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Category: Trade

  • MIL-OSI: OTC Markets Group Welcomes Zoomcar Holdings, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Zoomcar Holdings, Inc. (OTCQX: ZCAR) (“Zoomcar”), leading marketplace for self-drive car sharing in India, has qualified to trade on the OTCQX® Best Market. Zoomcar previously traded on NASDAQ.

    Zoomcar begins trading today on OTCQX under the symbol “ZCAR.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    About Zoomcar
    Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for self-drive car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Kaltura Announces Financial Results for First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the first quarter ended March 31, 2025, as well as outlook for the second quarter and full year 2025.

    “We surpassed our guidance for the first quarter, delivering record total and subscription revenue, as well as significant Net loss improvement on a GAAP basis, and on a non-GAAP basis – a record positive Adjusted net income, Adjusted EBITDA, and earnings profitability per share. We also posted record ARR and the highest net dollar retention rate since the first quarter of 2022,” said Ron Yekutiel, Co-founder, Chairman, President and Chief Executive Officer of Kaltura.   “We continue to forecast for the full year a return to growth of new bookings fueled by customer consolidation around our platform, maturity of our newer products, exciting new Gen AI capabilities which customers have increasingly been adopting, growth potential within our great customer base, and a gradual growth in our sales force.”

    First Quarter 2025 Financial Highlights:

    • Revenue for the first quarter of 2025 was $47.0 million, an increase of 5% compared to $44.8 million for the first quarter of 2024.
    • Subscription Revenue for the first quarter of 2025 was $44.9 million, an increase of 9% compared to $41.2 million for the first quarter of 2024.
    • Annualized Recurring Revenue (ARR) for the first quarter of 2025 was $174.8 million, an increase of 7% compared to $162.7 million for the first quarter of 2024.
    • GAAP Gross profit for the first quarter of 2025 was $32.7 million, representing a gross margin of 70% compared to a GAAP gross profit of $28.6 million and gross margin of 64% for the first quarter of 2024. 
    • Non-GAAP Gross profit for the first quarter of 2025 was $33.0 million, representing a non-GAAP gross margin of 70%, compared to a non-GAAP gross profit of $29.0 million and non-GAAP gross margin of 65% for the first quarter of 2024. 
    • GAAP Operating loss was $1.6 million for the first quarter of 2025, compared to an operating loss of $7.3 million for the first quarter of 2024.
    • Non-GAAP Operating income was $3.1 million for the first quarter of 2025, compared to a non-GAAP operating loss of $0.6 million for the first quarter of 2024.
    • GAAP Net loss was $1.1 million or $0.01 per diluted share for the first quarter of 2025, compared to a GAAP net loss of $11.1 million, or $0.08 per diluted share, for the first quarter of 2024.
    • Non-GAAP Net income was $3.5 million or $0.02 per diluted share for the first quarter of 2025, compared to a non-GAAP net loss of $4.4 million, or $0.03 per diluted share, for the first quarter of 2024.
    • Adjusted EBITDA was $4.1 million for the first quarter of 2025, compared to adjusted EBITDA of $0.6 million for the first quarter of 2024.
    • Net Cash Used in Operating Activities was $1.0 million for the first quarter of 2025, compared to $1.1 million for the first quarter of 2024.

    First Quarter 2025 Business Highlights:

    • Closed one new seven-digit deal and fifteen six-digit deals, similar to first quarter 2024, reflecting typical seasonality
    • Sequential and year-over-year improvement in net dollar retention rate, reaching 107% – best since first quarter of 2022
    • Growing interest in Gen AI products – more than 150 customers already showing interest representing roughly 20% of our customer base. We think this represents a significant upsell opportunity for us in the coming quarters
    • Recognized by Gartner as a representative vendor in their 2025 Market Guides for both Video Platform Services and Meeting Solutions
    • Kaltura TV Genie recently won the Product of the Year award for Streaming at the 2025 NAB Show
    • Held our first Investor Event in our NYC office and remotely using our Events Platform. Conducted product demos and a customer panel and provided additional insights about our long-term financial goal.   Recording of the event and its presentation deck are available in the Investor section of our website
    • “Kaltura Connect on the road” series of customers events to be held in New York (May 13th), San Francisco (May 15th), and London (May 20th), followed by six ‘Connect in Education’ events across the US and Europe and virtually for APAC organizations.   Information is available on our website

    Financial Outlook:

    For the second quarter of 2025, Kaltura expects:

    • Subscription Revenue to be between $40.8 million and $41.6 million. 
    • Total Revenue to be between $43.4 million and $44.2 million. 
    • Adjusted EBITDA to be between $1.5 million to $2.5 million.

    For the full year ending December 31, 2025, Kaltura expects:

    • Subscription Revenue to be between $170.4 million and $173.4 million. 
    • Total Revenue to be between $179.9 million and $182.9 million. 
    • Adjusted EBITDA to be in the range of $13.5 million to $15.5 million.

    The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. The guidance above is based on the Company’s current expectations relating to the macro-economic climate trends.

    Additional information on Kaltura’s reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.

    Investor Deck

    Our first quarter and full year 2025 Investor Deck has been posted in the investor relations page on our website at: www.investors.kaltura.com.

    Conference Call

    Kaltura will host a conference call today on May 8, 2025 to review its first quarter 2025 financial results and to discuss its financial outlook.

      Time: 8:00 a.m. ET
      United States/Canada Toll Free: 1-877-407-0789
      International Toll: +1-201-689-8562
         

    A live webcast will also be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

    A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

    About Kaltura

    Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment, and monetization. For more information, visit www.corp.kaltura.com. 

    Investor Contacts:
    Kaltura
    John Doherty
    Chief Financial Officer
    IR@Kaltura.com

    Sapphire Investor Relations
    Erica Mannion and Michael Funari
    +1 617 542 6180
    IR@Kaltura.com

    Media Contacts:
    Kaltura
    Nohar Zmora
    pr.team@kaltura.com

    Headline Media
    Raanan Loew
    raanan@headline.media
    +1 347 897 9276

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance; our business strategy, plans and objectives for future operations; expectations with respect to our products and capabilities; our expectations regarding potential profitability and growth; and general economic, business and industry conditions, including expectations with respect to trends in customer consolidation and corporate spending.

    In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations.

    Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the current volatile economic climate and its direct and indirect impact on our business and operations; political, economic, and military conditions in Israel and other geographies; our ability to retain our customers and meet demand; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; our ability to keep pace with technological and competitive developments; risks associated with our use of certain artificial intelligence and machine learning models; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; risks associated with our Application Programming Interfaces, other components in our offerings and other intellectual property; our ability to compete successfully against current and future competitors; our ability to increase customer revenue; risks related to our approach to revenue recognition; our potential exposure to cybersecurity threats; our compliance with data privacy and data protection laws; our ability to meet our contractual commitments; our reliance on third parties; our ability to retain our key personnel; risks related to revenue mix and customer base; risks related to our international operations; risks related to potential acquisitions; our ability to generate or raise additional capital; and the other risks under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at investors.kaltura.com.

    Non-GAAP Financial Measures

    Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss), non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA.
    Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; and (3) war-related costs. Kaltura defines EBITDA as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses.

    Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses and certain non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura’s financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP. Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry. By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

    Key Financial and Operating Metrics

    Annualized Recurring Revenue. We use Annualized Recurring Revenue (“ARR”) as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer’s premises (“On-Prem”). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem components for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, professional services revenue, foreign exchange rate fluctuations and acquisitions or divestitures. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.

    Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system), as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies.

    Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 59% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder over a period of four years, in each case, in accordance with our revenue recognition policy; however, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all.

     
    Consolidated Balance Sheets (U.S. dollars in thousands)
     
        As of
        March 31, 2025   December 31, 2024
        (Unaudited)    
    ASSETS        
    CURRENT ASSETS:        
    Cash and cash equivalents   $ 31,695     $ 33,059  
    Marketable securities     31,223       48,275  
    Trade receivables     18,209       19,978  
    Prepaid expenses and other current assets     9,943       9,481  
    Deferred contract acquisition and fulfillment costs, current     10,326       10,765  
             
    Total current assets     101,396       121,558  
             
    LONG-TERM ASSETS:        
    Marketable securities     18,004       3,379  
    Property and equipment, net     15,242       16,190  
    Other assets, noncurrent     3,120       2,983  
    Deferred contract acquisition and fulfillment costs, noncurrent     12,195       13,605  
    Operating lease right-of-use assets     11,670       12,308  
    Intangible assets, net     101       212  
    Goodwill     11,070       11,070  
             
    Total noncurrent assets     71,402       59,747  
             
    TOTAL ASSETS   $ 172,798     $ 181,305  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    CURRENT LIABILITIES:        
    Current portion of long-term loans   $ 3,764     $ 3,110  
    Trade payables     8,311       3,265  
    Employees and payroll accruals     15,033       15,399  
    Accrued expenses and other current liabilities     12,298       14,262  
    Operating lease liabilities     2,536       2,504  
    Deferred revenue, current     53,879       63,123  
             
    Total current liabilities     95,821       101,663  
    NONCURRENT LIABILITIES:        
    Deferred revenue, noncurrent     57       67  
    Long-term loans, net of current portion     27,886       29,153  
    Operating lease liabilities, noncurrent     14,365       15,263  
    Other liabilities, noncurrent     12,010       10,772  
             
    Total noncurrent liabilities     54,318       55,255  
    TOTAL LIABILITIES   $ 150,139     $ 156,918  
    STOCKHOLDERS’ EQUITY:        
    Common stock   $ 16     $ 15  
    Treasury stock     (10,119 )     (7,801 )
    Additional paid-in capital     502,644       500,024  
    Accumulated other comprehensive income     47       959  
    Accumulated deficit     (469,929 )     (468,810 )
    Total stockholders’ equity     22,659       24,387  
             
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 172,798     $ 181,305  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)
     
        Three Months Ended
    March 31,
          2025       2024  
        (Unaudited)
             
    Revenue:        
             
    Subscription   $ 44,906     $ 41,170  
    Professional services     2,078       3,611  
             
    Total revenue     46,984       44,781  
             
    Cost of revenue:        
             
    Subscription     10,487       11,401  
    Professional services     3,761       4,772  
             
    Total cost of revenue     14,248       16,173  
             
    Gross profit     32,736       28,608  
             
    Operating expenses:        
             
    Research and development     12,088       12,005  
    Sales and marketing     11,923       11,812  
    General and administrative     10,302       12,082  
             
    Total operating expenses     34,313       35,899  
             
    Operating loss     1,577       7,291  
             
    Financial expense (income), net     (1,803 )     1,497  
             
    Loss before provision for income taxes     226       (8,788 )
    Provision for income taxes     1,345       2,308  
             
    Net loss   $ 1,119     $ 11,096  
             
    Net loss per share attributable to common stockholders, basic and diluted   $ 0.01     $ 0.08  
             
    Weighted average number of shares used in computing basic and diluted net loss per share attributable to common stockholders     154,009,623       144,253,660  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)
     
    Stock-based compensation included in above line items:
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Cost of revenue   $ 128   $ 285
    Research and development     849     1,172
    Sales and marketing     432     770
    General and administrative     3,124     4,302
             
    Total   $ 4,533   $ 6,529
     
    Revenue by Segment (U.S. dollars in thousands):
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Enterprise, Education and Technology   $ 34,416   $ 32,440
    Media and Telecom     12,568     12,341
             
    Total   $ 46,984   $ 44,781
     
    Gross Profit by Segment (U.S. dollars in thousands):
     
        Three Months Ended March 31,
          2025     2024
        (Unaudited)
             
    Enterprise, Education and Technology   $ 26,568   $ 23,556
    Media and Telecom     6,168     5,052
             
    Total   $ 32,736   $ 28,608
     
    Consolidated Statement of Cash Flows (U.S. dollars in thousands)
     
        Three Months Ended March 31,
          2025       2024  
        (Unaudited)
    Cash flows from operating activities:        
    Net loss   $ (1,119 )   $ (11,096 )
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization     1,185       1,305  
    Stock-based compensation expenses     4,533       6,529  
    Amortization of deferred contract acquisition and fulfillment costs     2,864       2,888  
    Non-cash interest income, net     (60 )     (286 )
    Gain on foreign exchange     (61 )     (325 )
    Changes in operating assets and liabilities:        
    Decrease in trade receivables     1,769       5,475  
    Increase in prepaid expenses and other current assets and other assets, noncurrent     (1,293 )     (560 )
    Increase in deferred contract acquisition and fulfillment costs     (1,104 )     (1,067 )
    Increase in trade payables     5,216       4,447  
    Increase (decrease) in accrued expenses and other current liabilities     (1,973 )     1,654  
    Decrease in employees and payroll accruals     (2,566 )     (1,099 )
    Increase (decrease) in other liabilities, noncurrent     1,044       (36 )
    Decrease in deferred revenue     (9,254 )     (8,617 )
    Operating lease right-of-use assets and lease liabilities, net     (228 )     (358 )
             
    Net cash used in operating activities     (1,047 )     (1,146 )
             
    Cash flows from investing activities:        
             
    Investment in available-for-sale marketable securities     (26,390 )     (15,424 )
    Proceeds from maturities of available-for-sale marketable securities     28,933       12,000  
    Purchases of property and equipment     (297 )     (93 )
             
    Net cash provided by (used in) investing activities     2,246       (3,517 )
             
    Cash flows from financing activities:        
             
    Repayment of long-term loans     (875 )     (875 )
    Proceeds from exercise of stock options     1,470       104  
    Cash settlement of equity classified share-based payment awards     (889 )     —  
    Repurchase of common stock     (2,318 )     —  
    Payments on account of repurchase of common stock     (12 )     —  
    Payment of debt issuance costs     —       (10 )
             
    Net cash used in financing activities     (2,624 )     (781 )
             
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     61       325  
             
    Net decrease in cash, cash equivalents and restricted cash   $ (1,364 )   $ (5,119 )
    Cash, cash equivalents and restricted cash at the beginning of the period     33,159       36,784  
    Cash, cash equivalents and restricted cash at the end of the period   $ 31,795     $ 31,665  
     
    Reconciliation from GAAP to Non-GAAP Results (U.S. dollars in thousands, except per share data; Unaudited)
     
        Three Months Ended March 31,
          2025       2024  
    Reconciliation of gross profit and gross margin        
    GAAP gross profit   $ 32,736     $ 28,608  
    Stock-based compensation expense     128       285  
    Amortization of acquired intangibles     97       105  
    Non-GAAP gross profit   $ 32,961     $ 28,998  
    GAAP gross margin     70 %     64 %
    Non-GAAP gross margin     70 %     65 %
    Reconciliation of operating expenses        
    GAAP research and development expenses   $ 12,088     $ 12,005  
    Stock-based compensation expense     849       1,172  
    Amortization of acquired intangibles     —       —  
    Non-GAAP research and development expenses   $ 11,239     $ 10,833  
    GAAP sales and marketing   $ 11,923     $ 11,812  
    Stock-based compensation expense     432       770  
    Amortization of acquired intangibles     14       13  
    Non-GAAP sales and marketing expenses   $ 11,477     $ 11,029  
    GAAP general and administrative expenses   $ 10,302     $ 12,082  
    Stock-based compensation expense     3,124       4,302  
    Amortization of acquired intangibles     —       —  
    War related costs(b)     —       21  
    Non-GAAP general and administrative expenses   $ 7,178     $ 7,759  
    Reconciliation of operating income (loss) and operating margin        
    GAAP operating loss   $ (1,577 )   $ (7,291 )
    Stock-based compensation expense     4,533       6,529  
    Amortization of acquired intangibles     111       118  
    War related costs(b)     —       21  
    Non-GAAP operating income (loss)   $ 3,067     $ (623 )
    GAAP operating margin     (3 )%     (16 )%
    Non-GAAP operating margin     7 %     (1 )%
    Reconciliation of net loss        
    GAAP net loss attributable to common stockholders   $ (1,119 )   $ (11,096 )
    Stock-based compensation expense     4,533       6,529  
    Amortization of acquired intangibles     111       118  
    War related costs(b)     —       21  
    Non-GAAP net income (loss) attributable to common stockholders   $ 3,525     $ (4,428 )
             
    Non-GAAP net income (loss) per share – basic and diluted   $ 0.02     $ (0.03 )
             
    Reconciliation of weighted average number of shares outstanding:        
    Weighted-average number of shares used in calculating GAAP and Non-GAAP net income (loss) per share, basic     154,009,623       144,253,660  
    Effect of dilutive shares used in calculating Non-GAAP net income (loss) per share, diluted (c)     11,294,304       —  
    Weighted-average number of shares used in calculating Non-GAAP net income (loss) per share, diluted     165,303,927       144,253,660  
     
    Adjusted EBITDA (U.S. dollars in thousands)
     
        Three Months Ended March 31,
          2025       2024  
         
    Net loss   $ (1,119 )   $ (11,096 )
    Financial expenses (income), net (a)     (1,803 )     1,497  
    Provision for income taxes     1,345       2,308  
    Depreciation and amortization     1,185       1,305  
    EBITDA     (392 )     (5,986 )
    Non-cash stock-based compensation expense     4,533       6,529  
    War related costs(b)     —       21  
    Adjusted EBITDA   $ 4,141     $ 564  
    (a) The three months ended March 31, 2025 and 2024, include $609 and $704, respectively, of interest expenses and $896 and $818, respectively, of interest income.
       
    (b) The three months ended March 31, 2024 includes costs related to conflicts in Israel, attributable to temporary relocation of key employees from Israel for business continuity purposes, purchase of emergency equipment for key employees for business continuity purposes, and charitable donations to communities directly impacted by the war.
       
    (c) The effect of these dilutive shares was not included in the GAAP calculation of diluted net loss per share for the three months ended March 31, 2025 and 2024 because the effect would have been anti-dilutive.
     
    Reported KPIs
     
        March 31,
          2025     2024
        (U.S. dollars, amounts in thousands)
    Annualized Recurring Revenue             $ 174,842   $ 162,713
    Remaining Performance Obligations             $ 184,860   $ 165,224
       

    Three Months Ended March 31,
        2025     2024  
    Net Dollar Retention Rate             107 %   98 %

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Black Swan Graphene Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Black Swan Graphene Inc. (“Black Swan”) (TSX-V: SWAN; OTCQX: BSWGF), a company focused on the large-scale production and commercialization of patented high-performance and low-cost graphene products, has qualified to trade on the OTCQX® Best Market. Black Swan upgraded to OTCQX from the OTCQB® Venture Market.

    Black Swan begins trading today on OTCQX under the symbol “BSWGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

    “We are pleased to commence trading on OTCQX, an important step in broadening our reach with U.S. investors and increasing visibility for Black Swan,” said Simon Marcotte, President and CEO of Black Swan. “This milestone aligns with our strategy to expand our global presence, strengthen shareholder engagement, and support the development of advanced graphene applications across key industries.”

    About Black Swan Graphene Inc.

    Black Swan is focused on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several volume driven industrial sectors, including concrete, polymers, and others. Black Swan’s graphene processing technology was developed by Thomas Swan & Co. Ltd. (“Thomas Swan”) over the last decade. Thomas Swan is a United Kingdom-based global chemicals manufacturer with a century-long track record and a reputation for being at the forefront of advanced materials and graphene innovation. Since 2024, Black Swan has launched seven commercially available Graphene Enhanced Masterbatch (GEM) polymer products which are currently being tested by several international clients.
    More information is available at: www.blackswangraphene.com.

    About OTC Markets Group Inc.

    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market, and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI NGOs: Sudan: Advanced Chinese weaponry provided by UAE identified in breach of arms embargo – new investigation

    Source: Amnesty International –

    • Norinco Group guided bombs and howitzers used in attacks
    • Weapons almost certainly provided by UAE to RSF in Sudan
    • “Civilians are being killed and injured because of global inaction” – Brian Castner

    Sophisticated Chinese weaponry, re-exported by the United Arab Emirates (UAE), has been captured in Khartoum, as well as used in Darfur in a blatant breach of the existing UN arms embargo, Amnesty International said following a new investigation.

    By analysing pictures and videos showing the aftermath of attacks by the Rapid Support Forces (RSF), Amnesty International identified Chinese GB50A guided bombs and 155mm AH-4 howitzers. This is the first time GB50A bombs have been documented in active use in any conflict worldwide. The weapons are manufactured by the Norinco Group, also known as China North Industries Group Corporation Limited, a Chinese state-owned defence corporation. The weapons were almost certainly re-exported to Sudan by the UAE.

    “This is clear evidence that sophisticated Chinese-made guided bombs and howitzers have been used in Sudan,” said Brian Castner, Head of Crisis Research at Amnesty International.

    “The presence of recently manufactured Chinese bombs in North Darfur is a clear violation of the arms embargo by the UAE. Our documentation of AH-4 howitzers in Khartoum further strengthens a growing body of evidence showing extensive UAE support to the RSF, in violation of international law.

    “It is shameful that the UN Security Council is failing to implement the existing  arms embargo on Darfur, and not heeding calls to extend it to all of Sudan. Civilians are being killed and injured because of global inaction, while the UAE continues to flout the embargo. The UAE must halt its arms transfers to the RSF immediately. Until they do, all international arms transfer to the UAE must also stop.”

