spent more than 80% of their superannuation income on housing costs. Those who are mortgage-free are spending less than 20% of their super on housing.

    Between 2019 and 2024, the percentage of overdue mortgages for the 50+ age groups ranged between 2% and 2.5%, compared to a range of 1% to 1.5% for all mortgages.

    People between the age of 55 and 64 are likely to have purchased their homes in the late 1990s and early 2000s, so are less likely to be hurt by the 2021 peak and subsequent trough.

    Despite this apparent advantage, only 38% of people between 55 and 64 are mortgage free.

    KiwiSaver issues

    The possibility of using accumulated KiwiSaver funds to clear a mortgage is also diminishing. As a result of the 2025 Budget changes to KiwiSaver, employee and employer contributions will rise from April 2026 to 3.5% and from April 2028 to 4%, offsetting the reduced annual government contribution.

    The end of employer contributions matters particularly to the 24% of those aged over 65 years who are still in the workforce. A rule change in 2021 means employers are not required to make contributions or to deduct employee contributions, unless the employee continues to make KiwiSaver contributions.

    But current global crises are affecting KiwiSaver returns. Uncertain and volatile markets, especially for actively managed funds, mean fund managers reallocate money to try to minimise losses. Not all their bets pay off.

    By 2030, Stats NZ projects that approximately 265,000 people aged 65 and over will be in the workforce.

    The Office for Seniors notes that although older workers have challenges finding and staying in paid work, a third of the workforce is aged over 50 and 50% of people aged 60 to 69 are employed.

    Importantly, as the Retirement Commission research found, a third of people over 65 were not working by choice. An increasing number, who neither own their home nor have significant retirement savings, have to continue working past 65 because they need the money to eat and pay the bills.

    As New Zealand’s population ages, and more seniors have to work to pay for the essentials, it’s clear retirement is going to look different. Betting on the value of a house to fund life after 65 is less certain than it used to be. More than ever, New Zealanders need to consider how they will live well in their later years.

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

    ref. As house prices drop, will the retirement nest egg still be such a safe bet? – https://theconversation.com/as-house-prices-drop-will-the-retirement-nest-egg-still-be-such-a-safe-bet-259380

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: As house prices drop, will the retirement nest egg still be such a safe bet?

    Source: The Conversation (Au and NZ) – By Claire Dale, Research Fellow, the Pensions and Intergenerational Equity (PIE) research hub, University of Auckland, Waipapa Taumata Rau

    MonthiraYodtiwong/Getty Images

    Changes to KiwiSaver, global economic uncertainty and predictions house prices could drop by as much as 20% by 2030 all mean retirement is looking very different to how it once did.

    A retirement strategy based on the equity held in a house is no longer as reliable as it has been in the past. Home ownership in Aotearoa New Zealand fell from 75% in 1991 to 60% in 2023 and is projected to fall to 48% in 2048.

    The average age of a first-home buyer has also risen to 36, meaning an increasing number of New Zealanders (13%) are paying off their mortgages after they reach retirement age.

    The number of retirees renting is also on the rise. By 2048, 40% of them will rent, placing pressure on New Zealand’s housing stock.

    KiwiSaver is unlikely to replace the traditional housing nest egg. New Zealanders have, on average, NZ$37,079 in their KiwiSaver accounts, with thousands of people reaching close to retirement age with less than $10,000 saved.

    Investing at the price peak

    The prospect of retirement looks bleakest for those currently aged between 35 and 49 years old. A recent report from credit agency Centrix found this group was struggling the most financially.

    A big part of the problem is that house prices skyrocketed just as they became first-time home buyers. The average asking price for residential property rose by 60.3% over the past decade, from $556,931 at the beginning of 2015 to $892,579 at the end of 2024.

    While incomes have also increased, they have not matched housing prices. In 2000, houses cost about five times the median household income. But by 2025, the median price had risen to 7.5 times the median household income.

    Those who bought their first home around the peak in 2021 are likely to be hit hardest by the forecast drop in house values. According to data insight firm Cotality (formerly Corelogic), nominal prices are expected to pass their 2021 peak by mid-2029. But when adjusted for inflation, prices in mid-2030 would be a fifth below the peak.

    Working into retirement

    Older New Zealanders are also facing significant housing pressures.

    According to a 2022 report from Treasury, over half of superannuitants still paying off mortgages spent more than 80% of their superannuation income on housing costs. Those who are mortgage-free are spending less than 20% of their super on housing.

    Between 2019 and 2024, the percentage of overdue mortgages for the 50+ age groups ranged between 2% and 2.5%, compared to a range of 1% to 1.5% for all mortgages.

    People between the age of 55 and 64 are likely to have purchased their homes in the late 1990s and early 2000s, so are less likely to be hurt by the 2021 peak and subsequent trough.

    Despite this apparent advantage, only 38% of people between 55 and 64 are mortgage free.

    KiwiSaver issues

    The possibility of using accumulated KiwiSaver funds to clear a mortgage is also diminishing. As a result of the 2025 Budget changes to KiwiSaver, employee and employer contributions will rise from April 2026 to 3.5% and from April 2028 to 4%, offsetting the reduced annual government contribution.

    The end of employer contributions matters particularly to the 24% of those aged over 65 years who are still in the workforce. A rule change in 2021 means employers are not required to make contributions or to deduct employee contributions, unless the employee continues to make KiwiSaver contributions.

    But current global crises are affecting KiwiSaver returns. Uncertain and volatile markets, especially for actively managed funds, mean fund managers reallocate money to try to minimise losses. Not all their bets pay off.

    By 2030, Stats NZ projects that approximately 265,000 people aged 65 and over will be in the workforce.

    The Office for Seniors notes that although older workers have challenges finding and staying in paid work, a third of the workforce is aged over 50 and 50% of people aged 60 to 69 are employed.

    Importantly, as the Retirement Commission research found, a third of people over 65 were not working by choice. An increasing number, who neither own their home nor have significant retirement savings, have to continue working past 65 because they need the money to eat and pay the bills.

    As New Zealand’s population ages, and more seniors have to work to pay for the essentials, it’s clear retirement is going to look different. Betting on the value of a house to fund life after 65 is less certain than it used to be. More than ever, New Zealanders need to consider how they will live well in their later years.

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

    ref. As house prices drop, will the retirement nest egg still be such a safe bet? – https://theconversation.com/as-house-prices-drop-will-the-retirement-nest-egg-still-be-such-a-safe-bet-259380

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Russia: The number of cars owned by citizens of Uzbekistan has exceeded 4.5 million

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Tashkent, July 15 (Xinhua) — As of April 1, 2025, more than 4.5 million cars owned by individuals were registered in Uzbekistan, local media reported on Tuesday, citing the National Statistics Committee of the Republic of Uzbekistan.

    According to the agency, as of April 1, 2025, 4.5221 million cars owned by individuals were registered in Uzbekistan.

    According to statistics, the largest share of registered vehicles were passenger cars – approximately 4.2 million units.

    In November 2024, the permanent population of Uzbekistan reached 37.5 million people. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News

  • MIL-OSI Canada: Saskatchewan’s Manufacturing Sales Sees Second Best Growth in Canada

    Source: Government of Canada regional news

    Released on July 15, 2025

    Strong Manufacturing Sector Fueling Economic Resilience

    Today’s manufacturing sales figures show that Saskatchewan saw an increase of 4.4 per cent in May 2025 compared to April 2025. This is the second highest month-over-month increase among the provinces.

    “These positive numbers highlight once again that Saskatchewan remains the best place in Canada to live, work, raise a family and start a business,” Trade and Export Development Minister Warren Kaeding said. “The huge growth we are seeing in manufacturing sales means businesses can invest with confidence as our economy continues to grow and prosper.”

    Manufacturing sales, including shipments, inventories and orders, represent the dollar value of goods sold by manufacturers. 

    Saskatchewan continues to see significant economic growth. Statistics Canada’s latest Gross Domestic Product (GDP) numbers indicate that the province’s real GDP at basic prices reached an all-time high of $80.5 billion in 2024, increasing by $2.6 billion, or 3.4 per cent. This places Saskatchewan second in the nation for real GDP growth and above the national average of 1.6 per cent.

    Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second-highest anticipated percentage increase among the provinces.

    Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada. 

    For more information, visit: InvestSK.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News

  • MIL-OSI Submissions: England’s redesigned banknotes will reveal how the country sees itself

    Source: The Conversation – UK – By Pavan Mano, Lecturer in Global Cultures, King’s College London

    Richard z/Shutterstock

    The Bank of England has announced a redesign of its banknotes and invited the public to suggest new themes that might feature on them. Victoria Cleland, the Bank of England’s chief cashier, said this was as “a symbolic representation of our collective national identity and an opportunity to celebrate the UK”.

    Even though they can appear like the unifying symbols Cleland suggests, my research shows that there are contradictions that surround many national symbols. They are not as unifying as they might seem. In fact, in many cases they also work to exclude people.

    For a long time, there has been a persuasive argument about belonging and the nation. As one of the grand theorists of the nation, Benedict Anderson, once put it, the nation is an “imagined political community”.

    The idea here is that the nation is simply a collection of people who form a community together, something larger than themselves. And national symbols are supposed to represent this community. As such, national symbols are often taken as markers of belonging.

    But what is often overlooked is the exclusionary element of the nation. In my book, Straight Nation, I show how for some people to belong to a nation, others must be portrayed as not belonging. It can be difficult to pinpoint exactly how one belongs to the nation; it is far easier to point at someone else and declare that they do not.

    The invitation to contribute to the redesign will therefore show two things. It will tell us how the country sees itself. It will also demonstrate the contradictions around national symbols and the exclusions they can produce. The former perhaps more straightforward than the latter.


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.


    How does England see itself?

    In theory, the banknote is a perfectly neat national symbol. It is an object that is only valid within the borders of the state it is issued in, so the images printed on it can be treated as representations of the nation. Current notes feature images of historically significant characters: former prime minister Sir Winston Churchill, author Jane Austen, painter J.M.W. Turner and scientist Alan Turing.

    Jane Austen is one of only three women who have been on the banknote.
    Dudaeva/Shutterstock

    Indeed, the Bank of England has suggested that images should not be “divisive”. In other words, they need to be as inclusive as possible. But in the current political environment, far-right politics and division have become extremely commonplace both globally and closer to home.

    In the US, the current administration has squarely taken aim at diversity, equity and inclusion programmes and launched a massive wave of deportations. Across much of western Europe, far-right parties are going from strength to strength.

    In the UK, rightwing Reform has emerged as the party that would win the most seats if a general election were held this year. The current prime minister, Keir Starmer, recently gave a speech where he warned the UK risked becoming an “island of strangers” without tougher immigration policies.

    Amid these political currents, it will be interesting to see which themes and images are eventually chosen to adorn the new banknotes from the consultation which closes at the end of July. The designs will be instructive not least because they will show how how the current climate translates onto these notes as well as how the country sees itself.

    For instance, there has never been a person of colour and only three women have previously featured on a banknote. It would be a a long time coming if this were to change.

    The exclusions at the heart of national symbols

    Perhaps more importantly, however, is the ironic contradiction around asking for the public’s views on banknotes when banknotes are disappearing from public view.

    At the start of this year, Lloyds Banking Group announced it would be closing 136 of its high street banks. This follows a broader trend. Since 2015, banks have closed more than 6,000 branches, and the number of cash machines has fallen by more than 7,000 between June 2021 and June 2024.

    Banking is becoming increasingly digital and carried out through a smartphone app. A growing number of establishments have gone entirely cashless.

    Many people are affected by this, including those with disabilities, older people, those living in rural areas and small businesses. Not only is cash no longer king, it is barely in the building.

    When it is redesigned, the new banknote will be released into an environment where it is less used and, in a growing number of establishments that have gone entirely cashless, will be almost entirely unwelcome.

    National belonging is often romanticised. There is a sense that nationalism and unity go hand in hand, and that the nation is simply a basin of belonging. National symbols are portrayed as a matter of pride.

    We do not know yet what designs they will bear when the crisp new banknotes are issued. But we do know that they will be issued in decreasing quantities and many people will find it harder to get their hands on them. That captures the contradictions of national symbols, and the exclusions they produce.

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

    ref. England’s redesigned banknotes will reveal how the country sees itself – https://theconversation.com/englands-redesigned-banknotes-will-reveal-how-the-country-sees-itself-260842

    MIL OSI

  • MIL-OSI Analysis: England’s redesigned banknotes will reveal how the country sees itself

    Source: The Conversation – UK – By Pavan Mano, Lecturer in Global Cultures, King’s College London

    Richard z/Shutterstock

    The Bank of England has announced a redesign of its banknotes and invited the public to suggest new themes that might feature on them. Victoria Cleland, the Bank of England’s chief cashier, said this was as “a symbolic representation of our collective national identity and an opportunity to celebrate the UK”.

    Even though they can appear like the unifying symbols Cleland suggests, my research shows that there are contradictions that surround many national symbols. They are not as unifying as they might seem. In fact, in many cases they also work to exclude people.

    For a long time, there has been a persuasive argument about belonging and the nation. As one of the grand theorists of the nation, Benedict Anderson, once put it, the nation is an “imagined political community”.

    The idea here is that the nation is simply a collection of people who form a community together, something larger than themselves. And national symbols are supposed to represent this community. As such, national symbols are often taken as markers of belonging.

    But what is often overlooked is the exclusionary element of the nation. In my book, Straight Nation, I show how for some people to belong to a nation, others must be portrayed as not belonging. It can be difficult to pinpoint exactly how one belongs to the nation; it is far easier to point at someone else and declare that they do not.

    The invitation to contribute to the redesign will therefore show two things. It will tell us how the country sees itself. It will also demonstrate the contradictions around national symbols and the exclusions they can produce. The former perhaps more straightforward than the latter.


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.


    How does England see itself?

    In theory, the banknote is a perfectly neat national symbol. It is an object that is only valid within the borders of the state it is issued in, so the images printed on it can be treated as representations of the nation. Current notes feature images of historically significant characters: former prime minister Sir Winston Churchill, author Jane Austen, painter J.M.W. Turner and scientist Alan Turing.

    Jane Austen is one of only three women who have been on the banknote.
    Dudaeva/Shutterstock

    Indeed, the Bank of England has suggested that images should not be “divisive”. In other words, they need to be as inclusive as possible. But in the current political environment, far-right politics and division have become extremely commonplace both globally and closer to home.

    In the US, the current administration has squarely taken aim at diversity, equity and inclusion programmes and launched a massive wave of deportations. Across much of western Europe, far-right parties are going from strength to strength.

    In the UK, rightwing Reform has emerged as the party that would win the most seats if a general election were held this year. The current prime minister, Keir Starmer, recently gave a speech where he warned the UK risked becoming an “island of strangers” without tougher immigration policies.

