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Category: Trade

  • MIL-OSI USA: Cortez Masto, Small Businesses Highlight Devastating Impacts of Sweeping Tariffs

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

     ***VIDEO AVAILABLE***

    Video download is available here.

    Las Vegas, Nev. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) highlighted the devastating impacts the chaos of the Trump Administration’s tariffs have had on the cost of operating small businesses and on the American economy itself. President Donald Trump recently implemented sweeping new tariffs that will raise the cost of groceries, energy, and household goods for Nevada businesses and families and are impacting travel and tourism to Nevada. The Senator was joined by Co-Founder of Tacotarian Kristen Corral, CEO and Founder of Mothership Coffee Juanny Romero, and Owner of BAMBU Dessert Drinks Santy Luangpraseuth.

    “In his first 100 days, President Trump has done nothing but create chaos and uncertainty, impacting hardworking families across the country,” said Senator Cortez Masto. “Nevada’s small businesses know better than anyone just how hard it has been to operate right now. I will never stop fighting for our small business owners.”

    Senator Cortez Masto has continued to push the Trump Administration to address the impacts of Trump’s tariffs on working families. Earlier this month, the Senator wrote a letter to the Administration demanding they provide their plan to mitigate the economic stress caused by the implementation of President Donald Trump’s tariffs and other executive actions. During a Senate Finance Committee hearing, Cortez Masto pressed U.S. Trade Representative Greer about the impacts of President Trump’s blanket tariffs on Nevadans, particularly those employed in the tourism and hospitality industry. The Senator introduced the Tariff Transparency Act to require the U.S. International Trade Commission to investigate how Donald Trump’s recent tariffs on imports from Mexico and Canada will impact the American people and make that information public.

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen Raises Concerns About Defense Supply Chain Impacts of Administration’s Trade War, Demands Swift Response from Secretary Hegseth

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), a top member of the U.S. Senate Armed Services Committee and Ranking Member of the U.S. Senate Foreign Relations Committee, sent a letter to U.S. Secretary of Defense Pete Hegseth detailing her concerns about the impact of President Trump’s trade war on America’s national defense and military readiness. Specifically, Shaheen expressed how the administration’s announced tariffs on imports from virtually every country in the world will increase prices for the U.S. Department of Defense’s (DOD) defense acquisitions – harming DOD’s purchasing power, weakening supply chains and raising costs on small businesses. Shaheen called on Secretary Hegseth to explain how DOD is addressing the threats to military readiness and preventing cost overruns no later than April 30. 

    Senator Shaheen wrote, in part: “In the short term, the announced tariffs alone will increase costs for U.S. defense industrial supply chain companies. […] In the long term, tariffs will drive up DOD’s contracting and procurement costs, limit DOD buying power and ultimately harm the warfighter and our military readiness.” 

    She continued: “Additionally, we are concerned about DOD’s ability to secure its own supply chains and fully assess how much of its industrial base is foreign-sourced. […] With the globalization of supply chains, these suppliers and their goods come from a wide array of places. Some foundational industrial supply chain sectors, like optical instruments, mechanical gears, welding equipment and printed circuit boards source a large part of their components from outside North America.” 

    Senator Shaheen concluded: “I request answers to the following questions no later than April 30, 2025: 1.) What critical imported supplies are currently subject to new tariffs this year? 2.) How do you calculate the monetary impact of tariffs on DOD contracts? 3.) How is DOD factoring increased costs due to tariffs into fixed-price contracts? 4.) What is the impact of increased costs due to tariffs on DOD’s purchasing power? 5.) Can DOD defense industrial base contractors continue to use Chapter 98 of the Harmonized Tariff Schedule to purchase critical materials without duties under all tariff actions this year? If not, which actions does this apply to?” 

    The full text of the letter can be found here and below. 

    Dear Secretary Hegseth:  

    I write out of concern regarding the impact of President Trump’s trade war on our defense industrial base (DIB) and military readiness. So far this year, new tariffs have been placed on imports from virtually every country in the world, including allies like Canada, the European Union and Japan, in addition to product-specific tariffs on aluminum, and more tariffs are expected. According to the Chamber of Commerce’s Defense and Aerospace Council, “prices will increase” for DOD’s defense acquisitions due to these tariffs, and I am concerned these increased costs will hurt both DOD’s purchasing power and small contractors.  

    As you may know, these tariffs would come on top of the pressing budgetary pressures highlighted by the Congressional Budget Office (CBO) in a November 2024 report on the Future Years Defense Program (FYDP) for Fiscal Year 2025. According to CBO, if the Department’s costs grow at rates consistent with CBO’s economic forecast (in areas such as compensation) or historical trends (in areas such as weapons acquisition), they would be about 4 percent higher from 2025 to 2029 and about 5 percent higher from 2025 to 2039. To accommodate those higher costs, CBO said the Department of Defense (DOD) would need to scale back its plans or request larger budgets than are anticipated in the 2025 FYDP.  

    Adding unexpected tariffs on top of the budgetary risks cited by CBO will place even more unnecessary burdens on the DIB. In the past decade, more than 40 percent of small businesses left the DIB supply chain, and over 15,000 U.S. suppliers are at risk of leaving the defense industrial supply chain in the next decade, according to the Government Accountability Office. In the short term, the announced tariffs alone will increase costs for U.S. defense industrial supply chain companies. DIB companies and their suppliers may be forced to absorb those costs which could drive more companies and jobs out of the defense industrial supply chain, stifling innovation. In the long term, tariffs will drive up DOD’s contracting and procurement costs, limit DOD buying power and ultimately harm the warfighter and our military readiness. 

    Moreover, without proper planning and thoughtful consideration of U.S. productive capacity, these tariffs have the potential to balloon the DOD budget far beyond CBO’s expected increases. According to a former Pentagon acquisition official, “[t]here’s going to be shortages of supplies… [s]ome potentially vital supplies are either going to cost a whole heck of a lot more than what they did or they’re just not going to be available.” 

    Additionally, we are concerned about DOD’s ability to secure its own supply chains and fully assess how much of its industrial base is foreign-sourced. The average American aerospace company relies on roughly 200 first tier suppliers. The second and third tiers have more than 12,000 companies. With the globalization of supply chains, these suppliers and their goods come from a wide array of places. Some foundational industrial supply chain sectors, like optical instruments, mechanical gears, welding equipment and printed circuit boards source a large part of their components from outside North America. 

    Lastly, Chapter 98 of the Harmonized Tariff Schedule typically allows for duty-free entry of material procured by authorized agencies and certified by the Commissioner of Customs. However, given the number of different tariff actions announced this year, it is unclear how widely Chapter 98 applies. Providing clarity on this front would help businesses throughout the defense supply chain.  

    Therefore, it is critical that the Department keep an account of these actions to prevent cost overruns. I request answers to the following questions no later than April 30, 2025: 

    • What critical imported supplies are currently subject to new tariffs this year? 
    • How do you calculate the monetary impact of tariffs on DOD contracts? 
    • How is DOD factoring increased costs due to tariffs into fixed-price contracts? 
    • What is the impact of increased costs due to tariffs on DOD’s purchasing power? 
    • Can DOD defense industrial base contractors continue to use Chapter 98 of the Harmonized Tariff Schedule to purchase critical materials without duties under all tariff actions this year? If not, which actions does this apply to?  

    Thank you for your timely response to my questions. 

    Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. Earlier this month, Shaheen took to the Senate floor to highlight the devastating impacts that President Trump’s tariffs and trade war will have on American families and the economy. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act which would limit the president’s ability to leverage sweeping tariffs that increase costs for American consumers and families. Her effort to pass this bill by unanimous consent was blocked by Senate Republicans. In recent months, Shaheen has traveled across the Granite State to visit businesses including Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple and American Calan Inc. to hear directly from Granite Staters impacted by the administration’s tariffs.    

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Blumenthal, Courtney, DeLauro, Hayes, 171 Colleagues Introduce Bicameral Legislation To Raise Minimum Wage To $17 By 2030, Benefitting Nearly 22 Million Americans

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.), a member of the U.S. Senate Health, Education, Labor, and Pensions Committee, and Richard Blumenthal (D-Conn.), and U.S. Representatives Joe Courtney (D-Conn.-02), Rosa DeLauro (D-Conn.-03), and Jahana Hayes (D-Conn.-05) joined 171 members of Congress and 85 organizations from across the country in introducing the Raise the Wage Act of 2025. This bicameral legislation would ensure American workers make a living wage, drive economic growth, and reduce income inequality by raising the minimum wage to $17 for all workers and gradually eliminating subminimum wages for tipped workers, workers with disabilities, and youth workers. The minimum wage in Connecticut is $16.35 per hour.

    “It’s shameful that there are millions of people in this country who work full-time jobs and yet they can’t afford rent or pay for their groceries. Raising the federal minimum wage to $17 would help 42,000 workers in Connecticut keep up with the cost of living, but it’s just a start. Our economy is failing working people, and I will keep fighting for a future where hard work gives everyone in this country a fair shot at the American Dream,” said Murphy.

    “Low wages have impoverished workers in our country for too long. Raising the minimum wage would drive much-needed economic growth, reduce wealth inequality, and raise 22 million Americans across the country out of poverty. I’m proud to support the Raise the Wage Act and I urge my colleagues to do the same because working class Americans deserve economic security,” said Blumenthal.

    “American workers have gone for more than a decade without a raise in the federal minimum wage,” said Courtney. “At a pitiful $7.25 an hour, the current federal minimum wage does not provide working people with a paycheck that meets the true cost of living. Increasing the minimum wage and indexing it to inflation will go a long way to helping 42,000 Connecticut workers meet their basic needs. ”

    “Working-class Americans are struggling with the high cost of living, and Democrats are moving policies to put more money in their pockets right now,” said DeLauro. “The Raise the Wage Act would ensure the minimum wage is $17 for all workers, strengthening economic security for workers across America – including the 42,000 minimum wage earners in Connecticut. I am proud to join my colleagues in championing this critical legislation.”

