Category: Tourism

MIL-OSI Banking: Secretary-General of ASEAN delivers Pre-Recorded Keynote Remarks at the ASEAN–India Forum 2025

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered pre-recorded keynote remarks at the ASEAN–India Forum 2025, held in Bangkok, Thailand. In his message, Dr. Kao reaffirmed ASEAN’s strong commitment to advancing the ASEAN–India Comprehensive Strategic Partnership through tourism. He also emphasized the importance of sustainable tourism, stronger transport connectivity, and collaborative destination marketing, highlighting the regional tagline “A Destination for Every Dream.”

The post Secretary-General of ASEAN delivers Pre-Recorded Keynote Remarks at the ASEAN–India Forum 2025 appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

July 24, 2025
MIL-Evening Report: Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment

Source: The Conversation (Au and NZ) – By Kim Dovey, Professor of Architecture and Urban Design, The University of Melbourne

Balinese officials have begun the demolition of more than 40 businesses at Bingin Beach, a popular tourist spot in the Uluwatu region.

In June, the Balinese House of Representatives determined the settlement is on public land, and is therefore illegal and needs to be demolished. But I’d argue it doesn’t.

The ‘illegal’ settlement

The Bingin Beach coastal settlement began development in the 1970s as an informal surfer hub at the base of a steep escarpment. The beach is a few hundred metres long and largely disappears at high tide.

Originally lined with a string of makeshift warungs (small food stores) and cheap accommodations, the settlement has grown incrementally over the decades, up and along the escarpment, with an intensive mix of surf shops, restaurants and small hotels.

The steepness of the slope precludes vehicle access. The only public access is via two somewhat narrow pedestrian stairways.

While it initially served the surfer community, the settlement now caters to a broader tourist market, with some rooms going for upwards of US$150 per night.

But after more than 50 years of incremental development, the House of Representatives has declared the settlement was illegally constructed on state land, and has ordered the demolition of 45 buildings – effectively the entire settlement.

While most of the buildings seem highly durable, the demolition order is based on illegality, and not durability. A spokesperson for the traders argues most of the businesses are locally owned, and livelihoods are at stake.

The ‘legal’ settlement

The former farmland at the top of the escarpment is also covered with tourist developments that mostly emerged since 2010, and now extend up to a kilometre inland. This is a much more familiar landscape for Bali: a mix of walled hotel compounds and private villas, with manicured gardens and swimming pools.

However, one could scarcely call this larger settlement “planned”. Shops and restaurants emerge wherever they can find a market along the narrow roads. There are no sidewalks and pedestrians are constantly engaged in an anxious game of negotiated passing.

The infrastructure of roads and lanes has also been designed incrementally, across the former farm fields, as the settlement developed. The resulting street network is convoluted and largely unwalkable. The most common street sign is “no beach access this way”.

What is informality?

I’m an academic, architect and urban planner who studies informal settlements and informal urbanism more generally. In this context “informal” can mean illegal, makeshift and unplanned, but it can also mean incremental, adaptive and inventive.

Informal settlement is the means by which a large proportion of Indonesians produce affordable housing. It is also the most traditional form of indigenous housing globally.

After many decades of governments trying to demolish such settlements, the overwhelming consensus across the United Nations Human Settlements Programme is that wholesale demolition is rarely an answer. On-site formalisation and upgrading is the more sustainable pathway.

When engaging with informal settlements, we need to preserve the infrastructures that work and only demolish where necessary. The Bingin Beach escarpment settlement has proven sustainable and has become an integral part of the local heritage.

Its demolition will destroy livelihoods and displace the surfing market, while feathering other nests.

So why is it being demolished? Perhaps to clear the ground for the next round of up-market resorts – what urban studies research calls “accumulation by disposession”. Bingin is widely seen as a major real estate hotspot for investment.

What is overdevelopment?

One of the key dangers of informal settlement is “overdevelopment”. Without
formal planning codes, density can escalate to destroy the very attraction that produced the settlement.

Most buildings along the Bingin Beach escarpment are two to four storeys, and step back with the slope of the escarpment. The exception is the 2019 addition of the Morabito Art Cliff hotel that rises more than six storeys, obscuring the natural landscape, blocking views, and setting a precedent for more of the same.

If everyone in the area built like this, the Bingin settlement would be replaced with a cliff of buildings. To demolish this one building would set a useful precedent of containing the settlement to a sustainable scale.

The Impossibles dream

A few hundred metres south-west of Bingin Beach, a different story unfolds near the beach known as Impossibles. Here, a precarious limestone cliff largely precludes access to the beach, and the clifftop has long been lined with low-rise tourist compounds.

An aeriel view of the Uluwatu coast shows Bingin Beach and the Impossibles.
Map data: Google, 2025 Maxar Technologies

This earlier layer of development is now being demolished and replaced with larger, denser resorts as part of the Amali project which claims a “rare cliff-front location”. The location is “rare” because about half of the 50-metre-high cliff has been excavated to construct villa units quite literally in the cliff.

This excavation was well underway when, in May 2024, it caused much of the remaining natural cliff face to collapse onto the beach and into the ocean. It remains unclear whether the excavation was formally approved. Either way, it prompts the question: what if everyone did that?

The Bingin escarpment and the Impossibles cliff face represent very different kinds of development. One is incremental, irregular and geared to its social and environmental context, while the other is large-grain and environmentally destructive. It makes no sense to demolish the former in order to make way for the latter.

It is imperative to not only save the Bingin Beach settlement, which is part of Bali’s surfing heritage, but also to awaken from the impossible dream of building more and more villas on this fragile and limited coastland.

Kim Dovey 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. Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment – https://theconversation.com/bali-is-built-on-informal-and-illegal-settlements-bulldozing-bingin-beach-misses-the-real-threat-of-overdevelopment-261755

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI Submissions: Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment

Source: The Conversation – Global Perspectives – By Kim Dovey, Professor of Architecture and Urban Design, The University of Melbourne

Balinese officials have begun the demolition of more than 40 businesses at Bingin Beach, a popular tourist spot in the Uluwatu region.

In June, the Balinese House of Representatives determined the settlement is on public land, and is therefore illegal and needs to be demolished. But I’d argue it doesn’t.

The ‘illegal’ settlement

The Bingin Beach coastal settlement began development in the 1970s as an informal surfer hub at the base of a steep escarpment. The beach is a few hundred metres long and largely disappears at high tide.

Originally lined with a string of makeshift warungs (small food stores) and cheap accommodations, the settlement has grown incrementally over the decades, up and along the escarpment, with an intensive mix of surf shops, restaurants and small hotels.

The steepness of the slope precludes vehicle access. The only public access is via two somewhat narrow pedestrian stairways.

While it initially served the surfer community, the settlement now caters to a broader tourist market, with some rooms going for upwards of US$150 per night.

But after more than 50 years of incremental development, the House of Representatives has declared the settlement was illegally constructed on state land, and has ordered the demolition of 45 buildings – effectively the entire settlement.

While most of the buildings seem highly durable, the demolition order is based on illegality, and not durability. A spokesperson for the traders argues most of the businesses are locally owned, and livelihoods are at stake.

The ‘legal’ settlement

The former farmland at the top of the escarpment is also covered with tourist developments that mostly emerged since 2010, and now extend up to a kilometre inland. This is a much more familiar landscape for Bali: a mix of walled hotel compounds and private villas, with manicured gardens and swimming pools.

However, one could scarcely call this larger settlement “planned”. Shops and restaurants emerge wherever they can find a market along the narrow roads. There are no sidewalks and pedestrians are constantly engaged in an anxious game of negotiated passing.

The infrastructure of roads and lanes has also been designed incrementally, across the former farm fields, as the settlement developed. The resulting street network is convoluted and largely unwalkable. The most common street sign is “no beach access this way”.

What is informality?

I’m an academic, architect and urban planner who studies informal settlements and informal urbanism more generally. In this context “informal” can mean illegal, makeshift and unplanned, but it can also mean incremental, adaptive and inventive.

Informal settlement is the means by which a large proportion of Indonesians produce affordable housing. It is also the most traditional form of indigenous housing globally.

After many decades of governments trying to demolish such settlements, the overwhelming consensus across the United Nations Human Settlements Programme is that wholesale demolition is rarely an answer. On-site formalisation and upgrading is the more sustainable pathway.

When engaging with informal settlements, we need to preserve the infrastructures that work and only demolish where necessary. The Bingin Beach escarpment settlement has proven sustainable and has become an integral part of the local heritage.

Its demolition will destroy livelihoods and displace the surfing market, while feathering other nests.

So why is it being demolished? Perhaps to clear the ground for the next round of up-market resorts – what urban studies research calls “accumulation by disposession”. Bingin is widely seen as a major real estate hotspot for investment.

What is overdevelopment?

One of the key dangers of informal settlement is “overdevelopment”. Without
formal planning codes, density can escalate to destroy the very attraction that produced the settlement.

Most buildings along the Bingin Beach escarpment are two to four storeys, and step back with the slope of the escarpment. The exception is the 2019 addition of the Morabito Art Cliff hotel that rises more than six storeys, obscuring the natural landscape, blocking views, and setting a precedent for more of the same.

If everyone in the area built like this, the Bingin settlement would be replaced with a cliff of buildings. To demolish this one building would set a useful precedent of containing the settlement to a sustainable scale.

The Impossibles dream

A few hundred metres south-west of Bingin Beach, a different story unfolds near the beach known as Impossibles. Here, a precarious limestone cliff largely precludes access to the beach, and the clifftop has long been lined with low-rise tourist compounds.

An aeriel view of the Uluwatu coast shows Bingin Beach and the Impossibles.
Map data: Google, 2025 Maxar Technologies

This earlier layer of development is now being demolished and replaced with larger, denser resorts as part of the Amali project which claims a “rare cliff-front location”. The location is “rare” because about half of the 50-metre-high cliff has been excavated to construct villa units quite literally in the cliff.

This excavation was well underway when, in May 2024, it caused much of the remaining natural cliff face to collapse onto the beach and into the ocean. It remains unclear whether the excavation was formally approved. Either way, it prompts the question: what if everyone did that?

The Bingin escarpment and the Impossibles cliff face represent very different kinds of development. One is incremental, irregular and geared to its social and environmental context, while the other is large-grain and environmentally destructive. It makes no sense to demolish the former in order to make way for the latter.

It is imperative to not only save the Bingin Beach settlement, which is part of Bali’s surfing heritage, but also to awaken from the impossible dream of building more and more villas on this fragile and limited coastland.

Kim Dovey 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. Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment – https://theconversation.com/bali-is-built-on-informal-and-illegal-settlements-bulldozing-bingin-beach-misses-the-real-threat-of-overdevelopment-261755

MIL OSI –

July 24, 2025
MIL-OSI China: Inbound tourists indulged with shopping spree in Shanghai

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

Thai tourists learn about products at a trendy toy shop on Nanjing Road in east China’s Shanghai on July 17, 2025.

China now has unilateral visa exemption for 47 countries and transit visa exemption for 55 countries, Foreign Ministry Spokesperson Mao Ning said on July 11.

Fueled by relaxed visa rules, there has been a significant increase in the number of foreign passport holders entering China, leading to a surge in inbound tourism consumption.

Positioned as a world-class tourism hub with global appeal, Shanghai Municipality has witnessed the strong consumption vitality of inbound tourism in the first half of this year. (Xinhua/Chen Haoming)

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MIL OSI China News –

July 24, 2025
MIL-OSI USA: Senator Murray, British Columbia Premier Eby, WA Small Businesses Speak Out About How Trump’s Reckless Trade War with Canada is Creating Chaos, Hurting Business, and Raising Costs

US Senate News:

Source: United States Senator for Washington State Patty Murray

ICYMI: Senator Murray Hears from Mayors and Business Leaders About How Trump’s Trade War is Hurting Border Communities in Northwest Washington

AP: Trump’s 35% Canada tariff plan deepens a rift between the neighbors

***WATCH HERE; DOWNLOAD HERE***

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual press conference with British Columbia Premier David Eby and Washington state business leaders to sound the alarm on how President Trump’s trade war with Canada is driving down business and creating chaos for families, small businesses, and economies on both sides of the border.

Canada is the second-largest export market for Washington state, exporting $7.9 billion in goods and $2.2 billion in services annually. Washington state imports $17.8 billion in goods from Canada each year, with energy imports accounting for 54 percent of that total. 608 Canadian-owned companies employ 25,050 workers in Washington state. Canada is also the largest source of international visitors to the U.S., accounting for 20.4 million visits and $20.5 billion in spending in 2024. The Bureau of Transportation Statistics reported a 35 percent drop in border crossings into the U.S. through the Peace Arch and Pacific Highway Crossings in Washington state this May, compared to the same month last year. Additional data on trade between Washington state and Canada is available HERE.

President Trump recently announced a plan to impose 35 percent tariffs across-the-board on imports from Canada beginning August 1^st. This comes after Trump has already applied 50 percent tariffs on steel and aluminum—of which Canada is the largest exporter to the United States—and 25 percent duties on cars, excluding U.S. made parts. Yesterday, after a meeting with Canada’s political leaders—including Premier Eby—Prime Minister Mark Carney downplayed the chances of success in talks aimed at reaching a trade deal with President Trump.

“Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries,” Senator Murray said at the press conference today. “Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year. So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.”

“Here’s what Trump needs to understand: this is not reality TV. It is actual reality,” Senator Murray continued. “These aren’t people playing ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up. So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy. It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.”

“We have a long and happy relationship with the American people; they’re our friends, our family members and coworkers. President Trump’s actions have broken our trust with his government, but they’ll never shake our relationship with our closest neighbours. I am grateful for Senator Murray’s leadership at this time in calling out a President that ran on an affordability agenda and is now bringing in tariffs that are raising the price of everyday goods for hard working families,” said David Eby, Premier of British Columbia.

“President Trump seems to have created the 51^st state that he was talking about, which is the great state of uncertainty. And this is affecting all of us and that we predict that in 2025 alone, that tariffs will cost SEL $100 million in unanticipated federal taxes. These $100 million, divided by our 7000 owners, is a hit of $14,000 per employee around the world. And I agree so much with Senator Murray that the best thing we can do is to support the efforts by Democrats and Republicans in both the House and the Senate to restore congressional control over tariffs and block this President and future ones from abusing executive orders, especially here in the case of free trade,” saidDr. Ed Schweitzer, founder of Schweitzer Engineering Laboratories in Pullman.

“Maintaining good relations with our northern neighbors is paramount to our maritime industry. Along with being a key supplier for vital parts of the industry, our relations also impact negotiations, such as the Pacific Salmon Treaty being negotiated right now. These negotiations and trade rely on goodwill and good relations, and we cannot state enough how much we value our Canadian partners in all sectors of our maritime industry here in the United States,” said Dan Tucker, Executive Director of the Whatcom Working Waterfront Coalition.

Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs in the state tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.

Senator Murray has been a vocal opponent of Trump’s chaotic trade war and has been constantly lifting up the voices of people in every corner of Washington state who are being harmed by this administration’s approach to trade. Senator Murray continues to call on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier this year—among many other events—Senator Murray brought together leaders across Washington state to highlight how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector, and held a roundtable discussion in Blaine on how Trump’s chaotic trade war and senseless tariffs are specifically hurting Washington state’s border communities and local businesses. Senator Murray has also taken to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.

Senator Murray’s full remarks, as delivered, are below and video is HERE:

“Thank you everyone for joining us today.

“You know for a so-called businessman, President Trump doesn’t seem to know the first thing about running a business—then again, maybe that explains his six bankruptcies. But besides that, every time Trump opens his mouth, he is demonstrating that he doesn’t understand how tariffs work and doesn’t care if his absurd tax hikes are hurting our economy and our small businesses. The reality is plain as day. Especially in places like Washington state where we are on the front line of a trade war with our neighbors that nobody asked for.

“Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries.

“Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year.

“So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.

“How are farmers supposed to stay afloat when Trump just jacked up the cost of the supplies they need, at the same time that he is driving some of their best customers away?

“How are businesses and factories supposed to keep the lights on when their supply chains are being disrupted, and their inputs—like energy, and steel, and aluminum—keep getting more expensive?

“How are hotels and towns that are fueled by tourism supposed to keep their doors open, when cancellations are going up, bookings are going down, and 75 percent of Canadian travelers who weregoing to visit the U.S. are deciding they’d now rather go somewhere the President doesn’t constantly attack?

“So, let’s be clear, these aren’t hypothetical questions. They are the cold, hard realities Trump is forcing onto our communities. It doesn’t take much imagination to see how hard Trump’s trade war is making life for people—especially for our border communities.

“All you have to do is listen. Talk to ferry operators, who are feeling the squeeze of reduced travel. Talk to community leaders in Bellingham and Whatcom County, where 12 percent of taxable retail sales came from Canadians. Talk to business owners in Point Roberts, which just completely depends on Canadian trade and tourism.

“I have been telling this over and over to my colleagues and anyone who will listen. If you want to understand the real cost of what is happening, come to Washington state, talk to people on the front lines of this pointless, painful trade war.

“And that’s exactly why we are having this call today. To put a spotlight on what we are seeing on both sides of the border; to make more of these voices heard; to raise the alarm; and maybe even offer a little economics lesson to Trump—since he appears to need it.

“When you raise the costs for small businesses—which is exactly what tariffs do, when you drive away loyal customers, and trading partners—which is exactly what happens when you toss up barriers and toss out insults—you make life harder, and you raise costs for everyday Americans. It is very clear that President Trump wants to treat tariffs like a reality TV show, constantly playing up the outrage and the uncertainty of the ‘Will he? Won’t he?’ drama that he seems to like living in. But the questions that I am hearing when I talk to folks home in Washington state, are more like, ‘Why on Earth would he do this?’ and ‘What the heck is he thinking?’ and ‘How am I going to be able to afford this?’

“Because here’s what Trump needs to understand: this is not reality TV. This is actual reality. These aren’t peopleplaying ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up.

“So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy.

“It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.

“We have got to keep talking about this, which is why we are having this call today, until more of my Republican colleagues get the message. And I thank everybody who’s participating in this today to talk about what you are seeing.

“So, I’m joined on this call by British Columbia Premier David Eby, he will be speaking next. As I’ve told him in the past, I appreciate our relationship and thank you for working with us on this. It’s a joy to have you on this call.”

MIL OSI USA News –

July 24, 2025
MIL-OSI China: Half a century on, China-EU ties require collaboration rather than division

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

Flight MU845 headed for Paris is set to depart Nanjing Lukou International Airport in Nanjing, east China’s Jiangsu Province, late July 8, 2025. [Photo/Xinhua]

This year marks the 50th anniversary of diplomatic ties between China and the European Union (EU), a milestone in a relationship that has matured through dialogue, cooperation and mutual benefit.

As the international landscape grows increasingly fraught, the anniversary offers a timely reminder: China is a critical partner to Europe, not a systemic rival.

That distinction matters. Despite occasional disagreements, the relationship between China and Europe is underpinned by a wide range of shared interests, including trade, climate, and global governance. These areas of common ground should not be eclipsed by isolated points of friction.

From just 2.4 billion U.S. dollars in trade in 1975 to nearly 785 billion dollars in 2024, China-EU economic ties have become one of the most vibrant engines of global growth. Tens of thousands of freight trains have linked Chinese cities with over two dozen European countries. Investment flows have steadily expanded. Tourism, education, and people-to-people exchanges are flourishing. Such a relationship is not adversarial but essential.

Admittedly, like all major economic players, China and the EU do not agree on everything. But disagreement does not equal confrontation. In fact, it is through dialogue that differences can be managed, and mutual interests enhanced.

Some in Europe express concerns over so-called trade imbalances and follow Washington’s talk of “de-risking” and “de-coupling from China.” But such concerns often miss the broader picture.

The EU has long benefited from its trade with China, not only through exports of goods but through the access its businesses enjoy in a vast and evolving market. From luxury brands and automobiles to pharmaceuticals and engineering, European firms have built a strong presence in China.

Moreover, trade is not merely about goods. Services such as education, travel and tourism, where Europe enjoys clear advantages, have formed a growing and vital part of bilateral exchanges. Chinese tourists, students, and business travelers have made meaningful contributions to Europe’s economy and cultural life.