    Amid these political currents, it will be interesting to see which themes and images are eventually chosen to adorn the new banknotes from the consultation which closes at the end of July. The designs will be instructive not least because they will show how how the current climate translates onto these notes as well as how the country sees itself.

    For instance, there has never been a person of colour and only three women have previously featured on a banknote. It would be a a long time coming if this were to change.

    The exclusions at the heart of national symbols

    Perhaps more importantly, however, is the ironic contradiction around asking for the public’s views on banknotes when banknotes are disappearing from public view.

    At the start of this year, Lloyds Banking Group announced it would be closing 136 of its high street banks. This follows a broader trend. Since 2015, banks have closed more than 6,000 branches, and the number of cash machines has fallen by more than 7,000 between June 2021 and June 2024.

    Banking is becoming increasingly digital and carried out through a smartphone app. A growing number of establishments have gone entirely cashless.

    Many people are affected by this, including those with disabilities, older people, those living in rural areas and small businesses. Not only is cash no longer king, it is barely in the building.

    When it is redesigned, the new banknote will be released into an environment where it is less used and, in a growing number of establishments that have gone entirely cashless, will be almost entirely unwelcome.

    National belonging is often romanticised. There is a sense that nationalism and unity go hand in hand, and that the nation is simply a basin of belonging. National symbols are portrayed as a matter of pride.

    We do not know yet what designs they will bear when the crisp new banknotes are issued. But we do know that they will be issued in decreasing quantities and many people will find it harder to get their hands on them. That captures the contradictions of national symbols, and the exclusions they produce.

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

    ref. England’s redesigned banknotes will reveal how the country sees itself – https://theconversation.com/englands-redesigned-banknotes-will-reveal-how-the-country-sees-itself-260842

    MIL OSI Analysis

  • MIL-OSI Africa: Lagos is young and diverse, so what shapes ethnic and religious prejudice among teens? Our study tried to find out

    Source: The Conversation – Africa – By Leila Demarest, Associate Professor, Institute of Political Science, Leiden University

    Lagos State, with an estimated population of 20 million, is Africa’s largest metropolis. Home to Nigeria’s commercial capital, it is a magnet for internal migration, drawing in a mix of the country’s ethnic groups. Nigeria is estimated to have between 150 and 500 distinct ethnic groups, many of which are represented in Lagos.

    The original inhabitants of Lagos were Yoruba. As the colonial capital, the city experienced early migration from the Igbo group from the south-east. The Hausa-Fulani, from the north, are another important group to have been drawn to Lagos. More recent migration to the city has also been caused by insecurity in the north of Nigeria.

    The social interactions between people from diverse backgrounds have been studied extensively as dynamics of exclusion are often pervasive in developed and developing societies alike. In multi-ethnic societies in Africa where there has been violent conflict, the question of peaceful coexistence is all the more important.

    In Nigeria, past ethno-religious violence has led to massive casualties. The 1960s Biafra war and lethal riots in Kaduna and Jos in recent decades stand out. Lesser tensions are also present in Lagos state around competition for jobs and access to political power.

    Intergroup tensions in Lagos may give rise to concerns about the risk of more serious threats.

    But do we see this in adolescents, who haven’t yet started competing with each other for jobs and resources? In schools, young people generally have equal status, common goals, intergroup cooperation, and potential for friendship. Could new generations overcome the adversarial past?

    We have decades of research between us straddling group behaviour and identity formation, peace and conflict dynamics, and ethnicity and religion in sub-Saharan Africa. For our research we aimed to gain a picture of intergroup dynamics among Lagos adolescents.

    We concluded from surveying young people that higher diversity levels encourage more friendships and cross-group political discussions, which lead to positive relations between ethnic groups. But waiting for this to happen naturally may not be the best approach. It may leave smaller minority groups exposed to discrimination in the meantime. Policy interventions may encourage a quicker development of positive relations.

    Survey of Lagos adolescents

    Nigeria has a large youth population. Half of the people who live in Lagos state are younger than 25. That could have an important impact on future developments in the city, including intergroup relations.

    In 2019, we surveyed final year secondary school students in 36 schools across the state to find out how they viewed other societal groups and which factors affected their views. Most previous research on intergroup relations has focused on adults.

    We aimed to obtain a sample of Lagos adolescents who experienced diversity in their daily lives. To achieve this, we drew from both urban and rural districts. Our final sample contained 70 % Yoruba, 16 % Igbo, 2 % Hausa-Fulani, and 12 % other minority group adolescents.

    We found that:

    • adolescents who reported more cross-group friendships had more positive attitudes, including higher trust, towards other groups

    • those exposed to political discussions in diverse contexts were more likely to hold positive attitudes towards other ethnic and religious groups

    • when youths experienced more diversity in their schools and neighbourhoods they were less likely to stereotype members of groups

    • they were also less likely to report a preference for their own group when it comes to teachers, future bosses, marriage partners and electoral candidates.

    In contrast, youths exposed to political discussions in ethnic enclaves held negative views.

    Diversity and contact

    We used statistical analyses to investigate intergroup relations among our youth sample. We first asked whether there was a relationship between exposure to other groups and attitudes towards them. While urban areas, especially megacities like Lagos, are often characterised by diversity, many ethnic enclaves or homogeneous neighbourhoods exist.

    We found that higher exposure to diversity had mixed effects. It was associated with less stereotyping and in-group preference, but also related to lower trust in others in general.

    Mixed effects are not surprising, as scholars have long held that exposure to diversity does not really tell us how people actually relate to one another: what matters more is positive contact between individuals from different groups. Contact has been robustly associated with more positive intergroup attitudes in predominantly western-focused studies. In Africa-focused studies results have been mixed, with some finding positive and others no real impact of contact.

    Our findings provide evidence for positive contact theory as adolescents with more cross-group friendships held more positive attitudes towards other groups and also had higher trust. This demonstrates actual positive contact is more important than mere exposure to diversity.

    We also found that exposure to political narratives mattered. Youths who were exposed to political discussions in diverse contexts were more likely to hold positive attitudes towards other ethnic and religious groups.

    Policy implications

    Intergroup attitudes are formed at an early age. Once developed, prejudice or tolerance have a tendency to “stick” over time. Questions on the development of positive attitudes are in need of urgent attention in Africa because of the continent’s youthful populations and many African countries’ experiences with ethnic and religious conflict.

    This brings us to the question of whether tolerance of others can be fast-tracked, especially at an early age, and when youth can be targeted through school interventions. Evidence from other (western) studies suggests that multicultural education, in which pupils are exposed to different cultures in the curriculum, cross-group class discussions on political themes, and cross-group school projects, may encourage positive intergroup relations.

    These types of policies come with an important warning though. As we have seen during our field work, many schools, especially public schools, face large class sizes due to resource constraints and teacher training is minimal. Corporal punishment is still implemented. Group work and deliberation are difficult to manage with large numbers and a lack of training, and teachers also risk bringing their own prejudices to the classroom.

    So it’s important to design interventions carefully and more research is needed to do this effectively in African contexts.

    – Lagos is young and diverse, so what shapes ethnic and religious prejudice among teens? Our study tried to find out
    – https://theconversation.com/lagos-is-young-and-diverse-so-what-shapes-ethnic-and-religious-prejudice-among-teens-our-study-tried-to-find-out-260720

    MIL OSI Africa

  • MIL-OSI Analysis: Lagos is young and diverse, so what shapes ethnic and religious prejudice among teens? Our study tried to find out

    Source: The Conversation – Africa – By Leila Demarest, Associate Professor, Institute of Political Science, Leiden University

    Lagos State, with an estimated population of 20 million, is Africa’s largest metropolis. Home to Nigeria’s commercial capital, it is a magnet for internal migration, drawing in a mix of the country’s ethnic groups. Nigeria is estimated to have between 150 and 500 distinct ethnic groups, many of which are represented in Lagos.

    The original inhabitants of Lagos were Yoruba. As the colonial capital, the city experienced early migration from the Igbo group from the south-east. The Hausa-Fulani, from the north, are another important group to have been drawn to Lagos. More recent migration to the city has also been caused by insecurity in the north of Nigeria.

    The social interactions between people from diverse backgrounds have been studied extensively as dynamics of exclusion are often pervasive in developed and developing societies alike. In multi-ethnic societies in Africa where there has been violent conflict, the question of peaceful coexistence is all the more important.

    In Nigeria, past ethno-religious violence has led to massive casualties. The 1960s Biafra war and lethal riots in Kaduna and Jos in recent decades stand out. Lesser tensions are also present in Lagos state around competition for jobs and access to political power.

    Intergroup tensions in Lagos may give rise to concerns about the risk of more serious threats.

    But do we see this in adolescents, who haven’t yet started competing with each other for jobs and resources? In schools, young people generally have equal status, common goals, intergroup cooperation, and potential for friendship. Could new generations overcome the adversarial past?

    We have decades of research between us straddling group behaviour and identity formation, peace and conflict dynamics, and ethnicity and religion in sub-Saharan Africa. For our research we aimed to gain a picture of intergroup dynamics among Lagos adolescents.

    We concluded from surveying young people that higher diversity levels encourage more friendships and cross-group political discussions, which lead to positive relations between ethnic groups. But waiting for this to happen naturally may not be the best approach. It may leave smaller minority groups exposed to discrimination in the meantime. Policy interventions may encourage a quicker development of positive relations.

    Survey of Lagos adolescents

    Nigeria has a large youth population. Half of the people who live in Lagos state are younger than 25. That could have an important impact on future developments in the city, including intergroup relations.

    In 2019, we surveyed final year secondary school students in 36 schools across the state to find out how they viewed other societal groups and which factors affected their views. Most previous research on intergroup relations has focused on adults.

    We aimed to obtain a sample of Lagos adolescents who experienced diversity in their daily lives. To achieve this, we drew from both urban and rural districts. Our final sample contained 70 % Yoruba, 16 % Igbo, 2 % Hausa-Fulani, and 12 % other minority group adolescents.

    We found that:

    • adolescents who reported more cross-group friendships had more positive attitudes, including higher trust, towards other groups

    • those exposed to political discussions in diverse contexts were more likely to hold positive attitudes towards other ethnic and religious groups

    • when youths experienced more diversity in their schools and neighbourhoods they were less likely to stereotype members of groups

    • they were also less likely to report a preference for their own group when it comes to teachers, future bosses, marriage partners and electoral candidates.

    In contrast, youths exposed to political discussions in ethnic enclaves held negative views.

    Diversity and contact

    We used statistical analyses to investigate intergroup relations among our youth sample. We first asked whether there was a relationship between exposure to other groups and attitudes towards them. While urban areas, especially megacities like Lagos, are often characterised by diversity, many ethnic enclaves or homogeneous neighbourhoods exist.

    We found that higher exposure to diversity had mixed effects. It was associated with less stereotyping and in-group preference, but also related to lower trust in others in general.

    Mixed effects are not surprising, as scholars have long held that exposure to diversity does not really tell us how people actually relate to one another: what matters more is positive contact between individuals from different groups. Contact has been robustly associated with more positive intergroup attitudes in predominantly western-focused studies. In Africa-focused studies results have been mixed, with some finding positive and others no real impact of contact.

    Our findings provide evidence for positive contact theory as adolescents with more cross-group friendships held more positive attitudes towards other groups and also had higher trust. This demonstrates actual positive contact is more important than mere exposure to diversity.

    We also found that exposure to political narratives mattered. Youths who were exposed to political discussions in diverse contexts were more likely to hold positive attitudes towards other ethnic and religious groups.

    Policy implications

    Intergroup attitudes are formed at an early age. Once developed, prejudice or tolerance have a tendency to “stick” over time. Questions on the development of positive attitudes are in need of urgent attention in Africa because of the continent’s youthful populations and many African countries’ experiences with ethnic and religious conflict.

    This brings us to the question of whether tolerance of others can be fast-tracked, especially at an early age, and when youth can be targeted through school interventions. Evidence from other (western) studies suggests that multicultural education, in which pupils are exposed to different cultures in the curriculum, cross-group class discussions on political themes, and cross-group school projects, may encourage positive intergroup relations.

    These types of policies come with an important warning though. As we have seen during our field work, many schools, especially public schools, face large class sizes due to resource constraints and teacher training is minimal. Corporal punishment is still implemented. Group work and deliberation are difficult to manage with large numbers and a lack of training, and teachers also risk bringing their own prejudices to the classroom.

    So it’s important to design interventions carefully and more research is needed to do this effectively in African contexts.

    Leila Demarest received funding from the Leiden University Fund (grant reference W19304-5-01)

    Arnim Langer receives funding from Research Foundation Flanders (FWO).

    ref. Lagos is young and diverse, so what shapes ethnic and religious prejudice among teens? Our study tried to find out – https://theconversation.com/lagos-is-young-and-diverse-so-what-shapes-ethnic-and-religious-prejudice-among-teens-our-study-tried-to-find-out-260720

    MIL OSI Analysis

  • MIL-OSI: White River Bancshares Co. Reports Net Income of $3.30 million, or $1.34 Per Diluted Share, in 2Q25; Results Driven by Loan Growth and Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    FAYETTEVILLE, Ark., July 15, 2025 (GLOBE NEWSWIRE) — White River Bancshares Company (OTCQX: WRIV) (the “Company”), the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income increased to $3.30 million, or $1.34 per diluted share, in the second quarter of 2025, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024. The Company reported net income of $2.63 million, or $1.07 per diluted share, for the prior quarter. In the first six months of 2025, net income increased to $5.93 million, or $2.42 per diluted share, compared to $2.36 million, or $1.11 per diluted share, in the first six months of 2024. All financial results are unaudited and all per share data has been adjusted to reflect the two-for-one stock split effected September 4, 2024.

    “We had a strong second quarter—the most profitable quarter we’ve ever had,” said Gary Head, Chairman and CEO. “We have been blessed to have incredible loan growth throughout the history of our company, and we build on that momentum quarter after quarter. Our Signature Bank family is the best group of bankers I’ve been associated with in my 43-year banking career. Their teamwork and commitment to excellence consistently go above and beyond expectations.”

    “As a community bank, expanding our deposit base to support new loan growth is critical,” said Scott Sandlin, Chief Strategy Officer. “Our Bank has made deposit gathering a primary focus, and our team has done an outstanding job—deepening relationships with existing clients while also bringing in new customers. As a result, total deposits increased 4.0% during the second quarter of 2025 and 23.2% year-over-year. At quarter end, demand and non-interest bearing accounts represented 18.7% of total deposits, and savings and interest-bearing transaction accounts represented 38.4% of total deposits. We will continue to actively seek more opportunities to grow deposits in the coming quarters to meet the increasing demand for loans.”