    “Connecticut has been ahead of the curve in providing workers with a livable wage,” said Hayes. “The benefits of raising the federal minimum wage would be far-reaching, as there has been no change since 2009 at the federal level. A person who works should be paid a living wage that meets their basic needs.”

    Last year, nearly one in four workers in the U.S. made less than $17 per hour. The Raise the Wage Act of 2025 would raise the federal minimum wage to $17 over five years, eliminate the tipped subminimum wage over seven years, eliminate the subminimum wage for workers with disabilities over five years, and eliminate the subminimum wage for youth workers over seven years. According to analysis by the Economic Policy Institute (EPI), passing the Raise the Wage Act of 2025 would provide raises to over 22 million workers across the country by 2030.

    In 2024, voters in Missouri and Alaska overwhelmingly voted to raise the minimum wage to $15 an hour. In 2022, voters in Nebraska voted to raise the minimum wage to $15 an hour. In 2020, Florida voted to raise the minimum wage to $15 an hour. As a result of inflation, $15 an hour a couple of years ago would be over $18 an hour today. Moreover, if the minimum wage had increased with worker productivity over the last 57 years, it would be over $23 an hour today, not $7.25 an hour.

    Over the last 50 years, nearly $80 trillion in wealth has been redistributed from the bottom 90 percent of America to the top one percent. Today, the value of the current federal minimum wage – $7.25 per hour – is the lowest it has been since 1956 and has declined by over 32 percent since it was last increased in 2009. While approximately four million tipped workers in the U.S. depend on tips for as much as half of their income or more, the tipped sub-minimum wage has remained stagnant at just $2.13 per hour since 1991. The current median wage for at least 37,000 workers with disabilities is just $3.50 per hour.

    Meanwhile, across every state in the country, a living wage for a worker in a family with two working adults and one child is greater than $17 per hour, according to the Economic Policy Institute’s (EPI) Family Budget Calculator. Many of these low-wage workers face persistent economic insecurity, struggling to put food on the table and afford basic necessities, including housing, health care, and childcare.

    Black and Hispanic workers disproportionately feel the burden of these low wages as compared to their white counterparts, and that disparity is even worse for women of color. Nearly 40 percent of Hispanic women and 35 percent of Black women make less than $17 per hour.

    U.S. Senators Bernie Sanders (I-Vt.), Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.) also cosponsored the legislation.

    More than 85 organizations endorsed the Raise the Wage Act of 2025, including Service Employees International Union (SEIU), AFL-CIO, American Association of People with Disabilities (AAPD), American Federation of State, County and Municipal Employees (AFSCME), American Federation of Teachers (AFT), Autistic Self Advocacy Network (ASAN), Business for a Fair Minimum Wage, Communications Workers of America (CWA), Economic Policy Institute (EPI), Equal Pay Today, International Union of Painters and Allied Trades (IUPAT), National Domestic Workers Alliance (NDWA), National Education Association (NEA), National Employment Law Project (NELP), The National Partnership for Women & Families, National Women’s Law Center (NWLC), One Fair Wage, Oxfam America, Patriotic Millionaires, UNITE HERE, United Autoworkers (UAW), United Food and Commercial Workers (UFCW), United for Respect, and United Steelworkers (USW).

    The full bill text is available HERE and a fact sheet is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Drugs

    Source: US Food and Drug Administration

    FDA regulates the safety and effectiveness of prescription and over-the-counter (OTC) drugs, and works to help communicate the benefits and risks associated with these products. Read these Consumer Updates to learn more.

    Animal Welfare, Testing and Research of FDA-Regulated Products
    Create and Keep a Medication List for Your Health
    Know When and How to Use Antibiotics, and When to Skip Them
    It’s a Good Time to Get Your Flu Vaccine
    Skip the Antibacterial Soap; Use Plain Soap and Water
    Tips to Stay Safe in the Sun: From Sunscreen to Sunglasses
    Advisory Committees Give FDA Critical Advice and the Public a Voice
    Ivermectin and COVID-19
    Know Which Medication Is Right for Your Seasonal Allergies
    Allergy Relief for Your Child
    Some Medicines and Driving Don’t Mix
    Taking Z-drugs for insomnia? Know the Risks
    5 Medication Safety Tips for Older Adults
    Don’t Overuse Acetaminophen
    Know Your Treatment Options for COVID-19
    Beware of Illegally Marketed Diabetes Treatments, Fraudulent Pharmacies
    Treating Migraines: Ways to Fight the Pain with Medication
    Prostate Cancer: Symptoms, Tests, and Treatment
    Treating and Dealing with ADHD
    Safely Treating Molluscum, a Common Skin Condition
    Accidental Exposures to Fentanyl Patches Continue to Be Deadly to Children 
    What to Ask Your Doctor Before Taking Opioids
    Apetamin – An Illegally Imported Weight Gain, Figure Augmentation Product
    FDA Warns of Use of Selective Androgen Receptor Modulators (SARMs) Among Teens, Young Adults
    Safely Using Hand Sanitizer
    Access to Naloxone Can Save a Life During an Opioid Overdose
    Manage Your Asthma: Know Your Triggers and Treatment Options
    Products Marketed for Removing Moles and Other Skin Lesions Can Cause Injuries, Scarring
    How to Buy Medicines Safely From an Online Pharmacy
    Should Your Child Participate in a Clinical Trial?
    Warning: Aspirin-Containing Antacid Medicines Can Cause Bleeding
    A Recipe for Danger: Social Media Challenges Involving Medicines
    Want to Quit Smoking? FDA-Approved and FDA-Cleared Cessation Products Can Help
    Is It Really ‘FDA Approved?’
    Caution Consumers: Honey-based or Honey-flavored Syrup Products May Pose Health Risk
    Generic Drugs Undergo Rigorous FDA Review
    Tianeptine Products Linked to Serious Harm, Overdoses, Death
    FDA Pharmacists Help Consumers Use Medicines Safely
    5 Things to Know about Delta-8 Tetrahydrocannabinol – Delta-8 THC
    Older Therapies Aren’t Necessarily Better for Thyroid Hormone Replacement
    Weight Loss, Male Enhancement and Other Products Sold Online or in Stores May Be Dangerous
    Do Not Use: Black Salve is Dangerous and Called by Many Names
    Safely Using Hand Sanitizer
    Avoid Dangerous HCG Diet Products
    Understanding the Regulatory Terminology of Potential Preventions and Treatments for COVID-19
    Men With Breast Cancer Need More Treatment Options and Access to Genetic Counseling
    What You Should Know About Using Cannabis, Including CBD, When Pregnant or Breastfeeding
    What to Know About Products Containing Cannabis and CBD
    Be Aware of Potentially Dangerous Products That Claim to Treat Autism
    For Women: The FDA Gives Tips to Prevent Heart Disease
    Safely Soothing Teething Pain and Sensory Needs in Babies and Older Children
    Should You Give Kids Medicine for Coughs and Colds?
    Ticks and Lyme Disease: Symptoms, Treatment, and Prevention
    Where and How to Dispose of Unused Medicines
    Biosimilars: More Treatment Choices and Innovation
    Hurricane Season: Be Prepared
    Treating and Preventing Head Lice
    Should You Put Sunscreen on Infants? Not Usually
    Grapefruit Juice and Some Drugs Don’t Mix
    Caution: Bodybuilding Products Can Be Risky
    Outsmarting Poison Ivy and Other Poisonous Plants
    Products Claiming to “Cure” Cancer Are a Cruel Deception
    Mixing Medications and Dietary Supplements Can Endanger Your Health

    Content current as of:
    02/03/2023

    Regulated Product(s)

    MIL OSI USA News –

  • MIL-OSI Economics: Global trade faces setback amid rising tariffs

    Source: World Trade Organization

    The WTO Secretariat’s latest Global Trade Outlook and Statistics report, issued today (16 April), comes at a time of growing uncertainty for the global economy – and with it, a sharp deterioration in the prospects for world trade.

    Following a strong performance in 2024, global trade is now facing headwinds from a surge in tariffs and rising trade policy uncertainty. The volume of world merchandise trade is projected to decline by 0.2 per cent in 2025 – almost three percentage points lower than it would have been without the recent policy shifts. A modest recovery of 2.5 per cent is expected in 2026.

    This marks a notable reversal from forecasts earlier this year, when WTO economists anticipated continued trade expansion, supported by improving macroeconomic conditions.

    There are also important downside risks that could lead to a steeper decline in world trade. These include the possible implementation of the currently suspended “reciprocal tariffs” by the United States, as well as the potential for a broader spillover of trade policy uncertainty to other trading relationships.

    If enacted, reciprocal tariffs would reduce global merchandise trade growth by an additional 0.6 percentage points. A wider spread of trade policy uncertainty could cut growth by a further 0.8 percentage points. Taken together, these risks would lead to a 1.5 per cent decline in world merchandise trade volume in 2025.

    The impact of recent trade policy changes varies sharply across regions.

    According to our current forecast, North America now subtracts 1.7 percentage points from global merchandise trade growth in 2025, turning the overall figure negative. Asia and Europe continue to contribute positively but less than in the baseline “low tariff” scenario, with Asia’s contribution halved to 0.6 percentage points. Meanwhile, the combined contribution of other regions – Africa, the Commonwealth of Independent States (CIS), the Middle East, and South and Central America and the Caribbean – also declines somewhat but remains positive. An important driving force behind these changes is the decoupling between China and the United States, resulting from tariffs that now well exceed 100 per cent.

    The disruption in United States–China trade is also expected to trigger significant trade diversion, raising concerns among other markets about increased competition from China. As trade is redirected, Chinese merchandise exports are projected to rise by between 4 and 9 per cent across all regions outside North America. At the same time, US imports from China are expected to fall sharply in sectors such as textiles, apparel and electrical equipment, creating new export opportunities for other suppliers able to fill the gap. This could open the door for some least-developed countries to increase their exports to the US market.