China and Europe also share common principles. Both advocate for multilateralism, a UN-centered international system, and a multilateral trade regime with the World Trade Organization (WTO) at its core. Both support multipolarity and globalization. Both are committed to tackling climate change and development deficits — real challenges that demand cooperation, not confrontation.

China, which does not seek dominance in global affairs, has never imposed its choices on Europe, nor has it blamed the EU for its domestic challenges. On the contrary, China has consistently supported a strong, united and strategically autonomous Europe. China firmly believes that Europe is a critical pole in a multipolar world and a key partner in promoting a more inclusive and just global order.

China’s pursuit of high-quality development aligns naturally with Europe’s goals of a green transition and renewed competitiveness. Despite differences on certain issues, China’s door to Europe remains open. It will continue to expand cooperation in areas ranging from green development to digital innovation, and from AI governance to upholding a free and open world economy.

The significance of China-EU ties extends far beyond bilateral interests. Whether in green supply chains, creating joint technological standards, or climate governance, each area of cooperation sends a signal of hope and stability to a world in flux.

As global climate change think tank E3G rightly pointed out, China and the EU are clean-tech powerhouses and agenda-setters in global climate policy. Allowing geopolitical tensions or trade frictions to derail this cooperation would be a serious strategic mistake.

The relationship needs more trust, not suspicion; more bridges, not barriers. This requires a return to the original spirit of China-EU engagement based on mutual respect, mutual benefit and shared progress.

As former EU official Gerhard Stahl noted, framing China as a “systemic rival” has done more to fuel misunderstanding than to foster constructive engagement. China, one of Europe’s most important partners, offers long-term predictability and enormous opportunity. The prospects for China-EU relations are brighter than ever.

MIL OSI China News –

July 24, 2025
MIL-OSI Russia: Maxim Reshetnikov: Investments in SEZ reached 2.7 trillion rubles over 20 years

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 Wednesday, July 23, the Minister of Economic Development of the Russian Federation, Maxim Reshetnikov, presented the main results of the work of special economic zones (SEZ) over the 20 years since the mechanism was created at a meeting of the President with members of the Government.

“Exactly 20 years ago, on your instructions, a law was adopted on Special Economic Zones to create new growth points in the regions and stimulate investment,” the minister noted, addressing the head of state.

Since the mechanism was launched, 59 SEZs have been created in Russia. More than 1,300 resident companies have invested 2.7 trillion rubles and created 110 thousand jobs. Today, the zones are developing in various sectors – from industry, science and logistics to tourism.

“Special economic zones respond to key business needs. It is within the framework of SEZs that production facilities are launched that ensure technological sovereignty and replace imports,” emphasized Maxim Reshetnikov.

The development of SEZs has accelerated especially in the last five years. Since 2020, more than half of the zones operating today — 34 — have been created. The influx of residents during this period was a record — 561 companies. Recent examples include the production of trailers in Tatarstan, medical furniture in the Tula region, pet food in the Lipetsk region, air filters and polymer products in the Novgorod region.

The head of the department separately noted the contribution of SEZs to the development of regional economies. The zones become drivers of diversification and create highly skilled jobs. According to the Ministry of Economic Development, the level of wages at resident enterprises is often 30-50% higher than the regional average.

In 2025, six new economic zones were created in Russia, and five more were expanded. Among the new ones are a tourist zone in Kuzbass, a machine-building cluster in the Chelyabinsk region, and an industrial and logistics hub in the Novosibirsk region. Applications for opening new sites are being developed, including a tourist SEZ in Mineralnye Vody.

According to the minister, the effectiveness of the mechanism is also confirmed from the point of view of the return of state investments: “The costs of benefits and the creation of infrastructure are recouped by the growth of the tax base. As of today, the budgetary effect from the work of the SEZ has exceeded 122 billion rubles,” the head of the Ministry of Economic Development reported.

During his speech, the minister outlined further priorities for the development of the mechanism. Among them are the simplification of procedures for investors, the integration of infrastructure support measures, the expansion of tourism formats, and the active attraction of foreign companies. Today, more than 100 foreign investors from 34 countries work in Russian SEZs.

“The Institute of Special Economic Zones has become an effective mechanism for the country’s economic development. This is the result of the work of regional teams, constant improvement of legislation and, of course, your support,” Maxim Reshetnikov noted in conclusion, addressing the President.

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 –

July 24, 2025
MIL-OSI Russia: Vitaly Savelyev discussed the socio-economic development of the region with the head of the Republic of Tatarstan Rustam Minnikhanov

Translation. Region: Russian Federal

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

Working meeting of Vitaly Savelyev with the head of the Republic of Tatarstan Rustam Minnikhanov

July 23, 2025

Working meeting of Vitaly Savelyev with the head of the Republic of Tatarstan Rustam Minnikhanov

July 23, 2025

Rustam Minnikhanov awarded Deputy Prime Minister Vitaly Savelyev with the Order of Friendship (Duslyk)

July 23, 2025

Rustam Minnikhanov awarded Deputy Prime Minister Vitaly Savelyev with the Order of Friendship (Duslyk)

July 23, 2025

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Working meeting of Vitaly Savelyev with the head of the Republic of Tatarstan Rustam Minnikhanov

For many years of fruitful cooperation and significant contribution to strengthening the socio-economic potential of the Republic of Tatarstan, Rustam Minnikhanov awarded Deputy Prime Minister Vitaly Savelyev with the Order of Friendship (“Duslyk”).

The Deputy Prime Minister noted the significant dynamics of the main economic indicators of the Republic of Tatarstan in 2024, as well as the systematic development of the transport complex of the subject.

The total number of passengers served at all airports of the republic in 2024 amounted to more than 6 million people (Kazan International Airport – 5.3 million, other airports – 0.7 million).

In 2024, 8.7 million passengers were transported by rail. The volume of transported cargo in 2024 remained generally at the 2023 level and amounted to 16.4 million tons.

As part of the program for the development of unmanned cargo transport, 18 unmanned KamAZ trucks are being used on the M-11 and Central Ring Road highways.

In turn, in the territory of Innopolis, as part of the development of unmanned transport technologies, an experimental legal regime is in effect for Yandex unmanned taxis.

“First of all, I would like to express my gratitude to the President of Russia and the Federal Government for their systematic support of our initiatives. Tatarstan is a region with unique tourism and transport-logistics potential, and its development requires comprehensive infrastructure development. We pay special attention to air traffic: the modernization of the Kazan airport, including the construction of a new terminal, will not only increase capacity, but will also give impetus to the economy and tourism development. Water transport is no less important. The length of Tatarstan’s inland waterways exceeds 1,000 km. The main rivers – the Volga, Kama and Vyatka – have the status of water bodies of federal significance. We are implementing projects to update the fleet, including the construction of modern high-speed passenger hydrofoils “Meteor-2020″. This will create a modern, efficient transport system that meets the challenges of the time,” said Rustam Minnikhanov.

“The Republic of Tatarstan has traditionally been one of the leaders in the development of transport infrastructure in the country. The regional leadership and personally Rustam Minnikhanov are consistently working in this direction. According to the results of 2024, growth is observed in all main areas: air transportation, rail transportation, and water transportation. Today, we visited the Kazan Aviation Plant named after Gorbunov, a strategic enterprise for the aviation industry, which produces and maintains the Tu-214 airliner. A number of airlines are interested in purchasing this aircraft. It is important to note that Tatarstan enterprises are participating in the implementation of transport megaprojects. For the construction of the Moscow-St. Petersburg high-speed highway, Natsproektstroy will purchase more than 400 units of special equipment from KAMAZ,” said Vitaly Savelyev.

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 –

July 24, 2025
MIL-OSI USA: Case Introduces Proposal To Expand Indigenous-Based Tourism

Source: United States House of Representatives – Congressman Ed Case (Hawai‘i – District 1)

(Washington, DC) — U.S. Representative Ed Case (D-Hawai‘i-First District) has introduced proposed legislation in the U.S. House to authorize federal grants to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations for fostering indigenous history and culture-based travel and tourism.

“This measure is especially important for my home state of Hawai‘i, where the link between tourism and our indigenous peoples, Native Hawaiians, is essential”, said Case. “Native Hawaiian history and culture is at the heart of our islands’ uniqueness. It is one of the major draws for our visitors, and activities based on our indigenous history and culture should be developed by Native Hawaiians wherever and however possible.”

Case said his measure is the House companion to S. 612, introduced by Senators Lisa Murkowski, Chair of the Senate Indian Affairs Committee, and Brian Schatz, Vice Chairman of the Committee. The bill makes important corrections to the NATIVE Act to authorize grants to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations for recreational travel and tourism activities.

Case said that Congress enacted the NATIVE Act in 2016 to provide grants, loans and technical assistance to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations to assist in developing tourism in indigenous peoples communities and enhancing opportunities for visitors to learn about indigenous peoples’ history, cultures, traditional foods, languages and arts. He said unfortunately, the act did not clearly authorize the federal Bureau of Indian Affairs (BIA) or the Office of Native Hawaiian Relations (ONHR) to issue the grants, which led to implementation challenges.

“Our bill corrects this oversight by clearly authorizing the BIA and ONHR, along with several other federal agencies, to issue these grants and authorize appropriations for the program,” said Case. “The bill will enable improved access to federal resources, helping these communities build sustainable tourism infrastructure and expand cultural tourism. In turn, it will foster a broader appreciation of indigenous peoples and create jobs and boost economic development in rural and underserved areas.”

Case continued: “The past generations have witnessed a great renaissance of the Hawaiian language and culture, and in turn over the ensuing years Native Hawaiian practitioners and culture have become an increasingly visible and central part of our visitor industry. We in Hawai‘i are committed to fostering this sector of our economy in a way that encourages long-term cultural preservation efforts.

“Through improving the implementation of the NATIVE Act, which has helped both Native Hawaiian Organizations and local Native Hawaiian businesses, our federal government will do a better job preserving and promoting Native Hawaiian culture.

“We can help connect tourists with the rich indigenous heritage of Hawai‘i though community-based visitor experiences that protect cultural sites, promote education and create jobs.”

1. Link to measure is here

2. Link to Case remarks on the measure is here

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MIL OSI USA News –

July 24, 2025
MIL-OSI New Zealand: Track repair confirmed for Waimata Gemstone Bay

Source: NZ Department of Conservation

Date: 24 July 2025

Tracks to Gemstone and Stingray bays were damaged in the same February 2023 extreme weather events which resulted in the extended closure of walking access to Mautohe Cathedral Cove.

DOC’s Coromandel Operations Manager Nick Kelly says DOC has worked hard to assess the tracks and was pleased to find a good solution for Gemstone.

“A repair project will see a reroute of the existing track and a new 40 metre section constructed in time for the summer visitor season, all going to plan.

“We’ve explored a couple of options to reinstate access to Waimata Gemstone Bay and we’ve chosen what we consider to be the most cost-effective and simplest solution.”

The new route will take visitors away from a slip risk area and will be much safer to construct. It will require some vegetation removal and the construction of box steps in places. The track will be gravel with wooden edging and connect with existing access stairs.

The reinstatement option also means there’s no need for geotechnical stabilisation.

Nick cautioned Waimata Gemstone Bay and the track are still prone to coastal erosion, but the choice of a low complexity option means future repairs are likely to be cheaper and quicker.

“Reinstating the Waimata Gemstone Bay track will restore land access to a popular snorkelling destination within Te Whanganui-O-Hei Marine Reserve,” says Nick.

“The bay’s rocky reef has long supported educational snorkelling trips by local schools and provides both visitors and the community the opportunity to experience marine life in a marine protected area.”

Investigations into reinstating walking access to nearby Te Karaka Stingray Bay, have highlighted significant difficulties, costs and visitor risks, Nick says. Other considerations are the cost to maintain hard infrastructure at the site and the long-term sustainability of having a track to the site.

“Unfortunately, this means walking access to Stingray Bay will not be reinstated.

“The current steps are gradually being twisted by a slow-slip landslide which over time will require significant maintenance if access is reestablished. Nick acknowledges there will be disappointment about the Te Karaka Stingray Bay decision but says it’s a tough, but necessary, call.

“Geotechnical advice confirms the cliffs surrounding the beach are highly unstable, with active rockfall areas and limited practical options for mitigation.

“Visitors would be forced into hazardous zones by rising tides or walk near to unstable cliff – and we don’t think that’s sensible or safe considering the type of visitor who goes there.”

Te Karaka Stingray Bay can still be reached from the sea. Anyone planning to do this is urged to check weather, sea and tide conditions.

DOC is working with mana whenua and the community to identify the best options for the long-term management and protection of Cathedral Cove Recreation Reserve.

With over 2000 tourism businesses operating in protected natural areas, nature tourism is worth $3.4 billion each year and is vital in supporting local communities like Hahei.

Contact

For media enquiries contact:

Email: media@doc.govt.nz

MIL OSI New Zealand News –

July 24, 2025

MIL-OSI: Northrim BanCorp Earns $11.8 Million, or $2.09 Per Diluted Share, in Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, July 23, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $11.8 million, or $2.09 per diluted share, in the second quarter of 2025, compared to $13.3 million, or $2.38 per diluted share, in the first quarter of 2025, and $9.0 million, or $1.62 per diluted share, in the second quarter a year ago. The increase in second quarter 2025 profitability as compared to the second quarter a year ago was primarily the result of an increase in net interest income, higher purchased receivable income, and increased mortgage banking income, which were partially offset by a higher provision for credit losses, higher other operating expenses, and a higher provision for income taxes. Net interest income increased primarily due to higher loan balances and higher yields on earning assets. Purchased receivable income increased primarily due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport or SCF”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to purchased receivable factoring and asset-based lending in the United States, Canada, and the United Kingdom.

Dividends per share in the second quarter of 2025 remained consistent with the first quarter of 2025 at $0.64 per share as compared to $0.61 per share in the second quarter of 2024.

“Strong loan growth, increasing asset yields, and stable funding costs drove record net interest income in the second quarter of this year,” said Mike Huston, Northrim’s President and Chief Executive Officer. “We continue to attract new customers to Northrim and believe we have an opportunity to steadily increase our market share over the next few years.”

Second Quarter 2025 Highlights:

Net interest income in the second quarter of 2025 increased 7% to $33.6 million compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024.
Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.72% for the second quarter of 2025, up 11-basis points from the first quarter of 2025 and up 42-basis points from the second quarter a year ago.
Return on average assets (“ROAA”) was 1.48% and return on average equity (“ROAE”) was 16.37% for the second quarter of 2025 compared to ROAA of 1.76 and ROAE of 19.70 in the prior quarter and ROAA of 1.31% and ROAE of 14.84% for the second quarter of 2024.
Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago, primarily due to new customer relationships and expanding market share, as well as retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”). The Company sold $61 million in consumer mortgages in the second quarter of 2025 that were included in loans held for investment as of the end of 2024 to reduce the concentration of residential real estate loans and to provide additional liquidity for future commercial and construction loan growth.
Total deposits were $2.81 billion at June 30, 2025, up 1% from the preceding quarter, and up 14% from $2.46 billion a year ago. Non-interest bearing demand deposits increased 5% from the preceding quarter and increased 10% year-over-year to $777.9 million at June 30, 2025 and represent 28% of total deposits.
The average cost of interest-bearing deposits was 2.04% at June 30, 2025, up slightly from 2.01% at March 31, 2025 and down from 2.21% at June 30, 2024.
Mortgage loan originations were $277.1 million in the second quarter of 2025, up from $121.6 million in the first quarter of 2025 and up from $181.5 million in the second quarter a year ago. Mortgage loans funded for sale were $249.7 million in the second quarter of 2025, compared to $108.5 million in the first quarter of 2025 and $152.3 million in the second quarter of 2024.

Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total assets	$	3,243,760		$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668
Total portfolio loans	$	2,202,115		$	2,124,330		$	2,129,263		$	2,007,565		$	1,875,907
Total deposits	$	2,809,170		$	2,777,977		$	2,680,189		$	2,625,567		$	2,463,806
Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Net income	$	11,778		$	13,324		$	10,927		$	8,825		$	9,020
Diluted earnings per share	$	2.09		$	2.38		$	1.95		$	1.57		$	1.62
Return on average assets		1.48	%		1.76	%		1.43	%		1.22	%		1.31	%
Return on average shareholders’ equity		16.37	%		19.70	%		16.32	%		13.69	%		14.84	%
NIM		4.66	%		4.55	%		4.41	%		4.29	%		4.24	%
NIMTE^*		4.72	%		4.61	%		4.47	%		4.35	%		4.30	%
Efficiency ratio		64.68	%		63.54	%		66.96	%		66.11	%		68.78	%
Total shareholders’ equity/total assets		8.95	%		8.91	%		8.78	%		8.78	%		8.76	%
Tangible common equity/tangible assets^*		7.50	%		7.41	%		7.23	%		8.28	%		8.24	%
Book value per share	$	52.55		$	50.67		$	48.41		$	47.27		$	44.93
Tangible book value per share^*	$	43.35		$	41.47		$	39.17		$	44.36		$	42.03
Dividends per share	$	0.64		$	0.64		$	0.62		$	0.62		$	0.61
Common stock outstanding		5,522,271			5,520,892			5,518,210			5,501,943			5,501,562

^* References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (both of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information included in this section are included on page 14.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in May of 2025 was 4.7% compared to the U.S. rate of 4.2%. The rate has held steady in Alaska at 4.7% for eight consecutive months. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.1% or 3,800 jobs between May of 2024 and May of 2025.

According to the DOL, the Oil and Gas sector had the largest growth rate in new jobs of 8.8% through May of this year compared to the prior year, up 700 direct jobs. The Construction sector added 700 positions for a year-over-year growth rate of 3.7% through May of 2025. The larger Health Care sector grew by 1,200 jobs for an annual growth rate of 2.9%. Transportation, Warehousing and Utilities added 600 jobs for a 2.3% growth rate over the same period. Professional and Business Services increased 500 jobs year-over-year through May of 2025, up 1.7%.

The Government sector grew by 200 jobs for 0.2% growth, adding 400 State positions while losing 200 Federal jobs in Alaska over the same period. Declining sectors between May 2024 and May 2025 were Information down 100 jobs or (-2.3%), Manufacturing (primarily seafood processing) shrinking 200 positions (-2.1%), Wholesale Trade lost 100 jobs (-1.5%) and Financial Activities, down 100 jobs (-0.9%).

Alaska’s seasonally adjusted personal income was $57.4 billion in the first quarter of 2025 according to the Federal Bureau of Economic Analysis (“BEA”). This was an annualized improvement in the first quarter of 6.4% for Alaska, compared to the national average of 6.7%. Alaska enjoyed an annual personal income improvement of 6% in 2024 compared to the U.S. increase of 5.4%, ranking Alaska 6^th best in the nation. The $885 million increase in personal income in the first quarter of 2025 in Alaska came from a $352 million increase in net earnings from wages, $440 million growth in government transfer receipts, and a $92 million increase in investment income.

Alaska’s Gross State Product (“GSP”) in the first quarter of 2025 reached $72 billion according to the BEA. Alaska’s inflation adjusted “real” GSP increased 1.5% in 2024 and decreased -1.8% annualized in the first quarter of 2025. The average U.S. GDP growth rate was 2.8% for 2025 and -0.5% in the first quarter of 2025. Alaska’s real GSP decrease in the first quarter of 2025 was primarily caused by a decrease in the Mining, Oil & Gas sector, somewhat offset by improvements in the Construction sector.