    This is clear evidence that sophisticated Chinese-made guided bombs and howitzers have been used in Sudan.

    Brian Castner, Head of Crisis Research at Amnesty International

    China, as state party to the Arms Trade Treaty (ATT), must take urgent measures to prevent the diversion of arms to Sudan. By continuing to supply such weapons to the UAE – a state which has a long track record of supplying arms to conflict where war crimes and violations of international humanitarian law are regularly occurring – China risks indirectly supplying weapons to the conflict.

    The UAE, as a signatory to the ATT, has consistently undermined its object and purpose. All states should stop transferring arms to the UAE until such time that the UAE can guarantee that none will be reexported to Sudan or to other embargoed destinations, and that all it’s past breaches of the UNSC arms embargoes are thoroughly investigated and perpetrators brought to account.

    Last year, Amnesty International’s briefing New Weapons Fuelling the Sudan Conflict documented how recently manufactured weapons from countries including China, Russia, Türkiye and the UAE had been transferred into and around Sudan, often in flagrant breach of the existing Darfur arms embargo. Amnesty International also revealed how French-manufactured weapons systems were being used on the battlefield in Sudan.

    Amnesty International sent letters to Norinco Group regarding the findings on 18 April 2025. At the time of publication, no response had been received.

    MIL OSI NGO –

  • MIL-OSI United Kingdom: UK and Norway accelerate clean energy opportunities

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK and Norway accelerate clean energy opportunities

    British workers and businesses will benefit from more investment in the UK’s clean energy future, with a new partnership signed with Norway.

    • British workers and businesses to benefit from new Green Industrial Partnership with Norway, to unleash clean energy job opportunities
    • partnership will support clean energy investment in the North Sea, including in green hydrogen and offshore wind, as Energy Secretary meets businesses to make the case for investment in UK
    • government driving forward with mission to make the UK a clean energy superpower to deliver energy security and protect billpayers

    On a visit to Oslo this week, Energy Secretary Ed Miliband secured a Green Industrial Partnership with Norwegian counterparts Ministers Terje Aasland and Cecilie Myrseth and met with Norway’s Prime Minister Jonas Gahr Støre.  

    The Energy Secretary also met a number of energy companies to deepen bilateral relationships and make the case for clean energy investment in Britain. Norway is a crucial ally in securing our energy security, which in turn will deliver clean, secure and cheaper power for British families, whilst securing new clean energy manufacturing jobs through the Plan for Change.  

    The ambitious partnership enhances the UK and Norway’s longstanding collaboration on energy and is one of the key deliverables of Prime Minister Keir Starmer’s and Norwegian Prime Minister Støre’s over-arching Strategic Partnership. 

    It focuses on key areas that support the development of renewables. These include offshore wind and grid development, collaboration on the protection of UK and Norwegian offshore infrastructure and reducing barriers to develop a North Sea hub for the cross-border storage of carbon dioxide. 

    This builds on the government’s aim for the North Sea to be at the heart of Britain’s clean energy future and to drive economic growth.

    Energy Secretary Ed Miliband said:

    Energy security is national security – and only by working with key partners like Norway can we accelerate clean power that we control, getting us off the rollercoaster of fossil fuels in these unstable times. 

    Together we can invest in a clean energy future and take advantage of the opportunities ahead in the North Sea, with good clean energy jobs and export opportunities for British business – delivering growth through our Plan for Change.

    Norway’s Minister of Energy Terje Aasland said:

    Norway and the United Kingdom have a unique relationship in the energy sector, characterized by innovation and close cooperation across the North Sea. I am very pleased that today we are establishing a forward-looking partnership to promote the green transition and further strengthen the collaboration between our two countries.

    Minister of Trade and Industry Cecilie Myrseth said:

    This agreement is important for Norwegian industry, especially when it comes to securing value chains for raw materials and clean energy. By combining Norwegian and British strengths, we can create jobs, develop new industries, and enhance our competitiveness.

    Minister of Climate and Environment, Andreas Bjelland Eriksen said:

    A green transition is crucial if we are to meet our climate targets, while also creating new jobs. The partnership with the United Kingdom will strengthen our joint efforts to promote implementation of the Paris Agreement through international climate diplomacy. We will also further develop the close cooperation we have to halt and reverse the deforestation of the rainforest.

    It is estimated that the UK’s seas have the potential to store up to 78 billion tonnes of carbon dioxide, which this partnership could help to unlock to support jobs and reduce emissions across Europe.  

    Research also suggests that closer cooperation on the clean energy transition in the North Seas could lower bills, create up to 51,000 jobs, and add up to £36 billion to the UK economy. By 2030, the North Sea could provide up to 120GW of offshore wind generation, which is enough to power over 120 million homes. This will contribute to the UK and Europe’s energy security in a volatile world, whilst creating significant export opportunities for British business. 

    Norway is a key energy partner for the UK, and the new partnership builds on decades of collaboration and a mutual commitment to support the development of the UK’s offshore sectors in the North Sea. By working with European partners to transform the North Sea basin into a low carbon and renewables powerhouse, the UK can accelerate the global energy transition and lead efforts to combat climate change on the world stage. 

    UK and Norwegian companies are already playing an important role in driving the energy transition forward. This includes firms such as Norwegian energy major Equinor which has invested in UK offshore wind, carbon capture, usage and storage (CCUS) and hydrogen, as well as Europe’s biggest renewables generator, Statkraft, a major developer in the UK alongside other Norwegian companies Fred Olsen and Vårgrønn.  

    This agreement forms part of the UK-Norway Strategic Partnership, covering defence, security, energy and the green transition.

    Notes to editors 

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Himax Technologies, Inc. Reports First Quarter 2025 Financial Results; Provides Second Quarter Guidance

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 Revenues At the High End of Projected Range, Gross Margin In-Line, EPS Exceeded Guidance Range Issued on February 13, 2025
    Company Q2 2025 Guidance: Revenues to Decrease 5.0% to Increase 3.0% QoQ, Gross Margin is Expected to be Around 31.0%. Profit per Diluted ADS to be 8.5 Cents to 11.5 Cents

    • Q1 2025 revenues were $215.1M, a decrease of 9.3% QoQ, reaching the high end of the guidance range of 8.5% to 12.5% decrease QoQ
    • Q1 GM reached 30.5%, in line with guidance of around 30.5%, flat from last quarter but up from 29.3% the same period last year, mainly a result of favorable product mix and continued cost optimization
    • Q1 2025 after-tax profit was $20.0M, or 11.4 cents per diluted ADS, exceeding the guidance range of 9.0 cents to 11.0 cents
    • Himax Q2 2025 revenues to decline 5.0% to increase 3.0% QoQ. GM to be around 31.0%, up from 30.5% in the prior quarter. Profit per diluted ADS to be in the range of 8.5 cents to 11.5 cents
    • Currently, tariffs have not had a significant direct impact on Himax’s business
    • Conservative Q2 revenue guidance reflects customers’ overall caution toward the global economic outlook and end market demand. Low 2H25 market visibility as tariff negotiations continues
    • As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established Taiwan supply chain and strengthening into CN, KR, SG to enhance production flexibility, cost competitiveness and mitigate geopolitical risks
    • Despite near-term headwinds, Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies
    • Sample shipments of first-gen silicon photonics packaging solution for engineering validation and trial production are proceeding as planned. Himax continues to advance technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through joint development of future-gen CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC
    • Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets to expand global footprint while developing long-term competitive advantages. Established a three-party strategic alliance with Powerchip and Tata Electronics. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring India’s vast market demand

    TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the first quarter 2025 ended March 31, 2025.

    “The recent abrupt and significant NT dollar appreciation against the US dollar, its impact on our Q2 financial results is limited and has been accounted for in Q2 financial guidance. Currently, tariffs have not had a significant direct impact on Himax’s business, as our IC products are not directly exported to the U.S. Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, we are carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

    “Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of our automotive business. In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. We expect these businesses to contribute meaningfully to both revenue and gross margin in the years ahead,” concluded Mr. Jordan Wu.

    First Quarter 2025 Financial Results

    Himax net revenues registered $215.1 million, a decrease of 9.3% sequentially, reaching the high end of guidance range of a decline of 8.5% to 12.5%, but representing a 3.7% increase year over year. Gross margin was 30.5%, in line with guidance of around 30.5%, flat from last quarter and up from 29.3% in the same period last year. The year-over-year increase was driven by a favorable product mix and continued cost optimization. Q1 profit per diluted ADS was 11.4 cents, exceeding the guidance range of 9.0 to 11.0 cents, primarily due to lower operating expenses.

    Revenue from large display drivers came in at $25.0 million, flat from last quarter despite the seasonal downturn. This was primarily driven by demand spurred by Chinese government subsidies aimed at reviving domestic consumption. Notebook and monitor IC sales both recorded solid double-digit growth in Q1. In contrast, TV IC sales declined as expected, due to customers pulling forward their inventory purchases in the prior quarter. Sales of large panel driver ICs accounted for 11.6% of total revenues for the quarter, compared to 10.5% last quarter and 15.1% a year ago.

    Revenue from the small and medium-sized display driver segment totaled $150.5 million, reflecting a sequential decline of 9.8% amid a typical low season. However, Q1 automotive driver sales, including both traditional DDIC and TDDI, outperformed guidance of a low-teens sequential decline, declining just single digit from the last quarter. The sequential decline reflected the waning effect of the Chinese government’s renewed trade-in stimulus, announced in mid-August 2024, while demand in other major markets remained stable. Q1 auto IC sales rose nearly 20% year over year, reflecting ongoing customer reliance on Himax’s technology and the strength of Company’s competitive moat. Himax’s automotive business, comprising DDIC, TDDI, Tcon, and OLED IC sales, remained the largest revenue contributor in the first quarter, representing more than 50% of total revenues. Meanwhile, both smartphone and tablet driver sales declined as expected amid a subdued festival season. The small and medium-sized driver IC segment accounted for 70.0% of total sales for the quarter, compared to 70.3% in the previous quarter and 69.5% a year ago.

    Q1 non-driver sales reached $39.6 million, a 12.8% decrease from the previous quarter. The sequential decline was primarily attributable to the absence of a one-time ASIC Tcon shipment to a leading projector customer in the prior quarter, coupled with a moderation in automotive Tcon shipments after several quarters of robust growth. That being said, Himax’s position in local dimming Tcon for automotive remains unrivaled, supported by increasing validation and adoption from leading panel makers, Tier 1 suppliers, and automotive manufacturers around the world. Himax also has a robust pipeline of over two hundred design-win projects that are set to gradually enter mass production in the coming years. Non-driver products accounted for 18.4% of total revenues, as compared to 19.2% in the previous quarter and 15.4% a year ago.

    First quarter operating expenses were $45.7 million, a decrease of 7.0% from the previous quarter and a decline of 9.8% from a year ago. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls.

    First quarter operating income was $19.8 million or 9.2% of sales, compared to 9.7% of sales last quarter and 4.8% of sales for the same period last year. The sequential decrease was mainly the result of lower sales, offset by lower operating expenses. The year-over-year increase resulted primarily from higher sales, improved gross margins, and lower operating expenses. First-quarter after-tax profit was $20.0 million, or 11.4 cents per diluted ADS, compared to $24.6 million, or 14.0 cents per diluted ADS last quarter, and up from $12.5 million, or 7.1 cents in the same period last year.

    Balance Sheet and Cash Flow

    Himax had $281.0 million of cash, cash equivalents and other financial assets as of March 31, 2025. This compares to $277.4 million at the same time last year and $224.6 million a quarter ago. Himax achieved a strong positive operating cash flow of $56.0 million for the first quarter. As of March 31, 2025, Himax had $33.0 million in long-term unsecured loans, with $6.0 million being the current portion.

    Himax’s quarter-end inventories as of March 31, 2025 were $129.9 million, lower than $158.7 million last quarter and $201.9 million same period last year. Himax’s inventory levels have steadily declined for ten consecutive quarters since peaking during the Covid 19 pandemic when the industry was undergoing a supply shortage. As macroeconomic uncertainty impairs visibility across the ecosystem, Himax will continue to manage its inventory conservatively. Accounts receivable at the end of March 2025 was $217.5 million, down from $236.8 million last quarter but slightly up from $212.3 million a year ago. DSO was 91 days at the quarter end, as compared to 96 days last quarter and 93 days a year ago. First quarter capital expenditures were $5.2 million, versus $3.2 million last quarter and $2.7 million a year ago. First quarter capex was mainly for R&D related equipment for Company’s IC design business and ongoing construction of a new preschool near Himax’s Tainan headquarters for children of employees. The preschool is scheduled to open in 2026, reinforcing Company’s commitment to a family‑friendly workplace.

    Prior to today’s call, Himax announced an annual cash dividend of 37.0 cents per ADS, totaling $64.5 million and payable on July 11, 2025, with a payout ratio of 81.1% of the previous year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for its shareholders through high dividends and share repurchases.

    Outstanding Share

    As of March 31, 2025, Himax had 174.9 million ADS outstanding, unchanged from last quarter. On a fully diluted basis, the total number of ADS outstanding for the first quarter was 175.1 million. 

    Q2 2025 Outlook

    On the recent abrupt and significant NT dollar appreciation against the US dollar, its impact on Himax’s Q2 financial results is limited and has been accounted for in the financial guidance for the quarter. All of Himax’s revenues and nearly all of its cost of sales are US dollar denominated, providing a natural hedge for its buying and selling activities. In addition, the bulk of our R&D expenses, save for employee salaries, are also US dollar based. For employee compensation, a major item of Himax’s operating expenses, while its employees are paid in the local currency of their location for their salaries, their bonuses are all US dollar based. Other major non-US dollar expenses, mostly NT dollar-denominated, include utilities and income tax expenses. While Company don’t hedge for currency risk of our non-US dollar based operational expenses as the cost of such hedging would usually outweigh the benefit, Himax does purchase NTD in advance to cover the income tax payable, thereby minimizing the currency risk of a major expense item.

    The recently announced U.S. tariff measures have intensified global trade tensions, triggered volatility in capital markets, and heightened macroeconomic and market demand uncertainty. Currently, tariffs have not had a significant direct impact on Himax’s business, as Company’s IC products are not directly exported to the U.S. Instead, they are assembled into panels or modules by customers outside the United States and then sold into global markets, including the United States. Just a negligible portion — about 2%—of Himax’s products are shipped directly to the United States. Only customers for these products are subject to U.S. tariffs. Almost all of these products are manufactured in Taiwan. While some customers have requested early shipments to avoid tariff duties, many others have opted to defer their orders amid ongoing tariff-related uncertainties. The company’s conservative Q2 revenue guidance reflects the highly cautious stance of its customers in general toward the global economic outlook and end market demand amid ongoing tariff development. Looking into the second half of the year, overall market visibility remains low with the world continuing to closely monitor the development of tariff negotiations. As the tariff-driven supply chain restructuring gains momentum, Himax is deepening its well-established supply chain in Taiwan while further strengthening its supply chain presence in China, Korea, Singapore, and other regions to ensure production flexibility and cost competitiveness, and to better mitigate geopolitical risks.   

    Amid the volatile macro environment, most panel customers have adopted a make-to-order model and are keeping inventories lean. In response, Himax is carefully monitoring wafer-starts, maintaining low inventory levels, and rigorously controlling operating expenses. Concurrently, Company is further optimizing costs by diversifying both foundry and backend packaging and testing, while mitigating risks and enhancing manufacturing flexibility. This approach is exemplified by the major milestone recently achieved in automotive display IC collaboration with Nexchip in China, with products now in mass production and adopted by leading automakers. This not only validates Himax’s diversified supply chain strategy but also underscores its steadfast commitment to scaling capacity and cost optimization.

    Automotive IC business currently accounts for half of Himax’s revenue. Having served the automotive display market for almost two decades, Himax has maintained a balanced global market share across major regions while demonstrating technological leadership and offering the industry’s most comprehensive suite of panel ICs, spanning LCD to OLED. Combined with over a decade of loyal relationships with global Tier 1 suppliers and automotive brands, these strengths help mitigate potential risks from tariffs and reinforce the long-term stability of Himax’s automotive business.

    In addition, Himax remains committed to a number of innovative fields, namely ultralow power AI, AR glasses, and co-packaged optics (CPO). Technologies in these areas are approaching maturity and offer substantial growth potential. As a pioneer and leader in key technologies enabling these novel areas, Himax is working closely with supply chain partners, from technology development through to mass production, to actively expand new business opportunities. These innovative fields are relatively less affected by macroeconomic fluctuations, and customer development efforts have not slowed due to tariff uncertainties. Himax expects these businesses to contribute meaningfully to both revenue and gross margin in the years ahead.

    Despite the volatile geopolitical environment, Himax continues to actively explore high-growth markets, establish close partnerships with industry-leading companies, and continue to expand its global footprint while developing long-term competitive advantages. In Himax’s latest cross-border cooperation the Company established a three-party strategic alliance with Powerchip and Tata Electronics, a subsidiary of Tata Group, India’s largest and most influential conglomerate. This collaboration combines Tata Electronics’ deep manufacturing and local supply chain integration strengths, Powerchip’s mature wafer manufacturing capabilities, and Himax’s leading display IC and WiseEye ultralow power AI sensing technologies to jointly create a powerful ecosystem. The collaboration echoes the “Make in India” strategy of the Indian government for high-tech areas while exploring the huge potential demand of the Indian market.

    Display Driver IC Businesses

    LDDIC

    In Q2 2025, Himax anticipates large display driver IC sales to decline by a single digit sequentially, driven by customers’ pull forward orders placed in prior quarters, against the backdrop of Chinese government subsidies boosting domestic consumption. Monitor and notebook IC sales are expected to decrease in Q2, whereas TV IC sales are set to increase sequentially, driven by higher shipments to key end customers.

    Looking ahead in the notebook sector, Himax is observing a growing trend for premium notebooks to adopt OLED displays and advanced touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. In addition, Himax is expanding its high-speed interface product portfolio to support faster data transfer rates, lower latency, and improved power efficiency, features that are critical for next-generation displays. Himax has made progress on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This high-speed interface supports high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. Through ongoing portfolio expansion and continuous technology innovation, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

    SMDDIC

    Q2 small and medium-sized display driver IC business is expected to decline single-digit from the last quarter. Himax expects Q2 automotive driver IC sales, including both TDDI and traditional DDIC, to decline mid-teens sequentially, reflecting the combined impact of tariffs and the waning effect of China’s automotive subsidy program. Despite these near-term headwinds, automotive TDDI adoption continues to expand across the globe, driven by growing demand for more intuitive, interactive, and cost-effective touch panel features essential in modern vehicles. Himax’s cumulative shipments of automotive TDDI have outpaced competitors, with nearly 500 design-in projects secured to date, the majority of which have yet to enter mass production. On top of a continuous influx of new pipelines and design wins across the board, Himax is well-positioned for continued growth, further reinforcing Himax’s leadership in this space. For automotive DDIC, Himax continues to see solid shipment volume for automotive DDICs for non-touch applications including cluster displays, HUDs, and rear- and side-view mirrors. Company’s confidence is further strengthened by the growing proliferation of advanced technologies, such as LTDI (Large Touch and Display Driver Integration) in large-display car models. Himax is a pioneer in LTDI technology, which supports seamless, integrated large touch display panels, typically larger than 30 inches or spanning pillar-to-pillar across the entire width of the cockpit. LTDI also features high-density touch functionality for responsive performance, making it ideal for next-generation smart cabin designs that emphasize large displays and intuitive touch interaction. Additionally, Himax is seeing an increasing number of customers choosing to adopt its integrated LTDI and Tcon solution as the standard platform for their ultra large automotive display development. Such panels typically require four or more LTDI chips and at least one local dimming Tcon per panel. This growing platform adoption of more of Himax’s automotive IC offerings not only reflects strong customer loyalty to its technologies but also signifies an increase in content value for Himax on a per-panel basis. Multiple projects with global leading car brands are set to begin mass production starting the end of 2025. Himax continues to lead the global automotive display market, holding a 40% share in DDIC, over 50% in TDDI, and an even higher share in cutting-edge local dimming Tcon technologies.

    Himax expects Q2 smartphone IC revenues to decline mid-teens from last quarter, while tablet IC sales are poised to grow by high teens sequentially, driven by renewed demand from leading customers following several quiet quarters.

    On OLED business update. In the automotive OLED market, Himax has forged strategic alliances with leading panel makers in Korea, China, and Japan. As OLED technology expands beyond premium car models, Himax is well positioned to become the partner of choice and accelerate OLED adoption in vehicles by capitalizing on its strong presence and proven track record in automotive LCD displays. Leveraging Himax’s first mover advantage, Company offers a comprehensive suite of solutions, including DDIC, Tcon, and on-cell touch controllers. It’s worth noting that Himax’s advanced OLED on-cell touch-control technology boasts an industry-leading signal-to-noise ratio exceeding 45 dB, delivering reliable performance even under challenging operational conditions such as glove wearing or wet-finger. The solution entered mass production in 2024, and an increasing number of leading global brands are rapidly adopting it for their premium car models. Himax expects to be a key beneficiary of the shift to OLED displays for the automotive industry over the next few years, unlocking a new growth driver for Himax that further reinforces its market leadership.