    Services trade, while not directly subject to tariffs, is also expected to be adversely affected. Declines in goods trade are likely to reduce demand for related services, such as transport and logistics, while broader uncertainty is likely to dampen discretionary spending on travel and to slow investment-related services.

    As a result, the volume of global services trade is now forecast to grow by 4.0 per cent in 2025 and 4.1 per cent in 2026 – well below the baseline projections of 5.1 per cent and 4.8 per cent. These figures are part of a new element in our analysis: for the first time, this report includes projections for commercial services trade in volume terms, complementing our long-standing merchandise trade estimates.

    The broader economic picture is also affected. World GDP is now expected to grow by 2.2 per cent in 2025 – 0.6 percentage points below the baseline prediction – before recovering slightly to reach 2.4 per cent in 2026. The largest impact will again be in North America, where growth is projected to slow by 1.6 percentage points, followed by Asia (down by 0.4 percentage points) and South and Central America and the Caribbean (down by 0.2 percentage points).

    While reciprocal tariffs alone would have a limited effect on global GDP, a wider spread of trade policy uncertainty could nearly double the projected GDP loss, bringing it to 1.3 percentage points below the baseline scenario.

    All of this follows a notably strong year for trade. In 2024, the volume of world merchandise trade grew by 2.9 per cent, and commercial services trade expanded by 6.8 per cent. With global GDP growing 2.8 per cent at market exchange rates, 2024 was the first year since 2017 – excluding the post-COVID-19 rebound – in which merchandise trade growth outpaced GDP growth. In value terms, merchandise exports rose 2 per cent, to US$ 24.43 trillion, and services exports increased by 9 per cent, to US$ 8.69 trillion, supported by strong global demand.

    Although the current outlook is challenging, it is worth recalling that the trajectory of world trade will not be determined by any single economy or bilateral relationship. Much will depend on how the broader international community responds. The fact that 87 per cent of global merchandise trade takes place outside the United States – and that bilateral trade between the United States and China accounts for around 3 per cent – is a reminder of the importance of other trading relationships.

    Open, predictable and cooperative trade policies remain essential – not just for trade itself, but for global economic resilience.

    MIL OSI Economics –

  • MIL-OSI Economics: Temporary tariff pause mitigates trade contraction, but strong downside risks persist

    Source: World Trade Organization

    The volume of world merchandise trade is expected to decline by 0.2% in 2025 under current conditions, nearly three percentage points lower than what would have been expected under a “low tariff” baseline scenario, according to the WTO Secretariat’s latest Global Trade Outlook and Statistics report released on 16 April.  This is premised on the tariff situation as of 14 April. Trade could shrink even further, to -1.5% in 2025, if the situation deteriorates.

    Services trade, though not directly subject to tariffs, is also expected to be adversely affected, with the global volume of commercial services trade now forecast to grow by 4.0%, slower than expected.

    Director-General Ngozi Okonjo-Iweala said: “I am deeply concerned by the uncertainty surrounding trade policy, including the US-China stand-off. The recent de-escalation of tariff tensions has temporarily relieved some of the pressure on global trade. However, the enduring uncertainty threatens to act as a brake on global growth, with severe negative consequences for the world, the most vulnerable economies in particular. In the face of this crisis, WTO members have the unprecedented opportunity to inject dynamism into the organization, foster a level-playing field, streamline decision-making, and adapt our agreements to better meet today’s global realities.”

    At the start of the year, the WTO Secretariat expected to see continued expansion of world trade in 2025 and 2026, with merchandise trade growing in line with world GDP and commercial services trade increasing at a faster pace. However, the large number of new tariffs introduced since January prompted WTO economists to reassess the trade situation, resulting in a substantial downgrade to their forecast for merchandise trade and a smaller reduction in their outlook for services trade.

    Risks to the forecast

    Risks to the merchandise trade forecast persist, particularly from the reactivation of the suspended “reciprocal tariffs” by the United States, as well as the spread of trade policy uncertainty that could impact non-US trade relationships. If realized, reciprocal tariffs would reduce global merchandise trade volume growth by 0.6 percentage points in 2025 while spreading trade policy uncertainty could shave off another 0.8 percentage points. Together, reciprocal tariffs and spreading trade policy uncertainty would lead to a 1.5% decline in world merchandise trade in 2025. These scenarios are explored in detail in the Analytical Chapter of the report. Risks to services trade related to the escalation in trade tensions are not currently captured in the forecast.

    “Our simulations show that trade policy uncertainty has a significant dampening effect on trade flows, reducing exports and weakening economic activity,” WTO Chief Economist Ralph Ossa said. “Moreover, tariffs are a policy lever with wide-ranging, and often unintended consequences. In a world of growing trade tensions, a clear-eyed view of those trade-offs is more important than ever.”

    Regional goods trade forecasts

    The latest forecast marks a reversal from 2024, when the volume of world merchandise trade grew 2.9%, while GDP expanded by 2.8%, making 2024 the first year since 2017 (excluding the rebound from the COVID-19 pandemic) where merchandise trade grew faster than output.

    In 2025, the impact of recent tariff measures on merchandise trade is expected to differ sharply across regions.

    Under the current policy landscape, North America is expected to see a 12.6% decline in exports and 9.6% drop in imports in 2025. The region’s performance would subtract 1.7 percentage points from world merchandise trade growth in 2025, turning the overall figure negative. Asia is projected to post modest growth in both exports and imports this year (1.6% for both), along with Europe (1.0% export growth, 1.9% import growth). Both regions’ contributions to world trade growth would remain positive under current policies, albeit smaller than in the baseline low tariff scenario. The collective contribution to world trade growth of other regions would also remain positive, in part due to their importance as producers of energy products, demand for which tends to be stable over the global business cycle.

    The disruption in US-China trade is expected to trigger significant trade diversion, raising concerns among third markets about increased competition from China. Chinese merchandise exports are projected to rise by 4% to 9% across all regions outside North America, as trade is redirected. At the same time, US imports from China are expected to fall sharply in sectors such as textiles, apparel, and electrical equipment, creating new export opportunities for other suppliers able to fill the gap.

    Additionally, the reinstatement of US tariffs could have severe repercussions for export-oriented least-developed countries (LDCs) whose economies are particularly sensitive to external economic shocks due to their concentration of trade on a small number of products as well as their limited resources to deal with setbacks. Under the current situation with the pause on US’ “reciprocal” tariffs, LDCs may benefit from trade diversion as their export structure is similar to China’s, especially in textiles and electronics.

    Commercial services trade

    In 2024, services accounted for 26.4% of global trade based on balance of payments statistics, the highest share since 2005. Rising demand for services and advances in digitalization have helped expand the contribution of services to global trade. In 2024, services trade totalled US$ 8.69 trillion, increasing by 9% and mirroring the growth registered in 2023. This is in sharp contrast to goods trade, which rose by only 2% in value terms in 2024.

    Although the high tariffs are limited to goods, their effects are expected to ripple across the broader economy, including on services trade.

    High tariffs will directly affect the volume of goods traded, leading to weaker demand for freight shipping and logistics services in ports and airports, which account for the bulk of overall transport. International travel, particularly leisure travel, may be the first sector impacted by economic uncertainty, as discretionary spending on trips and accommodations can easily be curtailed. Furthermore, various intermediate services supporting goods trade and other services such as professional, research and development, and information technology services, will likely face declining demand in the current economic climate.

    Most services growth in 2025 will originate from Europe, where exports are expected to grow by 5.0% under current policies. European growth will continue at 4.4% in 2026. Asian economies’ services exports are projected to increase by 4.4% in 2025 and by 5.1% in 2026. Growth in services exports of North America will slow to 1.6% in 2025 but then accelerate to 2.3% in 2026. For the Middle East, services exports are expected to grow by 1.7% in 2025 and 1.0% in 2026. In the Commonwealth of Independent States (CIS), growth of 1.1% in 2025 and of 3.5% in 2026 is anticipated. The outlook for 2025 is subdued for Africa and for South and Central America and the Caribbean, both of which are expected to record declines in 2025.

    The full report is available here.

    Detailed annual, quarterly and monthly trade statistics can be downloaded from the WTO Stats portal. Our interactive user-friendly tools are also available for a more in-depth look at the data: WTO World Trade Statistics, Key Insights and Trends in 2024 and WTO Global Services Trade Data Hub.

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    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi receives a telephone call from the President of the Republic of Finland H.E. Mr. Alexander Stubb

    Source: Government of India

    Posted On: 16 APR 2025 5:45PM by PIB Delhi

    The leaders review ongoing bilateral collaboration and reiterated commitment to  to further deepen the partnership.

    They exchanged view on regional and global issues

    Prime Minister Shri Narendra Modi had a telephonic conversation with the President of the Republic of Finland H.E. Mr. Alexander Stubb today.

    The leaders reviewed the ongoing collaboration between the two countries including in the areas of digitalization, sustainability and mobility. They reiterated their commitment to further strengthen and deepen the partnership including  in the areas of quantum, 5G-6G, AI and cyber-security. 

    The leaders also exchanged the views on regional and global issues of mutual interest, including the situation in Ukraine.  President Stubb expressed Finland’s support for closer  
    India- EU relations and conclusion of a mutually beneficial FTA at the earliest.  

    The two leaders agreed to remain in touch. 

    ******

    MJPS/SR/SKS

    (Release ID: 2122157) Visitor Counter : 53

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – Support measures for Greek table olives – E-001483/2025

    Source: European Parliament

    Question for written answer  E-001483/2025
    to the Commission
    Rule 144
    Yannis Maniatis (S&D)

    The recent announcement by the Trump administration imposing 20 % tariffs on all European products signals a clear change in US policy, leading to increased protectionism. The consequences of this trade war, which has just begun with this tariff policy, are expected to be negative for all parties involved. Many sectors, including the agri-food sector, are following developments with great concern and uncertainty. They include the Greek table olive sector, which is in imminent danger.