    Second Quarter 2025 Financial Highlights:

    • Net income for the second quarter of 2025 increased to $3.30 million, or $1.34 per diluted share, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024.
    • Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024.
    • Net interest margin (“NIM”) increased 31 basis points to 3.56% in the second quarter of 2025, compared to 3.25% in the second quarter of 2024.
    • The Company recorded an $800,000 provision for credit losses in the second quarter of 2025, compared to a $432,000 provision for credit losses in the second quarter of 2024.
    • Net loans increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024.
    • Nonperforming loans represented 0.03% of total loans at June 30, 2025, compared to 0.00% a year ago.
    • Total deposits increased $235.3 million, or 23.2%, year-over-year, to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024.
    • Core deposits (demand and non-interest-bearing, savings and interest-bearing transaction accounts, CDs under $250,000 and CDARs reciprocal deposits) represented 70.10% of total deposits at June 30, 2025.
    • Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 a year ago.

    Income Statement

    In the second quarter of 2025, the Company generated a return on average assets of 0.94% and a return on average equity of 12.62%, compared to 0.79% and 10.64%, respectively, in the first quarter of 2025 and 0.63% and 8.26%, respectively, in the second quarter of 2024.

    “Our second quarter net interest margin expanded by 17 basis points from the previous quarter and 31 basis points year-over-year, driven by loan growth and increased yields on our interest-earning assets,” said Brant Ward, President. NIM was 3.56% in the second quarter of 2025, compared to 3.39% in the first quarter of 2025, and 3.25% in the second quarter of 2024. In the first six months of 2025, NIM expanded 37 basis points to 3.48%, compared to 3.11% in the first six months of 2024.

    Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024. The increase was primarily due to year-over-year loan growth. Total interest income increased 24.8% to $21.2 million in the second quarter of 2025, compared to $17.0 million in the second quarter of 2024, primarily attributable to the increase in loans. Total interest expense increased to $9.3 million in the second quarter of 2025, from $8.0 million in the second quarter of 2024, primarily due to an increase in deposit costs. In the first six months of 2025, net interest income increased 31.9% to $22.5 million, compared to $17.1 million in the first six months of 2024.

    Noninterest income increased 7.9% to $2.1 million in the second quarter of 2025, compared to $1.9 million in the second quarter of 2024. The increase was primarily due to an increase in secondary market fee income, which more than offset the decrease in wealth management fee income during the second quarter of 2025. In the first six months of 2025, noninterest income increased 14.5% to $4.0 million, compared to $3.5 million in the first six months of 2024.

    Noninterest expense was $8.9 million in the second quarter of 2025, compared to $8.1 million in the second quarter of 2024, as expenses have normalized following the investment in expanding the Company’s market presence over the past few years. In the first six months of the year, noninterest expense increased 6.0% to $17.4 million, compared to $16.4 million in the first six months of 2024.

    Balance Sheet

    Total assets increased 18.4% to $1.434 billion at June 30, 2025, from $1.211 billion at June 30, 2024, and increased 4.0% compared to $1.379 billion at March 31, 2025. Cash and cash equivalents totaled $25.6 million at June 30, 2025, compared to $49.5 million a year ago. Investment securities totaled $140.5 million at June 30, 2025, an increase from $115.5 million at June 30, 2024.

    Loans, net of allowance for credit losses, increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024, and increased 5.9% compared to $1.128 billion at March 31, 2025.

    Total deposits increased 23.2% to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024, and increased 4.0% compared to $1.201 billion at March 31, 2025. Demand and non-interest-bearing deposits decreased less than 1% compared to June 30, 2024, while savings and interest-bearing transaction accounts increased 37.6% compared to June 30, 2024.

    FHLB advances were $21.5 million at June 30, 2025, compared to $54.3 million at June 30, 2024, and $21.6 million at March 31, 2025. Total stockholders’ equity increased to $102.5 million at June 30, 2025, compared to $92.0 million at June 30, 2024, and $100.5 million at March 31, 2025. Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 at June 30, 2024, and $40.33 at March 31, 2025.

    Credit Quality

    Due to strong quarterly loan growth, the Company recorded an $800,000 provision for credit losses in the second quarter of 2025. This is compared to a $670,000 provision for credit losses in the first quarter of 2025, and a $432,000 provision for credit losses in the second quarter of 2024.

    There were $365,000 in nonperforming loans at June 30, 2025. This compared to $420,000 in nonperforming loans at March 31, 2025, and $32,000 in nonperforming loans at June 30, 2024. Nonperforming loans represented 0.03% of total loans on June 30, 2025, 0.04% of total loans on March 31, 2025, and 0.00% of total loans a year ago.

    “We remain conservative in building our credit loss reserves, continually reviewing our loan mix, assessing growth trends, and factoring in both regional and national economic conditions to ensure our allowance remains appropriately calibrated,” said Jeff Maland, Chief Risk Officer. The allowance for credit losses was $14.0 million, or 1.16% of total loans, at June 30, 2025, compared to $13.3 million, or 1.17% of total loans, at March 31, 2025, and $12.4 million, or 1.25% of total loans, at June 30, 2024.

    Net loan recoveries were $11,000 in the second quarter of 2025. This compared to net loan charge-offs of $137,000 in the first quarter of 2025, and net loan charge-offs of $111,000 in the second quarter of 2024.

    Capital

    The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 11.69%, a Tier 1 ratio of 10.44%, and a Leverage ratio of 9.12% for the Bank at June 30, 2025.

    About White River Bancshares Company

    White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas, headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full line of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), trades on the OTCQX® Best Market.  

    In the second quarter of 2025, the Signature Bank celebrated its 20-year anniversary of service to its Arkansas communities. In tandem with the celebration, the organization updated its mission statement:
    We are committed to being a trusted local bank for business owners, individuals, and families who seek personalized service from people they know. Our mission is to empower our customers to strengthen their connections through every interaction, ensuring that their dollars are reinvested locally to support the growth and prosperity of the community we share. We have a passion for preserving the traditions of community banking as we embrace the power of technology.

    About the Region

    White River Bancshares Company is headquartered in thriving Northwest Arkansas in the Fayetteville-Springdale-Rogers MSA. The region is home to the corporate headquarters for Walmart Stores Inc, Sam’s Club, Tyson Foods, Simmons Foods, and J.B. Hunt Transport. Hundreds of other market-leading companies including Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid maintain offices in the region in order to maintain their relationships with the locally based Fortune 500 companies. Northwest Arkansas is also home to the state’s flagship public educational institution, The University of Arkansas, and its Sam M. Walton College of Business. The region has seen significant growth in its medical and arts infrastructures with the continued expansion of Washington Regional Medical System, Northwest Medical System, Mercy Health System of Northwest Arkansas and Arkansas Children’s Hospital Northwest. Crystal Bridges Museum of American Art and the Walton Arts Center have led the expansion of the arts. Northwest Arkansas has been repeatedly recognized in recent years as one of the best places to live in the country and remains one of the nation’s fastest-growing regions. In May 2024, Walmart issued a relocation mandate requiring most of its remote employees, as well as most of its office workers in Dallas, Atlanta and Toronto to move to, in most cases, Bentonville by November 1, 2024. While the company did not disclose a number, Bloomberg reported that the number of Walmart employees who would be moving to Bentonville would be in the thousands. Walmart is making a major investment in its hometown facilities, building a new, 350-acre headquarters campus, including walking and biking trails, a hotel, fitness facilities and a large childcare center.

    The Company has expanded eastward, with new markets in Jonesboro and Harrison. Jonesboro, located in Craighead County, is a city located on Crowley’s Ridge in the northeastern corner of Arkansas. It is the home of Arkansas State University and the cultural and economic center of Northeast Arkansas. Jonesboro also houses the region’s hospital network. U.S. Steel Corp. announced that it would locate a new $3 billion steel factory in Northeast Arkansas in Osceola, a move expected to create 900 jobs with an average pay over $100,000 annually, making it the largest capital investment project in Arkansas history. Harrison sits below Branson, Missouri, which is a family tourist destination and outdoor recreation, and is well known as an entertainment destination.

    The Company currently operates out of ten locations; three in Washington County; three in Benton County; two in Monroe County; one in Boone County; and one in Craighead County.

    The housing market in Washington and Benton counties remains robust. According to the Northwest Arkansas Board of Realtors, the average home in Washington County sold for $429,000 in May 2025, with an average of 97 days on the market. For Benton County, the average house sold for $461,000, with an average of 92 days on the market.

    Source:
    http://www.nwarealtors.org/market-statistics/

    Forward Looking Statements

    This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain, and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects or that could affect the outcome of such forward-looking statements include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    Contact: Scott Sandlin, Chief Strategy Officer
      479-684-3754
       
    WHITE RIVER BANCSHARES COMPANY
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
                   
        For the Three Months Ended  
        June 30,   March 31,   June 30,  
          2025     2025     2024  
                   
    INTEREST INCOME              
    Loans, including fees   $ 19,611,698   $ 18,315,006   $ 15,763,452  
    Investment securities     1,431,773     1,258,571     1,083,415  
    Federal funds sold and other     175,917     232,978     162,250  
    Total interest income     21,219,388     19,806,555     17,009,117  
                   
    INTEREST EXPENSE              
    Deposits     8,538,199     8,312,455     7,106,512  
    Federal Home Loan Bank advances     296,860     393,057     448,263  
    Notes payable     477,735     475,425     398,017  
    Federal funds purchased and other     7,113     13,022     21,787  
    Total interest expense     9,319,907     9,193,959     7,974,579  
    NET INTEREST INCOME     11,899,481     10,612,596     9,034,538  
    Provision for credit losses     800,000     670,000     432,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES     11,099,481     9,942,596     8,602,538  
                   
    NON-INTEREST INCOME              
    Service charges and fees on deposits     162,185     171,186     154,816  
    Wealth management fee income     994,100     1,017,829     1,065,553  
    Secondary market fee income     223,956     128,824     113,926  
    Bank owned-life insurance income     82,190     80,603     80,478  
    Gain on sales and write-downs of foreclosed assets     15,475         326  
    Other     616,667     544,141     527,064  
    TOTAL NON-INTEREST INCOME     2,094,573     1,942,583     1,942,163  
                   
    NON-INTEREST EXPENSE              
    Salaries and benefits     5,185,716     4,931,692     4,784,556  
    Occupancy and equipment     1,189,886     1,145,101     936,818  
    Data processing     857,198     858,115     704,080  
    Marketing and business development     609,549     397,137     473,618  
    Professional services     699,968     650,708     617,890  
    Amortization of other intangible assets     53,037     53,036     53,037  
    Other     326,224     393,498     494,203  
    TOTAL NON-INTEREST EXPENSE     8,921,578     8,429,287     8,064,202  
                   
    Income before income taxes     4,272,476     3,455,892     2,480,499  
    Income tax provision     974,775     826,085     631,462  
    NET INCOME   $ 3,297,701   $ 2,629,807   $ 1,849,037  
                   
    EARNINGS PER SHARE              
    Basic (1)   $ 1.35   $ 1.07   $ 0.81  
    Diluted (1)   $ 1.34   $ 1.07   $ 0.81  
                   
    (1 ) Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.  
           
    WHITE RIVER BANCSHARES COMPANY  
    CONSOLIDATED STATEMENTS OF INCOME  
    (Unaudited)  
                 
          Six Months Ended  
          June 30,  
          2025   2024  
                 
    INTEREST INCOME            
    Loans, including fees     $ 37,926,704   $ 30,758,374  
    Investment securities       2,690,344     2,012,455  
    Federal funds sold and other       408,895     258,404  
    Total Interest Income       41,025,943     33,029,233  
                 
    INTEREST EXPENSE            
    Deposits       16,850,654     14,091,305  
    Federal Home Loan Bank advances       689,917     968,582  
    Notes payable       953,160     796,034  
    Federal funds purchased and other       20,135     100,047  
    Total interest expense       18,513,866     15,955,968  
    NET INTEREST INCOME       22,512,077     17,073,265  
    Provision for credit losses       1,470,000     1,080,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES       21,042,077     15,993,265  
                 
    NON-INTEREST INCOME            
    Service charges and fees on deposits       333,371     305,165  
    Wealth management fee income       2,011,929     1,911,059  
    Secondary market fee income       352,780     170,990  
    Bank owned life insurance income       162,793     160,359  
    Gain on sales and write-downs of foreclosed assets       15,475     1,376  
    Other       1,160,808     976,319  
    TOTAL NON-INTEREST INCOME       4,037,156     3,525,268  
                 
    NON-INTEREST EXPENSE            
    Salaries and benefits       10,117,408     9,784,089  
    Occupancy and equipment       2,334,987     1,864,942  
    Data processing       1,715,313     1,494,649  
    Marketing and business development       1,006,686     937,315  
    Professional services       1,350,676     1,287,757  
    Amortization of intangible asset       106,073     106,073  
    Other       719,722     898,039  
    TOTAL NON-INTEREST EXPENSE       17,350,865     16,372,864  
                 
    Income before income taxes       7,728,368     3,145,669  
    Income tax provision       1,800,860     787,404  
    NET INCOME     $ 5,927,508   $ 2,358,265  
                 
    EARNINGS PER SHARE            
    Basic (1)     $ 2.42   $ 1.11  
    Diluted (1)     $ 2.42   $ 1.11  
                 
      (1 ) Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.  
                 