Alaska exported $5.9 billion in goods to foreign countries in 2024 according to the U.S. International Trade Administration. China is the largest importer of Alaska’s products at $1.5 billion, followed by Australia at $804 million, Japan at $674 million and South Korea at $634 million in 2024. Fish and related maritime products accounted for the largest volume at $2.1 billion, followed by minerals and ores at $2 billion, and primary metals at $992 million in 2024. Oil & Gas exports are $380 million because the majority of Alaska’s production is refined and consumed in the United States. Chief Credit Officer and Bank Economist Mark Edwards stated, “President Trump’s significant changes to international tariffs has created uncertainty in trade markets. At this time, it is unknown how each country will respond. Alaska’s natural resources are highly valued commodities throughout the world. If issues arise with one country, such as China, it is most likely that Alaska’s products will be redirected to other markets like Japan and South Korea or sold domestically in the United States. Canada is the largest long-term investor in Alaska’s mining industry. This involves significant fixed capital investments made over decades that are unlikely to shift dramatically in the short-run. Alaska’s Legislature just passed a bill HJR-11 with an approval vote of 33-4 titled, Recognizing and honoring the relationship between Canada and Alaska. It highlights the deeply interconnected friendship between Alaska and Canada culturally, economically, and militarily.”

According to the US Bureau of Labor Statistics, the Consumer Price Index (“CPI”) for the U.S. increased 2.7% between June of 2024 and June of 2025. In Alaska, the rate of CPI increase was lower at 1.6% for the same time period. Food and beverage, housing costs, and medical care costs were the largest causes for inflation. Declining motor fuel prices, transportation, recreation and household furnishing costs have helped moderate inflationary pressures in Alaska.

The monthly average price of Alaska North Slope (“ANS”) crude oil has ranged between $76.39 a barrel in January of 2025 and $67.07 in May of the prior year. The June 2025 average was $72.62. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024. Production rose to 469 thousand bpd in fiscal year ending June 30, 2025. In the Spring 2025 Revenue Forecast published March 12, 2025, the DOR expects production to continue to grow to 663 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka field and ConocoPhillips is developing the large new Willow field. There are also a number of smaller new fields in the ANS that are contributing to the State of Alaska’s production growth estimates.

The Alaska Permanent Fund is seeded annually by the oil wealth the State continues to save each year and has grown significantly over 40 years of successful investment. As of May 31, 2025 the fund’s value was $83.13 billion. According to the DOR it is scheduled to contribute $3.7 billion to Alaska General Fund in fiscal year 2025 for general government spending and to pay the annual dividend to Alaskan residents.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $510,064, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases. Through June of 2025 prices have continued to increase on average 2.6% to $523,059.

The average sales price for single family homes in the Matanuska Susitna Borough rose 3.8% in 2024 to $412,859, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. Through June of 2025 prices have continued to increase on average 6.9% to $441,463. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. The first six months of 2025 has seen a 4.8% increase in home sales compared to the first half of 2024 in Anchorage.

There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or -0.2%. In the first six months of 2025 the number of units sold has increased 13.1% in the Matanuska Susitna Borough compared to the first half of 2024.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

In the second quarter of 2025, Northrim generated a ROAA of 1.48% and a ROAE of 16.37%, compared to 1.76% and 19.70%, respectively, in the first quarter of 2025 and 1.31% and 14.84%, respectively, in the second quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income increased 7% to $33.6 million in the first quarter of 2025 compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024. Interest expense on deposits increased to $10.3 million in the second quarter of 2025 compared to $9.9 million in the first quarter of 2025 and compared to $9.5 million in the second quarter of 2024.

NIMTE^* was 4.72% in the second quarter of 2025 up from 4.61% in the preceding quarter and 4.30% in the second quarter a year ago. NIMTE^* increased 42 basis points in the second quarter of 2025 compared to the second quarter of 2024 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher yields on those assets as variable rate loans reset at higher rates which were only partially offset by an increase in borrowings. The weighted average interest rate for new loans booked in the second quarter of 2025 was 7.27% compared to 7.30% in the first quarter of 2025 and 7.90% in the second quarter a year ago. The yield on the investment portfolio in the second quarter of 2025 increased to 3.07% from 2.97% in the first quarter of 2025 and 2.82% in the second quarter of 2024. “We are continuing to see some benefits from the repricing of our loan portfolio and new production increasing our margin” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.26% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of March 31, 2025.

Provision for Credit Losses

Northrim recorded a provision for credit losses of $2.0 million in the second quarter of 2025, which was comprised of a provision for credit losses on loans of $1.8 million, a $157,000 provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $18,000. This compares to a benefit to the provision for credit losses of $1.4 million in the first quarter of 2025, which was comprised of a benefit to the provision for credit losses on loans of $1.1 million, a $322,000 benefit for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $46,000. In the second quarter a year ago, Northrim recorded a benefit to the provision for credit losses of $120,000 which was comprised of a $134,000 provision for credit losses on loans and a $254,000 benefit to the provision for credit losses on unfunded commitments.

The increase to the provision for credit losses on loans in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. The increase to the provision for unfunded commitments in the second quarter of 2025 was primarily due to an increase in estimated loss rates which was only partially offset by changes in mix of unfunded commitments.

Nonperforming assets, net of government guarantees, decreased during the quarter to $11.9 million at June 30, 2025, compared to $12.3 million at March 31, 2025, and increased compared to $5.1 million at June 30, 2024. The increase in nonperforming assets, net of government guarantees at June 30, 2025 compared to June 30, 2024 is primarily the result of the acquisition of Sallyport in the fourth quarter of 2024.

The allowance for credit losses on loans was 290% of nonperforming loans, net of government guarantees, at the end of the second quarter of 2025, compared to 262% three months earlier and 365% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $16.6 million, or 33% of total second quarter 2025 revenues, as compared to $13.0 million, or 29% of revenues in the first quarter of 2025, and $9.6 million, or 26% of revenues in the second quarter of 2024. The increase in other operating income in the second quarter of 2025 as compared to the second quarter of 2024 was primarily the result of increased purchased receivable income due to the Company’s acquisition of Sallyport on October 31, 2024. Mortgage banking income in the second quarter of 2025 increased as compared to the first quarter of 2025 and second quarter of 2024 due to a higher volume of mortgage activity. See further discussion regarding mortgage activity contained under “Home Mortgage Lending” below.

Other Operating Expenses

Operating expenses were $32.5 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025, and $25.2 million in the second quarter of 2024. The increase in other operating expenses in the second quarter of 2025 compared to the first quarter of 2025 was primarily due to an increase in salaries and other personnel expense, including $980,000 in higher mortgage commissions expense due to higher mortgage volume, $763,000 in higher salary expense, a $760,000 increase in group medical expenses, and increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions. The increase in total other operating expenses in the second quarter of 2025 compared to the second quarter a year ago was primarily due to an increase in salaries and other personnel expense, the increase in compensation expense for Sallyport acquisition payments, and an increase in data processing expense. Total other operating expense increased $2.1 million in the Specialty Finance segment in the second quarter of 2025 compared to the second quarter of 2024 due to the acquisition of Sallyport on October 31, 2024.

Income Tax Provision

In the second quarter of 2025, Northrim recorded $4.0 million in state and federal income tax expense for an effective tax rate of 25.3%, compared to $4.3 million, or 24.2% in the first quarter of 2025 and $2.5 million, or 21.9% in the second quarter a year ago. The increase in the tax rate in the second quarter of 2025 as compared to the first quarter of 2025 and second quarter of 2024 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2025 as compared to 2024.

Community Banking

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as ‘distressed or underserved non-metropolitan middle-income geographies’.

Net interest income in the Community Banking segment totaled $30.0 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025 and $24.3 million in the second quarter of 2024. Net interest income increased $5.7 million or 23% in the second quarter of 2025 as compared to the second quarter of 2024 mostly due to higher interest income on loans. This increase was only partially offset by lower interest income on investments and higher interest expense on deposits and borrowings.

The provision for credit losses in the Community Banking segment was $1.3 million in the second quarter of 2025 compared to a benefit to the provision for credit losses of $1.8 million in the first quarter of 2025 and a benefit to the provision for credit losses of $184,000 in the same quarter a year ago. The increase to the provision for credit losses in the Community Banking segment in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. In the first quarter of 2025, the Company recorded a net benefit for credit losses in the Community Banking segment primarily due to changes in the Company’s loss rate regression models for commercial, commercial real estate, and construction loans. These decreases in the provision were only partially offset by increases in estimated loss rates for management’s assessment of economic conditions and an increase for higher loan balances.

Other operating expenses in the Community Banking segment totaled $21.8 million in the second quarter of 2025, up $3.2 million or 17% from $18.6 million in the first quarter of 2025, and up $3.7 million or 20% from $18.1 million in the second quarter a year ago. The increase in the second quarter of 2025 as compared to the prior quarter and compared to the same quarter a year ago was primarily due to increases in salaries and other personnel expense, including $667,000 in higher salary expense, an $873,000 increase in group medical expenses, as well as increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions.

The following tables provide highlights of the Community Banking segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025			December 31, 2024		September 30, 2024		June 30, 2024
Net interest income	$	29,971	$	28,151		$	27,643	$	25,928	$	24,318
(Benefit) provision for credit losses		1,319		(1,768	)		771		1,492		(184	)
Other operating income		3,268		2,703			2,535		3,507		2,451
Other operating expense		21,764		18,581			19,116		18,723		18,069
Income before provision for income taxes		10,156		14,041			10,291		9,220		8,884
Provision for income taxes		2,413		3,253			1,474		2,133		1,786
Net income	$	7,743	$	10,788		$	8,817	$	7,087	$	7,098
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,597,889		5,583,055		5,558,580
Diluted earnings per share attributable to Community Banking	$	1.37	$	1.93		$	1.58	$	1.26	$	1.27

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025			June 30, 2024
Net interest income	$	58,122		$	48,533
(Benefit) provision for credit losses		(449	)		13
Other operating income		5,971			4,919
Other operating expense		40,345			35,247
Income before provision for income taxes		24,197			18,192
Provision for income taxes		5,666			3,752
Net income Community Banking segment	$	18,531		$	14,440
Weighted average shares outstanding, diluted		5,611,734			5,562,025
Diluted earnings per share	$	3.30		$	2.59

Home Mortgage Lending

During the second quarter of 2025, mortgage loans funded for sale were $249.7 million, compared to $108.5 million in the first quarter of 2025, and $152.3 million in the second quarter of 2024.

During the second quarter of 2025, the Bank purchased loans of $27.5 million from its subsidiary, Residential Mortgage, of which approximately half were jumbos, one-quarter were mortgages for second homes, and one-quarter were adjustable rate mortgages, with a weighted average interest rate of 6.71%, as compared to $13.1 million and 6.39% in the first quarter of 2025, and $29.2 million and 6.82% in the second quarter of 2024. Net interest income contributed $3.5 million to total Home Mortgage Lending revenue in the second quarter of 2025, up from $3.0 million in the prior quarter, and up from $2.8 million in the second quarter a year ago.

The Company reclassified $100 million in consumer mortgages held for investment to held for sale in the first quarter of 2025 and recorded unrealized losses of $1.2 million related to this portfolio in the first quarter of 2025. In the second quarter of 2025, the Company sold $61 million of the $100 million that was reclassified to loans held for sale in the first quarter of 2025 for a total realized loss of $545,000.

The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 22% of Residential Mortgage’s $216 million total production in the second quarter of 2025 (excluding the $61 million in mortgages sold noted above), 20% of $122 million total production in the first quarter of 2025, and 22% of $182 million total production in the second quarter of 2024.

The provision for credit losses in the Home Mortgage Lending segment was $639,000 in the second quarter of 2025 compared to a benefit to the provision for credit losses of $307,000 in the first quarter of 2025 and a provision for credit loses of $64,000 in the second quarter of 2024. The increase in the provision for credit losses in the second quarter of 2025 in the Home Mortgage Lending segment as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances. The benefit to the provision for loan losses in the Home Mortgage Lending segment in the first quarter of 2025 was primarily the result of the reclassification of $100 million in mortgage loans to loans held for sale, which was only partially offset by an increase in the provision for loan losses due to changes in the Company’s loss rate regression models for home mortgage loans.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $818,000 during the second quarter of 2025 compared to a decrease of $855,000 for the first quarter of 2025 and a decrease of $81,000 for the second quarter of 2024. Mortgage servicing revenue increased to $3.0 million in the second quarter of 2025 from $2.7 million in the prior quarter and increased from $2.2 million in the second quarter of 2024 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the second quarter of 2025, the Company’s servicing portfolio increased $69.3 million compared to a $24.0 million increase in the first quarter of 2025, and an increase of $41.8 million in the second quarter of 2024.

As of June 30, 2025, Northrim serviced 6,458 loans in its $1.55 billion home-mortgage-servicing portfolio, a 5% increase compared to the $1.48 billion serviced as of the end of the first quarter of 2025, and a 41% increase from the $1.10 billion serviced a year ago.

The following tables provide highlights of the Home Mortgage Lending segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Mortgage commitments	$	73,198		$	68,258		$	32,299		$	77,591		$	88,006

Mortgage loans funded for sale	$	249,680		$	108,499		$	162,530		$	209,960		$	152,339
Mortgage loans funded for investment		27,455			13,061			23,380			38,087			29,175
Total mortgage loans funded	$	277,135		$	121,560		$	185,910		$	248,047		$	181,514
Mortgage loan refinances to total fundings		10	%		11	%		11	%		6	%		6	%
Mortgage loans serviced for others	$	1,553,987		$	1,484,714		$	1,460,720		$	1,166,585		$	1,101,800

Net realized and unrealized gains on mortgage loans sold and held for sale	$	5,091		$	1,580		$	3,747		$	5,079		$	3,189
Change in fair value of mortgage loan commitments, net		(110	)		660			(665	)		60			390
Total production revenue		4,981			2,240			3,082			5,139			3,579
Mortgage servicing revenue		2,957			2,696			2,847			2,583			2,164
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(355	)		(322	)		1,372			(566	)		239
Other²		(463	)		(533	)		(499	)		(402	)		(320	)
Total mortgage servicing revenue, net		2,139			1,841			3,720			1,615			2,083
Other mortgage banking revenue		280			170			238			293			222
Total mortgage banking income	$	7,400		$	4,251		$	7,040		$	7,047		$	5,884

Net interest income	$	3,507		$	3,046		$	3,280		$	2,941		$	2,775
Provision (benefit) for credit losses		639			(307	)		305			571			64
Mortgage banking income		7,400			4,251			7,040			7,047			5,884
Other operating expense		7,593			6,490			7,198			7,643			6,697
Income before provision for income taxes		2,675			1,114			2,817			1,774			1,898
Provision for income taxes		746			310			842			497			532
Net income	$	1,929		$	804		$	1,975		$	1,277		$	1,366

Weighted average shares outstanding, diluted		5,611,558			5,608,102			5,597,889			5,583,055			5,558,580
Diluted earnings per share attributable to Home Mortgage Lending	$	0.34		$	0.14		$	0.35		$	0.23		$	0.25

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025			June 30, 2024
Mortgage loans funded for sale	$	358,179		$	236,663
Mortgage loans funded for investment		40,516			46,578
Total mortgage loans funded	$	398,695		$	283,241
Mortgage loan refinances to total fundings		10	%		6	%

Net realized and unrealized gains on mortgage loans sold and held for sale	$	6,671		$	5,168
Change in fair value of mortgage loan commitments, net		550			777
Total production revenue		7,221			5,945
Mortgage servicing revenue		5,653			3,725
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(677	)		528
Other²		(996	)		(634	)
Total mortgage servicing revenue, net		3,980			3,619
Other mortgage banking revenue		450			351
Total mortgage banking income	$	11,651		$	9,915

Net interest income	$	6,553		$	5,007
Provision for credit losses		332			16
Mortgage banking income		11,651			9,915
Other operating expense		14,083			12,783
Income before provision for income taxes		3,789			2,123
Provision for income taxes		1,056			595
Net income Home Mortgage Lending segment	$	2,733		$	1,528

Weighted average shares outstanding, diluted		5,611,734			5,562,025
Diluted earnings per share	$	0.48		$	0.28

Specialty Finance

The Company’s Specialty Finance segment includes Northrim Funding Services and Sallyport. Northrim Funding Services is a division of the Bank and has offered factoring solutions to small businesses since 2004. Sallyport is a leading provider of factoring, asset-based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom that the Company acquired on October 31, 2024 in an all cash transaction valued at approximately $53.9 million. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also includes interest income from loans and other fee income.

The acquisition of Sallyport included $1.1 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter of 2024 in the tables below. Total pre-tax income for Sallyport for the second quarter of 2025 was $1.3 million compared to $1.3 million in the first quarter of 2025 and $945,000 for the two months of operations in the fourth quarter of 2024, excluding transaction costs.

Average purchased receivables and loan balances at Sallyport were $71.0 million for the second quarter of 2025 with a yield of 27.23% compared to average balances of $59.9 million for the first quarter of 2025 and a yield of 35.8%. The yield in the first quarter of 2025 included the recognition of $899,000 in nonaccrual fee income collected during the quarter related to two nonperforming receivables and the collection of a $350,000 line termination fee. The yield excluding these items for the first quarter of 2025 was 27.4%.

The following tables provide highlights of the Specialty Finance segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024
Purchased receivable income	$	5,897	$	6,150		$	3,526		$	1,033	$	1,242
Other operating income		75		(64	)		(68	)		—		—
Interest income		782		596			407			158		170
Total revenue		6,754		6,682			3,865			1,191		1,412
Provision for credit losses		18		666			125			—		—
Compensation expense – SCF acquisition payments		600		600			—			—		—
Other operating expense		2,531		2,500			3,063			362		428
Interest expense		668		496			489			185		210
Total expense		3,817		4,262			3,677			547		638
Income before provision for income taxes		2,937		2,420			188			644		774
Provision for income taxes		831		688			53			183		218
Net income Specialty Finance segment	$	2,106	$	1,732		$	135		$	461	$	556
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,597,889			5,583,055		5,558,580
Diluted earnings per share attributable to Specialty Finance	$	0.38	$	0.31		$	0.02		$	0.08	$	0.10

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025		June 30, 2024
Purchased receivable income	$	12,047	$	2,587
Other operating income		11		—
Interest income		1,378		382
Total revenue		13,436		2,969
Provision for credit losses		684		—
Compensation expense – SCF acquisition payments		1,200		—
Other operating expense		5,031		802
Interest expense		1,164		422
Total expense		8,079		1,224
Income before provision for income taxes		5,357		1,745
Provision for income taxes		1,519		494
Net income Specialty Finance segment	$	3,838	$	1,251
Weighted average shares outstanding, diluted		5,611,734		5,562,025
Diluted earnings per share	$	0.69	$	0.23

Balance Sheet Review

Northrim’s total assets were $3.24 billion at June 30, 2025, up 3% from the preceding quarter and up 15% from a year ago. Northrim’s loan-to-deposit ratio was 78% at June 30, 2025, up from 76% at both March 31, 2025 and June 30, 2024.

At June 30, 2025, liquid assets, investments, and loans maturing within one year were $1.15 billion and our funds available for borrowing under our existing lines of credit were $507.9 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.89 billion in the second quarter of 2025, up 4% from $2.78 billion in the first quarter of 2025 and up 12% from $2.57 billion in the second quarter a year ago. The average yield on interest-earning assets was 6.27% in the second quarter of 2025, up from 6.10% in the preceding quarter and up from 5.83% in the second quarter of 2024.

Average investment securities decreased to $515.9 million in the second quarter of 2025, compared to $523.8 million in the first quarter of 2025 and $640.0 million in the second quarter a year ago. The average net tax equivalent yield on the securities portfolio was 3.07% for the second quarter of 2025, up from 2.97% in the preceding quarter and up from 2.82% in the year ago quarter. The average estimated duration of the investment portfolio at June 30, 2025, was approximately 2.4 years compared to approximately 2.5 years at June 30, 2024. As of June 30, 2025, $55.7 million of available for sale securities with a weighted average yield of 1.40% are scheduled to mature in the next six months, $106.8 million with a weighted average yield of 1.28% are scheduled to mature in six months to one year, and $145.0 million with a weighted average yield of 1.96% are scheduled to mature in the following year, representing a total of $307.5 million or 11% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $1.9 million in the second quarter of 2025 resulting in total unrealized loss, net of tax, of $3.6 million compared to $5.5 million at March 31, 2025, and $15.2 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $711,000 at June 30, 2025, compared to $1.1 million at March 31, 2025, and $3.0 million a year ago.