    Table olives are Greece’s leading agricultural export product to the US, with exports reaching EUR 241 million annually, making the US market the main destination for Greek exports, especially for premium quality products of high value. Any disruption to this flow creates problems for the countryside, growers, their organisations and businesses.

    Given that the Commission is expected to react to the US announcements soon:

    • 1.What measures does the Commission intend to adopt to protect susceptible agri-food products, such as table olives, given that the competitiveness of the sector is under threat from non-EU countries with lower tariffs (10 % in Egypt, Türkiye, Morocco, etc.)?
    • 2.How does the Commission intend to proceed at the World Trade Organization (WTO) level with regard to Greek table olives, given that the EU has already successfully challenged the US regarding Spanish ripe olives, justifying the demands of Spanish producers and exporters?

    Submitted: 10.4.2025

    Last updated: 16 April 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: India poised to become a trusted bridge of global connectivity through India-Middle East-Europe Economic Corridor (IMEC): Shri Piyush Goyal

    Source: Government of India

     India poised to become a trusted bridge of global connectivity through India-Middle East-Europe Economic Corridor (IMEC): Shri Piyush Goyal

    IMEC to reduce logistics costs by up to 30% and transportation time by 40%, boosting global trade: Shri Goyal

    Union Minister of Commerce and Industry Piyush Goyal addresses High-Level Roundtable on IMEC

    Posted On: 16 APR 2025 10:52PM by PIB Delhi

    Union Minister of Commerce and Industry, Shri Piyush Goyal addressed the India-Middle East-Europe Economic Corridor (IMEC) High-Level Roundtable on Connectivity and Economic Growth in New Delhi today.

    Shri Goyal said that the IMEC is a powerful endorsement of the leadership and partnership of India and Middle East and East Europe a very forward and visionary concept that has caught the fancy of the world, he noted.

    The Minister stated that IMEC is not merely a trade route, but a modern-day Silk Route — a partnership of equals — that fosters synergy, connectivity, and inclusive prosperity. “It will bring down logistics costs by up to 30%, reduce transportation time by 40%, and create seamless trade linkages across continents,” he said. “We will not only be linking trade; we will be linking civilizations and cultures — from Southeast Asia to the Gulf, from the Middle East to Central Europe.”

    Highlighting its potential reach, Shri Goyal added that IMEC could even enhance connectivity to Africa through the Middle East. The corridor would include railways, roadways, energy pipelines, and clean energy infrastructure, including undersea cables. “India is already in discussions with Singapore on clean energy transmission. We are also engaged in dialogue with Saudi Arabia and the UAE,” he shared.

    Shri Goyal underscored the corridor’s emphasis on sustainability and digital connectivity. “This initiative respects sovereignty and territorial integrity. It is not about dominance or creating economic unions. It is a partnership built on mutual trust, inclusivity and sustainability,” he said.

    He further outlined five key suggestions as a way forward for the IMEC initiative. First, Shri Goyal stressed the importance of viewing IMEC through the lens of a Public-Private Partnership (PPP). He emphasized that leaving the initiative solely to the government would limit its efficiency and financial viability. Instead, he called for a collaborative model where the private sector leads, bringing to the table its real-world expertise, needs, and innovative capabilities. This approach, he noted, would ensure smarter and more cost-effective planning, as the private sector can propose solutions that reflect practical utility. It would also allow policymakers to think systematically while the private sector introduces flexibility and innovation, ensuring the corridor remains viable, efficient, and sustainable in its execution.

    Second, he highlighted the need to focus on Regulatory Connectivity, going beyond just physical infrastructure. Shri Goyal advocated for greater alignment in trade processes, customs procedures, and paperwork among participating nations. He cited India’s ongoing regulatory collaboration with the UAE as an example and pointed out that successful implementation of the corridor would require seamless cross-border movement without excessive checkpoints. Interoperable systems, digitization, electric vehicle charging ecosystems, and synchronized regulations would be key to unlocking economies of scale. He suggested that common digital payment systems, such as India’s Unified Payments Interface (UPI), could serve as a model for enabling seamless financial transactions. With periodic settlement in globally accepted reserve currencies, such mechanisms could reduce transactional friction and banking costs. He proposed that such innovations, combined with virtual trade corridor frameworks like the India-UAE initiative, could be extended through IMEC. These would support broader agreements such as FTAs with GCC and EU countries and bolster joint work in green hydrogen, renewable energy, and supply chain resilience.

    Third, Shri Goyal underlined the need for Innovative Financing Models to support both the development of the corridor and the trade it will generate. He called for active involvement of multilateral financial agencies and suggested exploring instruments like green bonds and the creation of long-term “IMEC Bonds”, to fund this transcontinental infrastructure in a sustainable and future-proof manner.

    Fourth, he recommended active engagement with industry bodies and trade associations, asserting that their insights are essential for designing a corridor that aligns with the real needs of businesses. Such collaboration would help identify existing bottlenecks, promote best practices, and better integrate economies by removing trade frictions.

    Lastly, Shri Goyal proposed bringing in Think Tanks and Academia to the visioning and design process. These institutions, he noted, bring creativity, research strength, and long-term thinking. Their involvement would support policy advocacy, contribute to out-of-the-box solutions, and assist in capacity-building efforts along the corridor. He called this a well-rounded package of five initiatives that could help IMEC evolve into a robust, viable, and inclusive project. Reiterating India’s clear and committed vision, he said the country is ready to act as a trusted, reliable bridge connecting regions and catalyzing global cooperation, under the guiding spirit of Vasudhaiva Kutumbakam — the world is one family.

    ***

    Abhishek Dayal/ Nihi Sharma/ Ishita Biswas

    (Release ID: 2122299) Visitor Counter : 52

    MIL OSI Asia Pacific News –

  • MIL-OSI Canada: Lights, camera, Alberta! Boosting cultural industries | Lumières, caméra, Alberta! Stimuler les industries culturelles

    [. This investment will continue the momentum of Alberta’s growing cultural industries by creating jobs and developing skilled local talent.

    Behind the scenes, the Film and Television Tax Credit is revitalizing communities across the province, including communities in rural Alberta. These productions are expected to spend about $1.5 billion in Alberta across a range of industries, generating an estimated gross domestic product of $852 million and supporting more than 14,400 Albertan jobs.

    “Our government’s investment into our cultural industries is putting Alberta on centre stage. By further supporting film, television, music and publishing, we are driving economic growth while sharing our culture and stories – provincially, nationally and internationally.”

    Tanya Fir, Minister of Arts, Culture and Status of Women

    On National Canadian Film Day, our government recognizes how the cultural industries play a starring role in Alberta’s economy. Since 2020, film and television projects supported through the Alberta Media Fund have generated more than $35 million in spending in the province and created more than 450 jobs. From catering to construction supplies, accommodations, local rentals, transportation and more, film and television production strengthens the economy and creates jobs for Albertans in every corner of the province.

    “Our film and television industry is not only a creative force but also a major contributor to Alberta’s economy. Through programs like the Film and Television Tax Credit, we are continually working to respond to industry needs, making sure Alberta remains a top destination for film and television productions.”

    Matt Jones, Minister of Jobs, Economy and Trade

    Budget 2025 also commits $235 million to the Film and Television Tax Credit program over the next three years. The Film and Television Tax Credit program offers tax incentives and makes Alberta an attractive destination for medium- and large-scale productions. Since its inception in 2020, more than 200 productions have leveraged the Film and Television Tax Credit program, with many more on the way.

    “The continuing support of Alberta’s government for the creative economy enables us to attract world-renowned projects, share Alberta’s unique stories with global audiences and drive growth in the province’s economy and job market.”

    Luke Azevedo, CEO, Edmonton Screen

    “I’m proud to see Alberta continuing to build momentum in the film and television industry. There’s a renewed energy and programs here in the province geared to developing new talent and crew. With initiatives and ongoing discussions, I hope for Alberta to stay well-positioned to remain competitive on the global stage while simultaneously developing our own local Canadian talent.”

    Martin Cochingco, professional stunt performer, co-owner of the Stunt Gym

    Alberta’s film and television industry is vital to the province’s economy. The government’s continued investment in the Alberta Media Fund and Film and Television Tax Credit program will support economic growth, create jobs, ensure competitiveness and attract investment.

    Alberta is primed for the limelight, and the government will continue to position the province as a premier destination for the film and television industry.

    Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on strengthening our economy.

    Quick facts

    • More than 60 per cent of all Alberta-made projects filmed or are planning to film in small cities, towns and rural locations across the province, boosting the economy in all corners of Alberta.
    • The Alberta Media Fund supports locally produced books, magazines, music, film and television.
    • The fund allocates $2.6 million for publishing and music, and $5.4 million for film and television.
    • In 2022, cultural industries contributed $2.5 billion to Alberta’s economy and sustained 19,233 jobs in the province (Statistics Canada).
    • The Film and Television Tax Credit program supports medium- and large-scale productions with total production costs of at least $499,999.
    • To date, almost one-third of all productions participating in the Film and Television Tax Credit program did their filming in rural Alberta.

    Related information

    • Alberta Media Production Industries Association
    • Alberta Magazine Publishers Association
    • Book Publishers Association of Alberta
    • Alberta Music

    Related news

    • Movie star treatment for Alberta screen producers | Traitement de vedette pour les producteurs de l’Alberta (Sep 18, 2024)
    • Lights, camera, action for film and television (Jun 7, 2024)
    • Investing in more chapters of Alberta’s stories | Investir dans d’autres chapitres des histoires albertaines (Apr 23, 2024)

    Multimedia

    • Watch the news conference

    Le gouvernement de l’Alberta stimule l’économie en investissant dans les industries culturelles, en braquant les projecteurs sur la province dans les domaines du cinéma, de la télévision, de la musique et de l’édition.