    In addition, Himax has expanded its comprehensive OLED portfolio into the tablet and notebook markets, covering DDIC, Tcon, and touch controllers, through partnerships with leading OLED panel makers in Korea and China. Several new projects are slated to enter mass production with top-tier brands later this year. Meanwhile, Himax is developing value-added features, such as active stylus and gaming models to further enhance its product differentiation and competitive edge. In the smartphone OLED market, Himax is making solid progress in its collaborations with customers in Korea and China and expects mass production to start later this year.

    Non-Driver Product Categories

    Q2 non-driver IC revenues are expected to increase low teens sequentially.

    Timing Controller (Tcon)

    Himax anticipates Q2 2025 Tcon sales to increase high teens sequentially, primarily due to increased shipment of Tcon for notebook and automotive products. Automotive Tcon sales are set to increase by double digit in Q2, fueled by a strong pipeline of over two hundred design-win projects gradually entering mass production. With a steady influx of new projects, coupled with growing validation and widespread adoption of Himax’s local dimming Tcon in both premium and mainstream car models worldwide, Himax continues to maintain an unchallenged leadership position with a dominant market share. In the second quarter, Himax expects Tcon business to account for over 12% of total sales, with notable contributions from automotive Tcon. Meanwhile, head-up-display (HUD) is emerging as a major growth area within automotive displays, where local dimming Tcon adoption is accelerating. Himax’s industry-leading local dimming Tcon eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, delivering crisp, high‑fidelity images on the windshield. Additionally, it features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. With several HUD projects already underway and increasing inquiries, Himax is excited about the potential opportunity ahead. Himax’s automotive Tcon business is well positioned for growth over the next few years.

    WiseEye™ Ultralow Power AI Sensing

    On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. In the rapidly evolving AI landscape, WiseEye AI technology stands out for its expertise in on‑device AI, characterized by remarkably low power consumption, operating at just single‑digit milliwatts, and enabling AI functionality in battery‑powered endpoint devices. Additionally, WiseEye AI significantly extends battery life and improves overall data processing efficiency by offloading tasks from the main processor. These attributes unlock new opportunities across a wide range of everyday battery‑powered endpoint applications, evidenced by broad adoption of WiseEye AI across diverse applications, including notebooks, tablet, smart door locks, surveillance systems, access control, smart retail and many others.

    On notebook, building on the success with Dell notebooks, WiseEye AI is expanding into additional use cases across other leading notebook brands, with some entering production later this year and expanding further into 2026. The growing adoption is further fueled by the rise of AI PCs, as WiseEye’s ultralow power, on-device inference capabilities align seamlessly with the industry’s shift toward more intelligent, context-aware, and energy-efficient computing. WiseEye’s advanced local inferencing technology enables real-time, high-precision user engagement detection by analyzing presence and motion, supporting a broad set of intelligent features, such as head pose estimation, gaze tracking, facial expression recognition, voice command, adaptive screen dimming, secure identity authentication and many others. These features enhance interactivity and user comfort without compromising battery life or system performance, making it fit for the demands of high performance and energy efficient next-generation AI PCs.

    WiseEye also continues to achieve significant market success across various sectors such as smart door lock where Himax introduced the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Himax is now expanding globally by collaborating with a number of leading door lock makers worldwide to integrate a suite of innovative AI features, including palm vein biometric access, parcel recognition, and anti-pinch protection. Several of these value-added solutions are slated for mass production later this year. WiseEye also powers smart retail, exemplified by Himax’s collaboration with E Ink on e‑Signage. Its always‑on AI detects viewer attributes, such as gender, appearance, and age, followed by real-time personalized ads and nearby product recommendations, creating immersive engagement that elevates the in‑store shopping experience.

    For an update on Himax’s WiseEye module business. Equipped with pre-trained no-code or low-code AI, WiseEye modules simplify AI integration and support diverse use cases, including human presence detection, gender and age recognition, gesture recognition, face mesh, voice commands, thermal image sensing, palm vein authentication, and people flow management. Among them, the Himax PalmVein module has generated strong engagement across several industries. Multiple design wins have been secured, with mass production underway by global customers for smart access, workforce management and smart door lock, as Himax continues to explore additional application opportunities. Meanwhile, to meet growing demand for flexible access control in varied settings, the upgraded WiseEye PalmVein suite now combines palm‑vein recognition and facial recognition with peephole‑camera input, underpinned by an advanced liveness check for high‑precision, multi‑modal authentication. This upgraded PalmVein module not only enhances security by offering multiple layers of biometric verification but also ensures adaptability across a wide range of environments. These attributes make it particularly appealing to global brands looking to differentiate their products with enhanced security, greater user convenience, and flexible customization. Himax  anticipates increasing sales contribution from WiseEye PalmVein across a diverse array of applications starting next year and are excited about its long-term growth potential. Looking ahead, WiseEye is poised to scale rapidly across the broader AIoT market and emerge as a key growth driver for Himax in the years ahead.

    Separately, Himax is bringing intelligent, ultralow power, always‑on AI sensing to AR glasses. Powered by real‑time, context‑aware AI running at single‑digit‑milliwatt, WiseEye uniquely delivers the two essentials for AR devices: instant responsiveness and all‑day battery life. These advantages have already led to WiseEye AI being adopted by a leading AR glasses platform, with ongoing engineering engagements involving several other prominent global AR tech names for their upcoming AR glasses. WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment in real time. This empowers instant response and key functionality such as object recognition, navigation assistance, translation, and environmental mapping, greatly enhancing the overall AR experience. WiseEye also enables precise inward sensing, detecting subtle eye movements, gaze direction, pupil size, and blinking, providing critical data for more intuitive and natural user interactions in AR applications.

    Wafer Level Optics (WLO)

    In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connectors, unveiled a state-of-the-art silicon photonics packaging technology, a critical technology to enable co-packaged optics (CPO) technology. This innovation of CPO integrates silicon photonic chips and optical connectors within multi-chip modules (MCM), replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM.

    Currently, sample shipments of Company’s first-generation silicon photonics packaging solution for engineering validation and trial production are proceeding as planned, with volumes set to increase in the coming quarters. In addition, Himax continues to advance its technology roadmap in close collaboration with FOCI, top-tier AI companies, and foundry partner through the joint development of future-generation CPO solutions to meet the escalating bandwidth requirements driven by AI and HPC applications.

    Himax is pleased to see its partner, FOCI, achieving significant advancements in silicon photonics packaging, with notable improvements in automated production and testing. Together, Himax and FOCI are actively progressing in process validation and yield optimization to enable full-scale production for leading AI customers. Himax is exceptionally positioned to capitalize on future growth opportunities in high-performance computing, AI inference, and data center markets.

    Alongside the CPO progress, certain global technology leaders are now engaging Himax’s WLO expertise to develop next‑generation waveguides for AR glasses, a testament to the market’s growing confidence in Company’s WLO technology.

    With strong growth opportunities from CPO and AR glasses in the making, Himax is as optimistic as ever that its WLO business can emerge as a significant revenue and profit engine in the years ahead.

    LCoS

    On Himax’s latest advancement in LCoS microdisplay technology. At Display Week 2025 next week in San Jose, Himax will debut its ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay. This industry-leading solution integrates both the illumination optics and LCoS panel into an exceptionally compact form factor, as small as 0.09 c.c., and weighing only 0.2 grams, while targeting up to 350,000 nits brightness and 1 lumen output at just 250mW maximum total power consumption, demonstrating unparalleled optical efficiency. The luminance breakthrough ensures excellent eye-level visibility even in bright ambient conditions, while its compact form factor enables the development of sleek, everyday AR glasses. With industry-leading compact form factor, superior brightness and power efficiency, it is ideally suited for next-generation AR glasses and head-mounted displays where space, weight, and thermal constraints are critical. Growing collaborations with leading global tech companies are underway. Himax is confident that its technological advancements will help revitalize the AR glasses market, drive its expansion, and unlock new possibilities for immersive visual experiences.

    Second Quarter 2025 Guidance  
    Net Revenue: Decline 5.0% to Increase 3.0% QoQ
    Gross Margin: Around 31.0%, depending on final product mix
    Profit: 8.5 cents to 11.5 cents per diluted ADS
       

     

    HIMAX TECHNOLOGIES FIRST QUARTER 2025 EARNINGS CONFERENCE CALL 
    DATE: Thursday, May 8, 2025
    TIME: U.S.       8:00 a.m. EDT
      Taiwan  8:00 p.m.
       
    Live Webcast (Video and Audio): http://www.zucast.com/webcast/tUOBrqcV
    Toll Free Dial-in Number (Audio Only): Hong Kong 2112-1444
      Taiwan 0080-119-6666
      Australia 1-800-015-763
      Canada 1-877-252-8508
      China (1) 4008-423-888
      China (2) 4006-786-286
      Singapore 800-492-2072
      UK 0800-068-8186
      United States (1) 1-800-811-0860
      United States (2) 1-866-212-5567
    Dial-in Number (Audio Only):  
      Taiwan Domestic Access 02-3396-1191
      International Access +886-2-3396-1191
    Participant PIN Code: 3300508 #  

    If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3300508 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until May 8, 2026.

    About Himax Technologies, Inc.
    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

    http://www.himax.com.tw

    Forward Looking Statements
    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Company Contacts:
      
    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    -Financial Tables-

    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
     
      Three Months
    Ended March 31,    		   3 Months
    Ended
    December 31,
       2025    2024   2024
               
    Revenues          
    Revenues from third parties, net $ 215,095     $         207,544     $ 237,182  
    Revenues from related parties, net           38               6               41  
                215,133               207,550               237,223  
               
    Costs and expenses:          
    Cost of revenues           149,581               146,805               164,963  
    Research and development           34,987               39,664               37,584  
    General and administrative           5,557               5,890               5,711  
    Sales and marketing           5,202               5,162               5,886  
    Total costs and expenses           195,327               197,521               214,144  
               
    Operating income           19,806               10,029               23,079  
               
    Non operating income (loss):          
    Interest income           2,312               2,524               2,042  
    Changes in fair value of financial assets at fair value through profit or loss           (17 )             (7 )             1,245  
    Foreign currency exchange gains, net           345               941               690  
    Finance costs           (903 )             (1,018 )             (964 )
    Share of losses of associates           (742 )             (221 )             (360 )
    Other gains           3,205               –               –  
    Other income           17               29               60  
                4,217               2,248               2,713  
    Profit before income taxes           24,023               12,277               25,792  
    Income tax expense           3,841               –               761  
    Profit for the period           20,182               12,277               25,031  
    Loss (profit) attributable to noncontrolling interests           (195 )             221               (423 )
    Profit attributable to Himax Technologies, Inc. stockholders $         19,987     $         12,498     $         24,608  
               
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders $         0.114     $         0.072     $         0.141  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders $         0.114     $         0.071     $         0.140  
               
    Basic Weighted Average Outstanding ADS           174,913               174,724               175,008  
    Diluted Weighted Average Outstanding ADS           175,072               175,026               175,146  
                           
    Himax Technologies, Inc.
    IFRS Unaudited Condensed Consolidated Statements of Financial Position
    (Amounts in Thousands of U.S. Dollars)
     
      March 31,
    2025    		   March 31,
    2024    		   December 31,
    2024
    Assets          
    Current assets:          
    Cash and cash equivalents $         275,445     $         261,702     $         218,148  
    Financial assets at amortized cost           2,286               14,334               4,286  
    Financial assets at fair value through profit or loss           3,253               1,380               2,140  
    Accounts receivable, net (including related parties)           217,549               212,326               236,813  
    Inventories           129,867               201,872               158,746  
    Income taxes receivable           717               1,003               726  
    Restricted deposit           503,700               453,000               503,700  
    Other receivable from related parties           11               136               13  
    Other current assets           37,760               60,051               43,471  
    Total current assets           1,170,588               1,205,804               1,168,043  
    Financial assets at fair value through profit or loss           23,524               21,635               23,554  
    Financial assets at fair value through other
    comprehensive income    		           29,985               1,889               28,226  
    Equity method investments           8,061               3,173               8,571  
    Property, plant and equipment, net           120,538               128,938               121,280  
    Deferred tax assets           20,872               10,440               21,193  
    Goodwill           28,138               28,138               28,138  
    Other intangible assets, net           619               851               636  
    Restricted deposit           30               31               31  
    Refundable deposits           215,271               221,886               221,824  
    Other non-current assets           17,854               20,728               18,025  
                464,892               437,709               471,478  
    Total assets $         1,635,480     $ 1,643,513     $         1,639,521  
    Liabilities and Equity          
    Current liabilities:          
    Short-term unsecured borrowings $         602     $         –     $         –  
    Current portion of long-term unsecured borrowings           6,000               6,000               6,000  
    Short-term secured borrowings           503,700               453,000               503,700  
    Accounts payable (including related parties)           105,610               117,234               113,203  
    Income taxes payable           12,785               11,071               9,514  
    Other payable to related parties           –               92               –  
    Contract liabilities-current           5,176               14,739               10,622  
    Other current liabilities           50,443               116,558               63,595  
    Total current liabilities           684,316               718,694               706,634  
    Long-term unsecured borrowings           27,000               33,000               28,500  
    Deferred tax liabilities           557               499               564  
    Other non-current liabilities           7,489               14,823               7,496  
                35,046               48,322               36,560  
    Total liabilities           719,362               767,016               743,194  
    Equity          
    Ordinary shares           107,010               107,010               107,010  
    Additional paid-in capital           115,722               114,982               115,376  
    Treasury shares           (5,546 )             (5,157 )             (5,546 )
    Accumulated other comprehensive income           7,874               (94 )             8,621  
    Retained earnings           684,587               653,007               664,600  
    Equity attributable to owners of Himax Technologies, Inc.           909,647               869,748               890,061  
    Noncontrolling interests           6,471               6,749               6,266  
    Total equity           916,118               876,497               896,327  
    Total liabilities and equity $         1,635,480     $ 1,643,513     $         1,639,521  
                           
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
        Three Months
    Ended March 31,    		   Three Months Ended
    December 31,
         2025     2024     2024
                 
    Cash flows from operating activities:            
    Profit for the period   $         20,182     $         12,277     $         25,031  
    Adjustments for:            
    Depreciation and amortization             5,156               5,471               5,564  
    Share-based compensation expenses             100               358               103  
    Losses (gains) on disposals of property, plant and equipment, net             (3,205 )             –               4  
    Changes in fair value of financial assets at fair value through profit or loss             17               7               (1,245 )
    Interest income             (2,312 )             (2,524 )             (2,042 )
    Finance costs             903               1,018               964  
    Income tax expense             3,841               –               761  
    Share of losses of associates             742               221               360  
    Inventories write downs             4,444               4,353               4,037  
    Unrealized foreign currency exchange losses (gains)             441               (868 )             (159 )
                  30,309               20,313               33,378  
    Changes in:            
    Accounts receivable (including related parties)             13,083               15,704               (27,302 )
    Inventories             24,435               11,083               29,675  
    Other receivable from related parties             2               (67 )             9  
    Other current assets             (978 )             2,298               2,502  
    Accounts payable (including related parties)             (7,250 )             13,202               (7,706 )
    Other payable to related parties             –               (20 )             1  
    Contract liabilities             735               1,192               6  
    Other current liabilities             (3,763 )             (7,780 )             2,508  
    Other non-current liabilities             71               514               71  
    Cash generated from operating activities             56,644               56,439               33,142  
    Interest received             438               854               3,513  
    Interest paid             (835 )             (936 )             (1,047 )
    Income tax paid             (200 )             391               (191 )
    Net cash provided by operating activities             56,047               56,748               35,417  
                 
    Cash flows from investing activities:            
    Acquisitions of property, plant and equipment             (5,221 )             (2,699 )             (3,222 )
    Acquisitions of intangible assets             (52 )             (118 )             –  
    Acquisitions of financial assets at amortized cost             –               (2,439 )             (2,286 )
    Proceeds from disposal of financial assets at amortized cost             2,000               500               10,289  
    Acquisitions of financial assets at fair value through profit or loss             (6,160 )             (7,488 )             (6,807 )
    Proceeds from disposal of financial assets at fair value through profit or loss             5,017               8,163               3,722  
    Acquisitions of financial assets at fair value through other comprehensive income             (2,500 )             –               –  
    Acquisition of a subsidiary, net of cash paid             –               –               (5,416 )
    Proceeds from capital reduction of investment             –               –               338  
    Acquisitions of equity method investment             –               –               (1,236 )
    Decrease (increase) in refundable deposits             10,283               22,217               (8 )
    Net cash provided by (used in) investing activities             3,367               18,136               (4,626 )
                 
    Cash flows from financing activities:            
    Purchase of treasury shares             –               –               (832 )
    Prepayments for purchase of treasury shares             –               –               (2,168 )
    Proceeds from issuance of new shares by subsidiaries             –               71               –  
    Proceeds from short-term unsecured borrowings             612               –               –  
    Repayments of long-term unsecured borrowings             (1,500 )             (1,500 )             (1,500 )
    Proceeds from short-term secured borrowings             484,300               447,100               461,400  
    Repayments of short-term secured borrowings             (484,300 )             (447,100 )             (461,400 )
    Payment of lease liabilities             (1,448 )             (1,148 )             (1,340 )
    Guarantee deposits received (refunded)             –               (1,868 )             219  
    Net cash used in financing activities             (2,336 )             (4,445 )             (5,621 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents             219               (486 )             (1,161 )
    Net increase in cash and cash equivalents             57,297               69,953               24,009  
    Cash and cash equivalents at beginning of period             218,148               191,749               194,139  
    Cash and cash equivalents at end of period   $         275,445     $         261,702     $         218,148  
                 

    The MIL Network –

  • MIL-OSI: Leiðrétting: Lánasjóður sveitarfélaga – Útboð LSS 39 0303 og LSS151155

    Source: GlobeNewswire (MIL-OSI)

    Lánasjóður sveitarfélaga hefur ákveðið að efna til útboðs á skuldabréfaflokkunum LSS 39 0303 og LSS151155 mánudaginn 12. maí 2025. Lánasjóðurinn stefnir að því að taka tilboðum að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS151155 og að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS 39 0303. Lánasjóðurinn áskilur sér rétt til að hækka og lækka útboðsfjárhæð útboðsins, taka hvaða tilboði sem er eða hafna þeim öllum. Lánasjóðurinn hefur boðið aðalmiðlurum sjóðsins Arion banka, Íslandsbanka, Kviku banka, Landsbankanum og Fossum fjárfestingabanka að taka þátt í útboðinu. 

    Óskað er eftir tilboðum í samræmi við eftirfarandi lýsingu:

    Fyrirkomulag: “Hollensk” uppboðsaðferð þar sem allir tilboðsgjafar fá sömu ávöxtunarkröfu og hæst er tekið. Heimilt er að afturkalla eða breyta tilboði með sama hætti og tilboðum er skilað inn, sé það gert fyrir lok útboðsfrests.

    Tilboð: Í tilboði skal taka fram ávöxtunarkröfu án þóknunar og tilboðsfjárhæð.  

    Að öðru leyti er vísað til skilmála skuldabréfanna á heimasíðu Lánasjóðs sveitarfélaga

    Tilboð skulu berast fyrir kl. 16:00, mánudaginn 12. maí 2025 til Lánasjóðs sveitarfélaga á netfangið utbod@lanasjodur.is

    Öllum tilboðum verður svarað fyrir kl. 17:00 á útboðsdegi. Uppgjör sölu fer fram fimmtudaginn 15. maí 2025.

    Nánari upplýsingar veitir Óttar Guðjónsson, framkvæmdastjóri, ottar@lanasjodur.is / s. 515 4949

    The MIL Network –

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Argentina: David Cairns

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Change of His Majesty’s Ambassador to Argentina: David Cairns

    Mr David Cairns has been appointed His Majesty’s Ambassador to the Argentine Republic.

    Mr David Cairns has been appointed His Majesty’s Ambassador to the Argentine Republic, in succession to Mrs Kirsty Hayes, who will be transferring to another Diplomatic Service appointment.

    Mr Cairns will take up his appointment during September 2025.

    Curriculum vitae           

    Full name: David Seldon Cairns

    Date Role
    2019 to present Equinor, Vice President
    2015 to 2019 Stockholm, Her Majesty’s Ambassador and Director of Nordic Baltic Network
    2010 to 2014 FCO, Director, Estates, Security, Corporate Services
    2006 to 2010 Tokyo, Director of Trade and Investment
    2002 to 2006 Geneva, First Secretary WTO
    2000 to 2002 FCO, Private Secretary to Baronesses Scotland and Amos
    1999 to 2000 FCO, EU Directorate. Head of Public Diplomacy
    1995 to 1998 Tokyo, Second Secretary Commercial
    1993 to 1994 FCO, Security Policy Department
    1993 Joined FCO

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 6 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Revised SHAKTI Policy for Coal Allocation to Power Sector

    Source: Government of India

    Posted On: 08 MAY 2025 12:09PM by PIB Delhi

    The Cabinet Committee on Economic Affairs (CCEA) in the meeting held on 07.05.2025, chaired by the Prime Minister Shri Narendra Modi, has accorded its approval for the Revised SHAKTI (Scheme for Harnessing and Allocating Koyala Transparently in India) Policy for Coal Allocation to Power Sector. The Revised SHAKTI Policy adds to the series of coal sector reforms being undertaken by the Government.