Average interest bearing deposits in other banks decreased to $27.2 million in the second quarter of 2025 from $38.0 million in the first quarter of 2025 and increased from $17.4 million in the second quarter of 2024, as cash was used to fund loan growth and provide liquidity.

Loans held for sale decreased to $127.1 million at June 30, 2025, compared to $159.6 million at March 31, 2025, largely due to the sale of $61 million consumer mortgage loans in the second quarter of 2025 that had been reclassified to loans held for sale from portfolio loans in the first quarter of 2025, and increased from $85.9 million a year ago, due to higher loan production by Residential Mortgage.

Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $2.00 billion at June 30, 2025, up $59.1 million or 3% from the preceding quarter and up 21% from a year ago. This increase in the second quarter of 2025 was diversified throughout the loan portfolio including consumer mortgage loans increasing by $19 million, construction loans increasing by $31.2 million, commercial real estate owner-occupied loans increasing $17.1 million, and nonowner-occupied commercial real estate and multi-family loans increasing by $6.5 million from the preceding quarter. These increases were partially offset by a $3.8 million decrease in commercial loans. Average portfolio loans in the second quarter of 2025 were $2.17 billion, which was consistent with the preceding quarter after the sale of $61 million in consumer mortgage loans, and up 18% from a year ago. Yields on average portfolio loans in the second quarter of 2025 increased to 6.99% from 6.89% in the first quarter and increased from 6.87% in the second quarter of 2024. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.45% in the second quarter of 2025 as compared to 7.43% in the first quarter of 2025 and 8.26% in the second quarter of 2024.

Northrim’s loans and credit lines are subject to approval procedures and amount limitations. These limitations apply to the borrower’s total outstanding indebtedness and commitments to us, including the indebtedness of any guarantor. Generally, Northrim is permitted to make loans to one borrower of up to 15% of the unimpaired capital and surplus of the Bank. The legal lending limit was $39.4 million at June 30, 2025. At June 30, 2025, Northrim had 22 relationships totaling $504.0 million in portfolio loans whose total direct and indirect commitments were greater than 50% of the legal lending limit.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.81 billion at June 30, 2025, up 1% from $2.78 billion at March 31, 2025, and up 14% from $2.46 billion a year ago. “The increase in deposits in the second quarter of 2025 was consistent with our customers’ normal business cycles which typically result in increases in deposit balances in the second and third quarters and decreases in the first and fourth quarters,” said Ballard. At June 30, 2025, 75% of total deposits were held in business accounts and 25% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $60,000 as of June 30, 2025. Northrim had 27 customers with balances over $10 million as of June 30, 2025, which accounted for $731.1 million, or 27%, of total deposits. Demand deposits increased by 5% from the prior quarter and increased 10% from the prior year to $777.9 million at June 30, 2025. Demand deposits were 28% of total deposits at June 30, 2025 up from 27% at March 31, 2025 and were down from 29% of total deposits at June 30, 2024. Average interest-bearing deposits were up 1% to $2.03 billion with an average cost of 2.04% in the second quarter of 2025, compared to $2.00 billion and an average cost of 2.01% in the first quarter of 2025, and up 18% compared to $1.73 billion and an average cost of 2.21% in the second quarter of 2024. Uninsured deposits totaled $1.02 billion or 36% of total deposits as of June 30, 2025 compared to $1.08 billion or 40% of total deposits as of December 31, 2024.

Shareholders’ equity was $290.2 million, or $52.55 book value per share, at June 30, 2025, compared to $279.8 million, or $50.67 book value per share, at March 31, 2025 and $247.2 million, or $44.93 book value per share, a year ago. Tangible book value per share^* was $43.35 at June 30, 2025, compared to $41.47 at March 31, 2025, and $42.03 per share a year ago. The increase in shareholders’ equity in the second quarter of 2025 as compared to the first quarter of 2025 was largely the result of earnings of $11.8 million and an increase in the fair value of the available for sale securities portfolio, which increased $1.9 million, net of tax, which were only partially offset by dividends paid of $3.6 million. The Company did not repurchase any shares of common stock in the second quarter of 2025 and currently has no plans to repurchase shares this year. Tangible common equity to tangible assets^* was 7.50% as of June 30, 2025, compared to 7.41% as of March 31, 2025 and 8.24% as of June 30, 2024. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 9.80% at June 30, 2025, compared to 9.76% at March 31, 2025, and 11.68% at June 30, 2024.

Asset Quality

Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

Nonperforming assets (“NPAs”) net of government guarantees were $11.9 million at June 30, 2025, down from $12.3 million at March 31, 2025 and up from $5.1 million a year ago. Of the NPAs at June 30, 2025, $4.2 million are attributable to the Community Banking segment and $7.5 million are attributable to the Specialty Finance segment.

Net adversely classified loans were $35.8 million at June 30, 2025, as compared to $20.4 million at March 31, 2025, and $7.1 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. The increase in adversely classified loans, net of government guarantees, at June 30, 2025 as compared to the prior quarter is mostly attributable to two commercial relationships totaling $16.0 million. Net loan charge-offs were $140,000 in the second quarter of 2025, compared to net loan recoveries of $34,000 in the first quarter of 2025, and net loan recoveries of $26,000 in the second quarter of 2024. Additionally, Northrim had 13 loan modifications to borrowers experiencing financial difficulty totaling $3.3 million, net of government guarantees that had been modified in the last twelve months as of June 30, 2025.

Northrim had $141.2 million, or 6% of portfolio loans, in the Healthcare sector, $127.2 million, or 6% of portfolio loans, in the Tourism sector, $121.0 million, or 5% of portfolio loans, in the Accommodations sector, $93.4 million, or 4% of portfolio loans, in the Retail sector, $84.2 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector, $76.2 million, or 3% of portfolio loans, in the Fishing sector, and $59.5 million, or 3% in the Restaurants and Breweries sector as of June 30, 2025.

Northrim estimates that $105.9 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of June 30, 2025, and $1.5 million of these loans are adversely classified. As of June 30, 2025, Northrim has an additional $76.9 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

www.northrim.com

Forward-Looking Statement

This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives, including tariffs, on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; potential further increases in inflation, supply-chain constraints, and potential geopolitical instability, including the war in Ukraine and the conflict in the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
References:

https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

https://www.bls.gov/regions/west/news-release/consumerpriceindex_anchorage.htm

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.akleg.gov/basis/Bill/Text/34?Hsid=HJR011C

https://www.trade.gov/data-visualization/tradestats-express-trade-partner-state

https://tax.alaska.gov/programs/programs/reports/RSB.aspx?Year=2025&Type=Spring

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Contact:	Mike Huston, President, CEO, and COO
	(907) 261-8750
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

Income Statement
(Dollars in thousands, except per share data)	Three Months Ended								Year-to-date
(Unaudited)	June 30,		March 31,			June 30,			June 30,		June 30,
		2025		2025			2024			2025		2024
Interest Income:
Interest and fees on loans	$	40,519	$	37,470		$	32,367		$	77,989	$	62,817
Interest on portfolio investments		3,765		3,675			4,310			7,440		8,830
Interest on deposits in banks		515		416			232			931		1,070
Total interest income		44,799		41,561			36,909			86,360		72,717
Interest Expense:
Interest expense on deposits		10,304		9,935			9,476			20,239		18,656
Interest expense on borrowings		903		329			380			1,232		561
Total interest expense		11,207		10,264			9,856			21,471		19,217
Net interest income		33,592		31,297			27,053			64,889		53,500

Provision (benefit) for credit losses		1,976		(1,409	)		(120	)		567		29
Net interest income after provision for credit losses		31,616		32,706			27,173			64,322		53,471

Other Operating Income:
Mortgage banking income		7,400		4,251			5,884			11,651		9,915
Purchased receivable income		5,897		6,100			1,242			12,047		2,587
Bankcard fees		1,153		1,074			1,105			2,227		2,022
Service charges on deposit accounts		726		677			572			1,403		1,121
Unrealized gain (loss) on marketable equity securities		78		(50	)		(60	)		28		254
Other income		1,386		988			834			2,324		1,522
Total other operating income		16,640		13,040			9,577			29,680		17,421

Other Operating Expense:
Salaries and other personnel expense		20,854		17,223			16,627			38,077		32,044
Data processing expense		3,366		3,104			2,601			6,470		5,260
Occupancy expense		2,104		1,889			1,843			3,993		3,805
Professional and outside services		1,113		1,115			726			2,228		1,481
Marketing expense		1,042		672			690			1,714		1,203
Insurance expense		756		1,017			692			1,773		1,471
Compensation expense – SCF acquisition payments		600		600			—			1,200		—
OREO expense, net rental income and gains on sale		2		3			2			5		(389	)
Other expense		2,651		2,548			2,013			5,199		3,957
Total other operating expense		32,488		28,171			25,194			60,659		48,832

Income before provision for income taxes		15,768		17,575			11,556			33,343		22,060
Provision for income taxes		3,990		4,251			2,536			8,241		4,841
Net income	$	11,778	$	13,324		$	9,020		$	25,102	$	17,219

Basic EPS	$	2.13	$	2.41		$	1.64		$	4.54	$	3.13
Diluted EPS	$	2.09	$	2.38		$	1.62		$	4.47	$	3.10
Weighted average shares outstanding, basic		5,521,811		5,519,998			5,500,588			5,520,905		5,500,083
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,558,580			5,611,734		5,562,025

Balance Sheet
(Dollars in thousands)
(Unaudited)	June 30,			March 31,			June 30,
		2025			2025			2024

Assets:
Cash and due from banks	$	43,734		$	29,671		$	33,364
Interest bearing deposits in other banks		97,549			35,852			21,058
Investment securities available for sale, at fair value		429,421			463,096			584,964
Investment securities held to maturity		36,750			36,750			36,750
Marketable equity securities, at fair value		8,747			8,669			12,381
Investment in Federal Home Loan Bank stock		8,343			5,342			4,929
Loans held for sale		127,116			159,603			85,926

Portfolio loans		2,202,115			2,124,330			1,875,907
Allowance for credit losses, loans		(22,585	)		(20,922	)		(17,694	)
Net portfolio loans		2,179,530			2,103,408			1,858,213
Purchased receivables, net		109,098			95,489			25,722
Mortgage servicing rights, at fair value		27,506			26,814			21,077
Other real estate owned, net		—			—			—
Premises and equipment, net		36,501			37,070			40,393
Lease right of use asset		7,033			7,632			8,244
Goodwill and intangible assets		50,824			50,824			15,967
Other assets		81,608			80,740			72,680
Total assets	$	3,243,760		$	3,140,960		$	2,821,668

Liabilities:
Demand deposits	$	777,948		$	742,560		$	704,471
Interest-bearing demand		1,196,048			1,187,465			906,010
Savings deposits		248,141			256,650			238,156
Money market deposits		196,166			193,842			195,159
Time deposits		390,867			397,460			420,010
Total deposits		2,809,170			2,777,977			2,463,806
Other borrowings		63,026			13,136			43,961
Junior subordinated debentures		10,310			10,310			10,310
Lease liability		7,077			7,682			8,269
Other liabilities		63,958			52,099			48,122
Total liabilities		2,953,541			2,861,204			2,574,468

Shareholders’ Equity:
Total shareholders’ equity		290,219			279,756			247,200
Total liabilities and shareholders’ equity	$	3,243,760		$	3,140,960		$	2,821,668

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans
	June 30, 2025					March 31, 2025					December 31, 2024					September 30, 2024					June 30, 2024
	Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total
Commercial loans	$	569,753		27	%	$	573,593		27	%	$	518,148		24	%	$	492,414		24	%	$	495,781		26	%
Commercial real estate:
Owner occupied properties		447,561		20	%		430,442		20	%		420,060		20	%		412,827		20	%		383,832		20	%
Nonowner occupied and
multifamily properties		696,766		31	%		690,277		32	%		619,431		29	%		584,302		31	%		551,130		30	%
Residential real estate:
1-4 family properties
secured by first liens		206,905		9	%		188,219		9	%		270,535		13	%		248,514		12	%		222,026		12	%
1-4 family properties
secured by junior liens &
revolving secured by first liens		60,118		3	%		53,836		3	%		48,857		2	%		45,262		2	%		41,258		2	%
1-4 family construction		36,005		2	%		34,017		2	%		39,789		2	%		39,794		2	%		29,510		2	%
Construction loans		187,442		8	%		156,211		7	%		214,068		10	%		185,362		9	%		154,009		8	%
Consumer loans		7,570		—	%		7,424		—	%		7,562		—	%		7,836		—	%		6,679		—	%
Subtotal		2,212,120					2,134,019					2,138,450					2,016,311					1,884,225
Unearned loan fees, net		(10,005	)				(9,689	)				(9,187	)				(8,746	)				(8,318	)
Total portfolio loans	$	2,202,115				$	2,124,330				$	2,129,263				$	2,007,565				$	1,875,907

Composition of Deposits
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Demand deposits	$	777,948	28	%	$	742,560	27	%	$	706,225	27	%	$	763,595	29	%	$	704,471	29	%
Interest-bearing demand		1,196,048	42	%		1,187,465	43	%		1,108,404	41	%		979,238	37	%		906,010	36	%
Savings deposits		248,141	9	%		256,650	9	%		250,900	9	%		245,043	9	%		238,156	10	%
Money market deposits		196,166	7	%		193,842	7	%		196,290	7	%		204,821	8	%		195,159	8	%
Time deposits		390,867	14	%		397,460	14	%		418,370	16	%		435,870	17	%		420,010	17	%
Total deposits	$	2,809,170			$	2,777,977			$	2,680,189			$	2,628,567			$	2,463,806

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality	June 30,		March 31,		June 30,
		2025		2025		2024
Nonaccrual loans – Community Banking	$	4,180	$	4,274	$	4,233
Nonaccrual loans – Home Mortgage Lending		197		221		253
Nonaccrual loans – Specialty Finance		3,484		3,573		344
Nonaccrual loans – Total		7,861		8,068		4,830
Loans 90 days past due and accruing – Community Banking		—		—		17
Loans 90 days past due and accruing – Total		—		—		17
Total nonperforming loans – Community Banking		4,180		4,274		4,250
Total nonperforming loans – Home Mortgage Lending		197		221		253
Total nonperforming loans – Specialty Finance		3,484		3,573		344
Total nonperforming loans – Total		7,861		8,068		4,847
Nonperforming loans guaranteed by gov’t – Community Banking		70		80		—
Nonperforming loans guaranteed by gov’t – Total		70		80		—
Net nonperforming loans – Community Banking		4,110		4,194		4,250
Net nonperforming loans – Home Mortgage Lending		197		221		253
Net nonperforming loans – Specialty Finance		3,484		3,573		344
Net nonperforming loans – Total		7,791		7,988		4,847

Repossessed assets – Community Banking		50		297		297
Repossessed assets – Total		50		297		297

Nonperforming purchased receivables – Specialty Finance		4,017		4,007		—

Net nonperforming assets – Community Banking		4,160		4,491		4,547
Net nonperforming assets – Home Mortgage Lending		197		221		253
Net nonperforming assets – Specialty Finance		7,501		7,580		344
Net nonperforming assets – Total	$	11,858	$	12,292	$	5,144

Adversely classified loans, net of gov’t guarantees – Community Banking	$	32,128	$	16,592	$	6,006
Adversely classified loans, net of gov’t guarantees – Home Mortgage Lending		223		252		718
Adversely classified loans, net of gov’t guarantees – Specialty Finance		3,484		3,573		344
Adversely classified loans, net of gov’t guarantees – Total	$	35,835	$	20,417	$	7,068

Special mention loans, net of gov’t guarantees – Community Banking	$	3,966	$	14,496	$	8,902
Special mention loans, net of gov’t guarantees – Home Mortgage Lending		790		637		—
Special mention loans, net of gov’t guarantees – Total	$	4,756	$	15,133	$	8,902

Asset Quality, Continued	June 30,				March 31,				June 30,
		2025				2025				2024
Nonperforming loans, net of government guarantees / portfolio loans		0.35		%		0.38		%		0.26		%
Nonperforming loans, net of government guarantees / portfolio loans,
net of government guarantees		0.38		%		0.40		%		0.28		%
Nonperforming assets, net of government guarantees / total assets		0.37		%		0.39		%		0.18		%
Nonperforming assets, net of government guarantees / total assets
net of government guarantees		0.38		%		0.41		%		0.19		%

Loans 30-89 days past due and accruing, net of government guarantees /								%
portfolio loans		0.06		%		0.04		%		0.03		%
Loans 30-89 days past due and accruing, net of government guarantees /
portfolio loans, net of government guarantees		0.06		%		0.04		%		0.04		%

Allowance for credit losses for loans / portfolio loans		1.03		%		0.98		%		0.94		%
Allowance for credit losses for loans / portfolio loans, net of gov’t guarantees		1.10		%		1.06		%		1.01		%
Allowance for credit losses for loans / nonperforming loans, net of
government guarantees		290		%		262		%		365		%

Gross loan charge-offs for the quarter – Community Banking	$3				$50				$—
Gross loan charge-offs for the quarter – Specialty Finance		152				—				—
Gross loan charge-offs for the quarter – Total		155				50				—

Gross loan recoveries for the quarter – Community Banking		(15	)			(84	)			(26	)
Gross loan recoveries for the quarter – Home Mortgage Lending		—				—				—
Gross loan recoveries for the quarter – Specialty Finance		—				—				—
Gross loan recoveries for the quarter – Total	($15		)		($84		)		($26		)

Net loan (recoveries) charge-offs for the quarter – Community Banking	($12		)		($34		)		($26		)
Net loan (recoveries) charge-offs for the quarter – Specialty Finance		152				—				—
Net loan (recoveries) charge-offs for the quarter – Total	$140				($34		)		($26		)

Net loan charge-offs (recoveries) year-to-date – Community Banking	($46		)		($34		)		($68		)
Net loan charge-offs (recoveries) year-to-date – Specialty Finance		152				—				—
Net loan charge-offs (recoveries) year-to-date – Total	$106				($34		)		($68		)

Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter		0.01		%		—		%		—		%

Net loan charge-offs (recoveries) year-to-date / average loans,
year-to-date annualized		0.01		%		(0.01	)	%		(0.01	)	%

Allowance for credit losses for purchased receivables / purchased receivables		3.05		%		3.72		%		—		%

Net purchased receivable charge-offs (recoveries) for the quarter	$281				$—				$—

Net purchased receivable charge-offs (recoveries) year-to-date	$281				$—				$—

Net purchased receivable charge-offs (recoveries) for the quarter /
average purchased receivables, for the quarter		0.27		%	NA				NA

Net purchased receivable charge-offs (recoveries) year-to-date / average
purchased receivables, year-to-date annualized		0.61		%	NA				NA

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Three Months Ended
	June 30, 2025					March 31, 2025					June 30, 2024
				Average					Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	27,216		7.60	%	$	37,969		4.44	%	$	17,352		5.27	%
Portfolio investments		515,916		3.07	%		523,753		2.97	%		639,980		2.82	%
Loans held for sale		173,675		6.50	%		46,223		5.86	%		65,102		6.08	%
Portfolio loans		2,172,482		6.99	%		2,173,425		6.89	%		1,845,832		6.87	%
Total interest-earning assets		2,889,289		6.27	%		2,781,370		6.10	%		2,568,266		5.83	%
Nonearning assets		306,206					293,415					204,509
Total assets	$	3,195,495				$	3,074,785				$	2,772,775

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,029,100		2.04	%	$	2,002,594		2.01	%	$	1,725,013		2.21	%
Borrowings		86,404		4.14	%		37,081		3.55	%		38,390		3.92	%
Total interest-bearing liabilities		2,115,504		2.12	%		2,039,675		2.04	%		1,763,403		2.25	%