    Le budget de 2025 prévoit un investissement de 8 millions de dollars pour le Fonds des médias de l’Alberta afin de soutenir les secteurs créatifs de la province. Cet investissement permettra de maintenir l’élan des industries culturelles de l’Alberta en créant des emplois et en encourageant les talents locaux qualifiés.

    En coulisses, le crédit d’impôt pour le cinéma et la télévision revitalise les communautés de toute la province, y compris les collectivités rurales de l’Alberta. Ces productions devraient dépenser environ 1,5 milliard de dollars en Alberta dans tout un éventail de secteurs, générant un produit intérieur brut estimé à 852 millions de dollars et soutenant plus de 14 400 emplois albertains.

    « Les investissements de notre gouvernement dans nos industries culturelles permettent à l’Alberta de voler la vedette. En soutenant davantage le cinéma, la télévision, la musique et l’édition, nous stimulons la croissance économique tout en partageant notre culture et nos histoires – à l’échelle provinciale, nationale et internationale. »

    Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine

    À l’occasion de la Journée du cinéma canadien, notre gouvernement reconnaît que les industries culturelles jouent un rôle de premier plan dans l’économie de l’Alberta. Depuis 2020, les projets cinématographiques et télévisuels soutenus par le Fonds des médias de l’Alberta ont généré plus de 35 millions de dollars de dépenses dans la province et ont créé plus de 450 emplois. De la restauration au matériel de construction, en passant par l’hébergement, la location de locaux, le transport et bien d’autres secteurs, la production cinématographique et télévisuelle renforce l’économie et crée des emplois pour les Albertains et les Albertaines partout dans la province.

    « Notre industrie cinématographique et télévisuelle n’est pas seulement une force créatrice, mais aussi un contributeur majeur à l’économie de l’Alberta. Grâce à des programmes tels que le crédit d’impôt pour le cinéma et la télévision, nous nous efforçons constamment de répondre aux besoins de l’industrie et de faire en sorte que l’Alberta reste une destination de choix pour les productions cinématographiques et télévisuelles. »

    Matt Jones, ministre de l’Emploi, de l’Économie et du Commerce

    Le budget de 2025 prévoit également 235 millions de dollars pour le programme de crédit d’impôt pour le cinéma et la télévision au cours des trois prochaines années. Ce programme offre des incitatifs fiscaux et fait de l’Alberta une destination attrayante pour les productions de moyenne et grande envergure. Depuis sa création en 2020, plus de 200 productions ont bénéficié du programme de crédit d’impôt pour le cinéma et la télévision, et de nombreuses autres prévoient leur emboîter le pas.

    « Le soutien continu du gouvernement de l’Alberta aux secteurs créatifs nous permet d’attirer des projets de renommée mondiale, de présenter les histoires uniques de l’Alberta à des publics internationaux et de stimuler la croissance de l’économie et du marché de l’emploi de la province. »

    Luke Azevedo, PDG, Edmonton Screen

    « Je suis fier de voir que l’Alberta continue à se tailler une place dans l’industrie du cinéma et de la télévision. Il y a un regain d’énergie et des programmes ici dans la province qui visent à soutenir de nouveaux talents et de nouvelles équipes. Grâce aux initiatives et aux discussions en cours, j’espère que l’Alberta restera bien positionnée pour rester compétitive sur la scène mondiale tout en développant nos propres talents canadiens. »

    Martin Cochingco, cascadeur professionnel, copropriétaire du Stunt Gym

    L’industrie cinématographique et télévisuelle de l’Alberta est vitale pour l’économie de la province. L’investissement continu du gouvernement dans le Fonds des médias de l’Alberta et le programme de crédit d’impôt pour le cinéma et la télévision soutiendra la croissance économique, créera des emplois, garantira la compétitivité et attirera des investissements.

    L’Alberta est prête pour les feux de la rampe, et le gouvernement continuera à travailler pour que la province demeure une destination de choix pour l’industrie du film et de la télévision.

    Le budget de 2025 s’attaque aux défis auxquels l’Alberta est confrontée en continuant à investir dans l’éducation et la santé, en réduisant les impôts pour les familles et en mettant l’accent sur le renforcement de notre économie.

    En bref

    • Plus de 60 % de tous les projets réalisés en Alberta ont été ou seront tournés dans des petites villes, des villages et des zones rurales de la province, ce qui stimule l’économie dans tous les coins de l’Alberta.
    • Le Fonds des médias de l’Alberta soutient les livres, les magazines, la musique, le cinéma et la télévision produits localement.
    • Le fonds alloue 2,6 millions de dollars à l’édition et à la musique, et 5,4 millions de dollars au cinéma et à la télévision.
    • En 2022, les industries culturelles ont contribué à hauteur de 2,5 milliards de dollars à l’économie de l’Alberta et ont soutenu 19 233 emplois dans la province (Statistique Canada).
    • Le programme de crédit d’impôt pour le cinéma et la télévision soutient les productions de moyenne et grande envergure dont le coût total de production est d’au moins 499 999 $.
    • À ce jour, près d’un tiers des productions participant au programme de crédit d’impôt pour le cinéma et la télévision ont été tournées dans les régions rurales de l’Alberta.

    Informations connexes (en anglais seulement)

    • Alberta Media Production Industries Association
    • Alberta Magazine Publishers Association
    • Book Publishers Association of Alberta
    • Alberta Music

    Actualités connexes

    • Movie star treatment for Alberta screen producers | Traitement de vedette pour les producteurs de l’Alberta (18 septembre 2024)
    • Lights, camera, action for film and television (7 juin 2024)
    • Investing in more chapters of Alberta’s stories | Investir dans d’autres chapitres des histoires albertaines (23 avril 2024)

    Multimédia (en anglais seulement)

    • Regarder la conférence de presse

    MIL OSI Canada News –

  • MIL-OSI USA: Statement by Acting Chairman Pham on the CFTC’s 50th Anniversary

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. – Commodity Futures Trading Commission Acting Chairman Caroline D. Pham made the following statement on the CFTC’s 50th anniversary:
    “This week marks the Commodity Futures Trading Commission’s golden anniversary. On April 15, 1975, the agency’s first Chairman and Commissioners were sworn in, launching the current iteration of our agency while continuing our proud tradition of a principles-based approach to oversee markets that are critical to empowering American growers, producers, merchants, and other commercial end-users to mitigate risk and drive U.S. economic growth.
    “For the past half-century, the CFTC has stood on the cutting edge of innovation in both new products and new markets, flexibly adapting to evolving opportunities, challenges, and technologies impacting the derivatives markets that underpin the real economy and global trade.
    “Throughout our history, the CFTC has both proudly led the way and set the standard for global derivatives markets. That’s a testament to our talented and expert staff. Their continued dedication to our mission to promote market integrity, responsible innovation, and fair competition in our markets is essential to the success of American ingenuity and our leadership in the global economy. I’m confident that the CFTC will continue to deliver for the American people and this great Nation with excellence.
    “I’m optimistic about what we can accomplish together and what the next 50 years has in store.”

    MIL OSI USA News –

  • MIL-OSI: SECU Foundation Grants $500,000 to Raleigh Rescue Mission for New Campus to Help Address Homelessness

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., April 16, 2025 (GLOBE NEWSWIRE) — SECU Foundation has awarded a $500,000 challenge grant to Raleigh Rescue Mission (RRM) to support the non-profit’s construction of a new campus in Knightdale for women and children experiencing homelessness. The future 100-room facility will provide long-term transitional housing for up to 350 women and children as well as a child development center.

    RRM provides comprehensive services to help homeless individuals gain stability and self-sufficiency. They report that 84% of their clients find employment at the conclusion of their program. Currently, RRM is able to assist 120 individuals in its Raleigh location and serve 18 families in transitional apartments. Their capacity to help Wake and surrounding counties will expand significantly with two campuses, allowing them to serve an additional 600 women and 200 men annually.

    “We are pleased to support Raleigh Rescue Mission’s new campus,” said SECU Foundation Board Chair Chris Ayers. “Homelessness in Wake County continues to increase each year, making the need for services and housing that much more important. We look forward to seeing the positive impacts this facility will have on individuals and families as RRM expands their work to help even more people rebuild their lives and make our collective communities stronger.”

    “More than 1,600 people call Raleigh Rescue Mission each year, seeking shelter, stability, and hope,” said RRM CEO John Luckett. “The original downtown facility can only provide 100 beds per night, forcing RRM to turn away more than 90% of those who reach out. Thanks to generous donors like SECU Foundation, RRM’s second campus, The Garden, will change lives on an unprecedented scale. This new, purpose-designed campus for women and children will triple the nightly capacity, empower 600-900 women and children annually regain independence, and preserve and expand the downtown location for men, increasing capacity and enabling 300-360 men per year to rebuild their lives. This is more than a building—it’s a transformational leap forward in how RRM serves those in need.”

    About SECU and SECU Foundation
    A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 87 years. SECU is the second largest credit union in the United States with $53 billion in assets. It serves more than 2.8 million members through 275 branch offices, 1,100 ATMs, Member Services Support via phone, www.ncsecu.org, and the SECU Mobile App. The SECU Foundation, a 501(c)(3) charitable organization funded by the contributions of SECU members, promotes local community development in North Carolina primarily through high-impact projects in the areas of housing, education, healthcare, and human services. Since 2004, SECU Foundation has made a collective financial commitment of over $300 million for initiatives to benefit North Carolinians statewide.