    WHITE RIVER BANCSHARES COMPANY  
    CONSOLIDATED BALANCE SHEETS  
    (Unaudited)  
                   
        June 30, 2025   March 31, 2025   June 30, 2024  
                   
    ASSETS                      
    Cash and cash equivalents   $ 25,604,276     $ 48,360,156     $ 49,495,763    
    Investment securities     140,544,711       134,968,153       115,526,915    
    Loans held for sale     2,442,642       874,009       997,907    
    Loans     1,208,102,220       1,141,369,199       994,754,063    
    Allowance for credit losses     (14,033,740 )     (13,347,855 )     (12,434,130 )  
    Net loans     1,194,068,480       1,128,021,344       982,319,933    
    Premises and equipment, net     37,411,490       35,647,835       30,442,837    
    Foreclosed assets held for sale           310,406       777,606    
    Accrued interest receivable     7,024,823       6,629,881       5,433,391    
    Bank owned life insurance     9,942,100       9,859,911       9,614,851    
    Deferred income taxes     4,522,795       4,220,559       4,788,942    
    Other investments     7,925,019       6,782,614       8,094,125    
    Intangible assets, net     1,697,167       1,750,204       1,909,313    
    Other assets     2,783,012       1,825,830       1,733,790    
    TOTAL ASSETS   $ 1,433,966,515     $ 1,379,250,902     $ 1,211,135,373    
                   
    LIABILITIES & STOCKHOLDERS’ EQUITY                      
    Deposits:              
    Demand and non-interest-bearing   $ 233,078,431     $ 231,331,391     $ 233,230,007    
    Savings and interest-bearing transaction accounts     479,532,136       456,733,576       348,391,562    
    Time deposits     536,591,123       512,882,444       432,248,979    
    Total deposits     1,249,201,690       1,200,947,411       1,013,870,548    
    Federal Home Loan Bank advances     21,518,084       21,593,143       54,314,495    
    Notes payable     26,159,110       26,141,832       26,090,002    
    Operating lease liability     21,918,414       20,029,714       15,930,503    
    Reserve for losses on unfunded commitments     1,603,000       1,478,000       1,433,000    
    Accrued interest payable     2,636,403       2,731,699       2,714,687    
    Other liabilities     8,433,777       5,798,159       4,745,292    
    TOTAL LIABILITIES     1,331,470,478       1,278,719,958       1,119,098,527    
                   
    Stockholders’ equity:              
    Common stock (1)     24,876       24,882       24,698    
    Surplus (1)     102,893,483       102,784,831       102,457,705    
    Retained earnings (accumulated deficit)     6,787,654       4,714,375       (2,484,500 )  
    Treasury stock, at cost     (1,284,359 )     (1,265,731 )     (1,132,905 )  
    Accumulated other comprehensive loss     (5,925,617 )     (5,727,413 )     (6,828,152 )  
    TOTAL STOCKHOLDERS’ EQUITY     102,496,037       100,530,944       92,036,846    
                   
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,433,966,515     $ 1,379,250,902     $ 1,211,135,373    
                   
    (1 ) Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.  
                   
    WHITE RIVER BANCSHARES COMPANY
    SUPPLEMENTAL INFORMATION
                   
        (Unaudited)  
        Three Months Ended  
        June 30,   March 31,   June 30,  
                   
    FOR THE PERIOD              
    Net income   $ 3,297,701     $ 2,629,807     $ 1,849,037    
    Net income before taxes     4,272,476       3,455,892       2,480,499    
    Dividends declared per share (1)     0.50             0.50    
                   
                   
    PERIOD END BALANCE              
    Total assets   $ 1,433,966,515     $ 1,379,250,902     $ 1,211,135,373    
    Total investments     140,544,711       134,968,153       115,526,915    
    Total loans, net     1,194,068,480       1,128,021,344       982,319,933    
    Allowance for credit losses     (14,033,740 )     (13,347,855 )     (12,434,131 )  
    Total deposits     1,249,201,690       1,200,947,411       1,013,870,548    
    Stockholders’ equity     102,496,037       100,530,944       92,036,846    
                   
                   
    RATIO ANALYSIS              
    Return on average assets (annualized)     0.94 %     0.79 %     0.63 %  
    Return on average equity (annualized)     12.62 %     10.64 %     8.26 %  
    Net loans/Deposits     95.59 %     93.93 %     96.89 %  
    Total Stockholders’ Equity/Total assets     7.15 %     7.29 %     7.60 %  
    Net loan losses/Total loans     -0.00 %     0.01 %     0.01 %  
    Uninsured & unpledged deposits     32.37 %     31.00 %     31.21 %  
                   
                   
    PER SHARE DATA              
    Shares outstanding (1)     2,448,246       2,449,317       2,435,700    
    Weighted average shares outstanding (1)     2,448,734       2,446,747       2,291,316    
    Diluted weighted average shares outstanding (1)     2,454,485       2,451,161       2,291,316    
    Basic earnings (1)   $ 1.35     $ 1.07     $ 0.81    
    Diluted earnings (1)     1.34       1.07       0.81    
    Book value (1)     41.87       41.04       37.79    
    Tangible book value (1)     41.17       40.33       37.00    
                   
                   
    ASSET QUALITY              
    Net (recoveries) charge-offs   $ (10,889 )   $ 136,970     $ 110,968    
    Classified assets     402,406       853,745       1,090,758    
    Nonperforming loans     364,853       419,985       32,054    
    Nonperforming assets     364,853       730,391       809,660    
    Total nonperforming loans/Total loans     0.03 %     0.04 %     0.00 %  
    Total nonperforming loans/Total assets     0.03 %     0.03 %     0.00 %  
    Total nonperforming assets/Total assets     0.03 %     0.05 %     0.07 %  
    Allowance for credit losses/Total loans     1.16 %     1.17 %     1.25 %  
                   
                   
    (1 ) Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.  
                   
    WHITE RIVER BANCSHARES COMPANY  
    INTEREST INCOME AND EXPENSE  
    (Unaudited)  
                                           
        Three Months Ended  
        June 30,   March 31,   June 30,  
          2025       2025       2024    
        Average       Average   Average       Average   Average       Average  
        Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate  
                                           
    Interest-earning assets:                                      
    Federal funds sold and other   $ 15,102,485   $ 175,917   4.67 %   $ 23,287,989   $ 232,978   4.06 %   $ 11,798,448   $ 162,250   5.53 %  
    Investment securities available-for-sale (1)     138,229,178     1,289,470   3.74 %     133,405,472     1,208,821   3.67 %     114,427,481     941,900   3.31 %  
    Loans receivable     1,169,591,045     19,611,698   6.73 %     1,106,648,533     18,315,006   6.71 %     973,396,880     15,763,452   6.51 %  
    Total interest-earning assets     1,322,922,708   $ 21,077,085   6.39 %     1,263,341,994   $ 19,756,805   6.34 %     1,099,622,809   $ 16,867,602   6.17 %  
    Noninterest-earning assets     81,927,528             81,821,189             74,503,352          
    Total assets   $ 1,404,850,236           $ 1,345,163,183           $ 1,174,126,161          
    Interest-bearing liabilities:                                      
    Interest-bearing deposits   $ 985,435,006   $ 8,538,199   3.48 %   $ 937,669,969   $ 8,312,455   3.60 %   $ 770,303,642   $ 7,106,512   3.71 %  
    FHLB advances and federal funds purchased     26,552,308     303,973   4.59 %     36,654,930     406,079   4.49 %     40,440,625     470,050   4.67 %  
    Notes payable     26,150,819     477,735   7.33 %     26,131,761     475,425   7.38 %     25,506,601     398,017   6.28 %  
    Total interest-bearing liabilities     1,038,138,133   $ 9,319,907   3.60 %     1,000,456,660   $ 9,193,959   3.73 %     836,250,868   $ 7,974,579   3.84 %  
    Noninterest-bearing liabilities     261,876,451             244,466,979             247,820,333          
    Total liabilities     1,300,014,584             1,244,923,639             1,084,071,201          
    Stockholders’ equity     104,835,652             100,239,544             90,054,960          
    Total liabilities and stockholders’ equity   $ 1,404,850,236           $ 1,345,163,183           $ 1,174,126,161          
    Net interest-earning assets   $ 284,784,575           $ 262,885,334           $ 263,371,941          
    Net interest spread       $ 11,757,178   2.79 %       $ 10,562,846   2.61 %       $ 8,893,023   2.33 %  
    Net interest margin           3.56 %           3.39 %           3.25 %  
                                           
    (1 ) Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares).      
                                           
    WHITE RIVER BANCSHARES COMPANY  
    INTEREST INCOME AND EXPENSE  
    (Unaudited)  
                               
        Six Months Ended June 30,  
          2025       2024    
        Average       Average   Average       Average  
        Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate  
                               
    Interest-earning assets:                          
    Federal funds sold and other   $ 19,172,625   $ 408,895   4.30 %   $ 10,071,062   $ 258,404   5.16 %  
    Investment securities available-for-sale (1)     135,830,651     2,498,291   3.71 %     114,434,010     1,842,786   3.24 %  
    Loans receivable     1,138,293,665     37,926,704   6.72 %     967,102,566     30,758,374   6.40 %  
    Total interest-earning assets     1,293,296,941   $ 40,833,890   6.37 %     1,091,607,638   $ 32,859,564   6.05 %  
    Noninterest-earning assets     81,874,656             72,612,145          
    Total assets   $ 1,375,171,597           $ 1,164,219,783          
    Interest-bearing liabilities:                          
    Interest-bearing deposits   $ 961,684,434   $ 16,850,654   3.53 %   $ 766,601,621   $ 14,091,305   3.70 %  
    FHLB advances and federal funds purchased     31,575,711     710,052   4.53 %     45,594,923     1,068,629   4.71 %  
    Notes payable     26,141,343     953,160   7.35 %     25,500,463     796,034   6.28 %  
    Total interest-bearing liabilities     1,019,401,488   $ 18,513,866   3.66 %     837,697,007   $ 15,955,968   3.83 %  
    Noninterest-bearing liabilities     253,207,317             240,831,655          
    Total liabilities     1,272,608,805             1,078,528,662          
    Stockholders’ equity     102,562,792             85,691,121          
    Total liabilities and stockholders’ equity   $ 1,375,171,597           $ 1,164,219,783          
    Net interest-earning assets   $ 273,895,453           $ 253,910,631          
    Net interest spread       $ 22,320,024   2.70 %       $ 16,903,596   2.22 %  
    Net interest margin           3.48 %           3.11 %  
                               
    (1 )   Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares).
                               

    The MIL Network

  • MIL-OSI: White River Bancshares Co. Reports Net Income of $3.30 million, or $1.34 Per Diluted Share, in 2Q25; Results Driven by Loan Growth and Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    FAYETTEVILLE, Ark., July 15, 2025 (GLOBE NEWSWIRE) — White River Bancshares Company (OTCQX: WRIV) (the “Company”), the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income increased to $3.30 million, or $1.34 per diluted share, in the second quarter of 2025, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024. The Company reported net income of $2.63 million, or $1.07 per diluted share, for the prior quarter. In the first six months of 2025, net income increased to $5.93 million, or $2.42 per diluted share, compared to $2.36 million, or $1.11 per diluted share, in the first six months of 2024. All financial results are unaudited and all per share data has been adjusted to reflect the two-for-one stock split effected September 4, 2024.

    “We had a strong second quarter—the most profitable quarter we’ve ever had,” said Gary Head, Chairman and CEO. “We have been blessed to have incredible loan growth throughout the history of our company, and we build on that momentum quarter after quarter. Our Signature Bank family is the best group of bankers I’ve been associated with in my 43-year banking career. Their teamwork and commitment to excellence consistently go above and beyond expectations.”

    “As a community bank, expanding our deposit base to support new loan growth is critical,” said Scott Sandlin, Chief Strategy Officer. “Our Bank has made deposit gathering a primary focus, and our team has done an outstanding job—deepening relationships with existing clients while also bringing in new customers. As a result, total deposits increased 4.0% during the second quarter of 2025 and 23.2% year-over-year. At quarter end, demand and non-interest bearing accounts represented 18.7% of total deposits, and savings and interest-bearing transaction accounts represented 38.4% of total deposits. We will continue to actively seek more opportunities to grow deposits in the coming quarters to meet the increasing demand for loans.”

    Second Quarter 2025 Financial Highlights:

    • Net income for the second quarter of 2025 increased to $3.30 million, or $1.34 per diluted share, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024.
    • Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024.
    • Net interest margin (“NIM”) increased 31 basis points to 3.56% in the second quarter of 2025, compared to 3.25% in the second quarter of 2024.
    • The Company recorded an $800,000 provision for credit losses in the second quarter of 2025, compared to a $432,000 provision for credit losses in the second quarter of 2024.
    • Net loans increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024.
    • Nonperforming loans represented 0.03% of total loans at June 30, 2025, compared to 0.00% a year ago.
    • Total deposits increased $235.3 million, or 23.2%, year-over-year, to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024.
    • Core deposits (demand and non-interest-bearing, savings and interest-bearing transaction accounts, CDs under $250,000 and CDARs reciprocal deposits) represented 70.10% of total deposits at June 30, 2025.
    • Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 a year ago.

    Income Statement

    In the second quarter of 2025, the Company generated a return on average assets of 0.94% and a return on average equity of 12.62%, compared to 0.79% and 10.64%, respectively, in the first quarter of 2025 and 0.63% and 8.26%, respectively, in the second quarter of 2024.

    “Our second quarter net interest margin expanded by 17 basis points from the previous quarter and 31 basis points year-over-year, driven by loan growth and increased yields on our interest-earning assets,” said Brant Ward, President. NIM was 3.56% in the second quarter of 2025, compared to 3.39% in the first quarter of 2025, and 3.25% in the second quarter of 2024. In the first six months of 2025, NIM expanded 37 basis points to 3.48%, compared to 3.11% in the first six months of 2024.

    Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024. The increase was primarily due to year-over-year loan growth. Total interest income increased 24.8% to $21.2 million in the second quarter of 2025, compared to $17.0 million in the second quarter of 2024, primarily attributable to the increase in loans. Total interest expense increased to $9.3 million in the second quarter of 2025, from $8.0 million in the second quarter of 2024, primarily due to an increase in deposit costs. In the first six months of 2025, net interest income increased 31.9% to $22.5 million, compared to $17.1 million in the first six months of 2024.

    Noninterest income increased 7.9% to $2.1 million in the second quarter of 2025, compared to $1.9 million in the second quarter of 2024. The increase was primarily due to an increase in secondary market fee income, which more than offset the decrease in wealth management fee income during the second quarter of 2025. In the first six months of 2025, noninterest income increased 14.5% to $4.0 million, compared to $3.5 million in the first six months of 2024.

    Noninterest expense was $8.9 million in the second quarter of 2025, compared to $8.1 million in the second quarter of 2024, as expenses have normalized following the investment in expanding the Company’s market presence over the past few years. In the first six months of the year, noninterest expense increased 6.0% to $17.4 million, compared to $16.4 million in the first six months of 2024.

    Balance Sheet

    Total assets increased 18.4% to $1.434 billion at June 30, 2025, from $1.211 billion at June 30, 2024, and increased 4.0% compared to $1.379 billion at March 31, 2025. Cash and cash equivalents totaled $25.6 million at June 30, 2025, compared to $49.5 million a year ago. Investment securities totaled $140.5 million at June 30, 2025, an increase from $115.5 million at June 30, 2024.

    Loans, net of allowance for credit losses, increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024, and increased 5.9% compared to $1.128 billion at March 31, 2025.

    Total deposits increased 23.2% to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024, and increased 4.0% compared to $1.201 billion at March 31, 2025. Demand and non-interest-bearing deposits decreased less than 1% compared to June 30, 2024, while savings and interest-bearing transaction accounts increased 37.6% compared to June 30, 2024.

    FHLB advances were $21.5 million at June 30, 2025, compared to $54.3 million at June 30, 2024, and $21.6 million at March 31, 2025. Total stockholders’ equity increased to $102.5 million at June 30, 2025, compared to $92.0 million at June 30, 2024, and $100.5 million at March 31, 2025. Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 at June 30, 2024, and $40.33 at March 31, 2025.