    With the introduction of SHAKTI Policy in 2017, there was a paradigm shift of coal allocation mechanism from a nomination-based regime to a more transparent way of allocation of coal linkages through auction / tariff-based bidding. Now, the multiple paras of the SHAKTI Policy, for coal linkage, have been mapped to only two Windows in the Revised SHAKTI Policy, aligning with the spirit of ease of doing business, encouraging competition, efficiency, better use of capacity, seamless pit head thermal capacity addition and affordable power to the country.

    The current revision with innovative features will further enhance the scope and impact of the SHAKTI policy and support the power sector through

    • Greater flexibility
    • Wider eligibility and
    • Better accessibility to coal

    The new policy will ensure coal linkage to all power producers leading to generation of more power, cheaper tariffs and an overall positive impact on the economy, thereby leading to increased employment generation potential. The reliable and affordable power supply to various sectors would catalyze economic activities and support the Atmanirbhar Bharat Initiative. The increased availability of domestic coal, in a simplified manner would also facilitate the revival of remaining stressed power assets. The linkage coal can now be used for generating power from Un-requisitioned Surplus (URS) capacity, for sale in power markets, which will not only deepen power markets by increasing availability of power in power exchanges but will also ensure optimum utilization of generating stations.

    Further, the new linkages offered to the power sector would increase the coal availability for the power sector and increase the mining activities in the coal bearing regions resulting in generation of higher revenue to the State Governments which can be utilized for development of these regions and local population in general. The policy would encourage pit head thermal capacity addition and facilitate imported coal substitution in the Imported Coal Based (ICB) plants that can secure domestic coal thereby reducing their import coal dependency. 

    Following are the provisions of the Revised SHAKTI Policy.  

    For grant of fresh coal linkages to Thermal Power Plants of Central Sector/State Sector/ Independent Power Producers (IPPs), following two windows have been approved under the Revised SHAKTI policy:

    1. Coal Linkage to Central Gencos/States at Notified price: Window–I
    2. Coal Linkage to all Gencos at a Premium above Notified price: Window–II

    Window-I (coal at notified price):

    1. Existing mechanism for grant of coal linkage to Central Sector Thermal Power Projects (TPPs) including Joint Ventures (JVs) & their subsidiaries would  continue.
    2. Coal linkages to be earmarked to States and to an agency authorized by group of States as per existing mechanism, on the recommendation of Ministry of Power. Coal linkage earmarked to States may be utilized by States in its own Genco, IPPs to be identified through TBCB or existing IPPs having PPA under Section 62 of the Electricity Act, 2003 for setting up of a new expansion unit having PPA under Section 62.

    Window-II (premium over notified price):

    Any domestic coal-based power producer having PPA or untied and also Imported coal-based power plants (if they so require) can secure coal on auction basis for a period upto 12 months or for the period of more than 12 months upto 25 years by paying premium above the notified price and providing the power plants the flexibility to sell the electricity as per their choice.

    This Revised SHAKTI Policy would maximize domestic coal utilization, ensure seamless thermal capacity addition, reduce dependence for coal on global markets, reinforce nation’s energy independence aligning with Government’s push for Energy Security for All.

    ****

    Shuhaib T

    (Release ID: 2127652) Visitor Counter : 92

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Singapore ETO enhances ties with Laos (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Economic and Trade Office in Singapore (Singapore ETO) concluded an official visit to Vientiane, the capital of Laos, between May 6 and 7 (Vientiane time). The visit aimed to deepen understanding and collaboration with the Laotian government and business sectors, while further strengthening bilateral relations in trade, investment, and people-to-people exchanges.

         Upon arrival on May 6, the Director of the Singapore ETO, Mr Owin Fung, met with the Director-General of the Department of Asia-Pacific and Africa, Laos’ Ministry of Foreign Affairs, Mr Bounthanongsack Chanthalath, to introduce Hong Kong’s latest developments. Both sides exchanged views on the current economic and geopolitical landscape, and explored opportunities to further enhance co-operation and deepen the Hong Kong – Laos bilateral relations.

         Members of the Singapore ETO also visited Vientiane Secondary School to learn about the implementation of a memorandum of understanding (MOU) signed between the school and the Hong Kong Polytechnic University. The MOU, announced by the Chief Executive, Mr John Lee, last July during his visit to the school, offers a dedicated scholarship programme for outstanding students at Vientiane Secondary School.

         On May 7, the Singapore ETO organised a business seminar and networking event “Business and Investment Opportunities in Hong Kong – Gateway to Greater Bay Area” in collaboration with Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC). The event attracted about 70 local business leaders and investors, including executive committee members of the Lao National Chamber of Commerce and Industry (LNCCI) and the Lao Chinese Chamber of Commerce (LCCC), which were the event’s supporting organisations. The Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area, Ms Maisie Chan, also participated in the event. 

         In his opening remarks, Mr Fung emphasised Hong Kong’s position as a leading international financial, trading, and logistics hub under the “one country, two systems” framework. He reiterated Hong Kong’s strong commitment to multilateralism and free trade.

         Other speakers included Assistant Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area Miss Cathy Li; the Head of Investment Promotion (Singapore Office), InvestHK, Mr Melvin Lee; and the Director of Indochina at the HKTDC, Ms Tina Phan. They shared insights into Hong Kong’s latest investment climate and opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Hong Kong’s role as a “super-connector” and a “super value-adder” between the GBA and Laos, as well as the range of support services available to Laotian enterprises. Following the seminar, representatives of Singapore ETO, the GBA Development Office, the LNCCI and the LCCC had a networking lunch to explore avenues for stronger co-operation in trade and commerce.

         Later that afternoon, Ms Chan and Mr Fung had a working meeting with the Permanent Secretary, Laos Ministry of Industry and Commerce, Dr Buavanh Vilavong. Both sides expressed confidence in the partnership between Hong Kong and Laos business communities which would promote greater regional integration and sustainable economic growth. Mr Fung also sought continued support for Hong Kong’s accession to the Regional Comprehensive Economic Partnership. 

         Before the end of the duty visit, Ms Chan and Mr Fung paid a courtesy call on the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Lao People’s Democratic Republic, Ms Fang Hong, to introduce respectively the GBA Development Office’s latest work and Singapore ETO’s efforts and achievements in liaising with the Laos government, business sector and community. Mr Fung also thanked the Embassy for its continuous care and assistance to Hong Kong people in Laos and Hong Kong enterprises investing in Laos.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DPIIT and Hafele India Sign MoU to Boost Manufacturing Innovation and Localized Supply Chains

    Source: Government of India

    Posted On: 08 MAY 2025 2:09PM by PIB Delhi

    The  Department for Promotion of Industry and Internal Trade (DPIIT)  and Hafele India Pvt. Ltd. signed a Memorandum of Understanding (MoU)  on 07 May 2025 in New Delhi, to strengthen India’s manufacturing and innovation ecosystem by empowering product startups, MSMEs, and entrepreneurs. The partnership reflects a shared commitment to building resilient local supply chains and accelerating India’s vision of becoming a global manufacturing hub.

    Under this strategic collaboration, Hafele will drive initiatives that support product innovation, local sourcing, and entrepreneurship through targeted investments, mentorship, and integration into global value chains.

    Hafele will expand its support to startups and MSMEs by offering access to infrastructure, supplier development opportunities, technical collaboration, and market access. Hafele has already committed over USD 2.5 million in an Indian appliance manufacturing startup and has extended purchase orders to Indian MSME manufacturers of architectural hardware and furniture fittings. DPIIT will facilitate ecosystem access through Startup India, enabling startup connections, program participation, and co-branding.

    Shri Sanjiv, Joint Secretary, DPIIT, stated, “The partnership with Häfele India exemplifies our approach of fostering collaborative industrial ecosystems. It brings together global best practices and local entrepreneurial energy to drive sustainable manufacturing growth aligned with the Make in India vision.”

    Frank Schloeder, Managing Director – South Asia, Häfele, added, “At Häfele, we believe that India’s innovation and manufacturing potential is unmatched. Through this MoU, we are excited to deepen our engagement with Indian entrepreneurs and startups and work together toward the vision of ‘India for India’ today and ‘India for the World’ tomorrow.”

    The MoU was signed by Dr. Sumeet Jarangal, Director, DPIIT and Mr. Frank Schloeder, Managing Director – South Asia, Hafele India, in the presence of senior officials from both organizations. It will remain in effect for a period of two years from the date of signing, with scope for extension based on mutual agreement.

    ***

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2127664) Visitor Counter : 67

    MIL OSI Asia Pacific News –

  • MIL-OSI: MEXC Announces Listing of Shardeum (SHM) with 72,000 SHM and 150,000 USDT in Bonuses

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, May 08, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announces that it will list Shardeum (SHM) in the Innovation Zone on May 8, 2025 (UTC). To celebrate this significant addition to the exchange, MEXC has launched three exclusive events with a combined prize pool of 72,000 SHM and 150,000 USDT.

    Shardeum is an EVM-compatible, autoscaling blockchain designed with dynamic state sharding to ensure permanently low gas fees while maintaining full decentralization and robust security. Shardeum is on a mission to facilitate an affordable blockchain ecosystem with sustainably low gas fees. The project has secured over $31 million in funding with backing from leading investors, including Struck Crypto, Arrington Capital, Big Brain Holdings, Spartan Group, Amber Group, Foresight Ventures, Jane Street, and more.

    $SHM is the native token of the Shardeum ecosystem. It serves both utility and governance purposes, including fee payments, validator staking, and on-chain governance. It plays a vital role in the platform’s consensus mechanism, aligning incentives and securing the network to support sustainable Web3 innovation.

    To celebrate the listing, MEXC has launched three events for users:

    • Event 1: Shardeum (SHM) Launchpool – Stake USDT & MX to Share 63,360 SHM

    From May 2, 11:00 to May 4, 11:00, 2025 (UTC), users can stake USDT or MX on MEXC Launchpool to earn a share of 63,360 SHM. This initiative provides early access to SHM through token staking.

    • Event 2: Invite New Users & Share 8,640 SHM

    Users can earn 8 SHM for each new user they invite who registers, deposits at least 100 USDT, and participates in the Launchpool event. Each participant can invite up to 20 users and earn a maximum of 160 SHM. Rewards will be distributed on a first-come, first-served basis.

    • Event 3: Join Airdrop+ to Share 150,000 USDT

    Users can participate in this event from May 2, 11:00 to May 16, 11:00, 2025 (UTC), and enjoy the following benefits:

    Benefit 1: Deposit and share 72,000 USDT in Futures bonus (New user exclusive)
    Benefit 2: Spot Challenge — Trade to share 10,000 USDT in Futures bonuses (For all users)
    Benefit 3: Futures Challenge — Trade to share 50,000 USDT in Futures bonuses (For all users)
    Benefit 4: Invite new users and share 18,000 USDT in Futures bonuses (For all users)

    MEXC has established itself as an industry leader by consistently providing users with early access to promising crypto projects. According to the latest TokenInsight report, from November 1, 2024, to February 15, 2025, MEXC led the industry with an impressive 461 spot listings. During each bi-weekly period, MEXC maintained a high listing frequency, consistently ranking among the top six exchanges and demonstrating its ability to capture market trends quickly. To date, MEXC has listed more than 3,000 digital assets. Moving forward, MEXC will continue to maintain its industry-leading listing efficiency, innovate, and expand its offerings, ensuring users have access to the best opportunities in the ever-evolving crypto landscape.

    For full event details and participation rules, please visit here.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Risk Disclaimer:

    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Disclaimer: This press release is provided by the “MEXC”. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Source

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c21606df-d749-423b-9809-9b9656b88b57

    The MIL Network –

  • MIL-OSI: Oyster Solutions Unveils Expansive Product Updates

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., May 08, 2025 (GLOBE NEWSWIRE) — Oyster Solutions, the industry’s premier provider of governance, risk and compliance technology, revealed a rich set of new features and capabilities to its already robust operating system. With Oyster Solutions, financial services professionals can maximize their productivity, mitigate risk, and deliver exceptional service—all within Oyster Solutions’ centralized platform trusted by industry professionals.

    Click to watch a demo

    “This year, we have focused on helping organizations align around policies and procedures throughout our platform,” said Buddy Doyle, CEO and Founder of Oyster Solutions. “By creating more integration opportunities, trade reporting components, and dynamic reporting for broker-dealers and Registered Investment Advisors, our software provides the tools they need to save time, mitigate risk, and run a healthy, thriving firm. Each update is rooted in the desire to improve firms’ value and make Oyster Solutions work harder for them across one versatile platform.”

    Expanded Integrations and Connectivity

    Oyster Solutions now supports a broader range of data feed integrations, API connections, and bi-directional synchronization—providing financial services firms with a more connected and responsive platform. These expanded capabilities allow client data, trade activity, and compliance tasks to seamlessly flow between Oyster Solutions and other key business systems. Firms can centralize more operations, reduce manual processes, and ensure that data is accurate and always up to date—empowering teams to work more efficiently across functions.

    Trade Surveillance and Supervision

    Oyster Solutions’ Monitor module is specifically designed for requirements intrinsic to regulatory supervision and surveillance demands. Compliance and Trade Desk teams can leverage Oyster Solutions to compare client and household activity, profile and investment holdings to employee information and then identify conflicts of interest, compliance parameters and risk tolerance.

    The Oyster Solutions Monitor module can customize alerts tailored to specific risk parameters, enabling proactive identification and mitigation of potential compliance breaches. Tailored alerts mean fewer false positives, saving time spent running down issues. Trade exceptions are segmented and presented for supervision review, saving time and effort while reducing errors. Oyster Solutions allows supervisors to easily see patterns and context. Now, Oyster Solutions utilizes 75 alerts, including alerts related to Reg BI and AML.

    Oyster Solutions integrates data from multiple clearing firms and direct business, allowing users to quickly find conflicts of interest and other potential trade issues.

    This suite of features is designed to meet the needs of broker-dealers and investment advisors across the United States. It also allows Compliance and Operations professionals within larger firms that have multiple products and business lines to work seamlessly on a centralized, cloud-based platform.

    Regulation Best Interest Compliance

    The Oyster Solutions Fund Analyzer module provides a central location for analysis and documentation of compliance with FINRA’s Regulation Best Interest (Reg BI). Using MorningStar Data, Oyster Solutions compares fees and expenses, account types and returns of funds. The Oyster Solutions comprehensive platform identifies and documents the lowest cost share class that meets the selection criteria.

    With the Oyster Solutions portfolio fund analyzer pre-trade tool, advisers and reps can identify the lowest cost share class option and reasonably available alternatives when purchasing mutual funds. The Selection Wizard helps reps identify funds by multiple factors, including objective, equity sector, fixed income type, risk and maturity. The Selection Wizard then uses the client’s time horizon, portfolio holdings, and account type to find the appropriate share class when displaying the prioritized results of your search.

    Simplified Governance and Planning

    In addition to these areas of innovation and expansion, Oyster Solutions has also unveiled a series of powerful updates to its core products and features, providing organizational alignment around rules, regulations and risk.

    Governance

    GRC tools allow firms to manage and integrate policies, assess risk, enforce procedures, control user access and streamline processes. The Oyster Solutions Governance Module helps financial services firms define and quantify risk, match risks to controls, and monitor processes. Oyster Solutions keeps business and controls balanced while meeting regulatory requirements. Role-based permissions allow for visibility by user responsibility, assigned tasks, and supervision to guarantee efficient compliance program management.

    Oyster Solutions’ powerful integration tools bring firm policies, requirements, procedural steps, documentation and reporting together. New, dynamic risk reports and graphics allow firm leaders to present them in a concise, easy-to-understand format, increasing adoption while mitigating risk. 

    Automated Workflows & Calendar

    Financial services professionals can eliminate spreadsheets and multiple calendars to coordinate people and assignments. With the platform’s enhanced, automated calendar, you can schedule workflows, notify users of tasks and guide employees step-by-step through the process. 

    Now, firms can choose from our additional 130 ready-to-use compliance workflows. To date, Oyster Solutions clients have implemented thousands of workflows, allowing their users and supervisors to efficiently and effectively perform their tasks. Implementation is quick and easy with templates for common workflows that include Marketing Review, and attestations. You have visibility into each automated action that will occur, giving you control and peace of mind.

    Even with limited compliance experience or a small budget, broker-dealers and registered investment advisors can grow their impact by leveraging Oyster Solutions’ automation and integration.

    Documentation

    Centralized, WORM-compliant documentation allows compliance officers to easily find and retrieve documents, audit logs, test results and attestations.

    Questionnaires

    With Oyster Solutions, financial services professionals create and share questionnaires for documentation of attestations, certifications and to monitor Outside Business Activities. Responses are effortlessly mapped and stored in a centralized location for easy retrieval. With built-in review and approval features, the document automation process is simplified for users and supervisors. Oyster Solutions questionnaires minimize the back-and-forth correspondence when gathering information, creating a seamless process.

    About Oyster Solutions

    Oyster Solutions is transforming the compliance experience for broker-dealers, Registered Investment Advisors and exchanges by creating the industry’s leading GRC technologies for financial services firms—to keep firms and their clients better protected. Firms of all sizes use Oyster Solutions to manage firm operations, streamline compliance tasks, automate attestations and certifications, and improve trade surveillance and supervision. Oyster Solutions and Oyster Consulting LLC are subsidiaries to Oyster Holdings Ltd. Learn more at oysterconsultingllc.com.

    Contact:

    Buddy Doyle CEO
    communications@oysterllc.com 
    804.965.5400

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c94746a2-07df-4825-9cf5-4b7218b7cb54

    The MIL Network –

  • MIL-OSI Economics: Pål Longva: Policy rate kept unchanged

    Source: Bank for International Settlements

    Presentation accompanying the speech

    Chart 1: Policy rate kept unchanged at 4.5 percent

    Norges Bank is tasked with keeping inflation low and stable. The operational target is inflation of close to 2 percent over time. We are also mandated to help keep employment as high as possible and to promote economic stability. 

    When inflation surged three years ago, we raised the policy rate sharply and rapidly. The policy rate has been held at 4.5 percent for more than a year. Inflation has fallen markedly from the peak but is still above target. Unemployment has edged up in recent years, albeit from a low level.

    At yesterday’s monetary policy meeting, the Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.5 percent.

    There is uncertainty about future economic developments, but the Committee’s current assessment of the outlook implies that the policy rate will most likely be reduced in the course of 2025.

    We have not made new forecasts for this monetary policy meeting but have assessed new information about economic developments against the forecasts presented in March. I will now provide an account of these assessments, starting with international developments.

    The global economy is marked by uncertainty about future trade policies. The US has raised tariffs on a range of goods, and some countries have responded with counter-measures. Trade barriers are now more extensive, and the global growth outlook appears to be weaker than assumed in the March Monetary Policy Report. While higher tariffs alone could push up inflation, lower global growth could dampen inflation.

    Interest rate expectations have fallen internationally since March. Oil and gas prices and prices for a number of other commodities have fallen.

    Global trade uncertainty has led to large movements in financial markets. Major equity indices fell sharply at the beginning of April but have since largely been reversed. Increased market stress and the fall in oil prices coincided with the krone weakening somewhat.

    Tariffs have also risen for Norway. The US has imposed a tariff of 10 percent on many Norwegian goods and has announced an increase to 15 percent. The direct effect on growth in the Norwegian economy is likely limited, but global trade uncertainty could dampen activity.

    Chart 2: Registered unemployment is little changed

    So far, activity in the Norwegian economy has been broadly as expected. Activity in the primary housing market appears to have picked up a little recently but is still at a low level. House prices have been lower than projected. The employment rate is high, and employment is somewhat higher than expected. In recent months, registered unemployment has shown little change.

    Chart 3: Inflation is still above target

    Since the end of 2024, inflation in Norway has risen somewhat. In March, consumer price inflation fell to 2.6 percent. Inflation adjusted for tax changes and excluding energy products was stable at 3.4 percent. This was in line with our expectations. Overall inflation is primarily being driven by the rise in prices for food and services. The wage norm for manufacturing in 2025 is close to the Bank’s projection of overall annual wage growth. High growth in business costs is likely to stoke inflation ahead. Since the March Report, the krone has been weaker than expected. A weaker krone means higher prices for imported goods.

    In summary, our assessment is that a restrictive monetary policy is still needed to bring inflation down to target within a reasonable time horizon. If the policy rate is lowered prematurely, prices may continue to rise rapidly. On the other hand, an overly tight monetary policy could restrict the economy more than needed to bring inflation down to target.