    Contact: Jama Campbell, Executive Director, secufoundation@ncsecu.org

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d06a77a-17bc-44ea-b84d-08ec8a17e403

    The MIL Network –

  • MIL-OSI USA: Comer, Burlison Investigate Biden-Era Abuses of Endangered Species Act and Impact on Energy Costs

    Source: United States House of Representatives – Representative Eric Burlison (R-Missouri 7th District)

    WASHINGTON—House Committee on Oversight and Government Reform Chairman James Comer (R-Ky.) and Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs Chairman Eric Burlison (R-Mo.) are examining the Biden Administration’s abuse of the Endangered Species Act (ESA) and its impact on energy costs. In a letter to the National Marine Fisheries Service (NOAA Fisheries) Acting Assistant Administrator Emily Menashes, the lawmakers request a briefing on the agency’s compliance with President Trump’s National Energy Emergency declaration as part of the Committee’s larger investigation into the Biden Administration’s detrimental energy policies.

    “The Endangered Species Act (ESA) requires NOAA Fisheries to consult the Secretary of Commerce on whether a species should be listed as endangered or otherwise. Environmentalist groups abused the ESA and regulations promulgated under its authority by filing a litany of lawsuits to create regulatory delays on infrastructure projects they oppose and to influence NOAA Fisheries’ decisions,” wrote the lawmakers. “Under the Biden Administration, NOAA Fisheries tailored ESA policies to conform with these groups’ demands.”

    The Biden Administration raised the bar for delisting a species from endangered status and sought to designate more habitats as critical habitats, even when endangered species living in those habitats are no longer found in those locations. By doing so, the Biden Administration prioritized the interests of environmental groups over the needs of local communities. The environmental groups exploited the ESA to stifle development and delay necessary energy infrastructure projects. In some cases, the actions of a few radical environmentalists have resulted in tens of millions of dollars in costs that must be borne by local communities. In other cases, environmental groups have used the ESA to delay oil leases in the Gulf of America, drastically curtail the amount of water available to farmers in Agriculture, and trample on the rights of ranchers across the west. To end this abuse, President Trump is prioritizing American energy independence and demanding reform of the ESA.  

    “President Trump’s National Energy Emergency declaration mandates the ESA Committee convene and identify ‘obstacles to domestic energy infrastructure specifically when deriving from implementation of the ESA’ or other relevant laws. ESA Committee members will propose regulatory reforms, consider species listings, and improve the interagency consultation process,” continued the lawmakers. “Importantly, this process is intended to give impacted states and local communities a voice in deciding whether a federal action is in the interest of the public and its national or regional significance. To help inform the Committee’s understanding of NOAA Fisheries role in addressing energy costs, we request a staff-level briefing regarding efforts to comply with President Trump’s declaration of a National Energy Emergency as soon as possible.”

    Read the letter to NOAA Fisheries here. 

    MIL OSI USA News –

  • MIL-OSI USA: Higgins, Carter Introduce Legislation to Combat Contaminated Seafood

    Source: United States House of Representatives – Congressman Clay Higgins (R-LA)

    WASHINGTON, D.C. – Congressman Clay Higgins (R-LA) and Congressman Troy A. Carter, Sr. (D-LA) introduced H.R. 2715, the Destruction of Hazardous Imports Act, which grants the Food and Drug Administration (FDA) authority to destroy imported products that pose a significant public health concern.

    This legislation would ensure that contaminated seafood imports don’t reach American consumers and cause harm. The bill grants the FDA additional authority to destroy food products that don’t pass initial inspection, which prevents importers from port shopping their products.

    The FDA protects public health by ensuring the safety, efficacy, and security of food, medicine, and medical devices. Under current rules, the FDA has the jurisdiction to destroy any imported medical devices and medications that pose a health risk to the public. However, this authority does not extend to imported food products that fail to meet U.S. health and safety standards. Foreign entities routinely violate FDA standards by contaminating seafood imports with harmful chemicals that pose a significant health risk.

    “Billions of pounds of uninspected seafood continue to enter our country, causing major health concerns,” said Congressman Higgins. “We must prioritize the health and safety of the American people by holding foreign shipments to the same high standards that our U.S. producers face. In my opinion, foreign products don’t even come close to the quality of Louisiana seafood. This legislation provides the FDA with the authority to destroy illegal seafood imports and ensures that contaminated products don’t reach American markets.”

    “This legislation will protect Louisiana’s health and support our seafood economy. By granting the FDA the necessary authority to destroy food products that fail to meet our strict health and safety standards, we are closing a dangerous loophole that has allowed contaminated seafood to enter our markets. This bill protects consumers from potential health risks and upholds the integrity of our food supply chain, while supporting Louisiana fishermen and seafood processors,” said Congressman Troy A. Carter, Sr. (LA-02).

    “Imported shrimp and seafood products that are potentially dangerous for consumers need to be destroyed,” said John Williams, executive director of the Southern Shrimp Alliance. “Giving these products back to the foreign shipper does little to incentivize them to address safety problems before shipping products to this country. We thank Representatives Higgins and Carter for leading a bipartisan effort to eliminate a ridiculous limitation on the FDA’s authority and improve the safety of this country’s food supply.”

    Read the legislation here.

     

    MIL OSI USA News –

  • MIL-OSI Canada: Ontario, P.E.I. Join Nova Scotia With Legislation to Remove Internal Trade Barriers

    Source: Government of Canada regional news

    Nova Scotia has received national attention for efforts to remove borders on interprovincial trade. Now, Prince Edward Island and Ontario have joined the Province by introducing reciprocal legislation that will help foster an environment of mutual recognition of goods, services and labour mobility between these provinces.

    “Leaders across the country are expressing interest in removing trade barriers, and I’m very pleased that P.E.I. and Ontario have tabled legislation to remove all their trade barriers,” said Premier Tim Houston, who is also the Minister of Trade. “This is a significant moment for our country, and these actions say a lot about our commitment to make our economies stronger. This moment is too important to miss for the sake of all Canadians.”

    P.E.I.’s and Ontario’s legislation match the spirit of Nova Scotia’s Free Trade and Labour Mobility within Canada Act, are concise and impactful and would remove barriers once and for all.

    Other provinces and territories have also indicated their willingness to remove barriers, and some have indicated that although they do not have new legislation, they have effectively removed barriers through a combination of steps, including amendments to existing legislation, ministerial notes and other correspondence. Nova Scotia is hopeful this has been achieved and will work with each to assess whether the sum total of these steps do, in fact, effectively and permanently remove all barriers.

    Nova Scotia’s Free Trade and Labour Mobility within Canada Act specifically addresses:

    • goods manufactured, produced or approved for use in a reciprocating province or territory, which will be treated the same as those produced in Nova Scotia
      • this will eliminate additional fees or testing requirements for goods from these provinces and territories
    • service providers and licensees properly certified or licensed in a reciprocating province, who will be recognized as if they are licensed in Nova Scotia if they are in good standing with no outstanding complaints in a reciprocating jurisdiction
      • they must register with the equivalent Nova Scotia regulator and obtain licensing or certification or insurance
      • this ensures that businesses providing services can operate across provincial borders without the burden of additional licensing or certification.

    Quotes:

    “I’m thrilled to be joined by Premier Houston as we take the next step in tearing down costly and unnecessary interprovincial trade barriers within Canada. Premier Houston and Nova Scotia have been leaders on this front, and I’m looking forward to working together to make our country more prosperous, more united and more able to withstand whatever comes our way.”
    — Doug Ford, Premier of Ontario

    “Nova Scotia’s Free Trade and Mobility within Canada Act shows what governments can accomplish when there is real political will. With small businesses across Canada facing increased trade uncertainty, eight in 10 are now urging their respective provinces to follow Nova Scotia’s lead. It has been positive to see other provinces table similar legislation. Small businesses now want to see governments move quickly by following through with real action.”
    — Duncan Robertson, Director of Legislative Affairs (Nova Scotia), Canadian Federation of Independent Business

    Quick Facts:

    • more than $530 billion worth of goods and services move across provincial and territorial borders every year – equal to 20 per cent of Canada’s gross domestic product
    • interprovincial exports contribute about 17 per cent of Nova Scotia’s gross domestic product and make up about half of Nova Scotia’s total exports (about 48 per cent of all goods and services)
      • in 2023, the value of Nova Scotia’s interprovincial exports was nearly $29 billion
    • Ontario is the largest market for Nova Scotia’s goods and services in Canada
    • in Canada, Prince Edward Island is Nova Scotia’s largest market on a per capita basis, followed by New Brunswick
    • last year, one-third of Canadian businesses participated in internal trade by buying or selling goods across provincial or territorial borders

    Additional Resources:

    Free Trade and Mobility within Canada Act: https://nslegislature.ca/sites/default/files/legc/statutes/free%20trade%20and%20mobility%20within%20canada.pdf

    P.E.I. news release – Premier Lantz tables bill aimed to eliminate trade barriers: https://www.princeedwardisland.ca/en/news/premier-lantz-tables-bill-aimed-to-eliminate-trade-barriers

    Bills tabled during the current session of the Ontario legislature are available at: https://www.ola.org/en/legislative-business/bills/current

    MIL OSI Canada News –

  • MIL-OSI USA: Durbin Holds Roundtable On Tax Day To Discuss Using Tax Dollars Responsibly To Support Critical Programs