    Credit Quality

    Due to strong quarterly loan growth, the Company recorded an $800,000 provision for credit losses in the second quarter of 2025. This is compared to a $670,000 provision for credit losses in the first quarter of 2025, and a $432,000 provision for credit losses in the second quarter of 2024.

    There were $365,000 in nonperforming loans at June 30, 2025. This compared to $420,000 in nonperforming loans at March 31, 2025, and $32,000 in nonperforming loans at June 30, 2024. Nonperforming loans represented 0.03% of total loans on June 30, 2025, 0.04% of total loans on March 31, 2025, and 0.00% of total loans a year ago.

    “We remain conservative in building our credit loss reserves, continually reviewing our loan mix, assessing growth trends, and factoring in both regional and national economic conditions to ensure our allowance remains appropriately calibrated,” said Jeff Maland, Chief Risk Officer. The allowance for credit losses was $14.0 million, or 1.16% of total loans, at June 30, 2025, compared to $13.3 million, or 1.17% of total loans, at March 31, 2025, and $12.4 million, or 1.25% of total loans, at June 30, 2024.

    Net loan recoveries were $11,000 in the second quarter of 2025. This compared to net loan charge-offs of $137,000 in the first quarter of 2025, and net loan charge-offs of $111,000 in the second quarter of 2024.

    Capital

    The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 11.69%, a Tier 1 ratio of 10.44%, and a Leverage ratio of 9.12% for the Bank at June 30, 2025.

    About White River Bancshares Company

    White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas, headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full line of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), trades on the OTCQX® Best Market.  

    In the second quarter of 2025, the Signature Bank celebrated its 20-year anniversary of service to its Arkansas communities. In tandem with the celebration, the organization updated its mission statement:
    We are committed to being a trusted local bank for business owners, individuals, and families who seek personalized service from people they know. Our mission is to empower our customers to strengthen their connections through every interaction, ensuring that their dollars are reinvested locally to support the growth and prosperity of the community we share. We have a passion for preserving the traditions of community banking as we embrace the power of technology.

    About the Region

    White River Bancshares Company is headquartered in thriving Northwest Arkansas in the Fayetteville-Springdale-Rogers MSA. The region is home to the corporate headquarters for Walmart Stores Inc, Sam’s Club, Tyson Foods, Simmons Foods, and J.B. Hunt Transport. Hundreds of other market-leading companies including Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid maintain offices in the region in order to maintain their relationships with the locally based Fortune 500 companies. Northwest Arkansas is also home to the state’s flagship public educational institution, The University of Arkansas, and its Sam M. Walton College of Business. The region has seen significant growth in its medical and arts infrastructures with the continued expansion of Washington Regional Medical System, Northwest Medical System, Mercy Health System of Northwest Arkansas and Arkansas Children’s Hospital Northwest. Crystal Bridges Museum of American Art and the Walton Arts Center have led the expansion of the arts. Northwest Arkansas has been repeatedly recognized in recent years as one of the best places to live in the country and remains one of the nation’s fastest-growing regions. In May 2024, Walmart issued a relocation mandate requiring most of its remote employees, as well as most of its office workers in Dallas, Atlanta and Toronto to move to, in most cases, Bentonville by November 1, 2024. While the company did not disclose a number, Bloomberg reported that the number of Walmart employees who would be moving to Bentonville would be in the thousands. Walmart is making a major investment in its hometown facilities, building a new, 350-acre headquarters campus, including walking and biking trails, a hotel, fitness facilities and a large childcare center.

    The Company has expanded eastward, with new markets in Jonesboro and Harrison. Jonesboro, located in Craighead County, is a city located on Crowley’s Ridge in the northeastern corner of Arkansas. It is the home of Arkansas State University and the cultural and economic center of Northeast Arkansas. Jonesboro also houses the region’s hospital network. U.S. Steel Corp. announced that it would locate a new $3 billion steel factory in Northeast Arkansas in Osceola, a move expected to create 900 jobs with an average pay over $100,000 annually, making it the largest capital investment project in Arkansas history. Harrison sits below Branson, Missouri, which is a family tourist destination and outdoor recreation, and is well known as an entertainment destination.

    The Company currently operates out of ten locations; three in Washington County; three in Benton County; two in Monroe County; one in Boone County; and one in Craighead County.

    The housing market in Washington and Benton counties remains robust. According to the Northwest Arkansas Board of Realtors, the average home in Washington County sold for $429,000 in May 2025, with an average of 97 days on the market. For Benton County, the average house sold for $461,000, with an average of 92 days on the market.

    Source:
    http://www.nwarealtors.org/market-statistics/

    Forward Looking Statements

    This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain, and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects or that could affect the outcome of such forward-looking statements include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    Contact: Scott Sandlin, Chief Strategy Officer
      479-684-3754
       
    WHITE RIVER BANCSHARES COMPANY
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
                   
        For the Three Months Ended  
        June 30,   March 31,   June 30,  
          2025     2025     2024  
                   
    INTEREST INCOME              
    Loans, including fees   $ 19,611,698   $ 18,315,006   $ 15,763,452  
    Investment securities     1,431,773     1,258,571     1,083,415  
    Federal funds sold and other     175,917     232,978     162,250  
    Total interest income     21,219,388     19,806,555     17,009,117  
                   
    INTEREST EXPENSE              
    Deposits     8,538,199     8,312,455     7,106,512  
    Federal Home Loan Bank advances     296,860     393,057     448,263  
    Notes payable     477,735     475,425     398,017  
    Federal funds purchased and other     7,113     13,022     21,787  
    Total interest expense     9,319,907     9,193,959     7,974,579  
    NET INTEREST INCOME     11,899,481     10,612,596     9,034,538  
    Provision for credit losses     800,000     670,000     432,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES     11,099,481     9,942,596     8,602,538  
                   
    NON-INTEREST INCOME              
    Service charges and fees on deposits     162,185     171,186     154,816  
    Wealth management fee income     994,100     1,017,829     1,065,553  
    Secondary market fee income     223,956     128,824     113,926  
    Bank owned-life insurance income     82,190     80,603     80,478  
    Gain on sales and write-downs of foreclosed assets     15,475         326  
    Other     616,667     544,141     527,064  
    TOTAL NON-INTEREST INCOME     2,094,573     1,942,583     1,942,163  
                   
    NON-INTEREST EXPENSE              
    Salaries and benefits     5,185,716     4,931,692     4,784,556  
    Occupancy and equipment     1,189,886     1,145,101     936,818  
    Data processing     857,198     858,115     704,080  
    Marketing and business development     609,549     397,137     473,618  
    Professional services     699,968     650,708     617,890  
    Amortization of other intangible assets     53,037     53,036     53,037  
    Other     326,224     393,498     494,203  
    TOTAL NON-INTEREST EXPENSE     8,921,578     8,429,287     8,064,202  
                   
    Income before income taxes     4,272,476     3,455,892     2,480,499  
    Income tax provision     974,775     826,085     631,462  
    NET INCOME   $ 3,297,701   $ 2,629,807   $ 1,849,037  
                   
    EARNINGS PER SHARE              
    Basic (1)   $ 1.35   $ 1.07   $ 0.81  
    Diluted (1)   $ 1.34   $ 1.07   $ 0.81  
                   
    (1 ) Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.  
           
    WHITE RIVER BANCSHARES COMPANY  
    CONSOLIDATED STATEMENTS OF INCOME  
    (Unaudited)  
                 
          Six Months Ended  
          June 30,  
          2025   2024  
                 
    INTEREST INCOME            
    Loans, including fees     $ 37,926,704   $ 30,758,374  
    Investment securities       2,690,344     2,012,455  
    Federal funds sold and other       408,895     258,404  
    Total Interest Income       41,025,943     33,029,233  
                 
    INTEREST EXPENSE            
    Deposits       16,850,654     14,091,305  
    Federal Home Loan Bank advances       689,917     968,582  
    Notes payable       953,160     796,034  
    Federal funds purchased and other       20,135     100,047  
    Total interest expense       18,513,866     15,955,968  
    NET INTEREST INCOME       22,512,077     17,073,265  
    Provision for credit losses       1,470,000     1,080,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES       21,042,077     15,993,265  
                 
    NON-INTEREST INCOME            
    Service charges and fees on deposits       333,371     305,165  
    Wealth management fee income       2,011,929     1,911,059  
    Secondary market fee income       352,780     170,990  
    Bank owned life insurance income       162,793     160,359  
    Gain on sales and write-downs of foreclosed assets       15,475     1,376  
    Other       1,160,808     976,319  
    TOTAL NON-INTEREST INCOME       4,037,156     3,525,268  
                 
    NON-INTEREST EXPENSE            
    Salaries and benefits       10,117,408     9,784,089  
    Occupancy and equipment       2,334,987     1,864,942  
    Data processing       1,715,313     1,494,649  
    Marketing and business development       1,006,686     937,315  
    Professional services       1,350,676     1,287,757  
    Amortization of intangible asset       106,073     106,073  
    Other       719,722     898,039  
    TOTAL NON-INTEREST EXPENSE       17,350,865     16,372,864  
                 
    Income before income taxes       7,728,368     3,145,669  
    Income tax provision       1,800,860     787,404  
    NET INCOME     $ 5,927,508   $ 2,358,265  
                 
    EARNINGS PER SHARE            
    Basic (1)     $ 2.42   $ 1.11  
    Diluted (1)     $ 2.42   $ 1.11  
                 
      (1 ) Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.  
                 
    WHITE RIVER BANCSHARES COMPANY  
    CONSOLIDATED BALANCE SHEETS  
    (Unaudited)  
                   
        June 30, 2025   March 31, 2025   June 30, 2024  
                   
    ASSETS                      
    Cash and cash equivalents   $ 25,604,276     $ 48,360,156     $ 49,495,763    
    Investment securities     140,544,711       134,968,153       115,526,915    
    Loans held for sale     2,442,642       874,009       997,907    
    Loans     1,208,102,220       1,141,369,199       994,754,063    
    Allowance for credit losses     (14,033,740 )     (13,347,855 )     (12,434,130 )  
    Net loans     1,194,068,480       1,128,021,344       982,319,933    
    Premises and equipment, net     37,411,490       35,647,835       30,442,837    
    Foreclosed assets held for sale           310,406       777,606    
    Accrued interest receivable     7,024,823       6,629,881       5,433,391    
    Bank owned life insurance     9,942,100       9,859,911       9,614,851    
    Deferred income taxes     4,522,795       4,220,559       4,788,942    
    Other investments     7,925,019       6,782,614       8,094,125    
    Intangible assets, net     1,697,167       1,750,204       1,909,313    
    Other assets     2,783,012       1,825,830       1,733,790    
    TOTAL ASSETS   $ 1,433,966,515     $ 1,379,250,902     $ 1,211,135,373    
                   
    LIABILITIES & STOCKHOLDERS’ EQUITY                      
    Deposits:              
    Demand and non-interest-bearing   $ 233,078,431     $ 231,331,391     $ 233,230,007    
    Savings and interest-bearing transaction accounts     479,532,136       456,733,576       348,391,562    
    Time deposits     536,591,123       512,882,444       432,248,979    
    Total deposits     1,249,201,690       1,200,947,411       1,013,870,548    
    Federal Home Loan Bank advances     21,518,084       21,593,143       54,314,495    
    Notes payable     26,159,110       26,141,832       26,090,002    
    Operating lease liability     21,918,414       20,029,714       15,930,503    
    Reserve for losses on unfunded commitments     1,603,000       1,478,000       1,433,000    
    Accrued interest payable     2,636,403       2,731,699       2,714,687    
    Other liabilities     8,433,777       5,798,159       4,745,292    
    TOTAL LIABILITIES     1,331,470,478       1,278,719,958       1,119,098,527    
                   
    Stockholders’ equity:              
    Common stock (1)     24,876       24,882       24,698    
    Surplus (1)     102,893,483       102,784,831       102,457,705    
    Retained earnings (accumulated deficit)     6,787,654       4,714,375       (2,484,500 )  
    Treasury stock, at cost     (1,284,359 )     (1,265,731 )     (1,132,905 )  
    Accumulated other comprehensive loss     (5,925,617 )     (5,727,413 )     (6,828,152 )  
    TOTAL STOCKHOLDERS’ EQUITY     102,496,037       100,530,944       92,036,846    
                   
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,433,966,515     $ 1,379,250,902     $ 1,211,135,373    
                   
    (1 ) Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.  
                   
    WHITE RIVER BANCSHARES COMPANY
    SUPPLEMENTAL INFORMATION
                   
        (Unaudited)  
        Three Months Ended  
        June 30,   March 31,   June 30,  
                   
    FOR THE PERIOD              
    Net income   $ 3,297,701     $ 2,629,807     $ 1,849,037    
    Net income before taxes     4,272,476       3,455,892       2,480,499    
    Dividends declared per share (1)     0.50             0.50    
                   
                   
    PERIOD END BALANCE              
    Total assets   $ 1,433,966,515     $ 1,379,250,902     $ 1,211,135,373    
    Total investments     140,544,711       134,968,153       115,526,915    
    Total loans, net     1,194,068,480       1,128,021,344       982,319,933    
    Allowance for credit losses     (14,033,740 )     (13,347,855 )     (12,434,131 )  
    Total deposits     1,249,201,690       1,200,947,411       1,013,870,548    
    Stockholders’ equity     102,496,037       100,530,944       92,036,846    
                   
                   
    RATIO ANALYSIS              
    Return on average assets (annualized)     0.94 %     0.79 %     0.63 %  
    Return on average equity (annualized)     12.62 %     10.64 %     8.26 %  
    Net loans/Deposits     95.59 %     93.93 %     96.89 %  
    Total Stockholders’ Equity/Total assets     7.15 %     7.29 %     7.60 %  
    Net loan losses/Total loans     -0.00 %     0.01 %     0.01 %  
    Uninsured & unpledged deposits     32.37 %     31.00 %     31.21 %  
                   
                   
    PER SHARE DATA              
    Shares outstanding (1)     2,448,246       2,449,317       2,435,700    
    Weighted average shares outstanding (1)     2,448,734       2,446,747       2,291,316    
    Diluted weighted average shares outstanding (1)     2,454,485       2,451,161       2,291,316    
    Basic earnings (1)   $ 1.35     $ 1.07     $ 0.81    
    Diluted earnings (1)     1.34       1.07       0.81    
    Book value (1)     41.87       41.04       37.79    
    Tangible book value (1)     41.17       40.33       37.00    
                   
                   
    ASSET QUALITY              
    Net (recoveries) charge-offs   $ (10,889 )   $ 136,970     $ 110,968    
    Classified assets     402,406       853,745       1,090,758    
    Nonperforming loans     364,853       419,985       32,054    
    Nonperforming assets     364,853       730,391       809,660    
    Total nonperforming loans/Total loans     0.03 %     0.04 %     0.00 %  
    Total nonperforming loans/Total assets     0.03 %     0.03 %     0.00 %  
    Total nonperforming assets/Total assets     0.03 %     0.05 %     0.07 %  
    Allowance for credit losses/Total loans     1.16 %     1.17 %     1.25 %  
                   
                   
    (1 ) Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.  
                   