Noninterest-bearing demand deposits		737,112					697,534					706,339
Other liabilities		54,320					63,348					58,549
Shareholders’ equity		288,559					274,228					244,484
Total liabilities and shareholders’ equity	$	3,195,495				$	3,074,785				$	2,772,775
Net spread				4.15	%				4.06	%				3.58	%
NIM				4.66	%				4.55	%				4.24	%
NIMTE^*				4.72	%				4.61	%				4.30	%
Cost of funds				1.57	%				1.52	%				1.60	%
Average portfolio loans to average
interest-earning assets		75.19	%				78.14	%				71.87	%
Average portfolio loans to average total deposits		78.54	%				80.49	%				75.92	%
Average non-interest deposits to average
total deposits		26.65	%				25.83	%				29.05	%
Average interest-earning assets to average
interest-bearing liabilities		136.58	%				136.36	%				145.64	%

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Year-to-date
	June 30, 2025					June 30, 2024
				Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	32,563		5.77	%	$	39,457		5.36	%
Portfolio investments		519,813		3.02	%		655,458		2.82	%
Loans held for sale		110,301		6.35	%		48,868		6.10	%
Portfolio loans		2,172,950		6.94	%		1,819,629		6.81	%
Total interest-earning assets		2,835,627		6.19	%		2,563,412		5.76	%
Nonearning assets		299,848					202,819
Total assets	$	3,135,475				$	2,766,231

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,015,920		2.02	%	$	1,728,468		2.17	%
Borrowings		61,879		3.96	%		31,167		3.55	%
Total interest-bearing liabilities		2,077,799		2.08	%		1,759,635		2.19	%

Noninterest-bearing demand deposits		717,432					705,736
Other liabilities		58,809					59,478
Shareholders’ equity		281,435					241,382
Total liabilities and shareholders’ equity	$	3,135,475				$	2,766,231
Net spread				4.11	%				3.57	%
NIM				4.61	%				4.20	%
NIMTE^*				4.66	%				4.26	%
Cost of funds				1.55	%				1.57	%
Average portfolio loans to average interest-earning assets		76.63	%				70.98	%
Average portfolio loans to average total deposits		79.50	%				74.75	%
Average non-interest deposits to average total deposits		26.25	%				28.99	%
Average interest-earning assets to average interest-bearing liabilities		136.47	%				145.68	%

Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Capital Data (At quarter end)
	June 30, 2025				March 31, 2025				June 30, 2024
Book value per share	$52.55				$50.67				$44.93
Tangible book value per share^*	$43.35				$41.47				$42.03
Total shareholders’ equity/total assets		8.95		%		8.91		%		8.76		%
Tangible Common Equity/Tangible Assets^*		7.50		%		7.41		%		8.24		%
Tier 1 Capital / Risk Adjusted Assets		9.80		%		9.76		%		11.68		%
Total Capital / Risk Adjusted Assets		10.71		%		10.62		%		12.58		%
Tier 1 Capital / Average Assets		7.99		%		8.02		%		9.17		%
Shares outstanding		5,522,271				5,520,892				5,501,562
Total unrealized loss on AFS debt securities, net of income taxes	($3,571		)		($5,452		)		($15,197		)
Total unrealized gain on derivatives and hedging activities, net of income taxes	$1,026				$1,097				$1,212

Profitability Ratios
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
For the quarter:
NIM	4.66	%	4.55	%	4.41	%	4.29	%	4.24	%
NIMTE^*	4.72	%	4.61	%	4.47	%	4.35	%	4.30	%
Efficiency ratio	64.68	%	63.54	%	66.96	%	66.11	%	68.78	%
Return on average assets	1.48	%	1.76	%	1.43	%	1.22	%	1.31	%
Return on average equity	16.37	%	19.70	%	16.32	%	13.69	%	14.84	%

	June 30, 2025		June 30, 2024
Year-to-date:
NIM	4.61	%	4.20	%
NIMTE^*	4.66	%	4.26	%
Efficiency ratio	64.14	%	68.85	%
Return on average assets	1.61	%	1.25	%
Return on average equity	17.99	%	14.35	%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2025 and 2024. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

	Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Net interest income	$	33,592		$	31,297		$	30,841		$	28,842		$	27,053
Divided by average interest-bearing assets		2,889,289			2,781,370			2,787,517			2,674,291			2,568,266
Net interest margin (“NIM”)²		4.66	%		4.55	%		4.41	%		4.29	%		4.24	%

Net interest income	$	33,592		$	31,297		$	30,841		$	28,842		$	27,053
Plus: reduction in tax expense related to
tax-exempt interest income		409			379			379			385			378
	$	34,001		$	31,676		$	31,220		$	29,227		$	27,431
Divided by average interest-bearing assets		2,889,289			2,781,370			2,787,517			2,674,291			2,568,266
NIMTE²		4.72	%		4.61	%		4.47	%		4.35	%		4.30	%

	Year-to-date
	June 30, 2025			June 30, 2024
Net interest income	$	64,889		$	53,500
Divided by average interest-bearing assets		2,835,627			2,563,412
Net interest margin (“NIM”)³		4.61	%		4.20	%

Net interest income	$	64,889		$	53,500
Plus: reduction in tax expense related to
tax-exempt interest income		788			757
	$	65,677		$	54,257
Divided by average interest-bearing assets		2,835,627			2,563,412
NIMTE³		4.66	%		4.26	%

²Calculated using actual days in the quarter divided by 365 for the quarters ended in 2025 and 366 for the quarters ended in 2024, respectively.

³Calculated using actual days in the year divided by 365 for year-to-date period in 2025 and 366 for year-to-date period in 2024, respectively.

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value Per Share

Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Total shareholders’ equity	$	290,219	$	279,756	$	267,116	$	260,050	$	247,200
Divided by shares outstanding		5,522		5,521		5,518		5,502		5,502
Book value per share	$	52.55	$	50.68	$	48.41	$	47.26	$	44.93

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Total shareholders’ equity	$	290,219	$	279,756	$	267,116	$	260,050	$	247,200
Less: goodwill and intangible assets		50,824		50,824		50,968		15,967		15,967
	$	239,395	$	228,932	$	216,148	$	244,083	$	231,233
Divided by shares outstanding		5,522		5,521		5,518		5,502		5,502
Tangible book value per share	$	43.35	$	41.47	$	39.17	$	44.36	$	42.03

Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets for the periods indicated.

Northrim BanCorp, Inc.	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Total assets		3,243,760			3,140,960			3,041,869			2,963,392			2,821,668
Total shareholders’ equity to total assets		8.95	%		8.91	%		8.78	%		8.78	%		8.76	%

Northrim BanCorp, Inc.	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Less: goodwill and other intangible assets, net		50,824			50,824			50,968			15,967			15,967
Tangible common shareholders’ equity	$	239,395		$	228,932		$	216,148		$	244,083		$	231,233

Total assets	$	3,243,760		$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668
Less: goodwill and other intangible assets, net		50,824			50,824			50,968			15,967			15,967
Tangible assets	$	3,192,936		$	3,090,136		$	2,990,901		$	2,947,425		$	2,805,701
Tangible common equity ratio		7.50	%		7.41	%		7.23	%		8.28	%		8.24	%

Note Transmitted on GlobeNewswire on July 23, 2025, at 12:15 pm Alaska Standard Time.

The MIL Network –

July 24, 2025

MIL-OSI Africa: Hope for Liberia’s youth as country pioneers African Development Bank-financed Youth Entrepreneurship Investment Bank
Source: APO
- Program will turn job seekers into job creators – Liberian President Boakai
- The future of Liberia’s youth cannot be left to hustling – Dr. Adesina
Liberia has become the first country to launch an African Development Bank Group initiative (www.AfDB.org) that will help tackle youth unemployment among African youth.

President of the Republic of Liberia, Joseph Nyuma Boakai Sr was joined in the capital Monrovia by the Bank Group’s President, Dr. Akinwumi A. Adesina for the official launch of the first Youth Entrepreneurship Investment Bank (YEIB) (https://apo-opa.co/413UWzR), on Tuesday 22 July.

The Youth Entrepreneurship Investment Banks will promote private sector-led inclusive economic development, by creating entrepreneurship opportunities for young Africans aged 18-35. According to the Bank’s Country Focus Report 2025 (https://apo-opa.co/3GRnm9E), for Liberia, underemployment and informal employment have long undermined the country’s ability to harness a key demographic strength.

To address these challenges, Liberia’s Youth Entrepreneurship Investment Bank is expected to finance 30,000 youth-led businesses, create 120,000 direct and indirect jobs, contribute $80 million to government revenues through taxes, and unlock up to $500 million in additional lending to youth-owned businesses across the country.

The Youth Bank is being jointly financed by the African Development Fund—the concessional lending arm of the African Development Bank Group ($15.9 million)—and the Government of Liberia ($1.2 million in in-kind contributions).

“[The YEIB] speaks directly to the heart of our future because over sixty percent of our population is under the age of thirty. This program gives hope to our young people by turning them from job seekers into job creators,” said President Boakai. “It will provide financing, mentorship, and the skills they need to succeed in agriculture, technology, the knowledge based economy, and other emerging sectors.”

“Liberia must not watch as its best assets—its youth—falter,” Adesina said. “The future of Liberia’s youth cannot be left to ‘hustling.’” He added that with recruitment ongoing, and licensing expected to be completed shortly, the Liberian YEIB is scheduled to commence operations in early 2026, with a focus on “critical sectors with immense opportunities for the youth, including agriculture, value addition with agribusiness, digital services, mining and tourism.”

Youth entrepreneurship banks have also been approved for Nigeria (https://apo-opa.co/4kQEeeF), Ethiopia (https://apo-opa.co/417MuzC), and Cote d’Ivoire (https://apo-opa.co/3H1eA8W), representing a growing commitment to enhancing private sector development through improved financing for entrepreneurs, on a continent where three-quarters of the population are below the age of 35.

The Bank has since 1967 invested more than $1.02 billion in 72 projects in Liberia, and as of February 2024, it had an active portfolio of 18 sovereign operations worth $314.77 million, focusing primarily on transport infrastructure, energy development (https://apo-opa.co/45ev1Il), and agricultural transformation. These investments include the Mano River Union road network (https://apo-opa.co/44WwNfW) connecting Liberia with neighbouring countries, regional power interconnection initiatives, and programs supporting smallholder farmers across the country.

The Bank’s operations in Liberia are funded through multiple sources, with the African Development Fund—the concessional lending arm of the Bank Group—providing most of the financing, supplemented by the Transition Support Facility (https://apo-opa.co/4nZiwrH) and various specialized funds including the Nigeria Trust Fund (https://apo-opa.co/3UtSnn2).

Read President Boakai’s speech at the YEIB launch here (https://apo-opa.co/4m7qBbI).

Read Dr. Adesina’s speech here (https://apo-opa.co/3H11fNR).

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contacts:
Natalie Nkembuh and Tolu Ogunlesi
Communication and Media Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s leading development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Represented in 41 African countries, with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member countries. For more information: www.AfDB.org

Media files

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MIL OSI Africa –
July 24, 2025
MIL-OSI USA: ICYMI: Rosen in Las Vegas Sun: Trump’s New Extreme Law Is A Big Betrayal For Southern Nevada

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

LAS VEGAS, NV – This week, U.S. Senator Jacky Rosen (D-NV) penned an op-ed in the Las Vegas Sun highlighting the devastating impacts that Donald Trump’s extreme tax and spending bill will bring to Southern Nevada. With the help of Republicans in Congress, Trump pushed through a bill that will gut access to healthcare services, cut funding for hospitals and food assistance programs, and even harm Nevada’s gaming industry.
Las Vegas Sun: Trump’s new extreme law is a big betrayal for Southern Nevada
By Senator Jacky Rosen
Key Points:

Earlier this month, Republicans in the House and Senate forced through President Donald Trump’s extreme tax and spending law — a devastating betrayal of hardworking Nevadans.
As one of your U.S. senators, I believe public service is about delivering results that improve people’s lives, and that’s why I am outraged by a law that guts critical programs for hardworking families so Washington Republicans can hand out massive tax breaks to billionaires.
Thanks to Trump’s One Big Beautiful Bill, which is really a big, ugly betrayal, more than 100,000 people in our state will lose access to affordable health care, and more than a dozen hospitals in Southern Nevada are facing millions of dollars in funding cuts.
… according to a new report, University Medical Center stands to potentially lose $45 million from this extreme law. When hospitals lose funds, they can be forced to reduce services, hours or even close down, which hurts everyone.
By cutting Medicaid, Trump and congressional Republicans are making it harder for every Nevadan, regardless of whether they rely on Medicaid or not, to access the life-saving care they need.
Trump’s bill also makes major cuts to SNAP — a food assistance program that helps nearly 1 in 6 Nevadans put food on the table. SNAP also funds a significant number of local food banks in our communities that Nevadans rely on to get a meal.
This extreme law also includes a hidden provision targeting Nevada’s gaming industry. Under this new law, those who lose money playing blackjack, poker or other casino games will now owe taxes on money they lost. You read that right: Nevadans would be forced to pay the government taxes on money they didn’t win. It’s outrageous, and it will hurt our gaming industry — decimating our tourism industry along the way. This month, Sen. Catherine Cortez Masto and I tried to repeal this absurd provision by passing our bipartisan bill to fix it, but Senate Republicans blocked our efforts.
We should be making life easier for people, ensuring that hardworking families can have a fair shot at living the American dream. It’s not about putting one group over another; it’s about giving people an equal chance at success. That means lowering costs for families and holding big corporations accountable for price gouging; cutting taxes for the middle class and closing loopholes exploited by billionaires; and addressing crises like the lack of affordable housing so everyone can put a roof over their heads without breaking the bank.
Republicans’ tax and spending law fails every one of these tests. It slashes key lifelines for working people in order to hand out billions to the ultra-wealthy. That is not just bad policy — it’s shameful. As your senator, I will keep fighting to mitigate the harm of this reckless budget. I will work with my colleagues to stand up for Nevada families and push for policies that put people first.
I urge every Nevadan to stay engaged, speak out and join me in this fight. Together, we can protect our families, defend our communities and keep the promise of the American dream alive for everyone who calls Nevada home.

MIL OSI USA News –

July 24, 2025
MIL-OSI New Zealand: Take that! Tourism campaign a hit with Aussies

Source: New Zealand Government

The ‘Everyone Must Go’ campaign encouraging Australians to pick New Zealand for their next holiday has hit its results out of the park, bringing in thousands of visitors in a boost for regional economies and tourism operators.

Tourism and Hospitality Minister Louise Upston says ‘Everyone Must Go’ was initially targeted at 6,750 additional arrivals over the autumn but ended up significantly exceeding expectations.

“‘Everyone Must Go’ has been a winner,’” Louise Upston says.

“Tourism NZ stats released to me show it delivering an additional 7,981 visitors to smash its initial forecasts. It also attracted significant attention on both sides of the Tasman, and got Kiwis and Aussies talking about New Zealand as a destination.

“Tourism is a key part of our plan to grow the economy, create jobs, lift wages and help Kiwis get ahead. ‘Everyone Must Go’ is a great example of the sector and Government working together to achieve these goals.

“We knew Aussies would recognise it as a great opportunity. Just like they grabbed Phar Lap and pavlova, it’s proved the same story with ‘Everyone Must Go.’

“A key part of this campaign’s success were the deals the tourism industry came to the party with. This team approach showed we can deliver great results for the sector when Government and industry are joined up and working towards the same goals.”

More than 800 deals from 450 operators across accommodation, transport and experiences were available during the campaign.

The initial $500,000 campaign spend delivered a solid return on investment, leading to an additional $300,000 to give the campaign a further boost.

“This campaign was the first Tourism Boost initiative, and these positive results show that with the right investment in the right markets we will drive economic growth.

“Every one of those Australian visitors who ate at cafes and restaurants, visited tourist attractions and shopped in our towns and cities has helped the New Zealand tourism sector grow, and boosted the Kiwi economy in the process,” Louise Upston says.

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI Canada: Freshwater fishing licence sales streamlined to B.C.’s WILD system
Recreational freshwater anglers will soon be able to buy B.C. freshwater fishing licences through the Wildlife Information and Licensing Data system (WILD), bringing fishing and hunting licensing into one convenient online platform.

Starting in fall 2025, people who are not already registered in the WILD system can create a profile and obtain a free Fish and Wildlife ID (FWID) in preparation for the 2026–27 licence year. An FWID will be needed to purchase a freshwater fishing licence when sales open in WILD in spring 2026.

Currently, people access WILD using a Basic BCeID. This fall, B.C. residents and people who reside in Canada outside of B.C. will also have the option to log in using their BC Services Card account. This secure and convenient new method automates identity and residency verification, helping reduce administrative workload, reduce wait times and enhance the user experience. People who do not reside in Canada will need to use or create a Basic BCeID to access and obtain an FWID online in WILD.

Since its launch in 2016, WILD has improved public access to hunting applications and authorizations and helped government process applications faster. Over the past five years, roughly 93% of all limited entry hunting applications and 30% of all hunting licences were purchased online through WILD.

B.C. is home to some of the world’s most renowned freshwater fishing destinations, attracting residents and visitors alike. Recreational fishing also supports local economies, particularly in rural and tourism-dependent communities.

Expanding WILD to include freshwater fishing licence sales will further streamline the licensing process for stakeholders and government, improve data collection, and support informed decision-making for fish and wildlife management.

Quick Facts:
- Licence fees for freshwater fishing licences help fund research, conservation and education programs, improve angler access and the provincial stocking program through the Freshwater Fisheries Society of B.C. (https://www.gofishbc.com/).
- Conservation surcharge fees provide grants for fish conservation projects through the Habitat Conservation Trust Foundation (https://hctf.ca/).
- A Fish and Wildlife ID (FWID) is mandatory and will provide access to licences for approximately 350,000 anglers who fish in B.C. each year.
- Anglers can register for their FWID online through WILD or in person at retailers.
Learn More:

To read details about WILD System Quick Reference Guides, visit: https://www2.gov.bc.ca/gov/content/sports-culture/recreation/fishing-hunting/hunting/wild-system/quick-reference-guides

MIL OSI Canada News –
July 24, 2025
MIL-OSI USA: Governor Stein Announces More Than $2 Million for Great Trails State Program Projects in Eastern North Carolina
Source: US State of North Carolina

Headline: Governor Stein Announces More Than $2 Million for Great Trails State Program Projects in Eastern North Carolina

Governor Stein Announces More Than $2 Million for Great Trails State Program Projects in Eastern North Carolina
lsaito
Wed, 07/23/2025 – 14:02

Raleigh, NC
Today, Governor Josh Stein announced that the Department of Natural and Cultural Resources has awarded more than $2.6 million to trail development and restoration projects in eastern North Carolina. These funds were authorized by the General Assembly as part of the Great Trails State Program.

“Eastern North Carolina and the Carolina coast are some of our state’s greatest assets – and a great draw to bring people to enjoy all that our beautiful state has to offer,” said Governor Josh Stein. “This funding will help eastern North Carolina increase tourism, improve quality of life, and introduce more people to our state’s natural beauty.”

“Trails bring incredible benefits to both urban and rural communities, boosting tourism and economic development,” said Pamela B. Cashwell, secretary of the North Carolina Department of Natural and Cultural Resources. “This generous funding, made possible by the N.C. General Assembly, will help transform the state trails system in the Great Trails State.”

The Great Trails State Program was established through the General Assembly in 2023, representing a historic investment of $25 million in North Carolina trails. The program offers matching grants to North Carolina local governments, public authorities, NC Regional Councils of Government, and nonprofit organizations.

These awards include projects at more than 70 local trails throughout the state, helping to solidify North Carolina as the Great Trails State. In eastern North Carolina, 10 local trail projects will benefit from $2,634,785 in Great Trails State Program funding, including designing the South Croatan Highway, reconstruction at Greenfield Park in Wilmington, and enhancing and expanding trails and boardwalks throughout the region. Last week, Governor Stein announced $11 million in funding to create and restore western North Carolina trails.

“The 125 member organizations of the Great Trails State Coalition thank the North Carolina General Assembly for creating and funding the Great Trails State Program,” said Palmer McIntyre, director of the N.C. Great Trails State Coalition. “This visionary investment in all types of trails across the state will deliver transformative economic, health, and quality-of-life benefits for communities of all sizes. The Coalition will continue to work alongside N.C. State Parks to support this program.”