    Since March, developments in the Norwegian economy have been broadly as expected. Trade barriers have, however, become more extensive, and there is uncertainty about future trade policies. This may pull the interest rate outlook in different directions. On the one hand, the global growth outlook appears to be weaker, and oil prices have fallen. Norway’s main trading partners are now expected to make more rate cuts than previously. On the other hand, the krone has weakened somewhat and been weaker than assumed.

    The uncertainty surrounding the outlook is greater than normal, and the future path of the policy rate will depend on economic developments. The Committee will have received more information ahead of its next monetary policy meeting in June when new forecasts will also be presented.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Advanced tech boosts fight against animal and plant disease

    Source: United Kingdom – Government Statements

    Press release

    Advanced tech boosts fight against animal and plant disease

    £10 million in new Government funding for surveillance programme will further strengthen the country’s biosecurity to protect animals, plants, people and trade.

    The fight against pests and diseases, which can cost the UK economy billions of pounds, has been stepped up today (Thursday 8 May) with £10m of new funding announced for surveillance projects.

    The Genomics for Animal and Plant Disease Consortium (GAP-DC) project led by the Animal and Plant Health Agency will undertake surveillance across animal, plant and aquatic environments, using advanced genome sequencing technologies – a method that reads the complete genetic code of a living organism, including viruses, bacteria, fungi, or animals – to detect, identify and track pathogens with precision.

    For example, when avian influenza is found in UK poultry, genome sequencing can help confirm the virus type, trace its spread, and detect any mutations, supporting disease control measures.

    The UK faces significant and growing economic threats from pests and diseases affecting agriculture, livestock, and the environment. Invasive species alone cost the UK economy an estimated £4 billion annually, while plant pathogens and pests contribute to substantial crop losses.

    Ash dieback is predicated to cost £15 billion to the UK over coming decades and livestock disease such as avian influenza can have devastating financial and societal consequences, and has been estimated to cost the poultry meat sector more than £100m over a two-year period.

    APHA Interim Chief Executive Dr Jenny Stewart said:

    “Disease presents a significant risk to our farmers, global trade and human health.

    “This vital funding and collaboration with world leading experts will help APHA identify and tackle disease risk more effectively.

    “This research will lead to significantly advanced surveillance capabilities to protect UK borders from new and existing threats.”

    Research to be undertaken in collaboration with seven expert partners will include a focus on increasing the speed of pathogen detection at our borders, addressing new and re-emerging disease outbreaks, developing new strategies to control and mitigate endemic disease, and an improved approach to working with stakeholders and the community. It will also investigate disease spillover from wild animals and plants – when a virus moves from one species to other, such as the transmission of the COVID-19 virus from bats to humans.

    The £10 million of new funding provided by Defra and UK Research and Innovation (UKRI) will strengthen pathogen detection across the UK over the next two years and help protect the UK economy, as part of the Government’s Plan for Change.

    The announcement comes during National Plant Health Week (5-12 May 2025), an annual designated week of action to raise public awareness and engagement on how to keep our plants healthy, led by Defra in partnership with 32 organisations, including the Royal Horticultural Society, the Woodland Trust and the Horticultural Trades Association.

    Additional information:

    • APHA is an executive agency, sponsored by the Department for Environment, Food & Rural Affairs, the Welsh Government, and the Scottish Government, which employs around 3,600 staff, based at various sites across the UK.
    • The GAP-DC project will help APHA to get a better understanding of new sequencing technologies and platforms available in genomic surveillance so that we can test more effectively.
    • The project is supported by £7 million of funding from Defra and £3m from UKRI.
    • A full list of partners involved in the project is below:

    -Animal and Plant Health Agency (lead)

    • Defra

    • UKRI

    • Forest Research

    • Centre for Environment, Fisheries and Aquaculture Science (Cefas)

    • The Pirbright Institute

    • Fera Science

    • Royal Veterinary College

    • Forest Research Head of Pathology Dr Lisa Ward said:

    “Forest Research is internationally renowned for the provision of science, research, evidence, data and services for the support of sustainable forestry.

    “The genomic methods being developed under the GAP DC project are essential to future proof Forest Research’s work on monitoring the health of our trees by enhancing early pathogen detection, allowing rapid response and more effective disease control.”

    • Royal Veterinary College Vice Principal for Research and Innovation Professor Oliver Pybus said:

    “The Royal Veterinary College is pleased to contribute its expertise in infectious disease genomics and animal health to GAP-DC.

    “The consortium will further strengthen the UK’s position as a world-leader in genomic surveillance for animal and plant pathogens”

    • Cefas Animal and Human Health Science Lead Professor David Bass said:

    “Cefas, an Executive Agency of Defra, has diverse expertise in marine and freshwater science, working for healthy and productive oceans, seas, and rivers, and safe and sustainable seafood.

    “Genomic methods for pathogen surveillance and understanding the health of aquatic organisms are central to this mission, so we greatly value our participation in GAP-DC, and contributing to the UK’s excellence and innovation in pathogen genomics.”

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: IDEX Biometrics ASA: Registration of share capital increase – 8 May 2025

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the announcement by IDEX Biometrics ASA on 5 May 2025 regarding the results of the exercise of Warrants B. A total of 36,767 Warrants B were exercised, resulting in an aggregate subscription for 36,767 new shares, each Warrant B having an exercise price of NOK 0.15.

    The share capital increase has duly been registered in the Norwegian Register of Business Enterprises.

    Following the share capital increase, the company’s share capital will be NOK 38,316,309.99, divided into 3,831,630,999 shares, each with a nominal value of NOK 0.01.

    For further information, please contact:

    Kristian Flaten, CFO, Tel: +47 95092322

    E-mail: ir@idexbiometrics.com

    About IDEX Biometrics:

    IDEX Biometrics ASA (IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.  For more information, visit www.idexbiometrics.com

    About this notice:

    This notice was published by Kristian Flaten, CFO, 8 May 2025 at 11:15 CET on behalf of IDEX Biometrics ASA.  This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    The MIL Network –

  • MIL-OSI: Himax Technologies, Inc. Declares Cash Dividend for FY2024

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today declared a cash dividend of 37.0 cents per ADS, equivalent to 18.5 cents per ordinary share, for the year of 2024.

    The cash dividend will be payable on July 11, 2025 to all the shareholders of record as of June 30, 2025. The ADS book will be closed for issuance and cancellation from June 23, 2025 to June 30, 2025. Typically, Himax pays out its yearly dividend at approximately the middle of its current calendar year based on the Company’s previous year financial performance.

    “Since our IPO in 2006, we have consistently rewarded shareholders for their ongoing commitment with our dividend policy,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax. “This year we are pleased to declare an annual cash dividend of 37.0 cents per ADS, representing a payout ratio of 81.1% of last year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for our shareholders through high dividends and share repurchases,” concluded Mr. Wu.

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Company Contacts:
      
    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    The MIL Network –

  • MIL-OSI Economics: Roong Mallikamas: From open finance to an inclusive digital society

    Source: Bank for International Settlements

    Introduction: ASEAN’s Fintech Potential

    President of Money20/20 (Tracey Davies)
    Distinguished guests

    I’m honored to be here today at Money20/20 to discuss a topic that’s crucial to the future of finance in ASEAN: “From Open Finance to an Inclusive Digital Society.”

    Our region, a vibrant mosaic of economies, presents an unparalleled opportunity for fintech innovation. With a combined population exceeding 650 million and a rapidly growing digital consumer base, the potential is immense.

    ASEAN’s digital economy is projected to reach over $360 billion by 2025.1 Yet, a significant portion of our population remains unbanked or underbanked. For instance, studies indicate that over 60% of adults in some ASEAN nations lack access to formal financial services.2  This substantial underbanked segment represents a critical opportunity for fintech to provide relevant and accessible solutions.

    The reasons for this underbanking are multifaceted, often stemming from limited data availability for credit assessment, a lack of transparency in financial product offerings, and poor interoperability between existing systems. These factors collectively contribute to a high cost of customer acquisition for traditional banks, hindering their ability to effectively serve these populations. Fintech, with its agility and data-driven approaches, is uniquely positioned to overcome these barriers, fostering greater financial inclusion and driving economic growth by empowering our communities with seamless access to tailored financial tools and services.

    Thailand’s Context and the BOT’s 3 Opens

    Ladies and Gentlemen.

    Policy objectives for driving inclusive digital finance often involve balancing the trilemma of stability/safety, efficiency, and inclusion. And to clarify what we mean by inclusion, it goes beyond simply having a bank account. It’s about ensuring that everyone – individuals, small businesses, and marginalized communities – can access and utilize appropriate financial services like payments, savings, credit, and insurance in a convenient and affordable way. This is the vision we strive for in ASEAN, and each country prioritizes these elements of the trilemma with its own context and evolving needs.

    Initially when developing PromptPay which is our national real-time payment system, Thailand focused on driving inclusion and maintaining stability,. Now, we emphasize competition and efficiency, recognizing that smaller, agile players – fintechs and new entrants – are often better positioned to innovate and address the diverse, unmet needs of specific customer segments due to their nimbler structures and specialized focus. This competition, while maintaining system safety, can lead to more tailored and accessible financial solutions that larger, established institutions may find challenging to deliver efficiently across all demographics. Thailand’s journey provides some lessons learned on how policy objectives have shifted and henceforth led us to pursue the ‘3 Opens’ as our strategic priorities-Open Competition, Open Infrastructure, and Open Data.

    • Open Infrastructure: Promotes interoperability and seamless connectivity, enabling efficient financial transactions.
    • Open Data: Facilitates data sharing and collaboration, driving the development of personalized financial solutions.
    • Open Competition: Encourages new players, fostering innovation and enhancing consumer choice.

    Let’s delve deeper into each of these “3 Opens”.

    Analyzing the 3 Opens: Rationale and Way Forward

    [1 From PromptPay to Open Infrastructure]

    In 2015, we aimed to promote inclusion through digital payments, leading to the development of PromptPay with the following regulatory constructs at that time with banks only: welfare and tax refunds, low fee, standardization, safety/stability.

    Economically, a payment infrastructure is a natural monopoly, which is amplified by economies of scale, network effects, and data accumulation. Therefore, key infrastructure needs to be regulated, especially for fair access, pricing, etc. to ensure cost efficiency of the payment flows through the infrastructure. The initial restriction on non-banks participating in the infrastructure was a lesson learned. Although this strategy led to high adoption rates and a stable system, it inadvertently stifled innovation among existing players, who faced less competitive pressure to evolve their offerings. This is a key factor driving our current emphasis on opening up the infrastructure.

    Currently, we aim to place more emphasis on efficiency, enabling Open Infrastructure by allowing non-banks to play a role in providing services that enhance access to digital finance for underserved groups. Therefore, the BOT will enhance the oversight of Systemically Important Retail Payment Systems (SIRPS), aligning with central bank practices abroad, such as the European Central Bank. Key regulatory criteria include membership and access rules, and fee structure. Thailand’s broad payment strategy is that”payment should be broader than payment”. BOT hence focuses on Open payment infrastructure and Open payment data for better access to finance.

    [2 Leveraging data and technology with Open Data]

    Having witnessed the transformative impact of PromptPay’s widespread adoption in retail fast payments, We are now strategically focusing on the next critical layer of digital infrastructure. Our priority is to put in place data sharing infrastructure, recognizing its pivotal role in driving further innovation and efficiency within the financial ecosystem.

    Open Data is not just about technology. it’s a catalyst for financial inclusion. Currently, customer data is scattered across various service providers and agencies. If there is a mechanism allowing customers to easily request their service providers and agencies to share their data to other service providers and agencies, it will enable customers to better utilize their data to receive improved financial services.

    BOT pursues Project ‘Your Data’ to empower customers to have their own financial information and non-financial data portable to another service provider based on customer consent. Our priority use cases are access to credit and personal financial management as they still pose significant gaps in our financial system. Therefore, the data that serve such use cases include payment history, account balance, investment holdings, and government data such as tax filing information and utilities usage. By enabling secure and seamless data sharing, we’re empowering individuals and SMEs, particularly those traditionally underserved, to access tailored financial services and participate fully in the digital economy.

    [3 Open Infrastructure and Open Data as foundation for Open Competition]

    With the imminent launch of Project Your Data, we are establishing a robust supply of data within the financial ecosystem. Simultaneously, the Bank of Thailand is actively fostering demand by enabling financial service providers to innovate and compete on offering enhanced loan products and personal financial management solutions. The introduction of the new virtual banking license will empower digital-native players with tech-focused solutions to fully capitalize on this data sharing infrastructure. Furthermore, the soon-to-be-established National Credit Guarantee Agency will integrate this very data sharing mechanism to enhance its operations and support broader access to credit, especially for underserved SMEs.

    With robust infrastructure and data sharing as the bedrock, all players – banks, fintechs, and virtual banks – can operate at their full capacity in an Open Competition, driving innovation and enhancing financial services for underserved communities. Fintechs, leveraging technology with greater agility and often a higher risk appetite than traditional institutions, can better cater to specific customer needs within these segments. For example, they can utilize alternative data for credit scoring individuals with limited traditional credit history, create tailored digital platforms for efficient invoice financing and supply chain management solutions, or offer integrated accounting and payment systems that streamline operations and improve cash flow for small businesses.

    As we encourage new players to drive competition and expand financial inclusion, including these fintechs with their enhanced technological capabilities and willingness to navigate higher risk for underserved segments, we acknowledge the inherent risks associated with novel technologies. Beyond foundational technologies like digital assets and tokenization, fintechs are pioneering areas such as blockchain-based trade finance platforms that can reduce costs and increase transparency for SME cross-border transactions, and data analytics tools that provide SMEs with valuable insights for better financial planning and access to tailored financial products. Our regulatory approach must therefore truly consider both the transformative potential and the evolving risks these innovations present, ensuring a balance between fostering access and maintaining stability.

    [4 Regulatory approach to embrace the new technology by collaboration]

    Building on this foundation of open infrastructure and data, which empowers a diverse ecosystem of players, including agile fintechs uniquely positioned to serve underserved segments, our journey is one of continuous learning and adaptation. We recognize that the financial technology landscape is rapidly evolving, and no single entity holds all the answers. Therefore, our approach moving forward is deeply rooted in collaboration. We are committed to working hand-in-hand with the industry, including our fintech community, to refine our policies and navigate the complexities of this dynamic environment. Furthermore, we actively seek to learn from the experiences and best practices of both regulators and innovative fintech companies across the ASEAN region and beyond, fostering a collective understanding that will shape a resilient and inclusive financial future for all.

    [Collaborative Learning and Adaptive Guardrails]

    Drawing upon our internal explorations with cutting-edge technologies like CBDC, we are now extending this spirit of learning and adaptation to the wider financial industry. Recognizing that innovation, especially from new players, can yield unpredictable outcomes, our approach centers on establishing clear ‘guardrails’ – collaboratively defining the boundaries to prevent systemic risks while allowing for experimentation. This ensures a resilient financial system that can safely accommodate novel solutions.

    [Enticing Innovation through an Evolving Regulatory Sandbox]

    A key element of our collaborative strategy is our Enhanced Regulatory Sandbox. This controlled environment is specifically designed to attract fintechs and innovators to Thailand, offering a safe space to test ideas where risks are still being understood. Our initial focus includes Programmable Payments, demonstrated by the ‘Tourist Wallet’ application enabling USD stablecoin conversion to THB stablecoin for limited tourist spending, and ‘Programmable Escrow Payments’ designed to enhance trust and transparency in online commerce by automating fund release upon condition fulfillment. These real-world examples showcase the tangible opportunities within our sandbox.

    [A Streamlined Sandbox for Agile Collaboration]

    We understand that a cumbersome sandbox can stifle innovation. Therefore, we are actively transforming our Enhanced Regulatory Sandbox to be more agile and accessible, with expanded scope, reduced compliance burdens, and significantly faster processing times – aiming for a 6-to-12-month timeframe for projects like Programmable Payments. By opening our sandbox to both regulated and unregulated entities, we aim to foster a vibrant collaborative space where knowledge sharing and rapid iteration can occur. The valuable lessons learned within this sandbox will directly inform our evolving regulations, ensuring they remain relevant and supportive of a dynamic digital finance ecosystem in Thailand.

    Conclusion: Building a Future-Ready and Inclusive ASEAN Fintech Ecosystem

    In closing, the journey we’ve outlined today underscores the Bank of Thailand’s unwavering commitment to fostering a dynamic and inclusive digital financial landscape within ASEAN. We firmly believe that by strategically embracing the ‘3 Opens’ – Open Competition, Open Infrastructure, and Open Data – we can unlock the immense potential of digital finance to address the unique needs of our diverse populations, particularly the underserved.

    Our experience, from the foundational success of PromptPay to the ongoing development of Project Your Data and our cautious exploration of new technologies within our enhanced Regulatory Sandbox, represents our attempt to learn and adapt. We understand that real progress requires not only innovation but also a continuous focus on resiliency, security, and responsible growth.

    The path ahead necessitates continued collaboration – between regulators, financial institutions, fintech pioneers, and the very communities we aim to serve. By working together, sharing insights, and learning from each other’s experiences, we can collectively build a future-ready ASEAN fintech ecosystem that is not only innovative and efficient but also truly inclusive, empowering individuals and businesses across our vibrant region to thrive in the digital age.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: President Lai attends reception commemorating 80th anniversary of Victory in Europe Day

    Source: Republic of China Taiwan

    President Lai attends reception commemorating 80th anniversary of Victory in Europe Day
    On the morning of May 8, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, attended a reception commemorating the 80th anniversary of Victory in Europe Day (VE Day). In remarks, President Lai stated that our commemoration of the Victory in Europe underscores three crucial points: The pursuit of true peace is dependent on determination and efforts to protect freedom and democracy, and must be achieved through strength and unity; only freedom and democracy can truly bring about national development, and only with respect for human dignity can a nation itself earn respect; and remembering the lessons learned from the history of the war, those who cherish peace must remain vigilant toward acts of aggression.
    The president emphasized that as Taiwan and Europe are now facing the threat of a new authoritarian bloc, lovers of freedom around the world, both individuals and nations, must work together to make sure that aggressors have no opportunity to advance on their ambitions. He said he is confident that so long as we combine our efforts, our strength can earn us true and lasting peace; so long as we join together in solidarity, our freedom can illuminate the vast, boundless world; so long as we stand firm in our convictions, we absolutely can protect our way of life, the homelands that support us, and every lover of freedom and democracy.
    A translation of President Lai’s remarks follows: 
    We are solemnly gathered here today, along with representatives from nations around the world, to mark VE Day – the anniversary of the end of World War II in Europe. This is the first time that Taiwan is commemorating the war in Europe, signifying our growing connections with the international community.
    Peace is priceless, and war has no winners. WWII was undoubtedly the deadliest war in human history, and the pain that it caused has echoed even to the present day.
    On this day 80 years ago, Nazi representatives surrendered to the Allies, symbolizing the end of WWII in Europe. The Allies then shifted their focus to the Pacific theater, where the war ended three months later.
    Victory in Europe was the beginning of the end of this long road, and it was a point at which humanity could start to envision a world beyond the war.
    Victory in Europe counted on different countries all combining their efforts. And today, this event has brought together representatives from a total of 17 countries in addition to the European Union, a testament to the value of cooperation.
    Our commemoration of VE Day underscores three crucial points:
    First, the foundation for victory in WWII was built from determination and actions throughout human society to unite and resist aggression, defend hearth and home, and pursue true peace.
    History has taught us that no matter the driving reason or ideology, military aggression against another country is an unjust crime that is bound to fail. Those who unite as partners to defend their homelands, freedom, and democracy ultimately emerge victorious.
    In less than one month from now, we will also be marking the 81st anniversary of the Normandy landings, when airborne divisions descended and beachheads were established by Allied troops fighting courageously across different landing sites.
    Through the cooperation and efforts of the Allies, as well as the sacrifices of freedom fighters in occupied territories, Europe was liberated from authoritarian enslavement. From this, we learned that the pursuit of true peace is dependent on determination and efforts to protect freedom and democracy, and must be achieved through strength and unity.
    Second, the countries that were formerly Axis powers are now all 100 percent democratic, enjoying true peace and prosperity and respected the world over.
    This proves that only freedom and democracy can truly bring about national development, and only with respect for human dignity can a nation itself earn respect. Authoritarianism and aggression lead only to slaughter, tragedy, and greater inequality.
    When we look back at post-war history, we see that civilizations with democratic elections, free markets, and respect for human rights are those that humanity should pursue. We also see the value of freedom and democracy, and the reason why tens of millions of Allied soldiers crossed oceans or set foot on unfamiliar lands to fight gruesome battles.
    Now, I would like to share the words of former United States President Dwight D. Eisenhower, the Supreme Commander of the Allied Expeditionary Force in Europe during the war. In his order of the day for D-Day, he wrote: “Soldiers, Sailors and Airmen of the Allied Expeditionary Force! You are about to embark upon the Great Crusade, toward which we have striven these many months. The eyes of the world are upon you. The hope and prayers of liberty-loving people everywhere march with you.” These words tell us why we must commemorate the war in Europe; they also remind us again that freedom and democracy, being so precious, can only be resolutely defended through strength and constant vigilance. 
    Third, those who cherish peace cannot sit idly by and allow aggression. The outbreak of the war in Europe certainly had much to do with an authoritarian regime seeking to satisfy its expansionary ambitions, but its wider spread throughout Europe had much more to do with a lack of vigilance toward acts of aggression.
    At many points in history, people have thought to give the aggressor a small concession to earn peace. But as we all know from the painful lessons of WWII, indulging aggressors with a taste of expansion only whets their appetite; it makes them more confident and hungrier for more. They will continue their conquest until democratic countries have fallen and the light of freedom has been extinguished; until the last person unwilling to bend is eliminated. Only then will the aggressors stop. 
    WWII broke out because ambitions for conquest were ignored; it was won by bringing together in solidarity every last bit of will to resist and defend hearth and home. 
    The war in Europe ended 80 years ago. The meaning of that history is now as clear as day. After those 80 years, Taiwan now shares the same values as many of the democratic countries that fought in the war, and we face similar challenges.
    Taiwan and Europe are now facing the threat of a new authoritarian bloc. We are seeing our decades-old undersea cables, crucial for communications and cybersecurity, being sabotaged. We are seeing external interference in our elections, crucial for healthy democratic development, through the spread of misinformation and disinformation, sowing intentional division in society. We are seeing our fair, free, and open international rules-based markets being tested by all manner of gray-zone activities, intrusions, dumping, and pressures.
    Whenever we commemorate the peace at the end of the war in Europe, we must not forget the lessons learned from its history.
    Lovers of freedom around the world, both individuals and nations, must work together now in tight solidarity, before risks turn into crises and before crises are taken advantage of by those with ambitions for outward expansion, to make sure that aggressors have no opportunity to advance on their ambitions. Only then can we continue on for generations with our current way of life; only then can we retain our human dignity and values.
    This is our opportunity; there is no better time than now. I am confident that so long as we combine our efforts, our strength can earn us true and lasting peace. I am confident that so long as we join together in solidarity, our freedom can illuminate the vast, boundless world. And I am confident that so long as we stand firm in our convictions, we absolutely can protect our way of life, the homelands that support us, and every lover of freedom and democracy.
    And so, let us keep striving together, From VE Day to Every Day. Thank you.
    Also in attendance at the event were Head of the European Economic and Trade Office Lutz Güllner, British Office Taipei Representative Ruth Bradley-Jones, and other diplomatic representatives in Taiwan.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Commissioner’s address at the ATAX International Conference

    Source: New places to play in Gungahlin

    Rob Heferen, Commissioner of Taxation
    Address at the UNSW 16th ATAX International Conference on Tax Administration
    Sydney, 8 April 2025
    (Check against delivery)

    Introduction

    Thank you for the introduction. 