    WHITE RIVER BANCSHARES COMPANY  
    INTEREST INCOME AND EXPENSE  
    (Unaudited)  
                                           
        Three Months Ended  
        June 30,   March 31,   June 30,  
          2025       2025       2024    
        Average       Average   Average       Average   Average       Average  
        Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate  
                                           
    Interest-earning assets:                                      
    Federal funds sold and other   $ 15,102,485   $ 175,917   4.67 %   $ 23,287,989   $ 232,978   4.06 %   $ 11,798,448   $ 162,250   5.53 %  
    Investment securities available-for-sale (1)     138,229,178     1,289,470   3.74 %     133,405,472     1,208,821   3.67 %     114,427,481     941,900   3.31 %  
    Loans receivable     1,169,591,045     19,611,698   6.73 %     1,106,648,533     18,315,006   6.71 %     973,396,880     15,763,452   6.51 %  
    Total interest-earning assets     1,322,922,708   $ 21,077,085   6.39 %     1,263,341,994   $ 19,756,805   6.34 %     1,099,622,809   $ 16,867,602   6.17 %  
    Noninterest-earning assets     81,927,528             81,821,189             74,503,352          
    Total assets   $ 1,404,850,236           $ 1,345,163,183           $ 1,174,126,161          
    Interest-bearing liabilities:                                      
    Interest-bearing deposits   $ 985,435,006   $ 8,538,199   3.48 %   $ 937,669,969   $ 8,312,455   3.60 %   $ 770,303,642   $ 7,106,512   3.71 %  
    FHLB advances and federal funds purchased     26,552,308     303,973   4.59 %     36,654,930     406,079   4.49 %     40,440,625     470,050   4.67 %  
    Notes payable     26,150,819     477,735   7.33 %     26,131,761     475,425   7.38 %     25,506,601     398,017   6.28 %  
    Total interest-bearing liabilities     1,038,138,133   $ 9,319,907   3.60 %     1,000,456,660   $ 9,193,959   3.73 %     836,250,868   $ 7,974,579   3.84 %  
    Noninterest-bearing liabilities     261,876,451             244,466,979             247,820,333          
    Total liabilities     1,300,014,584             1,244,923,639             1,084,071,201          
    Stockholders’ equity     104,835,652             100,239,544             90,054,960          
    Total liabilities and stockholders’ equity   $ 1,404,850,236           $ 1,345,163,183           $ 1,174,126,161          
    Net interest-earning assets   $ 284,784,575           $ 262,885,334           $ 263,371,941          
    Net interest spread       $ 11,757,178   2.79 %       $ 10,562,846   2.61 %       $ 8,893,023   2.33 %  
    Net interest margin           3.56 %           3.39 %           3.25 %  
                                           
    (1 ) Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares).      
                                           
    WHITE RIVER BANCSHARES COMPANY  
    INTEREST INCOME AND EXPENSE  
    (Unaudited)  
                               
        Six Months Ended June 30,  
          2025       2024    
        Average       Average   Average       Average  
        Balance   Interest   Yield/Rate   Balance   Interest   Yield/Rate  
                               
    Interest-earning assets:                          
    Federal funds sold and other   $ 19,172,625   $ 408,895   4.30 %   $ 10,071,062   $ 258,404   5.16 %  
    Investment securities available-for-sale (1)     135,830,651     2,498,291   3.71 %     114,434,010     1,842,786   3.24 %  
    Loans receivable     1,138,293,665     37,926,704   6.72 %     967,102,566     30,758,374   6.40 %  
    Total interest-earning assets     1,293,296,941   $ 40,833,890   6.37 %     1,091,607,638   $ 32,859,564   6.05 %  
    Noninterest-earning assets     81,874,656             72,612,145          
    Total assets   $ 1,375,171,597           $ 1,164,219,783          
    Interest-bearing liabilities:                          
    Interest-bearing deposits   $ 961,684,434   $ 16,850,654   3.53 %   $ 766,601,621   $ 14,091,305   3.70 %  
    FHLB advances and federal funds purchased     31,575,711     710,052   4.53 %     45,594,923     1,068,629   4.71 %  
    Notes payable     26,141,343     953,160   7.35 %     25,500,463     796,034   6.28 %  
    Total interest-bearing liabilities     1,019,401,488   $ 18,513,866   3.66 %     837,697,007   $ 15,955,968   3.83 %  
    Noninterest-bearing liabilities     253,207,317             240,831,655          
    Total liabilities     1,272,608,805             1,078,528,662          
    Stockholders’ equity     102,562,792             85,691,121          
    Total liabilities and stockholders’ equity   $ 1,375,171,597           $ 1,164,219,783          
    Net interest-earning assets   $ 273,895,453           $ 253,910,631          
    Net interest spread       $ 22,320,024   2.70 %       $ 16,903,596   2.22 %  
    Net interest margin           3.48 %           3.11 %  
                               
    (1 )   Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares).
                               

    The MIL Network

  • MIL-OSI United Kingdom: Mayor of London launches a next-generation city data platform to unlock the power of data for Londoners

    Source: Mayor of London

    • Mayor of London launches new cutting-edge Data for London Library to make it easier to use data to benefit Londoners and London and power smarter AI-enabled public services
    • The Library is a key step in improving data sharing across the city – which is essential to the AI, data and infrastructure London will need to power the next generation of public services – by connecting datasets held by organisations across the capital
    • Launched during London Data Week, a 50+ festival delivered by the Greater London Authority,  London Councils and the Alan Turing Institute, this delivers a manifesto commitment to bring forward new data services that support city priorities and ensure the digital and AI revolution serves Londoners and their needs

    The Mayor of London, Sadiq Khan, has launched the Data for London Library, a cutting-edge new platform that will transform how London collects, shares and uses data to improve public services, unlock growth and create a more inclusive, sustainable city.

    Launched during the biggest ever London Data Week, the Library is part of the Mayor’s ambitious Data for London programme and marks a major milestone in the evolution of London’s data infrastructure. It will replace the London Datastore, which was first launched in 2010 and at the time was one of the world’s earliest and most innovative open data platforms.

    The Library aims to be the definitive catalogue of place data for London – including environment, buildings, and demographics – creating a single, vital resource for researchers and data users seeking rich contextual insight for data services and projects. It takes an innovative approach by connecting, not collecting, datasets held by key London partners starting with Transport for London, the Department of Health and Social Care as well as Barnet, Brent, Camden, and Redbridge councils, and the Office for National Statistics. This collaborative working helps build London’s data infrastructure while acknowledging London’s breadth and large number of organisations that keep the city running.   

    Over its 15-year history, the previous London Datastore, which the Library will replace, pioneered new ways of making public data accessible and useful to communities, policymakers and innovators. The Data for London Library builds on that legacy, offering more than 5,100 datasets, faster search tools, and improved discoverability to make it easier for everyone – from citizens to researchers to startups – to find and use trusted data that benefits Londoners.

    Data from the London Datastore has been used to: 

    • Improve air quality by collating data from air quality sensors across London to help map and predict air pollution episodes. This enables us to issue pollution alerts for Londoners, helping people with health conditions sensitive to pollution live healthier lives as part of the Breath London project.
    • Support Net Zero by providing energy efficiency data for all London homes in a transparent, shareable way through the London Building Stock Model. This helps councils to identify and prioritise homes that need retrofitting and is a key tool to support the delivery of the Mayor’s Warmer Homes London programme with London Councils.
    • Tackle rough sleeping by publishing quarterly and annual CHAIN reports based on data collected by outreach teams and services across London. These reports provide strategic insights into rough sleeping trends, supporting public understanding and helping the Mayor, councils, and charities work toward the goal of ending rough sleeping in London by 2030.

    By making it easier to find and use data held across the city, in one place, the Library becomes core infrastructure for the current AI revolution by addressing a key challenge facing innovators – discovering where datasets are. Better access to datasets enables better insights to enable preventative services, new digital or data tools to support public service productivity and opportunities for innovators across public, private, research and civil society. London’s approach to building the new data platform will be made available for other UK cities and regions to adopt.  

    London is Europe’s largest technology hub – the second largest in the world – and now firmly established as a leading player on the global stage due to the way it uses data to improve services, education, research and innovation to benefit communities across the capital. London is also at the forefront of AI research and top three globally for venture capital investment into this technology. 

    The recently published London Growth Plan identifies huge opportunities to turbocharge the capital’s economy by harnessing the potential of rapidly growing tech sectors such as AI. The Data for London programme will help to support this by improving city data sharing, increasing collaboration, developing public trust, boosting Londoners’ digital skills and leading modern connectivity.   

    Theo Blackwell MBE, Chief Digital Officer for London, said: “London is great at collaboration and the new Data for London Library is rooted in partnership. We’ve been working closely with the data community, the London Office of Technology and Innovation, local authorities in London and other data providers in the city to prioritise the features and improve the user experience.”

    “This is just the beginning, we are only going one way – there is no global trend towards less data. AI systems of the future are heavily dependent on the quality and quantity of the data they are trained on, so our focus now is to build more data sources into the Data for London Library and to make it easier to navigate complex data sharing agreements to benefit the city’s strategic position as the vanguard of the data and AI revolution. This is how we can build a better, fairer, more prosperous London for everyone.”

    Eddie Copeland, Director at the London Office of Technology & Innovation, said: “Successfully tackling many of the biggest issues we face in the capital, from climate change to tackling homelessness, depends on bringing together data from many different sources. The Data for London Library and platform will provide a huge boost for our ability to join up, analyse and act upon data at a truly London scale to benefit Londoners.” 

    Director of the Open Data Institute and Data for London Advisory Board Member Stuart Coleman said: “At the ODI, we advocate for practical, well-governed data infrastructure that makes it easier for people to access, use and share data. The Data for London Library shows how the public sector can take steps to make datasets more discoverable and usable. By opening up access to data from across the capital, it offers a pragmatic model that others can learn from. As the National Data Library develops, examples like this can help demonstrate what works in practice, particularly when it comes to improving interoperability, making data AI-ready, and building on existing foundations rather than starting from scratch.”

    Dr Cosmina Dorobantu, Data for London Advisory Board member and Senior Advisor and Visiting Professor in Practice at the LSE Data Science Institute, said: “As a member of the Mayor’s Data for London Board and someone who is helping to build a world-leading institute for AI and the social sciences here in London, within the London School of Economics and Political Science, I am tremendously excited to see the launch of the Data for London Library. Today’s launch is an important first step towards making the vast amounts of data collected in London more accessible, and towards increasing the data maturity of contributing organisations. The foundations that the team behind the Data for London Library have built are essential for creating the invaluable data resources that businesses, researchers, and policymakers need to build a better, more prosperous, and more equitable city.”

    Muniya Barua, Deputy Chief Executive at BusinessLDN, said: “The launch of the new Data for London Library marks a significant milestone in the capital’s ambitious growth plans. It puts a wealth of up-to-the-minute public and private sector data at the fingertips of businesses and policymakers which can be used to drive innovation and transform the lives of Londoners. Having long championed the transformative potential of data sharing, we now look to the Mayor’s spatial strategy, the London Plan, to ensure it supports the development of critical infrastructure – from data centres to improved broadband connectivity – which will enable the benefits of this new platform to be maximised and London to lead the way in AI and other cutting-edge technologies.”

    MIL OSI United Kingdom

  • MIL-OSI USA: NEWS RELEASE: STATE RELEASES FORECAST FOR JOBS AND INDUSTRIES THROUGH 2032

    Source: US State of Hawaii

    NEWS RELEASE: STATE RELEASES FORECAST FOR JOBS AND INDUSTRIES THROUGH 2032

    Posted on Jul 14, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

     

    DEPARTMENT OF LABOR AND INDUSTRIAL RELATIONS

    KA ʻOIHANA PONO LIMAHANA

    JADE T. BUTAY

    DIRECTOR

    KA LUNA HOʻOKELE

    STATE RELEASES FORECAST FOR JOBS AND INDUSTRIES THROUGH 2032

    Hawai‘i Projects 41,000 New Jobs by 2032, Led by Health Care and Food Services

     

    News Release 2025-07

     

    FOR IMMEDIATE RELEASE

    July 14, 2025

     

    HONOLULU — The Hawai‘i State Department of Labor and Industrial Relations’ Research and Statistics Office has released its latest statewide employment projections for industries and occupations. The projections are based on 2022 employment data and forecast trends through 2032. Statewide projections are published in even-numbered years, while county-specific projections are issued in odd-numbered years.

    Key Highlights:

    Hawai‘i’s total employment is projected to grow by 6.1% over the next decade, increasing from 671,010 jobs in 2022 to 712,200 by 2032 — an addition of 41,190 jobs. Each year, the state is expected to see approximately 83,050 job openings. These openings will primarily result from workers changing jobs (55%) and exiting the labor force (40%), while just 5% will stem from actual job growth. This breakdown highlights the importance of workforce replacement and job mobility in the state’s labor market.

    Top Growing Industries:

    • Health care and social assistance is forecast to be the fastest-growing and largest contributor to job creation, accounting for nearly one-quarter of all new positions.
    • The sector is projected to grow by 12.7%, with particularly strong demand in social assistance services.
    • The food services and drinking places industry will follow closely, with an 11.9% growth rate, driven by Hawai‘i’s strong hospitality sector.
    • The accommodation industry is also forecast to increase by 10.2%, while creating 3,750 positions.
    • The self-employed sector, bolstered by the post-pandemic gig economy, is expected to reach 58,150 workers by 2032.

     

    In contrast, government and retail trade employment are projected to decline, influenced by federal policies and continuing shift toward e-commerce.

    The projections are a valuable tool for:

    • Students and jobseekers exploring career options
    • Education and training providers developing programs
    • Job placement specialists and career counselors guiding individuals toward employment
    • Program managers and policymakers shaping workforce strategies
    • Employers planning for growth or relocation

    Key highlights, comprehensive data tables and other Labor Market Information (LMI) tools — such as Best Job Opportunities to 2032 — can be accessed on the Employment Projections page of the Hawai‘i Workforce Infonet (HIWI): www.hiwi.org.

    Detailed narrative reports will be available by the end of July.