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    April 15, 2025
    SPRINGFIELD – U.S. Senate Democratic Whip Dick Durbin (D-IL) today held a roundtable in Springfield with labor leaders, senior advocates, retirees, and small business owners to discuss the need to use tax dollars wisely to fulfill the promise of critical programs like Social Security, instead of cutting taxes for billionaires and raising prices forAmerican families and small businesses via tariffs.
    More than two million Illinoisans depend on the Social Security Administration (SSA) to deliver essential benefits and services, yet customers experience long wait times over the phone and increased time to process disability benefits, while staffing levels at SSA offices continue to decrease. The Trump Administration’s threats to cut tax payer-funded SSA services would further prevent Illinoisans from receiving their benefits.
    “Illinoisans are questioning whether or not they’ll continue to have access to their hard-earned benefits and essential services, while also being crushed by President Trump’s other economic policies, such as his outlandish tariffs,” said Durbin. “Today’s discussion with seniors, small business owners, and labor leaders in Springfield made it clear—these policies do nothing to ‘Make America Great Again,’ they are only making it harder for Illinoisans to get by.”
    Durbin spoke on the Senate floor about the impact President Trump’s tariffs will have on small businesses, manufacturers, consumers, and workers in Illinois, which received $127 billion of imports from China, Canada, and Mexico in 2023. Durbin also joined fellow U.S. Senate Committee on Agriculture member U.S. Senator Amy Klobuchar (D-MN) and 17 of their colleagues in a letter to ask U.S. Trade Representative Ambassador Jamieson Greer for information on how the Trump Administration’s tariffs will impact farmers across the nation.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Pelosi Joins Congressional Democrats in Fighting Back Against Trump’s Attacks on the FTC and Independent Agencies

    Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

    San Francisco —  Yesterday, Speaker Emerita Nancy Pelosi joined Senate and House Democrats in filing an amicus brief opposing President Donald Trump’s unlawful attempt to fire members of the Federal Trade Commission (FTC). FTC Commissioners Rebecca Slaughter and Alvaro Bedoya are duly appointed, Senate-confirmed Commissioners at an independent federal agency created by Congress. Trump’s illegal attempts to terminate them threaten the integrity of independent federal agencies and the FTC’s ability to enforce civil antitrust law and protect the public from fraudsters and monopolists.

    The brief was led in the Senate by Judiciary Antitrust Subcommittee Ranking Member Cory Booker (NJ), Democratic Leader Chuck Schumer (NY), Judiciary Ranking Member Dick Durbin (IL), Commerce Ranking Member Maria Cantwell (WA), Senator Elizabeth Warren (MA), and Senator Amy Klobuchar (MN). Co-Chairs of the House Litigation and Rapid Response Task Force, Judiciary Committee Ranking Member Jamie Raskin (MD-08) and Assistant Democratic Leader Joe Neguse (CO-02), in conjunction with Democratic Leader Hakeem Jeffries (NY-08), Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (NJ-06), and Antitrust Subcommittee Ranking Member Jerry Nadler (NY-12) are leading the brief in the House of Representatives. 251 Congressional Democrats signed the amicus brief. 

    In Slaughter v. Trump, a case filed in the U.S. District Court for the District of Columbia challenging the unlawful attempted firings of FTC Commissioners Slaughter and Bedoya, the congressional amicus brief argues: 

    1. The Supreme Court’s 1935 decision in Humphrey’s Executor makes clear that Congress has the power to create independent multimember agencies like the FTC and provide removal protections for FTC Commissioners;

    2. Throughout our nation’s history, Congress has created independent agencies with multimember boards or commissions whose members enjoy removal protections, like the Commissioners of the FTC, and this established practice has been consistently upheld by the Supreme Court; and

    3. Constitutional text and history support Congress’ constitutional authority to temper the President’s exercise of removal.

    The full brief is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Growing Rural Businesses: Pioneering Hydroponics Business Plants Roots in Las Animas County

    Source: US State of Colorado

    TRINIDAD — The Business Funding & Incentives Division of the Colorado Office of Economic Development & International Trade (OEDIT) announced today that Bird & Squirrel Hydroponics, LLC, a pioneering hydroponics business, has been accepted into the Rural Jump-Start Program. Focused on cultivating and supplying high-quality herbs and leafy greens, hydroponic systems and technology, Bird & Squirrel Hydroponics will create new jobs and help diversify the local economy. 

    “Rural Jumpstart is supporting businesses across Colorado and I’m excited to see that Bird & Squirrel are making their home in Trinidad. This investment will support the local economy and strengthen the community overall. Their focus on hydroponics builds on Colorado’s rich agricultural industry, bringing new cutting-edge technology to support sustainable agriculture,” said Governor Jared Polis. 

    “We’re thrilled to see Bird & Squirrel expand in Las Animas County. The Rural Jump-start Program was created in partnership with rural communities to support the unique needs of rural businesses, and today’s announcement highlights the innovation these entrepreneurs are bringing to their communities,” said OEDIT Executive Director Eve Lieberman. 

    Utilizing advanced hydroponic techniques, Bird & Squirrel Hydroponics is committed to sustainable farming practices that ensure year-round production of fresh, pesticide-free produce, as well as developing industry leading hydroponic systems and technology. The company focuses on three distinct products and services: 1) cultivating and supplying high-quality herbs and leafy greens to regional restaurants, 2) designing and building custom hydroponic systems for personal and business use, and 3) small-scale manufacturing of an AI automated hydroponic controller. 

    “We are excited to bring Bird and Squirrel Hydroponics to Trinidad, Colorado. This opportunity allows us to provide the surrounding communities with fresh, pesticide-free herbs and greens year-round, while also fostering technological innovation in the area with our AI Hydroponics Controller. We’re passionate about contributing to the local economy and advancing sustainable agricultural practices in this region,” said Jeff Layton, Co-Founder of Bird & Squirrel Hydroponics. 

    The Rural Jump-Start (RJS) program encourages economic development and job creation in economically distressed, rural counties of Colorado. Businesses that start in or move to RJS zones can qualify for relief from the state business income tax, the sales and use tax, and county/municipal business personal property taxes. Qualified employees also receive relief from their state personal income tax. In addition, businesses are eligible for a general operating grant of up to $20,000. These grants are intended to support regional economic and workforce development activities that expand local business, create new good-paying jobs, and strengthen and diversify local economies. Sponsoring entities like Trinidad State College help identify RJS candidates in their communities and work with the business to help ensure its success in the program and in the community. 

    “We are very pleased to be a sponsor for this exciting and innovative hydroponics venture. Trinidad State College is committed to growing workforce and economic development opportunities within our multi-county service area. Our support of Bird and Squirrel Hydroponics, LLC is an important step towards solidifying the TSC strategic vision of driving shared prosperity within our communities,” said James Kynor and Vice President of Operations and Workforce Development. 

    To learn more about the Rural Jump-Start program, please contact 
    Quina Weber-Shirk at quina.webershirk@state.co.us. 

    About the Colorado Office of Economic Development and International Trade 

    The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

     ###

    MIL OSI USA News –

  • MIL-OSI: The Board of Directors has resolved to carry out directed issues of units totaling approximately SEK 25 million and a fully underwritten rights issue of units of approximately SEK 15 million

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

    The Board of Directors of Terranet AB (”Terranet” or the ”Company”) has today, April 16 2025, with authorization from the annual general meeting on May 21, 2024, decided to carry out a directed issue of 2,956,297 units consisting of B-shares and warrants of series TO9 B to a number of qualified investors of approximately SEK 8.8 million (the “First Directed Issue”). The Board of Directors of the Company has further, subject to subsequent approval by the Annual General Meeting, resolved on a directed issue of 5,461,210 units consisting of B-shares and warrants of series TO9 B to members of the Company’s Board of Directors and management as well as external investors, of approximately SEK 16.2 million (the “Second Directed Issue” and together with the First Directed Issue, the “Directed Issues”). One unit in the Directed Issues consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. To compensate the shareholders who do not participate in the Directed Issues, the Board of Directors of Terranet, subject to subsequent approval by the Annual General Meeting, has resolved on a fully secured rights issue of a maximum of 13,880,714 units consisting of B-shares and warrants of series TO9 B, which, if fully subscribed, will provide the Company with approximately SEK 15 million before deduction of issue costs (the “Rights Issue”). One unit in the Rights Issue consists of twelve (12) B-shares and three (3) warrants of series TO9 B. The Directed Issues and the Rights Issue are carried out at the same subscription price, with the subscription price set at SEK 0.09 per B-share. Through the Directed Issues, Terranet will raise approximately SEK 25 million before deduction of issue costs, and upon full subscription of the Rights Issue, Terranet will raise approximately SEK 15 million before deduction of issue costs. The notice to the Annual General Meeting will be published through a separate press release.

    Comments from Management
    “We are at a very exciting stage as we intensify our commercialization journey with the goal of signing our first agreement to initiate commercialization during this year. In 2024, Terranet achieved success and delivered on previously set milestones with excellence, laying the foundation for the collaborations and ongoing dialogues with leading industrial players in the market. The capital raise enables us to take the next step from a development-stage company to a commercial enterprise, and I see this as an attractive opportunity to personally take part in this journey together with well-renowned investors who recognize the strong potential of Terranet’s technology”, says Lars Lindell, CEO of Terranet.

    Comments from the Board of Directors
    “We are grateful for the strong confidence shown by our shareholders. Their support has enabled a capital raise on favorable terms with committed and reputable investors, despite an eventful and volatile stock market. Given full subscription of the issued warrants, the capital raise secures our liquidity through the second quarter of 2026. This strengthens our negotiating position and provides a solid foundation for converting the potential and interest in our technology into real shareholder value”, says Torgny Hellström, Chairman of the Board of Directors of Terranet.