Local communities applied for grants to fund new trail development or to extend existing trails. This includes paved trails or greenways, natural surface trails, biking trails, equestrian trails, and any other type of trail the Department of Natural and Cultural Resources recognizes. Projects could include planning and feasibility studies, design and engineering, acquisition of lands for trail development, trail construction, and maintenance of existing trails. Applicants were required to provide matching funds, based on their county tier designation. The N.C. Division of Parks and Recreation received 89 applications requesting $28 million, and 79 projects were selected. More than $44.5 million was provided in matching funds for a total trail investment exceeding $69.3 million.

Eastern North Carolina grant recipients and amounts:
- Dare County: Town of Nags Head, $100,000 for Design for South Croatan Highway multi-use path extension
- Dare County: Dare County, $269,000 for Marshall & Gussie Collins Walkway Maintenance Project
- Edgecombe County: Freedom Org, $265,985 for Princeville Heritage Trail Expansion
- Edgecombe and Nash Counties: City of Rocky Mount, $162,600 for Tar River Paddle Trail Access Renovation (Mile 88 to 124)
- Martin County: Roanoke River Partners, Inc., $400,000 for Hamilton Rosenwald River Center and Amenities
- New Hanover County: City of Wilmington, $500,000 for Bridge and Boardwalk Reconstruction in Greenfield Park
- Pasquotank County: City of Elizabeth City, $100,000 for Pasquotank Blueways Feasibility Study
- Pender County: East Coast Greenway Alliance, $177,200 for East Coast Greenway Country Club Dr. Corridor NC-210 MUP
- Perquimans County: Town of Hertford, $160,000 for Hertford Riverfront Boardwalk Plan
- Pitt County: City of Greenville, $500,000 for Wildwood Park to River Park North Boardwalk
Jul 23, 2025

MIL OSI USA News –
July 24, 2025
MIL-OSI USA: Safeguarding Lake Champlain with Wastewater Upgrades
Source: US State of New York

overnor Hochul today announced the completion of a critical $3.1 million wastewater infrastructure improvement project in the Town of Westport, Essex County. The improvements not only protect public health and the environment but also help preserve Lake Champlain’s role as a vital driver of the local tourism economy. State, federal, and local investments are minimizing the financial impact of this critical project on local ratepayers.

“Every New Yorker deserves access to affordable clean water and reliable infrastructure,” Governor Hochul said. “This investment in Westport is a win for families, local businesses, and the millions who visit Lake Champlain each year. By making critical upgrades affordable for small communities, we’re protecting public health, supporting a vital tourism economy and building a more sustainable future for the Adirondacks, North Country and beyond.”

Project Overview

The project focused on rehabilitating Sewer District No. 1 to address critical infrastructure needs. Deteriorated pipes and manholes had allowed excessive stormwater and groundwater to infiltrate the wastewater collection system. This excess flow strained the wastewater treatment plant and threatened the local watershed.

By lining and replacing deteriorated gravity sewers and manholes, the town achieved a substantial reduction in key areas of the district; the town has substantially reduced inflow and infiltration. This crucial improvement significantly enhances the reliability and resiliency of its wastewater treatment operations, ensuring long-term compliance with state environmental regulations, and directly contributing to improved water quality in Lake Champlain, a vital regional resource.

Funding Breakdown

To help Westport affordably undertake this project, New York State Department of Environmental Conservation provided a grant, and the New York State Environmental Facilities Corporation provided a grant and interest-free financing package:
- $1.9 million Water Quality Improvement Project grant
- $100,000 Wastewater Infrastructure Engineering Planning Grant to jumpstart the project. Planning grants set the framework to advance fiscally sound and well-designed projects to construction by supporting completion of an approvable engineering report for the project
- $309,000 Water Infrastructure Improvement grant
- $928,000 interest-free hardship financing from the Clean Water State Revolving Fund
The financial assistance provided to Westport through the Clean Water State Revolving Fund is projected to save local ratepayers over $1.3 million in debt service compared to traditional financing. In the short-term, loans subsidized through the State Revolving Funds can save communities as much as 75 percent in interest payments compared to borrowing in the municipal bond market.

In the long-term, State Revolving Fund loan repayments to EFC create a self-sustaining source of recurring revenue to meet the never-ending need to rehabilitate, replace and modernize aging infrastructure in the State. The State Revolving Funds are New York’s primary financial mechanism for advancing its clean water goals, delivering over $1 billion annually to communities statewide. Combined with targeted State grants, the State Revolving Funds are part of New York’s broader strategy to maximize the impact of infrastructure dollars, ensuring every region benefits from cleaner water, safer systems, and long-term sustainability.

Fully funded State Revolving Funds are necessary for New York to be prepared to meet the never-ending need for communities to repair, rehabilitate and modernize aging infrastructure in the future. Access to affordable financing increases investment in water infrastructure, which can prevent costly catastrophic system failures and alleviate pressure on utilities to raise rates, providing relief to many families already struggling to pay their water bills.

Investing in the Adirondacks

This project is part of Governor Kathy Hochul’s comprehensive affordability and clean water agenda to help ensure communities statewide have access to safe and sustainable water systems. The State allocated 22 percent of its financial assistance through the State Revolving Funds to Adirondack communities this year, totaling $263 million. In the past decade, EFC has awarded $623 million in financing and State and federal grants to projects in the Blue Line. This amount includes $316 million in State Water Infrastructure Improvement grants, reinforcing the State’s commitment to helping small, rural communities affordably invest in water infrastructure. These strategic investments are helping to modernize aging systems, safeguard natural resources, and reduce the financial burden on rural ratepayers.

In the last 10 years, DEC funded 76 projects in the Adirondacks through WQIP alone, totaling more than $71 million to upgrade critical water and sewer infrastructure and protect water quality and the environment. At least $75 million is currently available through DEC’s WQIP program and up to $3 million is available through DEC’s Non-Agriculture Nonpoint Source Planning and Municipal Separate Storm Sewer System (MS4) Mapping Grant (NPG) program.

Applications for these grants are available through the New York State’s Consolidated Funding Application (CFA) through July 31, 2025, at 4 p.m.

Supporting Small and Rural Communities

Under Governor Hochul’s leadership, EFC is currently accepting applications for $325 million in grants, including enhanced awards for sewer projects in small and rural communities. Even with substantial state support for water infrastructure, many small municipalities still face financial barriers. To address this, Governor Hochul once again directed EFC to double grants from 25 percent to 50 percent of the net eligible project costs for small struggling communities. This enhanced funding will significantly reduce the financial impact on local ratepayers.

EFC’s Community Assistance Teams are available to help local governments complete funding applications and encourage communities to reach out to receive help in addressing their local water infrastructure needs. This targeted outreach helps ensure that small, rural communities can successfully compete for funding and implement urgently needed projects.

EFC President and CEO Maureen A. Coleman said, “Modern, reliable wastewater systems are essential to community health and environmental protection. EFC is pleased to support the Town of Westport’s strategic investments in its water infrastructure, making this project affordable for ratepayers and ensuring that Lake Champlain continues to thrive as both an ecological asset and a cornerstone of the local tourism economy.”

DEC Commissioner Amanda Lefton said, “Under Governor Hochul’s leadership, New York is making record investments to enhance water quality in Lake Champlain and in communities throughout the state. Overhauling Westport’s aging infrastructure and updating wastewater treatment operations reduce pollution and phosphorus that impairs Lake Champlain, threatens drinking water, and contributes to harmful algal blooms. DEC looks forward to continuing to make these essential investments to reduce the financial burden on New Yorkers, safeguard drinking water, and ensure our natural resources are well protected.”

Senator Charlies Schumer said, “Lake Champlain is a crown jewel of the North Country and boosts our local tourism economy. I’m proud to have delivered nearly $1 million in federal funding to modernize the Town of Westport’s wastewater system. This upgrade will help keep Lake Champlain clean by cleaning up the gravity sewers and manholes, preserving the lake’s crucial role for tourism in the North Country – all while creating good-paying jobs, jobs, jobs. I’m grateful for Governor Hochul’s partnership in the fight to turn the tide on our state’s aging water sewer infrastructure to keep our communities economically safe, healthy and vibrant.”

Senator Kirsten Gillibrand said, “The health and safety of our communities is dependent on access to safe and reliable water infrastructure. Far too many across the country lack access to the functional and efficient water systems they need, and I am proud that this project will help protect the welfare of Westport families and the millions who visit Lake Champlain every year. I will continue fighting in the Senate to bring home more funding to modernize our aging infrastructure so that all New Yorkers have access to the clean and efficient water systems they deserve.

Town of Westport Supervisor Michael “Ike” Tyler said, “This project was essential for our community. With State support, we were able to take on a critical infrastructure challenge in a way that was financially responsible for our residents. These upgrades will protect our residents, our environment, and the lake we all depend on.”

Essex County Chairman Shaun Gillilland said, “This project is a showcase example of teamwork at all levels of New York and local government to combat and alleviate the most challenging stresses on rural infrastructure; namely modernizing and improving older public wastewater systems to ensure they improve and not deteriorate our natural water resources and drinking water.”

New York’s Commitment to Water Quality
New York State continues to increase its nation-leading investments in water infrastructure. The next round of EFC’s Water Infrastructure Improvement and Intermunicipal Water Infrastructure Grants is now open at www.efc.ny.gov. This round reflects New York’s continued leadership in investing in affordable, community-driven clean water solutions.

With $500 million allocated for clean water infrastructure in the FY26 Enacted Budget announced by Governor Hochul, New York will have invested a total of $6 billion in water infrastructure since 2017. Any community needing assistance with water infrastructure projects is encouraged to contact EFC. New Yorkers can track projects benefiting from EFC’s investments using the interactive project impact dashboard.

MIL OSI USA News –
July 24, 2025
MIL-OSI Russia: China ready to facilitate travel between China and India — Chinese Foreign Ministry

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 23 (Xinhua) — China will maintain communication and hold consultations with India to further facilitate travel between the two countries, Foreign Ministry spokesman Guo Jiakun said on Wednesday.

Guo Jiakun made the remarks at a daily press briefing when asked to comment on India’s decision to resume issuing tourist visas to Chinese citizens from July 24 this year after five years.

“We have taken note of this positive step,” the official said, adding that facilitating cross-border travel is in the common interest of all parties. –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 –

July 24, 2025
MIL-OSI Russia: To the opening of the 15th China-Russia Culture and Art Fair

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 23 (Xinhua) — The 15th China-Russia Culture and Art Fair will be held from July 26 to August 20 simultaneously in Heihe City, northeast China’s Heilongjiang Province, and Blagoveshchensk City, Russia’s Amur Region.

The opening ceremony of the fair will be held on Saturday at the China-Russia Culture and Art Center in Heihe, and the closing ceremony will be held on August 20 in Blagoveshchensk, the press service of the Heilongjiang provincial government reported.

The China-Russia Culture and Art Fair, which was first held in Heihe in 2010, is an important platform for cultural cooperation in the border areas of the two countries.

The organizers of the upcoming fair are the Ministry of Culture and Tourism of the People’s Republic of China, the People’s Government of Heilongjiang Province, the Ministry of Culture of the Russian Federation and the government of the Amur Region.

The upcoming fair is reportedly aimed at boosting cultural tourism in border areas and promoting Sino-Russian cultural exchanges and interregional cooperation.

The fair will feature a total of 47 events, including a bike show, a motorcycle rally along state highway 331, tastings of Chinese and Russian cuisine, a parade of flower floats and various art exhibitions. -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 –

July 24, 2025
MIL-OSI United Kingdom: Innovative projects given go ahead by MMO
Source: United Kingdom – Government Statements

News story

Innovative projects given go ahead by MMO

The Marine Management Organisation (MMO) Marine Licensing team grants marine licences to protect and enhance England’s marine environment.
New Habitat Structure in Teesside

The Tees Rivers Charitable Trust applied to MMO to install up to 18 dock wall fittings (vertipools) and up to three modular floating islands within Middlehaven Dock, near Middlesbrough, to increase biodiversity and available habitat for wildlife.

Each vertipool can store up to 1.5 litres of intertidal seawater, which increases the habitat for invertebrates. Up to three modular floating habitat islands will be installed consisting of up to 20 modules, made with a coconut fibre matting. They will be planted with up to 30 different freshwater and up to 13 different halophyte species, all of which are native to the UK.

The roots of the plants form valuable habitats and refuge for aquatic organisms such as juvenile fish, while also filtering the water. The platforms also provide roosting and feeding areas for birds.

As part of the application process, the marine licensing team carried out a Habitat Regulations Assessment (HRA) and consulted with relevant organisations.

Once completed, the project should increase local biodiversity and bring public amenity benefits by inspiring young ecologists and reconnecting the public with nature.

Floating Offshore Wind Demonstration Project

Wave Hub Limited applied to vary their existing marine licence in relation to the Twin Hub Floating Offshore Wind Demonstration Project. The variation would change their marine licence to allow 40mw of power rather than 32mw, and extend it for five years to January 2037 to allow adequate time for works to be completed following additional funding contracts.

The requested variation will also extend the operational period, because while floating offshore wind technology is relatively new, the design life of fixed bottom offshore wind farms often exceeds 30 years, the aim for floating wind technology is to achieve a similar, if not greater longevity.

The marine licensing team worked closely with both the applicant and advisors during and after the consultation, answering any follow up questions to ensure the application was processed as quickly as possible.

The changes to the marine licence will allow the project greater flexibility and improve the longevity of the floating wind farm.

Woodside Ferry Terminal Upgrade

Mersey Travel Limited applied for a marine licence to replace the Woodside ferry terminal in Merseyside.

The ferry service at Woodside, on the edge of The Wirral, dates back to the 13th century and a new ferry terminal was built during the 19th century. The aim of the development is to allow the Woodside ferry landing to operate for the next 25 years.

The works involve removing the linking bridge and installing new foundations called monopiles, which will support a replacement landing area.

The marine licensing team liaised closely with the applicant and consultees throughout the application process. The team also undertook a Habitats Regulations Assessment (HRA) and included conditions on the marine licence to minimise impacts to the environment, including a working in cold weather ban to reduce impacts to birds during sensitive times.

Once complete, the new ferry terminal should vastly improve access for residents and tourists in the area.

Greatham Marsh Restoration

The Greatham Marsh Restoration project is centred on the restoration of intertidal habitat on low-lying land near Greatham Village in Teesside. The objective of the project is to restore Greatham Marsh and to enable the natural migration of intertidal habitats as sea levels rise. BAM Nuttall contractors made a marine licence application to remove the tidal barrier, which is maintained by the Environment Agency, in order to connect the watercourse to the floodplain.

The work is part of a wider programme called Tees Tidelands, which will open the tributaries to tidal influence, enable fish passage and re-establish parts of the natural estuary.

The licence associated with the existing flood defence structure commenced in 1980 and will expire in 2029. One of the conditions of the original licence stipulates that when the licence expires, the works shall be removed, and the riverbanks and foreshore reinstated.

The removal of this structure would allow tidal flow to propagate upstream to flood the agricultural land and would allow the formation of both lower and upper intertidal marsh.

The marine licensing team provided ongoing support to the applicant, allowing them time to provide further information and respond to application updates.

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Published 23 July 2025
MIL OSI United Kingdom –
July 24, 2025
MIL-OSI China: Urumqi ranks among China’s top summer destinations

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

URUMQI, July 23 — Urumqi, capital of northwest China’s Xinjiang Uygur Autonomous Region, recorded 50.57 million tourist visits in the first half of 2025, making it China’s third most popular summer travel destination, said a press conference on Wednesday.

A series of cultural and tourism events, such as traditional folk performances and performing arts festivals, have drawn tourists from around the world, according to the regional people’s government.

The city’s tourism boom has been supported by an increasingly convenient transport network. Urumqi Tianshan International Airport, a national gateway hub, boasts annual passenger trips of 48 million and a cargo throughput of 550,000 tonnes. It operates 258 flight routes connecting over 100 cities at home and abroad.

Last year, Xinjiang received over 300 million tourist visits, generating more than 359 billion yuan (about 50.27 billion U.S. dollars) in tourism revenue, a year-on-year increase of 21 percent.

MIL OSI China News –

July 24, 2025
MIL-OSI United Kingdom: Scottish Greens propose holiday homes tax to protect Gaelic language

Source: Scottish Greens

22 Jul 2025 Housing

Holiday homes are increasing house prices out and hollowing out communities

More in Housing

The Scottish Greens have unveiled new plans to protect Gaelic-speaking communities by increasing taxes on holiday homes and Airbnb-style short term lets. The move is designed to tackle the acute housing crisis in Gaelic communities and to support young people who want to stay in the areas they have grown up in.

The party’s finance spokesperson, Ross Greer MSP, intends to force a vote on the proposals when Holyrood considers amendments to the Housing Bill in the autumn. His amendments would allow ministers to levy a special surcharge on those buying holiday homes or other additional properties in areas with high numbers of Gaelic speakers, such as Skye and the Outer Hebrides.

Average house prices in Skye are £60,000 higher than the national average and one local councillor recently estimated that almost 60% of local properties were either holiday homes or short term lets. This is forcing many young people off the island and putting Gaelic’s survival as a community language at risk. Lack of available housing is commonly cited as a key reason why Gaelic is now on the edge of extinction in its historic communities.

Greer’s proposals follow the Scottish Parliament recently passing the Scottish Languages Act, which allows for communities where Gaelic is widely spoken to be designated as “Areas of Linguistic Significance”. The additional charge on holiday homes purchases the Scottish Green MSP has put forward would apply in the areas with this designation.

Ross Greer said:

“Gaelic is an essential part of Scottish culture and national identity, but it is on the verge of extinction as a living language. We need to take bold action immediately, or the decline will be impossible to reverse. The Languages Act is a good starting point, but we know that one of the biggest threats to the language is the housing crisis in areas like Skye.

“Young Gaelic speakers are being forced out of the last communities where it is still the spoken language because holiday homes and Airbnb-style short term lets have driven up house prices to levels they cannot hope to compete with. As a result, they are forced to move to areas where they cannot use Gaelic in their everyday interactions. This is one of the biggest threats to Gaelic’s continued existence.

“My proposals would make it harder for wealthier people to buy up second homes and short-term lets in Gaelic-speaking communities and in turn make it easier for locals, especially first-time buyers, to secure their own home.

“Changes to Council Tax already delivered by Scottish Green MSPs reduced the number of second and holiday homes across Scotland by 2,500 last year, freeing up more properties for people who need a home to live in. We can build on this success with further targeted actions and ensure that our Gaelic-speaking communities can thrive rather than be treated purely as holiday parks for tourists and the super-rich.”

MIL OSI United Kingdom –

July 23, 2025
MIL-OSI: Bitget Partners with KOL to Drive Blockchain and AI Growth in Southeast Asia

Source: GlobeNewswire (MIL-OSI)

KUALA LUMPUR, Malaysia, July 23, 2025 (GLOBE NEWSWIRE) — Bitget, the world’s leading cryptocurrency exchange and Web3 company, partnered with Indian crypto thought leader Pushpendra Singh to support a landmark Blockchain & AI Summit in Southeast Asia—further strengthening its role as a global enabler of the decentralized tech ecosystem.

The summit was organized in collaboration with the Consortium of Indian Industries in Malaysia (CIIM). It brought together builders, investors, and leaders from India, South Asia, the Middle East, Singapore, China, and beyond, establishing Malaysia as an up-and-coming regional hub for blockchain and AI collaboration. The event included keynotes, panel discussions, and interactive sessions aimed at promoting innovation and the responsible adoption of Web3 technologies.

“Having a prominent Indian KOL like Pushpendra lead a Blockchain and AI Summit in Malaysia highlights the global and collaborative nature of this industry. At Bitget, our mission is to empower and scale these ecosystems wherever they develop,” said Jyotsna Hirdyani, South Asia Head at Bitget.

Bitget KOL Pushpendra Singh taking the stage at the Blockchain & AI Summit

Pushpendra expressed a similar viewpoint, emphasizing that Malaysia’s rising status as a premier destination for both technology and tourism makes it an ideal location for a globally diverse gathering. “This event wasn’t solely focused on Web3; it was also about uniting various voices under one shared vision. Malaysia is quickly becoming a hub where innovation meets opportunity, and we take pride in working to help shape that narrative,” he shared.