    This effort is funded by the U.S. Department of Labor, Employment and Training Administration, through the Workforce and Labor Market Information Grants to States (WIGS) program, with a total award of $321,585 for Program Year 2024.

    # # #

    Equal Opportunity Employer/Program
    Auxiliary aids and services are available upon request to individuals with disabilities.
    TDD/TTY Dial 711 then ask for 808-586-8842

    View DLIR news releases:

    http://labor.hawaii.gov/blog/category/news/

    Media Contact:

    Chavonnie Ramos

    Public Information Officer, State of Hawai‘i

    Department of Labor and Industrial Relations

    Phone: 808-586-9720

    Email: [email protected]

    MIL OSI USA News

  • MIL-OSI Russia: The open data portal is resuming its work.

    Translation. Region: Russian Federal

    Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

    An important disclaimer is at the bottom of this article.

    On July 15, 2025, the Ministry of Economic Development of Russia launches an updated state Open Data Portal. It is a comprehensive system that ensures transparency in the work of government bodies and provides centralized access to open information for all citizens and organizations in the country. In the future, the functionality of the portal will be further developed and expanded, including at the suggestions of businesses.

    According to Vladimir Voloshin, Director of the Department of Digital Development and Data Economy of the Ministry of Economic Development of Russia, openness of data today is not just access to information, but a working tool for business, public administration, development and training of artificial intelligence technologies.

    “The launch of the new portal will be an important step in the development of the state’s digital ecosystem, providing citizens and businesses with relevant and easy-to-use information. The updated version of the Portal has received more than 10 new functional solutions aimed at increasing user convenience, improving data visualization and compliance with modern security requirements,” Vladimir Voloshin emphasized.

    The key changes affected the updated interface design, expanded functionality for monitoring the maintenance of data set passports, personal accounts for users and information providers. The interactive map of the subjects of the Russian Federation provides a list of legitimate data providers. Users can now visualize data sets in graphic form, analyze statistics through BI tools, and receive prompt assistance through a chat bot based on artificial intelligence.

    “When developing the updated Portal, we proceeded from the need to create a convenient space that will allow you to work effectively with open data, including having clear navigation. For this purpose, a full-text search is provided, which covers all sections of the system. Information providers are available in the registry with filters by name, type of organization, region and other parameters. Data sets are accompanied by statistics on views and downloads, the ability to filter and unload in machine-readable formats. In addition, we tried to make the Portal useful in terms of filling it with high-quality data sets, including the functionality of sending a request for the preparation and publication of in-demand data that is currently not presented on the portal,” commented Vladimir Voloshin, adding that about five thousand data sets have been uploaded so far, and that in the future, it is planned to refine the functionality of the portal, taking into account the wishes of users and businesses.

    The portal fully complies with the requirements of the Methodological Recommendations for the Publication of Open Data version 4.0, including the automation of the formation of data set passports, verification of format-logical control and integration with the Unified Identification and Authentication System.

    The updated Open Data Portal is available at Date.gov.ru.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Russia: What motivates Russians to travel to the Chinese resort city of Qinhuangdao by rail

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    BEIJING, July 15 (Xinhua) — Who doesn’t want to vacation at a seaside resort during the peak summer season? With beautiful scenery, well-maintained beaches, a variety of cultural and entertainment events and modern service infrastructure, China’s Qinhuangdao has everything to attract tourists looking to escape the summer heat.

    The summer resort of Qinhuangdao in Hebei Province in northern China is popular not only among Chinese, but also among foreigners. According to statistics, last year Beidaihe, one of the districts of Qinhuangdao, was visited by about 30.9 thousand foreign tourists, including 24.5 thousand Russians.

    As for Russians, especially residents of the Far East and Siberia, one more advantage of the Chinese resort city for them should be added – geographical proximity. The flight time from Vladivostok to Qinhuangdao is about two and a half hours.

    Russians have another option to get to Qinhuangdao. Since the beginning of last month, about 3,000 Russian tourists have entered China through the Manzhouli checkpoint and have gone on train tours from there.

    The Manzhouli checkpoint is located in the city of the same name in the Inner Mongolia Autonomous Region, which borders on Russia’s Zabaikalsky Krai. According to the press service of the city’s government, 180 foreigners recently traveled from Manzhouli to the city of Qinhuangdao on the K1302 high-speed passenger train.

    Train K1302 Manzhouli-Beijing departs at 09:07 and arrives in Qinhuangdao the following day.

    Compared with air travel, rail travel does not save time, but it does save on ticket costs. The cost of a reserved seat train ticket on the Manzhouli-Qinhuangdao route starts from 363 yuan /about 4,000 rubles/, and in a compartment – 572 yuan /6,000 rubles/.

    The 24-hour train journey can be quite impressive for passengers who have never visited China before. During the day, the train offers idyllic views of blue skies and the vast Hulunbuir steppe with its flocks of sheep, while in the evening, when the train stops at Qiqihar and Daqing in Heilongjiang Province, passengers can admire the views of modern, densely populated cities.

    As the number of foreign travelers continues to increase, railway staff in Manzhouli are doing their utmost to assist them.

    A “green corridor” is opened for foreigners at the railway station. English- and Russian-speaking staff are on duty in the waiting room and on the platform. Passengers are also provided with free drinks, chargers and emergency medications.

    “We will continue to optimize service measures and improve service quality to ensure that passengers feel at home when traveling in China,” said Liu Ying, a station attendant. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News

  • MIL-OSI Russia: China’s Shandong Province Ready to Deepen Cooperation with Central Asia in Industrial and Supply Chains

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    BEIJING, July 15 (Xinhua) — A special session on Central Asia was held on Monday at the Conference on International Cooperation in Industrial and Supply Chains of East China’s Shandong Province in Jinan, the provincial capital, local daily Dazhong Ribao reported.

    The event was organized by the Shandong Provincial Bureau of Commerce with the support of the Shandong Alliance for Overseas Investment and Cooperation. More than 160 people from 16 cities in the province attended.

    The special session aims to create a platform for exchanges and interactions between enterprises, and thereby further deepen cooperation between Shandong Province and Central Asia in industrial and supply chains through formats such as policy clarification, experience sharing, project presentation and B2B sessions.

    As an economically developed province in China, Shandong has a complete production base and a developed supply chain system. It demonstrates high complementarity and significant potential for cooperation with Central Asian countries in energy, agriculture, manufacturing, etc.

    According to statistics, in the first half of 2025, Shandong Province’s actual investment in the five Central Asian countries reached 19.91 million US dollars, an increase of 62.1 percent year on year. This figure for the whole of 2024 was 20.836 million US dollars, an increase of 62.7 percent.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News

  • China’s economy slows as consumers tighten belts, US tariff risks mount

    Source: Government of India

    Source: Government of India (4)

    China’s economy slowed less than expected in the second quarter in a show of resilience against U.S. tariffs, though analysts warn that weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus.

    The world’s No. 2 economy has so far avoided a sharp slowdown in part due to policy support and as factories took advantage of a U.S.-China trade truce to front-load shipments, but investors are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low.

    Policymakers face a daunting task in achieving the annual growth target of around 5% – a goal many analysts view as ambitious given entrenched deflation and weak demand at home.

    Data on Tuesday showed China’s gross domestic product (GDP) grew 5.2% in the April-June quarter from a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts’ expectations in a Reuters poll for a rise of 5.1%.

    “China achieved growth above the official target of 5% in Q2 partly because of front loading of exports,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

    “The above target growth in Q1 and Q2 gives the government room to tolerate some slowdown in the second half of the year.”

    On a quarterly basis, GDP grew 1.1% in April-June, the National Bureau of Statistics data showed, compared with a forecast 0.9% increase and a 1.2% gain in the previous quarter.

    Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year.

    Beijing has ramped up infrastructure spending and consumer subsidies, alongside monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from U.S. President Donald Trump’s sweeping tariffs.

    Some analysts believe the government could ramp up deficit spending if growth slows sharply.

    Market reaction to the data was largely muted, with China’s blue-chip CSI300 Index .CSI300 reversing course to trade down 0.1%, while Hong Kong’s benchmark Hang Seng .HSI cut gains to trade up 0.7%.

    HOUSEHOLDS PRESSURED

    Separate June activity data also released on Tuesday underlined the pressure on consumers. While industrial output rose 6.8% year-on-year last month – the fastest pace since March, retail sales growth slowed down to 4.8%, from 6.4% in May and hitting the lowest since January-February.

    Indeed, the headline GDP numbers held little sway for most households including 30-year-old doctor Mallory Jiang, in the southern tech hub Shenzhen, who says she and her husband both had pay cuts this year.

    “Both our incomes as doctors have decreased, and we still don’t dare buy an apartment. We are cutting back on expenses: commuting by public transport, eating at the hospital cafeteria or cooking at home. My life pressure is still actually quite high.”

    China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years.

    Zichun Huang, China economist at Capital Economics, said the GDP data “probably still overstate the strength of growth.”

    “And with exports set to slow and the tailwind from fiscal support on course to fade, growth is likely to slow further during the second half of this year.”

    Data on Monday showed China’s exports regained some momentum in June as factories rushed out shipments to capitalise on the fragile tariff truce between Beijing and Washington ahead of a looming August deadline.

    TARIFF, PROPERTY HEADWINDS

    The latest Reuters poll projected GDP growth to slow to 4.5% in the third quarter and 4.0% in the fourth, underscoring mounting economic headwinds as Trump’s global trade war leaves Beijing with the tough task of getting households to spend more at a time of uncertainty.

    China’s 2025 GDP growth is forecast to cool to 4.6% – falling short of the official goal – from last year’s 5.0% and ease even further to 4.2% in 2026, according to the poll.

    China’s property downturn remained a drag on overall growth despite multiple rounds of support measures, with investment in the sector falling sharply in the first six months, while new home prices in June tumbled at the fastest monthly pace in eight months.

    China’s top leaders pledged to push forward urban village renovation and quicken a new property development model, state media reported Tuesday.

    Fixed-asset investment also grew at a slower-than-expected 2.8% pace in the first six months year-on-year, from 3.7% in January-May.

    The softer investment outturn reflected the broader economic uncertainty, with China’s crude steel output in June falling 9.2% from the year before, as more steelmakers carried out equipment maintenance amid seasonally faltering demand.

    “Q3 growth is at risk without stronger fiscal stimulus,” said Dan Wang, China director at Eurasia Group in Singapore.

    “Both consumers and businesses have turned more cautious, while exporters are increasingly looking overseas for growth.”

    (Reuters)

  • China’s economy slows as consumers tighten belts, US tariff risks mount

    Source: Government of India

    Source: Government of India (4)

    China’s economy slowed less than expected in the second quarter in a show of resilience against U.S. tariffs, though analysts warn that weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus.

    The world’s No. 2 economy has so far avoided a sharp slowdown in part due to policy support and as factories took advantage of a U.S.-China trade truce to front-load shipments, but investors are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low.

    Policymakers face a daunting task in achieving the annual growth target of around 5% – a goal many analysts view as ambitious given entrenched deflation and weak demand at home.

    Data on Tuesday showed China’s gross domestic product (GDP) grew 5.2% in the April-June quarter from a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts’ expectations in a Reuters poll for a rise of 5.1%.

    “China achieved growth above the official target of 5% in Q2 partly because of front loading of exports,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

    “The above target growth in Q1 and Q2 gives the government room to tolerate some slowdown in the second half of the year.”

    On a quarterly basis, GDP grew 1.1% in April-June, the National Bureau of Statistics data showed, compared with a forecast 0.9% increase and a 1.2% gain in the previous quarter.

    Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year.

    Beijing has ramped up infrastructure spending and consumer subsidies, alongside monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from U.S. President Donald Trump’s sweeping tariffs.

    Some analysts believe the government could ramp up deficit spending if growth slows sharply.

    Market reaction to the data was largely muted, with China’s blue-chip CSI300 Index .CSI300 reversing course to trade down 0.1%, while Hong Kong’s benchmark Hang Seng .HSI cut gains to trade up 0.7%.

    HOUSEHOLDS PRESSURED

    Separate June activity data also released on Tuesday underlined the pressure on consumers. While industrial output rose 6.8% year-on-year last month – the fastest pace since March, retail sales growth slowed down to 4.8%, from 6.4% in May and hitting the lowest since January-February.

    Indeed, the headline GDP numbers held little sway for most households including 30-year-old doctor Mallory Jiang, in the southern tech hub Shenzhen, who says she and her husband both had pay cuts this year.

    “Both our incomes as doctors have decreased, and we still don’t dare buy an apartment. We are cutting back on expenses: commuting by public transport, eating at the hospital cafeteria or cooking at home. My life pressure is still actually quite high.”

    China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years.

    Zichun Huang, China economist at Capital Economics, said the GDP data “probably still overstate the strength of growth.”

    “And with exports set to slow and the tailwind from fiscal support on course to fade, growth is likely to slow further during the second half of this year.”

    Data on Monday showed China’s exports regained some momentum in June as factories rushed out shipments to capitalise on the fragile tariff truce between Beijing and Washington ahead of a looming August deadline.

    TARIFF, PROPERTY HEADWINDS

    The latest Reuters poll projected GDP growth to slow to 4.5% in the third quarter and 4.0% in the fourth, underscoring mounting economic headwinds as Trump’s global trade war leaves Beijing with the tough task of getting households to spend more at a time of uncertainty.

    China’s 2025 GDP growth is forecast to cool to 4.6% – falling short of the official goal – from last year’s 5.0% and ease even further to 4.2% in 2026, according to the poll.

    China’s property downturn remained a drag on overall growth despite multiple rounds of support measures, with investment in the sector falling sharply in the first six months, while new home prices in June tumbled at the fastest monthly pace in eight months.

    China’s top leaders pledged to push forward urban village renovation and quicken a new property development model, state media reported Tuesday.

    Fixed-asset investment also grew at a slower-than-expected 2.8% pace in the first six months year-on-year, from 3.7% in January-May.

    The softer investment outturn reflected the broader economic uncertainty, with China’s crude steel output in June falling 9.2% from the year before, as more steelmakers carried out equipment maintenance amid seasonally faltering demand.

    “Q3 growth is at risk without stronger fiscal stimulus,” said Dan Wang, China director at Eurasia Group in Singapore.

    “Both consumers and businesses have turned more cautious, while exporters are increasingly looking overseas for growth.”

    (Reuters)

  • MIL-OSI United Kingdom: UTIs cost NHS hospitals over £600m last year

    Source: United Kingdom – Government Statements

    News story

    UTIs cost NHS hospitals over £600m last year

    New data from UKHSA reveals that treating urinary tract infections (UTIs) cost NHS hospitals in England an estimated £604 million in 2023 to 2024.