    I’d like to acknowledge the Traditional Owners of the land on which we meet, the Gadigal people, and pay respects to Elders past and present, and extend that to First Nations people present today. 

    I would also like to say thank you to Michael Walpole and Jennie Granger for inviting me to speak today. 

    It is indeed a privilege to be invited, and I hope I can get a recurring invite.

    The theme of this year’s ATAX conference is ‘Tax Administration: Getting it right’.  

    Before I get underway, some of my own housekeeping is important to note. Given the House of Representatives has been dissolved, we have a caretaker government, and so public servants, even we statutory officers, need to exercise appropriate discretion about what we say, and what we comment on.

    Which I will, of course, do.

    So, while I might be a little bland, I hope that doesn’t rule me out for the future.

    But returning to the topic at hand, what ought we mean by ‘getting tax administration right’. 

    Before I step through my perspective on this issue, which some of you will have heard before (I do apologise for that, but I think they are messages worth repeating) I’d like to reflect a bit on the crucial role tax has in the social contract – Australian style. 

    As the famous American Supreme Court Judge Oliver Wendell Holmes Jr said, ‘tax is the price we pay for a civilised society’.  

    I’d like to expand on that to posit that the tax we pay is a vital element of our social contract; the citizenry pay tax and in return the government provides the services the community, collectively, demands.  

    This notion recognises that as individuals there is little we can deliver on our own, but collectively our ‘contribution rules’ set out our obligations for how we can mutually contribute to fund things the country needs and the community demands.  

    Thomas Hobbes, one of the founders of modern political philosophy, had his memorable take on the social contract. Writing during the English civil war, he noted in the Leviathan that, without any ruler, our ‘state of nature’ would result in…

    such condition, there is no place for industry; because the fruit thereof is uncertain: and consequently no culture of the earth; no navigation, nor the use of commodities that may be imported by sea; no commodious buildings; no instruments of moving, and removing, such things as require much force; no knowledge of the face of the earth; no account of time; no arts; no letters; no society; and which is worst of all; continual fear, and danger of violent death; and the life of man, solitary, poor, nasty, brutish and short. 

    He may well have been over-influenced by England’s challenges at the time, but I think a moderated application can be seen to ring true today. Hence his view that to correct for this, society needs a strong powerful ruler – in Hobbes’ time, perhaps a sovereign, in our time and our place, a government. Perhaps not necessarily ‘strong and powerful’ as Hobbes’ may have imagined it, but definitely one with authority.

    Without a government, there will be little peace, prosperity or freedom.  

    And without tax, at least in the Australian context, very hard to imagine a government.  

    But digging a fraction deeper, does Australia’s tax system reflect Australia’s social contract and does the Australian Taxation Office’s (ATO’s) administration reflect this?  

    I think there’s a strong argument to be made that a country’s tax system, provided there are strong democratic foundations and processes, reflects its aspirations, its underpinnings and how the country has chosen its ‘rules of contribution’.

    The Australian tax system, or at least the policy to be implemented, has at least 2 elements:

    1. First, as a federation, do we have the right balance between taxes levied by the Commonwealth as compared to that by the states? 
    2. Second, do we have the right ‘tax mix’. That is, the right balance between direct taxes (such as income tax) and indirect taxes (such as the GST and excise)? 

    Of course, both of these are core policy questions not appropriate for me to comment on.

    But then the question of whether we get the tax administration right can be assessed by whether, given the first 2 elements, do we have the right administrative machinery and people in place to deliver the desired revenue for the government to deliver the services the community demands – that is, to deliver on the social contract? 

    The ‘right’ administration of taxes 

    The ATO is governed by legislation, passed by those who represent the broader community.  

    Much responsibility is vested in the Commissioner, and the parliament has provided me with significant authority, but has carefully constrained the Commissioner’s discretion to depart from the job at hand.

    To deliver on our purpose, successive governments have ensured we are appropriately resourced, with both technology and people, and from this resourcing expect us to deliver on our role.

    So what’s our role?

    To collect the right amount of tax, in accordance with the law, in the most efficient way for the government and the taxpayer. And in doing this, treat taxpayers with courtesy and respect.

    The law, of course, changes over time, both through explicit parliamentary action, and also through the court’s interpretation of the ‘hard cases’ that come before it.  

    The administrator then needs to ensure that their administration of the law is kept contemporary and is seen as fair and reasonable. 

    Does the ATO meet these benchmarks? 

    As I hope you would expect, we strive to, but of course, given none of us are perfect, in specific instances we may well fall short. 

    So, what are some useful metrics we can look to, to assess whether we are getting our administration right? That demonstrate we are meeting our Public Governance, Performance and Accountability Act 2013 (the ‘bible’ that governs the way we in the APS act) requirements to be effective, efficient, economical and ethical?

    Let’s start with the most important one – are we effective at our job?

    Our purpose, or the reason we exist, is clear: We collect tax so that government can deliver services for the Australian community.

    Being the nation’s principal tax collector is not always an easy job, but it’s an important one. One that’s fundamental to Australia’s strong economy and society.  

    Without the ATO doing its role, the rest of the government suffers (both Commonwealth and state), and accordingly, as does our broader society. 

    The ATO makes up a bit under 10% of the APS, but the more than 190,000 other federal public servants rely on us to do our job, so they can do theirs, that is so that the government has the money it needs to provide the services the community demands.  

    And given Australia’s vertical fiscal imbalance, a significant proportion of revenue the states and territories use to fund their public services is collected by us as well. 

    If our purpose is our guiding light, then our roadmap is our vision as an agency.

    Our vision is an Australia where every taxpayer meets their obligations because:

    • complying is easy
    • help is tailored
    • deliberate non-compliance has consequences.

    We are confident that where these conditions are met, voluntary compliance will be optimised.

    But our purpose drives what we do, day in and day out. It reinforces that our role is fundamental to making government work. At the end of the day, being that part of the government that collects tax revenue, so that other parts of government can deliver services for citizens, is our most fundamental function.

    We definitely collect a lot of tax – in this year’s budget papersExternal Link our Treasury colleagues estimate that we will collect $676.1 billion in the current financial year.

    But how does that compare with what we should collect?

    It’s tricky to get a firm handle on this, but our best estimates stem from our ATO Tax Gap measurement.

    Tax gap

    The tax gap is an estimate of the difference between the estimate of what we expect to collect, and what would have been collected if every taxpayer was fully compliant with the law.

    For the most recent tax gap data available, 2021–22, we estimate that we will collect $545.8 billion of the total $590.3 billion tax due.

    That is, the amount of tax not collected, the net tax gap, is $44.5 billion, or 7.5% of the total amount of the tax.

    The $545.8 billion, the amount we have or will collect, is made up of 2 parts:

    • $531.4 billion that is reported correctly when taxpayers lodge their tax statements, and
    • $14.3 billion which represents any difference between that first return and the final corrected return.

    So, the $14.3 billion collected following a revised tax return is influenced by ATO action – typically our post lodgment compliance action like reviews and audits.

    In the context of the performance of our tax system, the tax gap data indicates that we have 90.1% voluntary performance. This adjusts to 92.5% when we factor in our compliance action.

    Tax gap components

    But not all taxes are created equal, and the overall gap is made up of varying gaps or components across different taxation types. Based on the most recent verified data:

    • The gap for personal income taxes (both salary and business income) account for $25.8 billion of the $44.5 billion tax gap.
    • Given the size of the population for collections, it’s not surprising that this is the biggest. This group has a net tax gap of 8.5%.
    • Company income taxes (large, medium and small companies) account for $8.7 billion of the $44.5 billion tax gap. This group has a net tax gap of 6.3%.
    • GST – $4.4 billion and a net gap of 5.5%.
    • Excise and all other gaps – $5.6 billion or a net tax gap of 8.1%.

    Comparisons to other jurisdictions

    So how does this compare to other countries?

    This is a tricky question to answer mainly because of the countries who attempt to calculate their tax gap, each have their own unique features of measurement. The variation between jurisdictions means we can find ourselves comparing apples to oranges in many cases.

    But if we look at the trends in our respective data, perhaps there is something to glean.

    In Australia, since 2016–17, the net gap has decreased from 7.8% to 7.5%. Over the same period, the UK’s net gap decreased from 5.4% to 5.2% (noting the parameters of their gap calculations vary slightly from Australia’s).

    In both instances, the overall net gap decreased. And it’s important to remember, that this represents an estimate of what we are not collecting and what is not being reported. Being an estimate, they are often revised over time as more information becomes available.

    Suffice to say, in our international engagement, we are confident that our methodology is good practice, and our measured gaps are amongst the smallest.

    So, I think we are quite effective.

    Administrative performance

    Then, do we do this in the most efficient way for the government and the taxpayer?

    Our costs of collection are, in the main, very low. For the 2023–24 year the cost to collect $100 of tax was 56 cents.

    Unfortunately, good, robust information on compliance costs for all taxpayers is not collected and produced.

    Do we treat taxpayers with courtesy and respect?

    Our Charter outlines our commitments to the community in their interactions with us and includes a number of stated commitments around the behaviours expected from ATO officers when they engage with the community.

    We have a range of metrics that provide valuable insights into how this is working in practice:

    • For service commitments: The ATO has 12 publicly stated service commitments that are reported every month on the ATO website. The last published results were for March 2025, and show all 12 were met.
    • Highlights included that
      • 97% of electronic taxpayer requests were finalised in 15 days, against a target of 90%
      • 99% of electronic tax returns and activity statements were finalised in 12 business days, against a target of 94%, and
      • 100% of employee referrals for unpaid super were escalated with employers within 28 days, against a target of 90%.
    • Regarding complaints, they continue to represent a very small portion of our interactions with taxpayers, around 0.1%.
      • Our service commitment is that we will resolve 85% of complaints within 15 days or within a date negotiated with the taxpayer. And, pleasingly, our March 2025 (YTD) result showed we have finalised 99% of complaints within our service commitment.

    To further ensure confidence in our administration, the ATO is fortunate to have fairly comprehensive scrutiny from a broad set of scrutineers.

    Like any Commonwealth government funded agency or department we are subject to the thrice-yearly scrutiny on our appropriation by the relevant senate legislation committee – commonly known as our Senate Estimates process.

    Again, like any other similarly funded agency we are subject to both financial audits and performance audits by the Australian National Audit Office.

    And we have our own dedicated scrutineer – the Tax Ombudsman, Ruth Owen, who is speaking this afternoon.

    Each of these processes provide us food for thought and often specific recommendations to improve our administration to which we attempt to respond to in a timely way.

    A further step this year was the Australian Public Service Commission initiating a capability reviewExternal Link to seek some external assurance that we are well placed for the future. And it showed that we are.

    Importantly, and as far as I am aware – all of our scrutineers are broadly happy that we are collecting the right amount of tax.

    But often the biggest critics of an organisation sit within it.

    And one of our shortcomings brought to my attention by my staff early on was the size of the debt book.

    The broader debt book – that is, stock of the tax debt that is owed to the Commonwealth Government at the current point in time – is currently over $105 billion (compared to the 2024-25 total revenue of around $650 billion). It’s the largest it’s ever been, and it is money that could be benefitting all Australians.  

    We estimate that just under half of that $105.1 billion is made up of collectable debt. That $46.4 billion is almost double the $26.5 billion of collectable debt owed in 2019. 

    I’ll have more to say on this shortly.

    Our vision

    We have recently spent time on sharpening our focus for the future by committing to a very clear vision for tax administration.

    Our vision is an Australia where every taxpayer meets their obligations because:

    • complying is easy
    • help is tailored
    • deliberate non-compliance has consequences. 

    I think there’s value in stepping this through in more detail today.

    Firstly, every taxpayer meets their obligations because complying is easy.

    • As an administrator, part of our role is to take the complexity of the system and do what we can to make it as easy to use as we can. That is, be a ‘complexity broker’.
    • In all aspects of life we need complexity brokers. Some of us know how to fix our cars and are happy to rely on our own expertise. Others are content to know how to put in the petrol and steer the wheel and are happy to rely on those with the expertise.
    • The ATO’s role as a complexity broker is complemented by the role of the tax profession in our system – those who help Australians to meet and understand their tax obligations.
    • Focusing on the tax profession, strengthening that relationship continues to be one of our core priorities.
    • It is vital that we work closely with the tax profession to ensure they are properly equipped to be complexity brokers for their clients.

    Secondly, every taxpayer meets their obligations because help is tailored.

    • While it’s important that all taxpayers have a clear digital pathway to resolve their interactions with the ATO, there will always be members of the community who need direct assistance from an ATO officer. While digital systems can enable a fast and seamless experience in some instances, it cannot be a substitute for human judgment.
    • Only human intervention can determine what constitutes fairness and reasonableness in those taxpayer circumstances where complex communication, compassion or empathy are needed to make decisions with the taxpayer.
    • We are currently developing our Future Interactions Strategy, which will further refine the how and when of our tailored approaches.
    • And within this strategy, our objectives will be laid out
      • to provide unassisted digital options to resolve tax matters where possible
      • to provide efficient human-assisted channels to assist in resolving more complex matters, or where the circumstances of the taxpayer require it
      • to provide secure, integrated digital platforms.
    • Alongside this is our focus on helping those experiencing vulnerability to meet their obligations.
    • To support this, the ATO is implementing a Vulnerability Capability that will strengthen and coordinate the way the ATO supports those who need it most. And in doing this we are grateful to the Tax Ombudsman for her recent reportExternal Link on this issue, particularly regarding financial abuse.
    • This program of work will include the development of a framework, together with specific actions and activities to support people experiencing vulnerability, including financial abuse.

    And finally, every taxpayer meets their obligations because deliberate non-compliance has consequences.

    • In the tax system, we think about non-compliance against a wide set of obligations, including failure to lodge, false registration and deliberate incorrect reporting. And of course, it also considers not paying the appropriate amount of tax.
    • While all tax owed to the government is a priority – from individuals, and from small and large business – we are conscious of our duty to collect priority debt such as unpaid superannuation guarantee, PAYGW – that is, tax that is withheld from employees’ pay but not passed on to the government – and GST that is collected from customers but not passed on to the government, and from the small group of taxpayers who exhibit the most non-compliant behaviour in avoiding their obligations.
    • It is important to note that only 22,000 taxpayers are responsible for $11 billion of the total tax collectable debt value. In context, that’s about 1% of the total debtors responsible for 20% of what’s owed.
    • To be clear, I’m not talking about just the largest taxpayers – this 1% are taxpayers of varying sizes. And it is this group where our focus lies.
    • This approach we are taking to collect the tax owed to the government is deliberate and targeted, with action being taken for those who repeatedly refuse to engage with us and continue to ignore our reminders.
    • For these taxpayers, we are moving more urgently to deploy the full powers available to us and we are beginning to see some positive impacts of this work, through reduction in the amount of debt owed to the government.

    Conclusion

    So, are we getting tax administration right? We, of course, have a few critics.

    But we all need to keep reminding ourselves that the tax system is not an end in itself; it’s only ever an instrument for the government to get the money it needs to deliver the services the community desires.

    Many of us, both internally and externally, can get caught up in the intricacies of various seemingly contradictory tax policies, the finer points of a court outcome, and the time it takes for us to finalise a complex ruling. Missing the reality of our tax system’s overall performance.

    But total taxes largely meet society’s spending demands. Our tax gap is low and our service commitments largely met.

    So, the conditions of tax administration doing its bit to deliver on our social contract are largely, or mainly, met.

    Is our tax administration perfect? Of course not.

    Is it about right? I am obviously biased, but I would say definitely.

    Can we improve? Of course.

    We’ve got work to do to achieve this. But that’s our aim.

    Thank you.

    MIL OSI News –

  • MIL-OSI Russia: China is becoming an increasingly attractive and reliable partner

    Translation. Region: Russian Federal

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

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

    The abuse of customs duties by the US government has exacerbated the tense situation in world trade and seriously damaged the international trade and economic order. These unilateral and protectionist methods of the US have provoked opposition and sharp criticism from the international community. Many countries believe that China has been steadily promoting high-level opening up to the outside world, seeking mutually beneficial cooperation with other countries, and is willing to share opportunities for joint development with the world, demonstrating the role of a responsible power.

    JPMorgan Chase CEO Jamie Dimon recently warned in an interview with the Financial Times that the trade war unleashed by Donald Trump could damage the United States’ international reputation and that its economic leadership is facing serious challenges. The current trade uncertainty is undermining confidence in the United States abroad.

    Singapore’s Senior Minister Lee Hsien Loong recently noted that the “America First” doctrine is essentially a zero-sum game. The withdrawal of the United States, the world’s largest economy, from the international rules system would have a significant impact on the rest of the world. Singapore will continue to strongly support free trade, multilateralism, and the WTO.

    The New York Times article says that the actions of the Trump administration are undermining the country’s international image and have increased the risk of a recession in the global economy, while China is becoming an increasingly stable and reliable economic partner.

    A report in the Swiss newspaper NZZ am Sonntag says that amid the tariff standoff, more attention should be paid to China, “whose policies are more stable than those of the United States. China also complies well with WTO rules.”

    German Channel 2 quoted Isabella M. Weber, professor of economics at the University of Massachusetts Amherst, as saying: “The US has become an unpredictable partner, while China is becoming an increasingly attractive reliable partner.”

    MIL OSI Russia News –

  • MIL-OSI Banking: New BSTDB Vice President Banking Assumes Duties

    Source: Black Sea Trade and Development Bank

    Press Release | 08-May-2025

    Mr. Aliyev to Lead Banking Operations and Lending Strategy

    Following a nomination by the Republic of Azerbaijan, Mr. Ziya Aliyev assumed today his duties as the new Vice President Banking of the Black Sea Trade and Development Bank (BSTDB). In his role, he will oversee the Bank’s banking operations, including the development and execution of its lending strategy and client engagement.

    “I am thrilled to join BSTDB  and serve its vital development mandate. I look forward to working under the leadership of President Köksal and alongside my colleagues in the Management Committee  to advance  the Bank’s mission. I am eager to leverage my previous experience to bear for the sustainable development and economic  growth of  the Black Sea region, particularly as we navigate today’s complex challenges.”, said Mr. Aliyev on assuming his duties.

    Prior to joining BSTDB, Mr. Aliyev served as Advisor to the Governor at the Central Bank of the Republic of Azerbaijan, where he provided strategic advice on monetary and exchange rate policy, banking supervision, and capital market regulation. Having started his career at the Central Bank in 2000, he progressively advanced through senior roles in research, monetary policy, and strategic development.  From 2013 to 2025, he held the position of Executive Director, overseeing critical departments including Insurance Supervision, Financial Consumer Protection, Strategic Management, and Risk Management.