The partnership shows Bitget’s continued efforts to advance inclusivity, education, and grassroots leadership in nascent cryptocurrency communities. One region, one builder, and one summit at a time, Bitget is dedicated to offering the platforms, tools, and collaborations that propel the industry forward as blockchain and AI continue to converge.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.
Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/64aba109-89d5-46a4-a8b1-ccef7eb91ad5

https://www.globenewswire.com/NewsRoom/AttachmentNg/695b5285-5250-427c-9886-20d016670456

The MIL Network –

July 23, 2025
MIL-OSI Russia: Number of visa-free entries into China to double in 2024

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 23 (Xinhua) — The number of foreigners entering China visa-free in 2024 will reach about 20.12 million, up 112.3 percent from 2023, Vice Minister of Public Security Qi Yanjun said Wednesday at a press conference held by the State Council Information Office.

The total flow of foreign tourists entering China last year reached nearly 32.54 million people, up 80.7 percent from the previous year, the official said. -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 –

July 23, 2025
MIL-OSI Asia-Pac: LCQ18: Promoting meetings, incentive travels, conventions and exhibitions tourism

Source: Hong Kong Government special administrative region – 4

     Following is a question by the Hon Tang Fei and a written reply by the Acting Secretary for Commerce and Economic Development, Dr Bernard Chan, in the Legislative Council today (July 23):

Question:

     It is reported that the Singapore Government is actively developing the meetings, incentive travels, conventions and exhibitions (MICE) industry, having set a clear target of tripling related tourism revenue by 2040. Through measures such as policy support, financial assistance, and cross-departmental collaboration, the Singapore Government has successfully attracted numerous international event organisers to establish a presence there, significantly enhancing Singapore’s competitiveness in the global MICE market. However, Hong Kong’s ranking in the international MICE market is relatively behind, having ranked only 33rd globally in terms of the number of MICE events held in 2023. In this connection, will the Government inform this Council:

(1) whether comprehensive and regular evaluations of the effectiveness of Hong Kong’s existing MICE policies have been conducted, including performance in areas such as recent international rankings, market competitiveness, economic gains and spillover benefits to related industries; if so, of the details and how the authorities will adjust future development strategies for the MICE industry based on the evaluation results; if not, the reasons for that and whether consideration will be given to initiating such evaluations as soon as possible to more effectively promote the long-term development of the MICE industry;

(2) as there are views that Hong Kong’s current image at international MICE events is primarily associated with traditional trade exhibitions and lacks high-end international summits with global influence, whether the Government will consider re-examining and adjusting its current MICE promotion strategies, which could involve actively pursuing the hosting of internationally renowned summits with decision-making influence, with a view to enhancing Hong Kong’s image as an international city, attracting high-end visitors and driving economic growth; if so, of the details; if not, the reasons for that; and

(3) as there are views that resources for the MICE industry in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) are dispersed, and with Hong Kong being the most internationalised city in the region, how the Government will assume a leading role in promoting MICE development; whether it will, through policy advocacy, resource integration, cross-city collaboration and other means, guide the Mainland cities in the GBA to jointly develop a co-ordinated MICE development strategy, thereby enhancing the overall competitiveness of the entire GBA in the international MICE industry?

Reply:

President,

     We have consulted the Culture, Sports and Tourism Bureau on the part involving the promotion of meetings, incentive travels, conventions and exhibitions (MICE) tourism, and the consolidated reply is as follows:

     Hong Kong is the world’s seventh-largest trading entity in merchandise trade and also the region’s premier convention and exhibition (C&E) hub. Many well-known international organisations and businesses have chosen to host C&E events in Hong Kong. C&E events, in particular international ones, have attracted numerous participants (including exhibitors and buyers), not only benefitting the C&E industry but also bringing in high-spending business travellers that drive economic activities in such related sectors as accommodation, catering, retail, entertainment etc., thereby benefitting various industries and bringing important contributions to Hong Kong’s economy.

     In 2024, Hong Kong’s two dedicated venues for mega C&E events (viz. the Hong Kong Convention and Exhibition Centre and the AsiaWorld-Expo (AWE)) hosted over 350 C&E events, attracting 9.17 million participants. In terms of attracting visitors, the Hong Kong Tourism Board (HKTB) has been striving to attract different types of visitor segments. Among others, the HKTB seeks to encourage those visitors coming to Hong Kong to participate in MICE-related business activities as well as stay and travel in the city through promoting Hong Kong as a destination for MICE tourism. In 2023 and 2024, there were about 1.3 million and 1.42 million overnight MICE visitors respectively. Their per capita spending was about 30 per cent and 40 per cent higher than that of the overall overnight visitors in the respective years.

     In view of the contribution of C&E events to Hong Kong’s overall economy, the Hong Kong Special Administrative Region (HKSAR) Government launched the Incentive Scheme for Recurrent Exhibitions (ISRE) in July 2023 to subsidise venue rentals of eligible exhibitions organised by private organisers. The ISRE was very well received, supporting more than 200 eligible exhibitions by the end of June this year. To further promote the development of the C&E industry and the mega event economy, thereby generating overall economic benefits for Hong Kong, the HKSAR Government has just launched the ISRE 2.0 on July 1, 2025, by allocating an additional provision of $500 million, focusing on attracting new and recurrent international exhibitions of a large scale.

     Since the resumption of tourism in Hong Kong starting from February 2023, the HKTB has stepped up its efforts to promote the recovery and development of MICE tourism. So far, the HKTB has successfully bid, assisted in successful bidding, or subsidised the staging of over 2 500 international MICE events in Hong Kong, which span across various fields including innovation and technology, financial services, medical science, luxuries, community services, aviation, etc. Among these events, there are high-end international summits of global impact, including the Fortune Innovation Forum 2024 held in March 2024, the Leaders of Luxury Summit 2024 held in November 2024 and the Consensus Hong Kong held in February 2025. Meanwhile, scheduled international MICE events include the Routes World 2025 to be held in September 2025, as well as the Lions International Convention and the Association of National Olympic Committees General Assembly to be held in 2026 etc. It is estimated that the MICE events supported by the HKTB in 2025-26 will attract more than 183 000 high value-added overnight MICE visitors to visit Hong Kong, generating a total spending of about $1.4 billion based on the per capita spending of $7,800 by MICE visitors in 2024.

     In respect of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the HKTB will extend the scope of its promotion work under the theme of “Meet Hong Kong â€§ Meet GBA” to explicate the opportunities within the GBA so as to attract the staging of overseas MICE events in Hong Kong. In addition, the C&E industry will also explore the inclusion of GBA elements in suitable events. Among others, the UFI Global Congress 2025 will be held in the AWE in November 2025. As the host of the event, the AWE has incorporated GBA itineraries (Zhuhai and Macao) for participants from all over the world with a view to showcasing Hong Kong’s strategic advantage of being located in the centre of the GBA.

     Looking ahead, the HKSAR Government and the HKTB, in collaboration with the C&E industry and relevant organisations, will continue to support the staging of international MICE events of different scales and types in Hong Kong, so as to help consolidate Hong Kong’s position as an international MICE capital and attract more high value-added overnight visitors.

MIL OSI Asia Pacific News –

July 23, 2025
MIL-OSI Asia-Pac: Hong Kong Heritage Museum welcomes its 15 000 000th visitor and launches its 25th anniversary exhibition (with photos)

Source: Hong Kong Government special administrative region – 4

Established in 2000, the Hong Kong Heritage Museum (HKHM) of the Leisure and Cultural Services Department enters its 25th anniversary this year. Today (July 23), the HKHM welcomed its 15 000 000th visitor since its inauguration. The Director of Leisure and Cultural Services, Ms Manda Chan, presented a gift pack to the visitor. The HKHM has also launched a commemorative exhibition to celebrate its silver jubilee.

The 15 000 000th visitor of the HKHM is Ms Sun from Guangzhou, who is visiting the HKHM for the first time with her husband and daughter. She is a fan of Jin Yong’s novels and Hong Kong television dramas, so she specially came to visit the Jin Yong Gallery. The museum arranged special souvenirs for them.

In celebration of the silver jubilee, “Together We Inspire: Celebrating the 25th Anniversary of the Hong Kong Heritage Museum” will be held from today until February 23 next year, providing visitors with the background of HKHM’s establishment, its past exhibitions and core collections.

The exhibition features around 20 items/sets of exhibits selected from the museum’s collection, showcasing Hong Kong’s cultural diversity. The exhibits include the 120-year-old Hakka wedding palanquin that portrays the marriage customs of Hakka villagers in the New Territories; the Haiqing costume with hand-painted peony and peacock patterns in the 1910s to 1920s, which is a masterpiece of exquisite craftsmanship among early Cantonese opera costumes; and the ceramic work “Yuanyang Café” that creates a nostalgic atmosphere of traditional-style cafés. The trophy posthumously presented to Anita Mui for the Timeless Artistic Achievement Award of the 23rd Hong Kong Film Awards, which is one of the essential collections in the field of Hong Kong pop culture at the museum, will also be displayed.

In addition, the HKHM will organise the 25th anniversary fun day on November 15 and 16, offering a series of free programmes, including a night at the museum with Cantonese music, a pre-show sharing session on “Kung Fu Artistry – Bruce Lee’s No Way as Way”, treasure hunt games, ink art improvisation workshops, patterned band weaving workshops, and a talk on the development and history of public museums in Hong Kong, to provide visitors with an extraordinary museum experience.

     As a comprehensive museum, the HKHM has organised more than 200 exhibitions over the years, spanning history, art, and local culture. In recent years, the museum has also focused on presenting exhibitions and programmes related to Hong Kong pop culture, such as special exhibitions about legendary stars like Leslie Cheung and Anita Mui, which have been well received. Apart from local visitors, the HKHM also attracted tourists. In the year, around 30 per cent of the visitors were from the Mainland and overseas.

    The HKHM will present a series of exciting exhibitions and events in the second half of the year. These include an exhibition commemorating the 120th anniversary of the birth of Professor Chao Shao-an, the master of Lingnan School of Painting, as well as performances and activities celebrating the 85th anniversary of the birth of Bruce Lee, the internationally famous martial arts superstar. For details of the latest exhibition information, please visit the website hk.heritage.museum/en/web/hm/highlights.html, or the Instagram page www.instagram.com/heritagemuseum.hk.



MIL OSI Asia Pacific News –

July 23, 2025
MIL-OSI Asia-Pac: LCQ3: Village land and Small House Policy

Source: Hong Kong Government special administrative region – 4

Following is a question by Dr the Hon Junius Ho and a reply by the Acting Secretary for Development, Mr David Lam, in the Legislative Council today (July 23):

Question:

Article 40 of the Basic Law stipulates that the lawful traditional rights and interests of the indigenous inhabitants of the “New Territories” shall be protected by the Hong Kong Special Administrative Region. According to the Court of Final Appeal’s judgment in 2021, all components under the Small House Policy are lawful traditional rights and interests of the indigenous inhabitants of the New Territories. However, there are views that the existing Small House Policy, which has been in force for over 50 ‍years, has become outdated in terms of its implementation and details. Regarding village land and the Small House Policy, will the Government inform this Council:

(1) whether it has recently reviewed the Small House Policy for indigenous inhabitants of the New Territories; if so, of the details; if not, the reasons for that;

(2) given that according to the paper submitted by the Government to the Panel on Development of this Council in December last year, the Government has commenced a consultancy study on how to promote urban-rural integration in the entire Northern Metropolis, which will include formulating guidelines on implementation of urban-rural integration, of the progress of the relevant work and the specific measures in place to promote village participation in development, so as to unleash land potential; and

(3) given that some members of the community have put forward a proposal for “ding” buildings, which involves pooling the rights and interests of various indigenous inhabitants of the New Territories in building small houses (commonly known as “ding” rights) to develop modern apartment buildings, whether the Government will take this proposal into consideration?

Reply:

President,

The New Territories Small House Policy has been implemented since 1972, to allow a male indigenous villager aged 18 years old or above who is descended through the male line from a resident in 1898 of a recognised village in the New Territories to apply for permission to erect, for once in his lifetime, a small house for himself on a suitable site within his own village.

In response to the respective parts raised by Dr the Hon Ho, our reply is as follows:

(1) The Court of Final Appeal (CFA) ruled on the judicial review of the Small House Policy in 2021, confirming that all components under the Small House Policy, namely Free Building Licence, Private Treaty Grant and Land Exchange, are lawful traditional rights and interests of the indigenous inhabitants of the New Territories within the meaning of Article 40 of the Basic Law. In view of the historical background of the Small House Policy, having been in operation for many years, and that the CFA has upheld its lawfulness and compatibility with the Basic Law, we currently have no plans to review the relevant policy.

That being said, we appreciate the needs for eligible New Territories indigenous villagers to build small houses. Since 2021, the Government has streamlined the procedures for processing small house applications with a view to expediting approvals under the existing policy framework, including processing procedures under various aspects in parallel, simplifying the procedures for handling objections and conducting face-to-face meetings with applicants for direct discussion.

The above measures have gradually shown results. The average number of small house applications processed by the Lands Department (LandsD) each year increased to more than 2 500 cases in the years from 2022 to 2024, surpassing its performance pledge of 2 300 cases, while the number of applications approved per year also increased from over 500 in 2022 to over 800 in 2024, representing an increase of more than 55 per cent.

In addition, to expedite the development of small houses, the LandsD implemented in January this year, on a pilot basis, a self-certification scheme at the District Lands Office (DLO), Yuen Long, which allows lot owners to appoint registered professionals at their own expense to prepare and submit the relevant documents for self-certification of compliance of relevant approval requirements, thereby leveraging the resources in the industry and expediting the approval process. The LandsD will also streamline and expedite the approval process for applications submitted under the scheme with the target of completing the processing of cases within 10 weeks upon receipt of all required documents. The LandsD has extended the coverage of the scheme to DLO, North in July this year.

(2) The Northern Metropolis (NM) possesses many historical and traditional rural townships and precious natural ecology, which are embedded with rich historical and cultural resources. “Urban-rural integration” is one of the key focuses in the development of the NM. In planning new development areas, we will preserve the layout and appearance of traditional villages. Through proper planning to soften the urban-rural interface, we can integrate new development areas and the rural areas in harmony. The villagers will also benefit from new transport and other infrastructure and facilities, as well as new and diverse employment opportunities. With a view to bringing new business opportunities to villages and facilitating visitors to experience the rural culture, we are exploring further facilitation measures under the prevailing Small House Policy to encourage an appropriate provision of village shops, restaurants and home-stay lodging facilities. We will also appropriately conserve and revitalise historical buildings and provide venues for carrying out traditional activities to promote cultural heritage. By combining tourism resources such as natural ecology and historical buildings, we can promote “tourism is everywhere” and enrich the rural living experience.

The Government has engaged a consultant to formulate the policies and approaches to further promote “urban-rural integration” in the development of the NM. During the process, various stakeholders including the villagers would be consulted. We will report the progress to the Legislative Council at an appropriate juncture.

(3) The intent of the Small House Policy is to enable the habitation of indigenous inhabitants in low-density village environments. The permission of “ding” buildings or high-density development is not compatible with the policy intention. The existing legislation has also set out clear rules regarding development of small houses. In accordance with the Buildings Ordinance (Application to the New Territories) Ordinance (Cap. 121), a small house shall neither contain more than three storeys nor exceed a height of 8.23 metres (27 feet) and the maximum roofed-over area of the house shall not exceed 65.03 square metres (700 square feet). From a planning perspective, land originally planned for low-rise and low-density development may not be suitable for high-rise and high-density development.

Hence, whether seen from either the policy, legal or planning perspective, the “ding” building proposal will represent a significant deviation from or change to the prevailing arrangements for small houses. Separately, the Government is taking forward the development of the NM in full force. The NM closely relates to the overall public interest and, upon its full development, will supply 3 000 hectares of land with 500 000 new housing units for members of the public from all walks of life, and provide substantial land for industry development and create diverse employment opportunities. Development of the NM is both a consensus of our society and the priority of the Government. Given its controversy, we therefore do not consider it appropriate to consider the “ding” building proposal at this juncture, as doing so will invariably spark discussion and divert the Government’s efforts and resources.

Thank you, President.

MIL OSI Asia Pacific News –

July 23, 2025

MIL-OSI Asia-Pac: LCQ16: Conservation of geopark in Sai Kung

Source: Hong Kong Government special administrative region – 4

Following is a question by the Hon Stanley Li and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (July 23):

Question:

There are views that the geopark in Sai Kung (geopark), as part of Hong Kong’s precious natural and geological heritage, has ecological conservation, scientific research and tourism education values. However, it has been reported that with the increase in the number of tourists recently, the pollution problem of the geopark has been worsening, posing challenges to the natural environment and the sustainable development of scenic areas. In this connection, will the Government inform this Council:

(1) of the current numbers and distribution of litter bins and waste separation facilities in the geopark, as well as the frequency of waste removal and conveyance at such facilities; in view of the waste disposal pressure arising from the surge in the number of tourists, whether the Government has specific plans to increase the number of temporary cleansing facilities, optimise the waste conveyance routes or introduce smart waste monitoring equipment to enhance the efficiency of disposal; if so, of the details; if not, the reasons for that;

(2) whether it has launched publicity and educational measures on the conservation of the geopark (such as by placing publicity notices in the geopark and producing guidebooks); whether it will make use of multimedia to step up multilingual publicity and introduce interactive environmental education experience projects, and publicise “Leave No Trace” tourism through travel agencies and at the entrances of scenic areas; if so, of the details; if not, the reasons for that;

(3) regarding littering in the geopark, of the relevant law enforcement manpower and frequency of inspections at present, as well as the number of relevant prosecutions instituted in the past three years; whether it will consider installing additional surveillance devices at the key areas where littering is often detected; if so, of the details; if not, the reasons for that;

(4) whether the Government will establish an interdepartmental working group (comprising the Leisure and Cultural Services Department, the Environmental Protection Department, the Agriculture, Fisheries and Conservation Department, etc) to co-ordinate the geopark’s waste management; whether it will promote tripartite co-operation among the Government, environmental groups and local villagers/business operators in handling refuse in the geopark, such as by encouraging business operators in neighbouring areas to take part in the cleaning work, recruiting community volunteers to go to the geopark for cleaning on a regular basis, or introducing an “Environmental Contribution Award Scheme” to attract the input of community resources; if so, of the details; if not, the reasons for that; and

(5) in the light of the ecological sensitivity of the geopark, whether the Government has plans to assess its visitor carrying capacity, and formulate measures such as booking of time slots or limiting visitor flows to strike a balance between visitor demand and environmental conservation; whether the Government will, in the long run, devise a Development Strategy for Hong Kong Geopark and incorporate waste management into its contents, while formulating systematic improvement proposals by combining ecological restoration, low-carbon tourism facilities (e.g. setting up distribution points for degradable rubbish bags) and the environmental impact assessment mechanism; if so, of the details; if not, the reasons for that?

Reply:

President,

Hong Kong UNESCO Global Geopark (Hong Kong Geopark) consists of two geological regions, the Northeast New Territories Sedimentary Rock Region and Sai Kung Volcanic Rock Region. Most of the geopark attractions are located within country parks and special areas, and the Agriculture, Fisheries and Conservation Department (AFCD) is responsible for the regular management work. In response to the question raised by Hon Stanley Li, a detailed reply is provided as follows:

(1) The AFCD has been committed to keeping the country parks clean and educating the public to cherish nature. Since 2015, through the “take your litter home” campaign, visitors have been encouraged to cultivate a sense of stewardship towards the natural environmental. To tie in with this initiative, litter bins and recycling bins along hiking trails have been removed since the end of 2017, while litter collection facilities are retained at recreational sites (e.g. barbecue sites and campsites) for use by visitors if needed. The AFCD collects litter from recreational sites, hiking trails and public toilets. The litter is then either transported to landfills or handed over to recycling service contractors for processing. The AFCD would flexibly adjust the arrangement for and frequency of litter collection and handling according to actual needs at different locations in country parks, as well as the usage and hygiene conditions of popular sites. In particular, during long holidays and weekends, the AFCD would strengthen relevant cleaning work. In response to the recent upsurge of visitors at some popular Hong Kong Geopark attractions, the AFCD has enhanced cleaning and management efforts, and the environmental conditions at these sites remain generally good.