    New data from the UK Health Security Agency (UKHSA) has revealed that treating urinary tract infections (UTIs) cost NHS hospitals in England an estimated £604 million in 2023-24.

    UTIs occur when bacteria enter the urinary system including the urethra, bladder or kidneys. Most lower urinary tract infections (those in the urethra or bladder) cause mild discomfort and go away on their own, or may require a short course of antibiotics, but for some can progress to more serious infections, including upper urinary tract infections affecting the kidneys, leading to bloodstream infections and sepsis.

    Analysing data from the Hospital Episode Statistics (HES) database using the records of patients with a UTI-related primary diagnosis for the 2023 to 2024 financial year in England, there were nearly 200,000 UTI-related patients. This includes infections acquired in both community and hospital settings. Those admissions resulted in 1.2 million bed days, averaging 6 bed days per infection.

    However, one-third of UTI patients were in hospital for less than a day, indicating that other treatment pathways could be considered for these patients.

    The findings reflect the well-documented burden of UTIs on older people and women. 52.7% of admissions were patients aged over 70 and 61.8% were female. While females were nearly 5 times more likely to require hospital treatment for a UTI in people under 50 years old (24.7% female compared to 5.3% male), this levelled out in age groups over 50 (37.1% female compared to 32.9% male). This highlights the need for men over 50 to also pay early attention to urinary symptoms and seek treatment that may prevent hospitalisation.

    Hospitalisations for UTIs were at their lowest in 2020 to 2021 – possibly influenced by the COVID-19 pandemic. Since then, admissions have increased, climbing by 9% in 2023 to 2024 compared to the previous year.  

    The data highlights the clear need to reduce UTIs acquired in the community to help reduce hospitalisations. People can reduce their risk of catching a UTI in the first place by:

    • drinking enough fluids regularly, especially in hot weather – more trips to the toilet may be needed, but that shouldn’t stop you drinking
    • avoiding holding pee – go to the toilet as soon as possible when you need to
    • washing, or shower daily where possible especially if you suffer from incontinence* keep the genital area clean and dry, and check and change leakage of urine pads often
    • wiping from front to back after using the toilet to prevent bacteria from spreading
    • washing genitals before and after sex
    • talking to your healthcare professional if you have frequent UTIs, as they may be able to suggest treatments that could help

    Detecting and treating a UTI early is also important. Some of the early symptoms of UTI include:

    • needing to pee more frequently or urgently than usual
    • passing lots of urine at night
    • pain or a burning sensation when peeing
    • having cloudy-looking urine
    • new pain in the lower tummy
    • severe kidney pain or pain in the lower back
    • blood in the pee
    • for some people it can include changes in behaviour, such as acting agitated or confused

    UKHSA also recently published updated diagnostic flowcharts to help healthcare professionals manage symptoms and infections.

    Dr Colin Brown, Deputy Director at UKHSA responsible for antibiotic resistance, said:

    Urinary Tract Infections are a major cause of hospitalisations in this country, but many could be prevented.

    We know that the most serious consequences that come from UTIs are more common in people over the age of 50 so we are reminding this group in particular to be aware of the ways they can help reduce their risk of getting poorly. Drinking enough fluids is so important, as well as avoiding holding onto pee. If you have frequent UTIs, talk to your healthcare provider about treatments that may help prevent further infections. If you have a UTI and your symptoms get worse, please call your GP or 111, or go to your nearest A&E to seek assistance as UTIs can develop into more serious, life-threatening infections.

    Preventing UTIs is also important in our fight against antibiotic resistance as they are often treated with antibiotics, which drives resistance in bacteria. Reducing the number of UTI infections means bacteria has less chance to develop this resistance, helping to keep antibiotics working for longer.

    Dr Joanna Harris RGN PhD, Head of Infection Prevention and Control at UKHSA, said:

    UTIs are a significant cause of avoidable harm, particularly among older adults and those with long-term conditions, and can lead to serious complications, including sepsis and death. It’s really important that nurses, midwives and social care workers, have the knowledge and tools to reduce the risk of UTIs occurring. When a UTI is suspected, their promotion of early and accurate diagnosis can enable timely and appropriate treatment, helping to limit the impact of the infection.

    Professor Matt Inada-Kim, National Clinical Director for Infections Management and Antimicrobial Resistance at NHS England, said:

    Urinary tract infections are an increasingly common reason for becoming ill at home and in hospitals. They are more serious in older patients and, in particular, those with catheters, but they can occur at any age and are not often related to poor hygiene.

    Antimicrobial resistance continues to grow and it is vital that we do everything we can to manage urinary infections through prevention, education and providing easy access to healthcare – including diagnostic tests and appropriate treatment.

    UTIs are typically caused by bacteria, most commonly Escherichia coli (E. coli), and often require antibiotics to treat the infection. As UTIs are so common, there are concerns that the volume of antibiotics prescribed is contributing to the growing risk of antimicrobial resistance (AMR). This is because every antibiotic taken makes the development of resistance more likely. More targeted prescribing of antimicrobials for UTIs is essential as part of the National Action Plan for AMR 2024-2029. However, preventing infections where possible would also decrease antibiotic prescribing and the selective pressure that antibiotics have on bacteria, helping reduce antibiotic resistance.

    Patient and campaigner, Caroline Sampson, explains how a chronic UTI has impacted her life:

    For 9 years, I have had a chronic UTI. No form of antibiotics has successfully treated it. It has derailed by life in every possible way. The daily symptoms are debilitating and painful. Trying to accomplish the smallest task takes a huge amount of effort. The impact on my mental health has been enormous and I live with daily anxiety that the infection could develop into Urosepsis. The threat of antibiotic-resistant infections to us all cannot be underestimated.

    Updates to this page

    Published 15 July 2025

    MIL OSI United Kingdom

  • MIL-OSI Russia: China’s Per Capita Disposable Income Grew by 5.3% in H1 2025 /detailed version-1/

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    BEIJING, July 15 (Xinhua) — China’s per capita income directly at the disposal of the population showed steady growth in the first half of 2025.

    Disposable income per person stood at 21,840 yuan (about $3,055) in the first six months of the year, up 5.3 percent in nominal terms from a year earlier, while real growth was 5.4 percent after excluding price factors, the National Bureau of Statistics said on Tuesday.

    Over the same period, China’s median per capita disposable income was 18,186 yuan, a nominal 4.8 percent increase year-on-year.

    At the same time, the disposable income of rural residents increased in nominal terms by 5.9 percent, while for the urban population the growth of this indicator amounted to 4.7 percent during the reporting period.

    China’s per capita consumer spending in January-June was 14,309 yuan, up 5.2 percent in nominal terms and 5.3 percent after excluding price factors.

    Data released on Tuesday also showed that China’s GDP grew 5.3 percent year-on-year in the first half of this year. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News

  • MIL-OSI Russia: China’s power generation grew by 1.7 percent in June this year

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    BEIJING, July 15 (Xinhua) — China’s large-scale power generation increased 1.7 percent year-on-year in June 2025, data from the National Bureau of Statistics (NBS) showed Tuesday.

    According to the agency, last month the total output of enterprises in this category was 796.3 billion kWh.

    In particular, compared to the same month last year, the volume of electricity generation by solar power plants and nuclear power plants in the country increased by 18.3 percent and 10.3 percent, respectively, while the same indicator for thermal power plants and wind power plants increased by 1.1 percent and 3.2 percent, respectively.

    In contrast, electricity generation at hydroelectric power plants in June fell by 4 percent year-on-year, according to data from the State Statistical Service. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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  • MIL-OSI Russia: China’s natural gas production saw steady growth in the first half of this year

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    BEIJING, July 15 (Xinhua) — China’s natural gas output saw steady growth in the first half of this year, data released by the National Bureau of Statistics showed Tuesday.

    Natural gas production in the period from January to June 2025 increased by 5.8 percent year-on-year to 130.8 billion cubic meters.

    Last month, this figure increased by 4.6 percent to 21.2 billion cubic meters, the department said.

    China’s raw coal output rose 5.4 percent year-on-year to 2.4 billion tonnes in the first six months of this year, statistics show.

    The country’s crude oil production increased by 1.3 percent year-on-year to 108.48 million tons in the first half of 2025. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News

  • MIL-OSI Russia: In the first half of 2025, the unemployment rate according to the survey in Chinese cities was 5.2 percent. /detailed version-1/

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    BEIJING, July 15 (Xinhua) — China’s labor market remained broadly stable in the first half of 2025, with the average survey unemployment rate in Chinese cities and towns standing at 5.2 percent, down 0.1 percentage point from the first quarter of this year, official data showed Tuesday.

    According to data released by the National Bureau of Statistics (NBS), the unemployment rate in urban areas in China in June 2025 was 5 percent.

    As of the end of June, the total number of migrant farmers in the country increased by 0.7 percent compared to the same period last year and amounted to 191.39 million people.

    “The monthly unemployment rate in cities and urban-type towns, according to surveys, fluctuated between 5 and 5.4 percent this year, remaining relatively stable,” said Sheng Laiyun, deputy head of the NSU, at a press conference.

    According to China’s 2025 targets, the survey unemployment rate in cities and towns should remain at around 5.5 percent, with more than 12 million new jobs created in those types of localities nationwide.

    Data released on Tuesday also showed that China’s gross domestic product (GDP) grew 5.3 percent year on year in the first half of 2025. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News

  • MIL-OSI Asia-Pac: July 2025 issue of “Hong Kong Monthly Digest of Statistics” now available

    Source: Hong Kong Government special administrative region

    July 2025 issue of “Hong Kong Monthly Digest of Statistics” now available 
         Apart from providing up-to-date statistics, this issue also contains two feature articles entitled “Foreign Affiliates Statistics of Hong Kong” and “The Asset Management Industry in Hong Kong”.
     
    “Foreign Affiliates Statistics of Hong Kong”
     
         With globalisation of the world economy, it is popular for multinational enterprises to provide services to customers in another economy through setting up affiliated companies abroad.
     
         In view of the importance of services supplied via this mode, the C&SD has developed a statistical framework for compiling relevant statistics, known as “foreign affiliates statistics (FATS)”. This feature article briefly describes the statistical system for compiling inward FATS, and presents principal inward FATS of Hong Kong for 2023. It is an update of similar articles on the same subject published in preceding years.
     
         For enquiries about this feature article, please contact the Trade in Services Statistics Section of the C&SD (Tel: 3903 7410; email: tis@censtatd.gov.hk 
    “The Asset Management Industry in Hong Kong”
     
         Hong Kong is one of the most vibrant international financial centres in the world and has strength in managing investments in the Asia Pacific region. The asset management industry has a stable development in Hong Kong in recent years. This feature article presents the operating characteristics and economic contribution of this industry between 2019 and 2023. It also briefly highlights the recent quarterly business performance of this industry.
     
         For enquiries about this feature article, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7266; email:
    business-services@censtatd.gov.hk 
         Published in bilingual form, the HKMDS is a compact volume of official statistics containing about 130 tables. It collects up-to-date statistical series on various aspects of the social and economic situation of Hong Kong. Topics include population; labour; external trade; National Income and Balance of Payments; prices; business performance; energy; housing and property; government accounts, finance and insurance; and transport, communications and tourism. For selected key statistical items, over 20 charts depicting the annual trend in the past decade and quarterly or monthly trend in the recent two years are also available. Users can download the Digest at the website of the C&SD (
    www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010002&scode=460 
         Enquiries about the contents of the Digest can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 4738; email:
    gen-enquiry@censtatd.gov.hkIssued at HKT 16:30

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Volume and price statistics of external merchandise trade in May 2025

    Source: Hong Kong Government special administrative region

    Volume and price statistics of external merchandise trade in May 2025 
    In May 2025, the volume of Hong Kong’s total exports of goods and imports of goods increased by 13.4% and 16.5% respectively over May 2024.
     
    Comparing the first five months of 2025 with the same period in 2024, the volume of Hong Kong’s total exports of goods and imports of goods both increased by 10.4%.
     
    Comparing the three-month period ending May 2025 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods increased by 9.7% and 11.3% respectively.
     
    Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
     
    Comparing May 2025 with May 2024, the prices of total exports of goods and imports of goods increased by 1.8% and 1.9% respectively.
     
    As regards price changes in the first five months of 2025 over the same period in 2024, the prices of total exports of goods and imports of goods increased by 1.9% and 2.0% respectively.
     
    Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data.
     
    The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods.  Compared with the same periods in 2024, the index decreased by 0.1% in May 2025, whereas it remained virtually unchanged in the first five months of 2025.
     
    Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
     
    Comparing May 2025 with May 2024, increases were recorded for the total export volume to Taiwan (48.0%), Vietnam (39.5%), India (37.6%) and the mainland of China (the Mainland) (15.9%). On the other hand, the total export volume to the USA decreased by 20.7%.
     
    Over the same period of comparison, the total export prices to Taiwan (5.5%), the USA (1.9%), the Mainland (1.4%) and Vietnam (1.2%) increased. On the other hand, the total export prices to India decreased by 2.2%.
     
    Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
     
    Comparing May 2025 with May 2024, increases were recorded for the import volume from Vietnam (70.1%), Taiwan (29.6%), the Mainland (17.1%) and Singapore (12.3%). On the other hand, the import volume from Korea decreased by 10.5%.
     
    Over the same period of comparison, the import prices from Korea (4.5%), Singapore (2.3%), Taiwan (2.3%) and the Mainland (1.2%) increased. On the other hand, the import prices from Vietnam decreased by 0.3%.
     
    Further information
     
    Details of the above statistics are published in the May 2025 issue of “Hong Kong Merchandise Trade Index Numbers”.  Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230 
    Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).
    Issued at HKT 16:30

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Taiwan FDI Statistics Summary Analysis (Jun 2025)

    Source: Republic of China Taiwan

    According to the statistics, 1,016 foreign direct investment (FDI) projects with a total amount of US$7,365,871,000 were approved from January to June 2025. This indicates a decrease of 4.15% in the number of cases, but an increase of 126.46% in FDI amount compared to the same period of 2024.

    With regard to inward investment from Mainland China, 11 cases were approved with an amount of US$100,744,000 from January to June 2025. This indicates a decrease of 45% in the number of cases, but an increase of 515.56% in the FDI amount compared to the same period of 2024.

    In terms of Taiwan’s outbound investment (excluding Mainland China), 414 projects were registered from January to June 2025 with a total amount of US$18,311,147,000, indicating an increase of 20.35% in the number of cases, but an decrease of 24.29% in the amount, as compared to the same period of 2024.

    As for Taiwan’s outward investment to Mainland China, 101 applications have been approved from January to June 2025, indicating a decrease of 42.61% compared to the same period of 2024. The approved investment amount is US$574,447,000, 62.86% less than the same period in 2024.

    MIL OSI Asia Pacific News