    Mr. Aliyev has also made notable contributions to Azerbaijan’s national development initiatives. He co-authored the Strategy for National Education Development, approved by the President of the Republic of Azerbaijan in 2013, and played a supportive role in preparing Azerbaijan 2030: National Priorities on Socio-Economic Development, a strategic policy framework adopted in 2021.

    His contributions to the financial sector were acknowledged with the “Progress” Medal, awarded by the President of the Republic of Azerbaijan.

    He has taught business development and strategic management courses at the Center for Banking Education (2019–2020), and previously lectured on development economics and strategic management at the Azerbaijan State Economic University and ADA University.

    His academic background includes a Master of Arts in Policy Economics from the Center for Development Economics at Williams College (USA), and a Master and Bachelor of Science in Finance & Credit from the Azerbaijan State Economic University.

    Mr. Aliyev is fluent in English, Azerbaijani, Russian and Turkish.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Global Banks –

  • MIL-OSI: Interim Reports Q1 2025 – Nykredit Realkredit Group

    Source: GlobeNewswire (MIL-OSI)

     
    To        Nasdaq Copenhagen A/S
    and the press
    8 May 2025

    Nykredit today announces its Q1 Interim Reports 2025 of:

    Nykredit A/S, CVR no 12 71 92 48
    Nykredit Realkredit A/S, CVR no 12 71 92 80

    Michael Rasmussen, Group Chief Executive, comments on the Q1 Interim Report 2025:

    • Today, we are pleased to present a highly satisfactory interim profit after tax of DKK 3,000 million. At the same time, we are raising our full-year guidance to a profit after tax of DKK 9.25-10.0 billion as a result of growth in all core business areas in the first three months of the year, including rising net interest and fee income. We continue to welcome new customers and have seen an increase in mortgage and bank lending to both personal and business customers. This has resulted in expanded market positions across the board.
    • The upgraded full-year profit guidance is also driven by a positive trend in investment portfolio income despite market turbulence. The strong performance also reflects the financial robustness of our customers, and impairment charges consequently remain low.
    • Totalkredit has concluded an agreement with the 41 Totalkredit partner banks to adjust the partnership agreement. We have future-proofed Totalkredit and our joint competitiveness, ensuring that we, with the KundeKroner discount programme, can continue offering Danish homeowners the best and cheapest home loans in most loan scenarios. Early in the year, we raised the KundeKroner discount to 0.25% from 0.20% for new as well as existing customers, making it cheaper once again for more than 900,000 homeowners to have a Totalkredit loan. We will do our utmost to continue investing in Totalkredit and our other important partnerships, collectively presenting the strongest possible front to customers and competing effectively in financial markets.
    • At the beginning of 2025, we launched a public tender offer to buy Spar Nord Bank. By combining our two banks, we aim to build a strong, customer-owned alternative to the largest listed banks in Denmark. Together, we will be firmly positioned for joint growth, prioritising decentralised decision-making and trusting relationships with our customers. We look forward to demonstrating to even more customers all the advantages of banking with a financial provider owned by its customers. Pending the Danish Competition and Consumer Authority’s approval of the combination, Nykredit and Spar Nord Bank will continue as two competing companies. We expect the acquisition to be completed in the first six months of 2025, after which we can proceed with the integration.
    • While we generally anticipate growth in our core business in 2025, we do not expect financial results to match our performance in 2024 that was our strongest ever. Results for the year are expected to be affected by increased geopolitical and trade policy tensions coupled with higher volatility in the financial markets. This creates uncertainty about the economic development and the potential impact on Nykredit’s operating conditions. We also anticipate falling interest rates, which will lower return on equity.

    Highlights from the Q1 Interim Report 2025:

    • Net interest and fee income increased by DKK 54 million in Q1 2025 compared to Q1 2024.
    • Totalkredit’s mortgage lending increased to DKK 921.8 billion at the end of March 2025 from DKK 879.7 billion at the end of March 2024.
    • Nykredit Bank’s lending after impairments went up to DKK 108.8 billion at the end of March 2025 from DKK 94.5 billion at the end of March 2024.
    • Income from Wealth Management grew to DKK 713 million in Q1 2025 from DKK 668 million in Q1 2024.
    • Nykredit maintained a very strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 20.7%.
    • Nykredit’s cost/income ratio remained relatively low at 30.8% in Q1 2025.
    Nykredit Group Q1 Q1 Change
    DKK million 2025 2024  
    Net interest income 3,039 3,011 28
    Net fee income 754 728 26
    Wealth management income 713 668 45
    Net interest from capitalisation 345 597 -252
    Net income relating to customer benefits programmes (161) (135) -26
    Trading, investment portfolio and other income 744 1,143 -399
    Income 5,434 6,012 -578
    Costs 1,671 1,647 24
    Profit before impairment charges and legacy derivatives 3,763 4,365 -602
    Impairment charges for loans and advances 34 (53) 87
    Legacy derivatives 46 52 -6
    Profit before tax for the period 3,775 4,470 -695
    Tax 775 926 -151
    Profit for the period 3,000 3,544 -544

    Contact: For further comments, please contact Orhan Gökcen, Head of Press Relations, tel +45 31 21 06 39.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Crapo, Tuberville Introduce Legislation to Level Playing Field for Sporting Equipment Businesses

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senators Mike Crapo (R-Idaho) and Tommy Tuberville (R-Alabama) introduced the Sporting Goods Excise Tax Modernization Act to close a tax loophole that has resulted in lost revenue for state-led wildlife conservation efforts.  Foreign sellers should be held to the same tax regulations as domestic manufacturers, and this bill will ensure that happens.

    “Federal excise taxes on certain recreational outdoor sporting equipment provide funding for conservation programs,” said Crapo.  “This bill closes loopholes on imported fishing and archery equipment that deprive fish and wildlife conservation programs of additional critical funds.  This move will help level the playing field for Idaho and American companies and strengthen existing conservation programs.”

    “Alabama is proud to be home to hundreds of small businesses who make sporting equipment that outdoorsmen and conservationists rely on.  The last thing these business owners need is to be punished for producing goods right here in the U.S.A.” said Tuberville.  “Under President Trump, we are laser-focused on doing everything we can to encourage domestic production.  I’m proud to introduce this legislation with Senator Crapo which closes a loophole allowing foreign sellers to exploit our domestic retailers and rob money from our state conservation programs.”

    Numerous conservation and sporting groups, including the Archery Trade Association, Association of Fish and Wildlife Agencies, American Sportfishing Association and The Conservation Fund have endorsed the legislation. 

    “We thank Senators Tuberville and Crapo for their leadership in helping to make the Sport Fish Restoration and Wildlife Restoration funds whole,” said Jim Fredericks, Director of the Idaho Department of Fish and Game.  “State fisheries programs count on these funds to maintain the good quality fishing opportunities that keep our anglers coming back for more.”

    “The archery industry applauds Senators Crapo and Tuberville for their exceptionally strong leadership and introduction of this high priority legislation,” said Dan Forster, Vice President & Chief Conservation Officer, Archery Trade Association.  “Holding foreign companies accountable for paying the federal excise tax is not only about protecting American businesses but it will help ensure that our conservation funding and outdoor heritage are protected for future generations.”

    “The Sporting Goods Excise Tax Modernization Act will ensure the future viability of the Sport Fish Restoration Fund by closing a loophole and securing millions of dollars in lost excise tax revenue to improve recreational fishing,” said Glenn Hughes, President and CEO of American Sportfishing Association.  “Since 1950, excise taxes on fishing equipment have provided $12 billion for conservation efforts and improved access for anglers across the country–a unique user-pay, public-benefit system that has become a cornerstone of the American conservation model.  We applaud Senators Tuberville and Crapo for introducing this legislation and for their commitment to the sportfishing industry, which contributes $230 billion to the U.S. economy each year.”

    Complete text of the bill can be found here.  U.S. Representatives Blake Moore (R-UT-01) and Jimmy Panetta (D-CA-19) introduced companion legislation in the U.S. House of Representatives earlier this year.

    BACKGROUND:

    For decades, the Pittman-Robertson Wildlife Restoration Act and the Dingell-Johnson Sport Fish Restoration Act have provided states and territories with essential funding for wildlife restoration, conservation, hunter education programs and boating access programs.  These programs, funded through excise taxes on sportfishing and archery equipment, have contributed more than $1.3 billion in FY2025 to support conservation efforts across the country.

    However, a loophole in current tax policy allows some online purchases of imported sporting goods to bypass these excise taxes when purchased directly from foreign sellers, leading to a shortfall of tens of millions of dollars from going to conservation funds.  Many consumers are unaware that they may be responsible for these taxes, and even those who are aware often struggle to navigate IRS guidelines on calculating and paying them.  A recent Government Accountability Office (GAO) report recommended that Congress address this issue by ensuring that U.S. online marketplaces, rather than consumers, are responsible for collecting and remitting these excise taxes.

    The Sporting Goods Excise Tax Modernization Act would:

    • Require U.S. online marketplaces to collect and remit federal excise taxes on imported archery and fishing equipment, treating them as the importer of record.
    • Ensure that funding for state-led wildlife conservation efforts is not lost due to tax loopholes.
    • Maintain fairness for domestic retailers who already pay these taxes on sporting goods they sell.
    • Simplify the tax process for consumers, eliminate confusion and ensure that conservation programs receive the full funding they deserve.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Arrests made in closed facilities case

    Source: Hong Kong Information Services

    Customs today arrested a director and a company secretary over alleged wrongful acceptance of payments, in contravention of the Trade Descriptions Ordinance (TDO).

    The arrests were made after Customs received reports that private healthcare facilities operated by the company concerned had closed and subsequently failed to provide customers with services that had already been paid for.

    Investigations revealed that before their suspected closure the facilities were still accepting payments for prepaid services.

    Under the TDO, it is considered an offence if at the time of accepting payment a trader intends not to supply a product or intends to supply a materially different product, or if there is no reasonable ground for believing that the trader will be able to supply the product within a specified or reasonable period.

    The arrests made were of a 61-year-old male director and a 31-year-old female company secretary.

    As of 5pm on Wednesday, Customs and Police had received 1,686 reports in relation to the matter. They will continue to investigate and will take appropriate enforcement actions.

    Meanwhile, the Consumer Council had received 844 complaints and said it will handle these in accordance with procedures.

    On May 3, the Department of Health set up a dedicated telephone hotline, email address and WhatsApp number to handle public enquiries, free of charge. As of Wednesday, 112 enquiries had been received, including 50 concerning vaccines for children and 56 relating to vaccines for patients in other age groups.

    The Government announced on May 2 that an inter-departmental team had been set up to look into the suspected closure of certain private healthcare facilities.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: SCIO briefing on China’s imports, exports in Q1 2025

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

    中文

    Speakers:

    Mr. Wang Lingjun, vice minister of the General Administration of Customs of China (GACC)

    Mr. Lyu Daliang, spokesperson of the GACC and director general of the Department of Statistics and Analysis of the GACC

    Chairperson:

    Ms. Xing Huina, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

    Date:

    April 14, 2025

    Xing Huina:

    Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). Today, we will conduct a routine release of economic data. We have invited Mr. Wang Lingjun, vice minister of the General Administration of Customs of China (GACC), to introduce China’s import and export performance in the first quarter of this year and answer your questions. Also attending today’s press conference is Mr. Lyu Daliang, spokesperson of the GACC and director general of the Department of Statistics and Analysis of the GACC.

    Now, I’ll give the floor to Mr. Wang for his introduction.

    Wang Lingjun:

    Good morning. I will start by briefing you on the import and export performance in the first quarter of this year, and then my colleague Mr. Lyu and I will answer your questions.

    Since the beginning of this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, China has adhered to the general principle of pursuing progress while maintaining stability, fully and faithfully applied the new development philosophy, accelerated efforts to foster a new pattern of development, and solidly promoted high-quality development. Both existing policies and incremental policies have continued to exert their effects. The economy has got off to a steady start, and the development trend is positive and dynamic. China’s foreign trade has withstood pressure, achieving growth in scale and improvement in quality. Customs statistics show that in the first quarter of this year, China’s foreign trade in goods stood at 10.3 trillion yuan, up 1.3% year on year. Exports were 6.13 trillion yuan, up by 6.9%, and imports were 4.17 trillion yuan, down by 6%. Specifically, there were four main features:

    First, the growth rate of imports and exports rebounded month by month. In the first quarter, China’s imports and exports reached a record high for the same period, exceeding 10 trillion yuan for eight consecutive quarters. Looking at the monthly trends, imports and exports fell by 2.2% in January, remained basically flat in February, and grew by 6% in March.

    Second, the proportion of private enterprises in imports and exports increased. In the first quarter, the imports and exports of private enterprises in China reached 5.85 trillion yuan, an increase of 5.8%, accounting for 56.8% of the total import and export value, an increase of 2.4 percentage points compared with the same period last year. During the same period, the imports and exports of foreign-invested enterprises reached 2.99 trillion yuan, an increase of 0.4%, accounting for 29% of the total import and export value.

    Third, the growth rate of imports and exports with countries participating in the Belt and Road Initiative (BRI) was higher than the overall level. In the first quarter, China’s imports and exports with BRI partner countries reached 5.26 trillion yuan, increasing by 2.2%, which was 0.9 percentage points higher than the overall growth, accounting for 51.1% of the total import and export value. Among these, imports and exports with ASEAN countries reached 1.71 trillion yuan, up 7.1%.

    Fourth, the imports and exports of mechanical and electrical products grew rapidly. In the first quarter, China’s imports and exports of mechanical and electrical products reached 5.29 trillion yuan, an increase of 7.7%. Among these, exports of goods such as household appliances, notebook computers and electronic components grew relatively quickly; and imports of parts and components of automatic data processing equipment, ships and offshore engineering equipment also grew relatively quickly.

    Generally speaking, in the face of increasing external difficulties and challenges, local governments, various departments and a large number of foreign-trade operators actively responded, promoting a stable start for China’s imports and exports in the first quarter.

    Recently, the United States government has wantonly imposed tariffs, which will inevitably have a negative impact on global trade, including that between China and the U.S. China has resolutely taken necessary countermeasures in a timely manner. This is not only to safeguard its legitimate rights and interests but also to defend international trade rules and international fairness and justice. China will unswervingly promote a high level of opening up and carry out mutually beneficial economic and trade cooperation with other countries.

    Customs authorities will resolutely implement the decisions and deployments of the Party Central Committee, firmly uphold their duties, strictly implement all countermeasures against the U.S. in accordance with the law, and safeguard national sovereignty, security and development interests. We will accelerate the construction of smart customs and international cooperation, innovate customs supervision systems, continuously improve supervision efficiency and service levels, facilitate enterprises’ customs clearance, and promote the stable development of foreign trade with more optimized supervision, higher security, greater convenience and stricter anti-smuggling efforts. Thank you.

    Xing Huina:

    Thank you, Mr. Wang, for your introduction. We will now move on to the Q&A session. Please raise your hand if you have a question. Please identify your news outlet before asking your question.

    MIL OSI China News –

  • MIL-OSI USA: Padilla, Bennet, Salinas, Lofgren Introduce Bicameral Legislation to Provide Disaster Relief for Farm Workers

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Bennet, Salinas, Lofgren Introduce Bicameral Legislation to Provide Disaster Relief for Farm Workers

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.) and Michael Bennet (D-Colo.) introduced the Disaster Relief for Farm Workers Act to provide compensation for farm workers who lose out on wages due to extreme weather, public health emergencies, and other disasters beyond their control. Representatives Andrea Salinas (D-Ore.-06) and Zoe Lofgren (D-Calif.-18) are leading companion legislation in the House of Representatives.
    California is home to as many as 800,000 year-round and seasonal farm workers who help power the state’s $59 billion agricultural economy, yet despite their contributions to the local, regional, and national economies, there are few protections for the farm workforce. The California agricultural economy faced almost $4 billion in damages from 2023 to 2024, and that’s without even accounting for flooded farm worker homes in Pajaro or lost farm worker income. Existing federal disaster relief programs insufficiently compensate farm workers when they lose wages as a result of conditions out of their control.
    “California’s farm workers often work under extreme conditions to help put food on the table for hundreds of millions of Americans,” said Senator Padilla. “But increasingly frequent natural disasters, including historic flooding in Pajaro, have devastated California’s agricultural communities. We must protect the heart of our nation’s food supply by providing critical emergency assistance to these essential workers.”
    “Agriculture is the backbone of Colorado’s economy and central to our Western way of life, but as climate-fueled disasters become increasingly common, our state’s farm workers are paying the price,” said Senator Bennet. “Our bill will help ensure the people that grow America’s fruits, vegetables, and other crops get the assistance they need in the wake of emergencies like drought, wildfires, and other natural disasters.”
    “Extreme weather and natural disasters are only getting worse with climate change. Unfortunately, many of the hardworking individuals who grow and harvest our food do not receive direct financial support when they are forced to miss work and lose wages as a result of these disasters,” said Representative Salinas. “My legislation would finally correct this injustice by providing federal disaster relief for farmworkers. This change is well-deserved and long-overdue, and I will continue to advocate for the brave men and women who help feed America.”
    “When extreme weather occurs, farmworkers across our country continue to feed the nation. And yet, these essential workers and their families face great uncertainty when unexpected disasters harm their communities and livelihood. For example, hundreds of farmworkers in my congressional district faced displacement and lost wages after severe flooding devastated the Pajaro community in early 2023. We owe them – and all farmworkers – more. The Disaster Relief for Farm Workers Act ensures America’s indispensable farmworkers can receive disaster relief funding they need and have earned,” said Representative Lofgren.
    The Disaster Relief for Farm Workers Act would address this problem by providing direct relief funding for farm workers. Specifically, this bill would:
    Make grants available to eligible farm worker organizations to provide emergency relief to farm workers affected by a disaster.
    Ensure the U.S. Department of Agriculture (USDA) develops and executes a promotional plan prior to and throughout the distribution of the relief grants to increase awareness of the assistance available.
    Require USDA to work with eligible farm worker organizations.
    Provide definitions for a covered disaster, eligible farm worker organization, and migrant or seasonal farm worker.
    Amend Section 2281 of the Food, Agriculture, Conservation, and Trade Act of 1990 to allow for emergency assistance for farm workers.
    The legislation is endorsed by the following organizations: A Better Balance, Alianza Americas, Alianza Nacional de Campesinas, Association of Farmworker Opportunity Programs (AFOP), Borderlands Resource Initiative, California Human Development, Campesinos Sin Fronteras, Care in Action, CASA of Oregon, Center for Employment Training, Central Coast Alliance United for a Sustainable Economy (CAUSE), Central Valley Opportunity Center, Centro de los Derechos del Migrante, Inc (CDM), Child Labor Coalition, CHILDREN AT RISK, CIERTO, Civic Empowerment Coalition, Coalition for Humane Immigrant Rights (CHIRLA), Columbia Legal Services, CRLA Foundation, Davidson County Local Food Network, El Futuro es Nuestro, Farm Worker Ministry Northwest, Farmworker and Landscaper Advocacy Project-FLAP, Farmworker Housing Development Corporation (FHDC), Farmworker Justice, Food Empowerment Project, GALEO Impact Fund, Hand in Hand/Mano en Mano, Hispanic Affairs Project, Hispanic Federation, Houston Immigration Legal Services Collaborative, Immigrant Defenders Law Center, La Union del Pueblo Entero (LUPE), Latino Outdoors, League of Conservation Voters, Make the Road CT, Make the Road NJ, Make the Road NV, Make the Road NY, Make the Road PA, Make the Road States, Michiganders for a Just Farming System, National Association of Social Workers, National Association of Social Workers – Florida and Virgin Islands Chapter, National Consumers League, National Domestic Workers Alliance, National Employment Law Project, National Migrant and Seasonal Head Start Association, NC FIELD, Inc., NETWORK Lobby for Catholic Social Justice, North Carolina Council of Churches, North Carolina Farmworker Advocacy Network, North Carolina Justice Center, Nourish Up, Opportunity Arizona, Oregon Human Development Corporation, Organización en California de Lideres Campesinas, Inc, PCUN, Oregon’s Farmworker Union, Pesticide Action and Agroecology Network (PAN), Popular Democracy, Presente.org, Progress Michigan, Proteus Inc., Puente de la Costa Sur, Sikh American Legal Defense and Education Fund (SALDEF), Slow Food USA, Student Action with Farmworkers, Sur Legal Collaborative, TODEC Legal Center, Toxic Free North Carolina, UFW Foundation, Unidos Yamhill County, United Farm Workers, and Voces Unidas de las Montañas.
    “Farm workers are always on the front lines of fires, floods, and storms — yet are too often excluded from federal disaster relief programs,” said Teresa Romero, President of United Farm Workers (UFW). “If the federal government can provide emergency support to farm owners who lose crops in natural disaster, then the federal government can emergency provide support to farm workers who lose work in that same disaster. The Disaster Relief for Farm Workers Act will ensure that farm workers who put food on all our tables can continue to put food on their family’s table when disaster strikes.”
    “Every year we see an alarming number of natural disasters that drastically and disproportionately impact the farm worker community. As climate change gets worse, these types of disasters will only worsen and farm workers are the ones who are affected the most by these calamities. Just last year, we saw heavy California rains flooding Ventura County farm areas and Hurricane Helen devastating Georgia’s farm worker communities, leading to organizations like ours stepping up to do what we can. But that is not enough. We must have a federal response to these kinds of disasters. From wildfires to tornadoes to hurricanes, farm workers have little to no safety net to help them recover from unexpected disasters,” said Erica Lomeli Corcoran, Chief Executive Officer at UFW Foundation. “This is exactly why the UFW Foundation is supporting the Disaster Relief for Farm Workers Act. It would provide resources and aid to those who truly need it and would ensure that those responsible for our nation’s food supplies are not overlooked, as they have been in the past. Farm workers have been largely ignored and neglected by the law, shut out from basic protections provided to all workers. It is time that Congress acts and ensures that our nation’s farm workers are given the support they need to overcome times of emergencies and to provide equity to all workers.” 
    “Farmworkers are frontline workers, which means they are the hardest hit by the impacts of extreme weather conditions across the country. Many farmworkers feel that they are risking their health with extreme heat and colder days, but losing even one day of work is not an option for their families’ economic situation. Outdoor protections are important, yet there are days that are becoming too extreme to even be outside. Our vision is to be a resilient workforce for the agricultural industry. Disaster relief means we can start investing in addressing the issues that workers are facing today by building resilience for climate change in the future, without sacrificing the economic well-being of farmworkers,” said Reyna Lopez, Executive Director of Pineros y Campesinos Unidos del Noreste (PCUN).
    Senator Padilla has fought hard to deliver relief to agricultural communities devastated by natural disasters. Earlier this year, Padilla announced bipartisan, bicameral legislation to improve access to federal agriculture disaster programs. Padilla also introduced the Smoke Exposure Research Act, legislation to better protect winegrape growers against wildfire smoke damage by strengthening research and risk management efforts at West Coast land-grant universities. Last year, he led a bipartisan coalition of California members in urging the Senate and House Agriculture Committees to incorporate permanent disaster assistance for agricultural producers and communities in the Farm Bill. The letter called for the inclusion of his bipartisan Agricultural Emergency Relief Act, which would create a permanent structure at the USDA to provide relief for farmers who lost crops due to natural disasters. Previously, Padilla introduced a pair of bills to equip the USDA to better meet the needs of farm workers. He also introduced the Fairness for Farm Workers Act last Congress to update the nation’s labor laws to ensure farm workers receive fairer wages and compensation.
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Crapo Introduce Legislation to Level Playing Field for Alabama Sporting Equipment Businesses