(2) In regard to the issue of countryside litter, it is crucial to promote the message of reducing waste at source and caring for nature to the public. The AFCD has organised a variety of education activities, such as roving exhibitions, nature interpretation services, etc, to raise public awareness on responsible hiking practices. These messages have also been disseminated through multimedia, such as online videos (website: www.youtube.com/@HongKongCountryParks) and social media channels (Hong Kong Country Parks Facebook: www.facebook.com/hongkongcountryparks), in a lively manner to continuously raise the public’s awareness. Posters, promotion banners and signages have been displayed at suitable locations in Hong Kong Geopark and at the entrances and exits of hiking trails to remind visitors to take their litter away and observe hiking etiquette. In collaboration with the Travel Industry Council of Hong Kong, seminars and field trips have been organised for tourist guides to enhance their understanding of Hong Kong Geopark attractions, and the message of “take your litter home”. The AFCD has also co-operated with the Economic and Trade Offices in the Mainland and the Forestry Administration of Guangdong Province to publicise relevant messages through social media channels in the Mainland, and will continue to promote the relevant messages of “leave no trace” through various channels and initiatives.

(3) According to the Country Parks and Special Areas Regulations (Cap. 208A), anyone who litters in country parks or special areas commits an offence and is liable to prosecution. Upon conviction, the offender may be fined up to $10,000 and imprisoned for three months. In addition, under the Fixed Penalty (Public Cleanliness and Obstruction) Ordinance (Cap. 570), any person who violates the above offence may be subject to a fixed fine of $3,000. Currently, about 150 AFCD staff conduct regular patrols and law enforcement actions in country parks and special areas over the territory. Patrols and law enforcement are part of the regular management work of country parks, and there is no detailed breakdown of the manpower and the number of patrols conducted at each country park and special area for combatting littering offences. The number of patrols conducted, prosecution instituted and fixed penalty notice issued for littering by the AFCD in country parks and special areas across the territory over the past three years are tabulated as follows:

Year	Number of patrol	Number of prosecution (within Hong Kong Geopark)	Number of fixed penalty notice (within Hong Kong Geopark)
2022	13 024	1 (0)	13 (0)
2023	13 891	0 (0)	8 (0)
2024	14 266	0 (0)	7 (1)

In light of the recent upsurge of visitors at Hong Kong Geopark Sai Kung High Island Reservoir East Dam, the AFCD has been enhancing efforts in reminding visitors to keep countryside clean by displaying banners at suitable locations, including entrances and exits of hiking trails, and using local and Mainland social media platforms (e.g. Xiaohongshu), as well as taking law enforcement actions against littering and other offences within country parks. The AFCD will continue to review and adjust the patrolling arrangements in country parks from time to time in the light of actual circumstances, and arrange special operations or utilise technology such as smart surveillance when necessary to strengthen law enforcement work against illegal activities within country parks.

(4) Most Hong Kong Geopark attractions are located within the country parks, and the cleaning work is conducted by the AFCD. When litter is identified in public areas outside the country parks, it will be referred to the Food and Environmental Hygiene Department (FEHD) for cleanup. The AFCD has been working closely with various stakeholders to conserve the geological heritage and natural environment of Hong Kong Geopark. This includes assisting villages around the attractions of the park to follow up on environmental hygiene issues. To raise awareness among the youth about protecting the natural environment, the AFCD has invited students to collect litter during field trips to Hong Kong Geopark. In addition, the AFCD has encouraged and co-ordinated volunteer cleanup activities in Hong Kong Geopark. Since last year, over 20 such activities have been organised.

(5) Important geological and ecological sites of Hong Kong Geopark are protected under legislation including the Country Parks Ordinance and the Marine Parks Ordinance. The main objectives of Hong Kong Geopark are nature conservation, education and sustainable development. When planning and establishing Hong Kong Geopark in the early years, the Government formulated guiding principles to avoid the construction of facilities that would adversely affect the environment. The planning of suitable facilities depends on the actual conditions of different attractions, including their capacity to accommodate higher number of visitors and their ecological sensitivity. For example, sites with higher visitor carrying capacity such as the High Island Reservoir East Dam and Sharp Island, visitor facilities to facilitate visit and education purposes are provided therein; for areas that require preservation in their natural state, such as the coastline along Fa Shan of High Island, the Ung Kong Group and the Ninepin Group, visitor facilities like public piers or trails are avoided, and visitors are encouraged to enjoy sightseeing there by boat tours instead.

In response to the recent surge in visitor numbers at popular attractions within Hong Kong Geopark, the AFCD is reviewing the carrying capacity of these popular sites and will develop management strategies, such as co-ordinated traffic control measures with relevant authorities, and enhanced visitor management measures when necessary to prevent overcrowding. During peak hiking seasons, the AFCD will also increase the frequency of patrols, enhance cleaning and management efforts, and strengthen the promotion of hiking etiquette to ensure visitor safety and protection of nature, thereby achieving the co-existence of ecotourism and nature conservation.

MIL OSI Asia Pacific News –

July 23, 2025

MIL-OSI Russia: Conversation between Mikhail Mishustin and the head of the Altai Republic Andrey Turchak

Translation. Region: Russian Federal

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

Current issues of the region’s socio-economic development were discussed.

Conversation between Mikhail Mishustin and the head of the Altai Republic Andrey Turchak

From the transcript:

M. Mishustin: Andrey Anatolyevich, good afternoon!

Thank you for showing the hospital, the emergency department, modern, new, with all the necessary equipment, built in two and a half months. This is pleasing. The speed with which it was all done and the professionalism are visible. We also heard this from the people who visit it.

More and more tourists are coming to the Altai Republic. Soon, literally in a few days, the International Ecological Conference will take place. Distinguished guests will arrive.

Last year, a decision was made (we discussed this with you) to build a modern, now international airport. The funds are there, they are planned, there is an investor. And it is very important to provide for the entire complex development around it, the logistics infrastructure – this is a transport hub, access roads, service maintenance and much more.

First of all, I want to ask how this work is going? Please.

A. Turchak: Mikhail Vladimirovich, first of all, thank you for giving our airport the status of an international airport. Today, a modern international checkpoint has already been opened on the territory of the airport terminal. In general, as you correctly said, the tourist flow is growing, and the airport infrastructure can no longer cope with it. Therefore, by 2028, within the framework of the concession agreement, we will complete the modernization of the entire airfield infrastructure and build a new terminal. Our goal is to increase passenger traffic to 1.3 million passengers per year by 2030.

By road. You are absolutely right, connectivity is necessary, because tourists come to us not only by air, but also by car.

Regarding the road sector, in 2024, under the national project, we allocated about 6.6 billion rubles for this and brought 196 km of our roads into compliance. And it is very important that 10 km are directly in the Gorno-Altaisk agglomeration itself, which includes our capital Gorno-Altaisk and the suburban Mayminsky district. This year, we plan to bring 101 km and 12 bridges into compliance. The topic of bridges is very important for our republic, I reported to you about it last time. We are systematically moving towards putting the bridge sector in order. This year, our road fund is 3.5 billion.

This year, with your support, the reconstruction of the Chuysky tract will begin – this is a 21 km section to Manzherok, which will solve the problem of traffic jams, especially during the high tourist season, and reduce accidents.

One project I wanted to report to you about, you supported it last year, is the construction of the Platovsky Bridge by shifting funds to the left. We are handing it over ahead of schedule. This is the first bridge that has been built in the republic in the last six years.

We continue working with the Ministry of Transport to bypass Maima and, in general, Gorno-Altaisk, the entire Gorno-Altaisk agglomeration. We need to take transit transport beyond the boundaries of the agglomeration. In this part, the Ministry of Transport will support us. Once again, I would like to thank you very much for supporting the development of our transport infrastructure.

M. Mishustin: Andrey Anatolyevich, I know that you are very actively involved in infrastructure. It is important to keep everything under personal control here. So that the logistics infrastructure, the new airport will allow for the expansion of tourism opportunities, and also contribute to the growth of the number of residents.

Another task is the construction of social, in particular educational, facilities. You are also actively involved in this.

The federal budget for three years provides funds for the construction of a school in Gorno-Altaisk, as well as a lyceum of about 2.5 billion rubles. Much is being done for healthcare as well. The hospital admissions department that we looked at today is one example.

Please tell us what else is being done and built in the fields of education and medicine.

A. Turchak: Mikhail Vladimirovich, at the last meeting I reported to you that one of the main challenges I faced was the large number of long-term construction projects that existed at that time. I want to thank you. With your support, additional funds were allocated. We commissioned the seventh school in Gorno-Altaisk – a long-awaited facility that was built on the direct instructions of the President. The start of construction of this facility is 2021. We commissioned it in January of this year. A unique school.

M. Mishustin: Were the problems mainly due to contractors?

A. Turchak: The problems were due to the poor quality of the project. We had to redesign, undergo a new assessment, then the cost of materials increased, and so on. Nevertheless, the school was completed, it became such a good gift for the 200th anniversary of Gorno-Altaisk, which we celebrated.

The only school in the city where children from the 1st grade study the Altai language. The school has a very large sports core. Two sports halls inside the school, a large stadium, several playgrounds where children can practice national sports.

Another long-term construction project is a sports and fitness complex with a games room. We also completed it in December last year. Residents were waiting for it with impatience.

The Cultural Development Center, which I reported to you about, has also been completed. In July, we opened it with the Minister of Culture of the Russian Federation. The first cultural institution built in the city in the last 13 years.

Also, with your support, the issue of reconstruction of the 12th school has moved from dead center. Not just reconstruction, but, in fact, the construction of a new building. We will introduce this facility by 2027 – the federal budget has allocated 615 million for it, and the republican budget – 345 million rubles.

Regarding the Republican Classical Lyceum, which you are monitoring. All work is on schedule, the completion date is 2026. The budget provides 3.3 billion, of which 2.7 billion is the federal budget. And the uniqueness of this project is that the developer additionally attracted its own 500 million rubles to complete the construction of the campus of this lyceum. It will be a truly unique educational institution, in which gifted children from the most remote corners of our republic will be able not only to receive a quality education, but also to develop their talents in various fields.

This year we have planned to carry out major repairs of 11 rural schools and the first gymnasium in Gorno-Altaisk. More than 700 million rubles from the federal budget are allocated for these purposes.

In addition, we are building another new school for 360 students in the Chemalsky District. This is a comprehensive rural development program that is actively operating in our republic.

We also repair kindergartens, primarily in rural areas. We have repaired four in a year and are building three new ones. 920 million rubles are allocated for these purposes from the federal and republican budgets. In general, we keep the issues of modernization and improvement of educational infrastructure under control and work on them with the Ministry of Education of the Russian Federation. Our colleagues support us.

M. Mishustin: Modern schools, kindergartens, educational institutions, hospitals, clinics – this is very important for people and makes it possible to attract investors. And for the republic, by decision of the President, an individual program of socio-economic development has been formed. Quite significant funds are provided until 2030.

Tell us what is planned within this program?

A. Turchak: If possible, one more thing on the topic of healthcare. Today, the Minister of Health reported to you on the overall situation in the republic. We examined the admission and diagnostic department of our republican hospital, equipped with a modern operating unit, modern diagnostic equipment – MRI, CT, ultrasound. We are the first region to implement this project this year. Indeed, the timing of its implementation is quite unique. In almost less than three months, this facility was erected, and 80% of the structures, materials, and equipment itself were of domestic production. By your decision, we received 744 million rubles from the federal budget for this project, including the MRI machine, which was also introduced this year on your instructions, and now our residents do not need to travel to other regions for such high-tech examination.

I would like to talk about the perinatal center. I approached you with this question last year. Our current perinatal center is located in a maternity hospital built in 1975. You gave the order to work out a step-by-step, phased plan for the implementation of this project. I would like to report on the work done.

As of today, we have worked out a medical and technical assignment together with the Ministry of Health. The concept for the construction of a new perinatal center is ready. Mikhail Albertovich Murashko saw it and supported it. And, if possible, I would like to separately report to you our proposals on how to gradually put everything related to obstetrics in our republic in order.

M. Mishustin: Yesterday we inspected the perinatal center in Chita. A wonderful and, in fact, methodological center not only for the Zabaikalsky Krai, but also for the entire Far East. And most importantly, the people who work there, mostly women, really help with obstetrics, and warmly welcome mothers and fathers. It seems to me that it is very important to support you in the construction of this center.

A. Turchak: Thank you very much.

According to the individual development program. We have good results for the first five-year plan. 2 thousand jobs have been created. 2.5 billion in extra-budgetary investments have been attracted. During the period of the individual program, the region has become one of the leaders in terms of investment growth rates in fixed capital.

In terms of specific results, 120 projects in the agro-industrial complex were supported, 8 accommodation facilities, 8 sites for processing milk, meat, wood, and producing dietary supplements were created. The Industrial Development Fund and the SME Fund were recapitalized, and 66 preferential loans were issued.

According to the new program. In the current 2025, we will support the development of the material and technical base of at least four agricultural enterprises. First of all, these are projects in the dairy industry. I can give one example. Our agroholding “Ekoniva” will build a dairy complex in the Ust-Kansky district. Moreover, the owner of this project in the recent past is a citizen of Germany, who has now acquired Russian citizenship and is registered for tax purposes in the Altai Republic.

Farmers will also be provided with a subsidy to support and develop crop production, meat and milk processing. We will support 22 SME projects, 4 tourism infrastructure projects and, most importantly, personnel training – we plan to train at least 150 specialists per year.

Dear Mikhail Vladimirovich, the implementation of individual programs is impossible without solving the main issue in the republic. And the main issue in the republic– I reported to you at the last meeting – this is land.

I would like to thank you for your support: last year you supported our proposal to lift the moratorium on mass inspections of the intended use of land. Thanks to this decision, a land amnesty was launched in the region, which is aimed at legalizing the illegal accommodation facilities that were identified.

Together with Rosreestr, the FMS worked. They identified about one and a half thousand accommodation facilities that were not registered with the tax authorities, that is, they did not pay either land tax or property tax. More than half went for legalization – 800 voluntarily submitted applications, and are now preparing their documents.

The amnesty ends with the inclusion of these accommodation facilities in the register. Accordingly, in addition to direct tax revenues, we will receive at least half a billion rubles of our own income. I reported to you today that we will spend a third of them on supporting healthcare, in particular, on developing the emergency medical service.

In this regard, I would like to make one request to you – to use a similar approach to reduce the level of shadow employment and legalize labor relations in the region. If possible, I would like to ask you to instruct Rostrud, just as we did for the land, to conduct unscheduled monitoring and supervisory activities for the Altai Republic with the involvement of employees of territorial bodies of Rostrud from other regions, because our own forces are not enough. In this way, we would also bring this topic out of the shadows. Thank you for your support.

M. Mishustin: Andrey Anatolyevich, the plans are serious. I wish you success in their implementation.

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 –

July 23, 2025
MIL-OSI Russia: Yuri Trutnev: The Zabaikalsky Krai exposition on the “Far East Street” within the framework of the EEF will link technological innovations and the cultural heritage of the region

Translation. Region: Russian Federal

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

The Zabaikalsky Krai pavilion at the Far East Street exhibition, which will be held in Vladivostok from September 3 to 9 as part of the tenth anniversary Eastern Economic Forum, will present cutting-edge technologies, and its design will reflect a deep connection with the natural and cultural heritage of the region. The exhibition is organized by the Roscongress Foundation with the support of the Office of the Plenipotentiary Representative of the President of the Russian Federation in the Far Eastern Federal District.

“Zabaikalsky Krai is actively developing and is among the leaders in terms of investment growth rates. In order to create favorable conditions for investors, the territory of advanced development “Zabaikalsky Krai” has been formed, and financial and infrastructural support measures are in place. It is equally important that the social sphere develops and urban spaces are transformed. Social infrastructure is being developed with the help of a single presidential subsidy allocated through the Ministry for the Development of the Russian Far East. Special tools have been introduced – “Far Eastern mortgage” and “Far Eastern hectare”. Construction of large facilities has begun according to the master plans of the cities of Chita and Krasnokamensk. But the most important thing is that wages are growing in Zabaikalsky Krai, a large number of jobs are being created. The pavilion exposition will tell visitors about this and much more,” said Deputy Prime Minister – Presidential Plenipotentiary Representative in the Far Eastern Federal District, Chairman of the Organizing Committee of the Eastern Economic Forum Yuri Trutnev.

The Zabaikalsky Krai pavilion is a synthesis of natural grandeur, cultural heritage and high technology. The architectural appearance of the stand was created using modern forms and materials. Interactive zones, spectacular media facades and art objects give the guest the opportunity to take part in an immersive journey into the world of possibilities of the region.

“We strive to show not only the economic potential of the region, but also its cultural wealth, historical values, and natural beauty. Our pavilion will combine advanced technologies, cultural heritage, and the rich history and nature of Zabaikalsky Krai. Traditionally, we will present the works of our fellow countrymen, whose names are known throughout the world. I am confident that the Zabaikalsky Pavilion will become a source of inspiration and new ideas for all visitors, and will awaken the desire to come to our sunny region,” emphasized the Governor of Zabaikalsky Krai, Alexander Osipov.

The entrance to the Zabaikalsky pavilion will be decorated with a monumental 9.5-meter composition “Solar Myth” by the artist and sculptor Dashi Namdakov. The avant-garde art object depicts a mighty Siberian elk made of bronze, whose antlers form a solar halo – a symbol of the cultural heritage and natural energy of the region.

In the “Investment Projects of Zabaikalsky Krai” zone, the leading enterprises of the region will be presented using modern technologies. Visitors can expect multimedia holographic and panoramic projections, as well as interactive panels that will demonstrate the achievements of the region in industry and culture. Particular attention will be paid to the largest investors – “Udokan Copper” and Bystrinsky Mining and Processing Plant. Panoramic screens and controllers will allow users to control the virtual space, creating the effect of full immersion and emphasizing the importance of these enterprises for the economy of Zabaikalsky Krai.

The “Achievements of the Zabaikalsky Krai in 10 Years” platform will show how the development plans of Chita and Krasnokamensk are being implemented. The main feature of the zone is an interactive wall: by touching special tags, guests will see interesting images and will have the opportunity to take bright photos for social networks.

In the “Tourism Potential” zone, visitors will be able to find out where to go and where to stay in Zabaikalsky Krai. The region’s tourism opportunities will be presented through a projection table and an interactive “mandala”.

A separate zone “80 Years of Victory” will be dedicated to the exploits and achievements during the Great Patriotic War, as well as the heroes and events of the special military operation. The exhibition will use augmented reality technologies, allowing you to see biographical materials about the participants of the Great Patriotic War and the SVO.

In addition, the pavilion will house a museum area, where works of art and historical artifacts will be displayed. Special design will create an atmosphere of comfort and respect, allowing visitors to better feel the value of the cultural heritage of Transbaikalia. The exhibition will become a kind of bridge between the past and the present, demonstrating the richness of the history and art of the region.

On the street near the pavilion, products from the Transbaikal producers “Vkusy Zabaikalya” and “Sdelano v Zabaikalye” will be presented. On the large stage of “Ulitsa Dalnego Vostok”, the municipal theater of song and dance “Zabaikalye” will present the musical performance “Song of the Family”.

Live music performed by the orchestra of the national song and dance theater “Amar Sain” will be heard near the Zabaikalsky stand, soloists of the vocal group “Forte” and the youth dance group “Klyukva” will perform. Also, guests of the pavilion will be able to participate in making dolls in national costumes, an art master class “Drawing together” and painting a memorable souvenir.

The 10th Eastern Economic Forum will be held on September 3–6 at the campus of the Far Eastern Federal University in Vladivostok. During these days, the exhibition will be available to forum participants, and on September 7, 8, and 9, it will be open to everyone. The EEF is organized by the Roscongress Foundation.

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 –

July 23, 2025

Category: Tourism

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