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) and U.S. Senator Mike Crapo (R-ID) introduced the Sporting Goods Excise Tax Modernization Act  to close a tax loophole that has resulted in lost revenue for state-led wildlife conservation efforts.  Foreign sellers should be held to the same tax regulations as domestic manufacturers, and this bill will ensure that happens. 
    “Alabama is proud to be home to hundreds of small businesses who make sporting equipment that outdoorsmen and conservationists rely on. The last thing these business owners need is to be punished for producing goods right here in the U.S.A.” said Senator Tuberville.“Under President Trump, we are laser-focused on doing everything we can to encourage domestic production. I’m proud to introduce this legislation with Senator Crapo which closes a loophole allowing foreign sellers to exploit our domestic retailers and rob money from our state conservation programs.”
    “Federal excise taxes on certain recreational outdoor sporting equipment provide funding for conservation programs,” said Senator Crapo. “This bill closes loopholes on imported fishing and archery equipment that deprive fish and wildlife conservation programs of additional critical funds. This move will help level the playing field for Idaho and American companies and strengthen existing conservation programs.”
    Numerous conservation and sporting groups, including the Alabama Department of Conservation, Archery Trade Association, Association of Fish and Wildlife Agencies, American Sportfishing Association, and The Conservation Fund haveendorsed Senator Tuberville’s legislation. 
    “We applaud Senator Tuberville’s support of the Sporting Goods Excise Tax Modernization Act,” said Chris Blankenship, Commissioner of the Alabama Department of Conservation and Natural Resources.“These funds are critical to supporting outdoor activities in the U.S. and we rely on them heavily in Alabama. This legislation will help secure state conservation funding and ensure all Americans have access to quality outdoor recreation throughout the country.”
    “The archery industry applauds Senators Crapo and Tuberville for their exceptionally strong leadership and introduction of this high priority legislation,” said Dan Forster, Vice President & Chief Conservation Officer, Archery Trade Association. “Holding foreign companies accountable for paying the federal excise tax is not only about protecting American businesses but it will help ensure that our conservation funding and outdoor heritage are protected for future generations.”
    “We thank Senators Tuberville and Crapo for their leadership in helping to make the Sport Fish Restoration and Wildlife Restoration funds whole,” said Jim Fredericks, Chair of the Association of Fish and Wildlife Agencies’ Fisheries and Water Resources Policy Committee and Director of the Idaho Department of Fish and Game.“State fisheries programs count on these funds to maintain the good quality fishing opportunities that keep our anglers coming back for more.”
    “The Sporting Goods Excise Tax Modernization Act will ensure the future viability of the Sport Fish Restoration Fund by closing a loophole and securing millions of dollars in lost excise tax revenue to improve recreational fishing,” said Glenn Hughes, President and CEO of American Sportfishing Association. “Since 1950, excise taxes on fishing equipment have provided $12 billion for conservation efforts and improved access for anglers across the country – a unique user-pay, public-benefit system that has become a cornerstone of the American conservation model. We applaud Senators Tuberville and Crapo for introducing this legislation and for their commitment to the sportfishing industry, which contributes $230 billion to the U.S. economy each year.”
    Complete text of the bill can be found here. U.S. Representatives Blake Moore (R-UT-01) and Jimmy Panetta (D-CA-19) introduced companion legislation in the House of Representatives earlier this year.
    BACKGROUND:
    For decades, the Pittman-Robertson Wildlife Restoration Act and the Dingell-Johnson Sport Fish Restoration Act have provided states and territories with essential funding for wildlife restoration, conservation, hunter education programs, and boating access programs.  These programs, funded through excise taxes on sportfishing and archery equipment, have contributed more than $1.3 billion in FY2025 to support conservation efforts across the country.
    However, a loophole in current tax policy allows some online purchases of imported sporting goods to bypass these excise taxes when purchased directly from foreign sellers, leading to a shortfall of tens of millions of dollars from going to conservation funds. Many consumers are unaware that they may be responsible for these taxes, and even those who are aware often struggle to navigate IRS guidelines on calculating and paying them. A recent Government Accountability Office (GAO) report recommended that Congress address this issue by ensuring that U.S. online marketplaces, rather than consumers, are responsible for collecting and remitting these excise taxes.
    The Sporting Goods Excise Tax Modernization Act would:
    Require U.S. online marketplaces to collect and remit federal excise taxes on imported archery and fishing equipment, treating them as the importer of record.
    Ensure that funding for state-led wildlife conservation efforts is not lost due to tax loopholes.
    Maintain fairness for domestic retailers who already pay these taxes on sporting goods they sell.
    Simplify the tax process for consumers, eliminate confusion, and ensure that conservation programs receive the full funding they deserve.
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI New Zealand: PM’s Science Council to set direction for science

    Source: NZ Music Month takes to the streets

    Prime Minister Christopher Luxon has today announced the new Prime Minister’s Chief Science Advisor, and the members of the Prime Minister’s Science and Technology Advisory Council.

    “We have world-class scientists in our universities and research institutes, but they’re working in a system held back by outdated settings. To unlock the full potential of science and technology, we need a sharper focus on commercialisation, better access to global investment, and clearer priorities at home,” Mr Luxon says. 

    “This Council is a new initiative to get clear, independent advice to ensure our investments in science and technology are delivering real outcomes for New Zealanders.

    “The Council will provide advice on long-term priorities for government-funded science and innovation. They will help identify areas of focus that will have the greatest benefit for Kiwis and our economy. 

    “I also expect them to provide bold and courageous advice about those areas that aren’t delivering value for New Zealanders and may need to be deprioritised. It’s about making sure we are investing in what will have the greatest impact for New Zealanders.”

    Members of the Council bring a strong mix of scientific, commercial and strategic expertise. They include:

    Sir Peter Gluckman
    Craig Piggott
    Professor Merryn Tawhai
    Komal Mistry-Mehta
    Malcolm Johns
    Dr John Roche

    “I am also pleased to announce that Dr John Roche has been appointed as the Prime Minister’s Chief Science Advisor. In this role, John will support robust decision making by providing high quality, independent scientific advice. John, in his capacity as my science advisor, will also be a member of the council.”

    Minister for Science, Innovation and Technology, Hon Dr Shane Reti, will chair the Council, with Dr John Roche as deputy chair.

    “These are highly capable individuals who understand both the science and the economic imperatives. They are prepared to make the bold calls needed to ensure the system is future-focused, outcome-driven and aligned with our economic goals,” Mr Luxon says.

    “A strong, well-directed science and innovation sector is critical to lifting productivity, creating high-value jobs and supporting a more resilient and competitive economy.”

    The Council will provide its first formal advice to the Prime Minister and Minister Reti later this year.

    Biographies of Council members:

    Sir Peter Gluckman 
    Professor Sir Peter Gluckman ONZ KNZM FRSNZ FMedSci FRS trained as a paediatrician and biomedical scientist. He is Director of Koi Tu- Centre for Informed Futures and holds a Distinguished University Professorship at the University of Auckland. He is currently the chair of the Science System Advisory Group. Sir Peter is President of the International Science Council (ISC, 2021-2026). From 2014-2021 he was the inaugural Chair of the International Network of Government Science Advice (INGSA), and from 2009-2018 he was the first Chief Science Advisor to the Prime Minister of New Zealand. He was also Science Envoy for the New Zealand Ministry of Foreign Affairs and Trade and coordinated the secretariat of the Small Advanced Economies Initiative. He has written and spoken extensively on science-policy and science-diplomacy and science-society interactions. He has received the highest scientific and civilian honours in New Zealand and numerous international scientific awards. 
    Craig Piggott
    Craig Piggott is the founder of Halter. The company’s solar-powered collar for dairy and beef cows, pairs with an app for farmers and allows cows to respond to guidance cues, enabling virtual herding and fencing while monitoring health 24/7. This innovation helps farmers increase milk and protein production propelling the company to become one of New Zealand’s fastest-growing businesses with a thriving international customer base. Craig brings experience in innovation, agriculture and business.  
    Merryn Tawhai
    Merryn Tawhai graduated from the University of Auckland with a PhD in Engineering Science in 2001. She leads a research programme at the Auckland Bioengineering Institute (ABI) in applied computational physiology of the respiratory system. Merryn is the Director of the ABI and sits on the Board of Directors for Cure Kids Ventures and the Virtual Physiological Human Institute. She was ABI’s Deputy Director for 10 years, Director of the Medical Technologies Centre of Research Excellence (MedTech CoRE), and an independent Director for Izon Science. Merryn was awarded the 2016 MacDiarmid Medal by the Royal Society of New Zealand (RSNZ) Te Apārangi, is a Fellow of the RSNZ, a Fellow of IAMBE and AIMBE, and an elected member of the Fleischner Society.
    Komal Mistry-Mehta
    Komal is Chief Innovation & Brand Officer at Fonterra and Managing Director of the Ki Tua Fund, Fonterra’s corporate venture capital arm. She leads global innovation, research and development, digital, brand and marketing functions for New Zealand’s largest company. Prior to joining the Fonterra Executive Team, Komal led Fonterra’s global health and nutrition business based in Singapore. With experience across Asia, the America’s and Europe, she has led major transformations in sales, innovation, digital enablement and technology. Komal was named New Zealand’s Young Executive of the Year in 2017 and serves on several international boards. Komal has completed the Executive Program at Stanford University School of Business and holds Bachelor of Laws and Bachelor of Management degrees from the University of Waikato. She is a Barrister and Solicitor of the High Court of New Zealand as well as a member of the New Zealand Institute of Chartered Accountants.
    Malcolm Johns
    Malcolm is the Chief Executive of Genesis Energy. Previously he was the Chief Executive of InterCity Group and held several governance roles within New Zealand’s transport, infrastructure and tourism sectors. He is Convenor of the Climate Leaders Coalition and served as Chair of the APEC Business Advisory Council leading the regional trade policy task force for climate change. Malcolm has extensive business acumen and understanding of Government systems

    John Roche 
    John was appointed MPI’s Chief Science Adviser in June 2018 to provide an independent science perspective. He leads MPI’s Science Forum, chairs the Science Governance Group at MPI and the independent Mycoplasma bovis Strategic Science Advisory Group. John is also a member of the Prime Minister’s Chief Science Adviser’s forum and is an adjunct professor in University of Auckland’s School of Biological Sciences. John was previously DairyNZ’s Principal Scientist for Animal Science. He has held science appointments in Ireland and Australia. He is also Managing Director of Down to Earth Advice Ltd. Widely published and a regular contributor to international science and farming conferences, John has an Honours degree in Agricultural Science, a Masters in Farm Systems and Pasture Management, and a PhD in Animal Nutrition.

    MIL OSI New Zealand News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 8, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on May 8, 2025.

    Women’s sports are fighting an uphill battle against our social media algorithms
    Source: The Conversation (Au and NZ) – By Hans Westerbeek, Professor of International Sport Business, Head of Sport Business Insights Group, Victoria University Women’s sport is more and more getting the attention it deserves. Stadiums are filling, television ratings for many sports are climbing and athletes such as the Matildas’ Mary Fowler, triple Olympic gold

    New taxes on super didn’t get much attention in the election campaign. But they could be tricky to implement
    Source: The Conversation (Au and NZ) – By Mark Melatos, Associate Professor of Economics, University of Sydney Poetra.RH/Shutterstock The re-election of the Albanese government has led to renewed concern about planned changes to the taxation of investment returns in superannuation funds. Labor’s emphatic victory on Saturday night, including what looks like an increased presence in

    New Caledonia’s political talks – no outcome after three days of ‘conclave’
    By Patrick Decloitre, RNZ Pacific correspondent French Pacific Desk After three solid days of talks in retreat mode, New Caledonia’s political parties have yet to reach an agreement on the French Pacific territory’s future status. The talks, held with French Minister for Overseas Manuel Valls and French Prime Minister’s special advisor Eric Thiers, have since

    Forest home of ‘polar dinosaurs’ 120 million years ago in southern Australia recreated in detail for the first time
    Source: The Conversation (Au and NZ) – By Vera Korasidis, Lecturer in Environmental Geoscience, The University of Melbourne Artwork © Bob Nicholls 2024 Roughly 140 million to 100 million years ago, the piece of land that is modern day Australia was located much further south on Earth. In fact, what is now Victoria was once

    Ovarian cysts can be painful when they burst. When do you need to see a doctor?
    Source: The Conversation (Au and NZ) – By Anna Chruścik, Lecturer in Biomedical Sciences, University of Southern Queensland PeopleImages.com – Yuri A/Shutterstock Cysts are small pockets of fluid that form inside the body. Ovarian cysts are common, affecting around one in ten women. But sometimes they can cause pain – especially when they burst. You

    Keith Rankin Chart Analysis – International Trade over time: gifts with strings
    Analysis by Keith Rankin. The ‘see-saw’ chart above shows the accumulated ‘excess benefits’ that Aotearoa New Zealand, and a few other countries, have enjoyed from international trade over the last 40 years. These are benefits arising from ‘unbalanced trade’ which are in addition to the regular benefits – arising from efficient specialisation – of ‘balanced’

    ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order
    Source: The Conversation (Au and NZ) – By Nicholas Ross Smith, Senior Research Fellow, National Centre for Research on Europe, University of Canterbury Getty Images There is a growing feeling in New Zealand that the regional geopolitical situation is becoming less stable and more conflicted. China has ramped up its Pacific engagement, most recently with

    While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition?
    Source: The Conversation (Au and NZ) – By Linda Botterill, Visiting Fellow, Crawford School of Public Policy, Australian National University Among the notable features of this year’s election campaign was that Australia’s second-oldest political party was apparently missing in action. At the same time, it managed to avoid the rout inflicted on its coalition partner.

    Why is hospital parking so expensive? Two economics researchers explain
    Source: The Conversation (Au and NZ) – By Lisa Farrell, Professor of Economics (Health Economist), RMIT University ThirtyPlus/Shutterstock Imagine having to pay A$39 dollars a day to park your car while visiting your sick child in hospital. For families already struggling in a cost-of-living crisis, hospital parking fees are not just another expense. They can

    Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links?
    Source: The Conversation (Au and NZ) – By Anne Vo, Senior lecturer in Vietnamese culture and politics, University of Wollongong Aritra Deb/Shutterstock At a time of widespread global trade instability, Australia should be expanding and diversifying its economic partnerships. Supply chains remain fragile, and protectionist rhetoric is once again gaining traction in major Western economies.

    Marvel’s Thunderbolts* shines a light on men’s mental illness – but falls down with this outdated plotline
    Source: The Conversation (Au and NZ) – By Emily Baulch, Research Associate, Discipline of Media and Communications, University of Sydney Marvel Studios This piece contains spoilers. Marvel’s men are sad. And that’s a good thing. Thor’s depressed in Avengers: Endgame. Tony Stark has panic attacks in Iron Man 3. Peter grieves in Spider-Man: No Way

    Australia is set to be a renewables nation. After Labor’s win, there’s no turning back
    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney bmphotographer/Shutterstock An emphatic election victory for the incumbent Labor government means Australia’s rapid shift to renewable energy will continue. As Climate Change and Energy Minister Chris Bowen said on Saturday: In 2022, the Australian people

    Financial Times: The West’s shameful silence on Gaza – do more to restrain Benjamin Netanyahu
    EDITORIAL: The Financial Times editorial board After 19 months of conflict that has killed tens of thousands of Palestinians and drawn accusations of war crimes against Israel, Benjamin Netanyahu is once more preparing to escalate Israel’s offensive in Gaza. The latest plan puts Israel on course for full occupation of the Palestinian territory and would

    ‘Under no illusions’ about France, says author of new Rainbow Warrior book
    Pacific Media Watch The author of the book Eyes of Fire, one of the countless publications on the Rainbow Warrior bombing almost 40 years ago but the only one by somebody actually on board the bombed ship, says he was under no illusions that France was behind the attack. Journalist David Robie was speaking last

    Australia doesn’t have a federal Human Rights Act – but the election clears the way for overdue reform
    Source: The Conversation (Au and NZ) – By Amy Maguire, Professor in Human Rights and International Law, University of Newcastle Master1305/Shutterstock The Albanese government has achieved an historic re-election, substantially building its majority in the House of Representatives. Much has already been written about the potential for a more ambitious legislative program on the back

    Samoa down in RSF media freedom world ranking due to ‘authoritarian pressure’
    Talamua Online News Samoa has dropped in its media and information freedom world ranking from 22 in 2024 to 44 in 2025 in the latest World Press Freedom Index compiled annually by the Paris-based Reporters Without Borders (RSF). For the Pacific region, New Zealand is ranked highest at 16, Australia at 29, Fiji at 40,

    How maximum security prison inmates and officers worked together to create a farm behind bars
    Source: The Conversation (Au and NZ) – By Christian Tietz, Senior Lecturer in Industrial Design, UNSW Sydney Macquarie Correctional Centre Media Unit At Macquarie Correctional Centre in western New South Wales, a story of collaboration and persistence is unfolding. Inmates and prison officers are farming commercial quantities of fresh food in a purpose-built indoor facility.

    Can what you eat during pregnancy and breastfeeding affect whether your child develops food allergies?
    Source: The Conversation (Au and NZ) – By Jennifer Koplin, Evidence and Translation Lead, National Allergy Centre of Excellence; Chief Investigator, Centre of Food Allergy Research; Associate Professor and Group Leader, Childhood Allergy & Epidemiology Group, Child Health Research Centre, The University of Queensland Maria Evseyeva/Shutterstock Many questions pop up when you’re growing or raising

    How do you put a tariff on movies? Here’s what Trump’s plan could mean for Australia
    Source: The Conversation (Au and NZ) – By Mark David Ryan, Professor, Film, Screen, Animation, Queensland University of Technology Kirk Wester/Shutterstock US President Donald Trump’s recent announcement of a plan to impose a 100% tariff on movies “produced in foreign lands” could have a massive impact on the global entertainment industry. Film and television production

    Labor says its second term will be about productivity reform. These ideas could help shift the dial
    Source: The Conversation (Au and NZ) – By Roy Green, Emeritus Professor of Innovation, University of Technology Sydney Summit Art Creations/Shutterstock In his victory speech, Prime Minister Anthony Albanese highlighted social policy as a major factor in Labor’s electoral success, particularly Medicare, housing and cost of living relief. He was justified in doing so. But

    MIL OSI Analysis – EveningReport.nz –