    Summary of the Directed Issues and the Rights Issue:

    • The First Directed Issue comprises a maximum of 2,956,297 units. Subscribers in the First Directed Issue include, among others, Hunter Capital AB (publ) (“Hunter”). One unit in the First Directed Issue consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. The subscription price in the First Directed Issue is SEK 2.97 per unit, corresponding to SEK 0.09 per B-share, which represents a premium of approximately 4.0 percent compared to the volume-weighted average price of the Company’s B-share on Nasdaq First North Premier Growth Market between April 7, 2025, and April 11, 2025. The First Directed Issue will provide Terranet with approximately SEK 8.8 million before deduction of issue costs.
    • The Second Directed Issue comprises a maximum of 5,461,210 units and is directed to members of the Board of Directors, management, and external investors, including Johannes Schildt (one of the founders of Kry), White Eye AB, and Scan Invest Limited (“Scan”). One unit in the Second Directed Issue consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. The subscription price in the Second Directed Issue is SEK 2.97 per unit, corresponding to SEK 0.09 per B-share, which is the same subscription price as in the First Directed Issue. The Second Directed Issue will provide Terranet with approximately SEK 16.2 million before deduction of issue costs.
    • The Board of Director’s resolution on the Second Directed Issue is conditional upon approval by the Annual General Meeting, scheduled for May 23, 2025. Notice of the Annual General Meeting will be published through a separate press release.
    • The Rights Issue comprises a maximum of 13,880,714 units. One unit in the Rights Issue consists of twelve (12) B-shares and three (3) warrants of series TO9 B. The warrants are issued free of charge.
    • The subscription price per unit in the Rights Issue is SEK 1.08 per unit, corresponding to SEK 0.09 per B-share. The subscription price per B-share is the same as in the Directed Issues. Upon full subscription, the Rights Issue will provide Terranet with approximately SEK 15 million before deduction of issue costs.
    • The right to subscribe for units in the Rights Issue shall, with preferential rights, be granted to shareholders in proportion to the number of B-shares they already own, where one (1) existing B-share entitles the holder to one (1) unit right, and eighty-six (86) unit rights entitle the holder to subscribe for one (1) unit.
    • The last day of trading in Terranet’s B-shares including the right to receive unit rights in the Rights Issue is April 25, 2025. The B-shares will be traded excluding the right to receive unit rights from April 28, 2025.
    • The subscription period for the Rights Issue runs from May 27, 2025, up to and including June 11, 2025.
    • The Rights Issue is covered by subscription commitments of approximately SEK 35.2 thousand, corresponding to 0.2 percent of the Rights Issue, and underwriting commitments of approximately SEK 15 million, corresponding to approximately 99.8 percent of the Rights Issue. Thus, the Rights Issue is covered to 100 percent by subscription commitments and underwriting commitments. Hunter has entered into a underwriting commitment amounting to approximately SEK 7.5 million. Furthermore, Scan has also entered into a underwriting commitment amounting to approximately SEK 7.5 million.
    • The full terms and conditions of the Rights Issue, including additional information about the Company, will be available in an information memorandum expected to be published around May 26, 2025 (the “Memorandum”).
    • The purpose of the Rights Issue is to finance the continued development of the BlincVision product, prepare for future commercialization, and repay an existing interest-bearing debt of approximately SEK 8 million.

    Background and rationale in summary
    Terranet is in an expansion phase with the development of BlincVision and has achieved several important milestones in 2024, including successful tests and partnerships with leading players in the automotive industry. To take the next step, financing is required to complete the development of a Minimum Viable Product (MVP) and continue the development towards volume production in collaboration with potential future partners.

    In order to carry out the necessary development work required to commercialize BlincVision and repay the Company’s outstanding interest-bearing debt of approximately SEK 8 million, the Board of Directors of Terranet has identified a need for additional capital. Therefore, the Directed Issues and the Rights Issue are being carried out. The proceeds from the Directed Issues and the Rights Issue will primarily be used for:

    •        Repayment of outstanding loans, approximately 20 percent.
    •        External development costs for components for BlincVision, approximately 25 percent.
    •     In-house development work as well as market and sales activities for BlincVision, approximately 25 percent.
    •        Investments in tangible fixed assets, approximately 10 percent.
    •        Working capital, approximately 20 percent.

    The First Directed Issue
    The Board of Directors of Terranet has today, with the support of the authorization from the Annual General Meeting on May 21, 2024, resolved to carry out the First Directed Issue, which comprises a maximum of 2,956,297 units at a subscription price of SEK 2.97 per unit, corresponding to SEK 0.09 per B-share. Each unit in the First Directed Issue consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. The warrants are issued free of charge. Through the First Directed Issue, the Company will raise approximately SEK 8.8 million before issue costs. The right to subscribe for units will be granted exclusively, deviating from shareholders’ preferential rights, to Hunter and Milad Pournouri.

    The Board of Directors has placed great emphasis on ensuring that the subscription price for the First Directed Issue is market-based in relation to the current share price. After negotiations at arm’s length between the Company and the intended investors, the subscription price has been set at SEK 2.97 per unit, corresponding to SEK 0.09 per B-share, which represents a premium of approximately 4.0 percent compared to the volume-weighted average price of the Company’s B-share on Nasdaq First North Premier Growth Market between April 7, 2025, and April 11, 2025. Considering this, the Board of Directors concludes that the subscription price is market-based and reflects the demand for the Company’s B-shares.

    The Second Directed Issue
    Further, the Board of Terranet has today, subject to approval by the Annual General Meeting scheduled for May 23, 2025, resolved to carry out the Second Directed Issue. The Second Directed Issue comprises a total of 5,461,210 units and is being implemented, among other things, to enable subscriptions by members of the Company’s Board of Directors and management. Since members of the Company’s board of directors and management are subject to Chapter 16 of the Swedish Companies Act (2005:551) (the so-called Leo Act), the Second Directed Issue requires approval from a shareholders’ meeting in the Company. For the decision of the shareholders’ meeting to be valid, at least nine-tenths of both the votes cast and the shares represented at the meeting must vote in favor of the decision. Following approval at the Annual General Meeting, the right to subscribe for units in the Second Directed Issue will be granted to CEO Lars Lindell, CFO Dan Wahrenberg, CCO Jonas Renander, CTO Pierre Ekwall, Chairman of the Board Torgny Hellström, and Board member Magnus Edman, as well as the current shareholder Oliver Aleksov and external investors Johannes Schildt, White Eye AB, Scan, Alex Ghafori, and Max Björs.

    The subscription price for the Second Directed Issue is SEK 2.97 per unit, corresponding to SEK 0.09 per share, which is the same subscription price as in the First Directed Issue. Through the Second Directed Issue, Terranet will raise approximately SEK 16.2 million before issue costs. Each unit in the Second Directed Issue consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. The warrants are issued free of charge.

    Deviation from shareholder’ preferential rights
    The reasons for the deviation from shareholders’ preferential rights and the targeting of the Directed Issues to the Board of Directors, management, existing shareholders, and qualified investors are as follows. Prior to the decision on the Directed Issues, the board carefully examined and considered alternative financing options, including raising capital solely through a rights issue. However, after a comprehensive assessment and considering that a directed issue allows the Company to receive capital sooner, the Board of Directors believes that new issues carried out with a deviation from shareholders’ preferential rights, combined with a rights issue, are a more favorable option for the Company and its shareholders than a rights issue alone. Therefore, the Board of Directors’ assessment is that it is in the best interests of both the Company and its shareholders to proceed with the Directed Issues.

    The reason the Directed Issues is aimed at selected institutional and private investors is that such an issue further diversifies and strengthens the Company’s shareholder base. The reason why one existing shareholder is given the opportunity to participate is that this investor has been a shareholder in the Company for a long period and continues to show great interest in the Company. All of the investors in the Directed Issues have expressed long-term interest and commitment to the Company, which the Board of Directors believes provides security and stability for both the Company and its shareholders. At the same time, other shareholders are given the opportunity to subscribe to units on the same terms through the Rights Issue.

    The Company is in an important phase and requires financing to ensure its long-term operations. According to the Board of Directors’ assessment, a more extensive and isolated rights issue would require significantly more time and resources to execute and would also entail a higher risk of a negative impact on the share price, particularly considering the current volatile and challenging market conditions. From a shareholder perspective, an isolated rights issue thus poses a risk of a negative effect on the share price compared to a directed issue combined with a rights issue. In view of the market volatility, the Board of Directors has assessed that a rights issue, without the Directed Issues, would need to be considerably larger and would therefore also require greater underwriting commitments from an underwriting consortium, which would result in additional costs and/or further dilution depending on the type of compensation for such underwriting.

    Considering the above, the Board of Directors’ collective assessment is that the reasons for carrying out the Directed Issues in combination with a compensation issue in the form of the Rights Issue outweigh the reasons for conducting a more extensive isolated rights issue.

    The Board of Directors has, in connection with the decisions on the Directed Issues, placed significant emphasis on ensuring that the subscription price is market-based in relation to the prevailing share price. After arm’s length negotiations between the company and the qualified investors, the subscription price has been set at SEK 2.97 per unit, corresponding to SEK 0.09 per B-share, which represents a premium of approximately 4.0 percent compared to the volume-weighted average price of the company’s B-share on Nasdaq First North Premier Growth Market between April 7, 2025, and April 11, 2025. Considering this, the board assesses that the subscription price is market-based and reflects the demand for the company’s B-shares.

    The Rights Issue
    To compensate shareholders who do not participate in the Directed Issues, the Board of Directors, subject to subsequent approval by the annual general meeting, has decided to carry out the Rights Issue of up to 13,880,714 units, which, if fully subscribed, could raise approximately SEK 15 million before deduction of issue costs. One unit in the Rights Issue consists of twelve (12) B-shares and three (3) warrants of series TO9 B. The warrants are issued free of charge.

    Those who are registered as shareholders in Terranet on the record date of April 29, 2025 will receive one (1) unit right for each (1) existing B-share, and eighty-six (86) unit rights will entitle the holder to subscribe for one (1) unit. The subscription price in the Rights Issue will be SEK 1.08 per unit, corresponding to SEK 0.09 per B-share, which is the same subscription price as in the Directed Issues. Participants in the Directed Issues will not receive any unit rights in the Rights Issue for the units subscribed through the Directed Issues.

    In the event that not all units are subscribed through the exercise of unit rights, the Board of Directors will decide on the allocation of units subscribed without the support of unit rights, within the framework of the maximum amount of the Rights Issue. The allocation will be made as follows:

    • First, allocation will be made to those who have subscribed for units using unit rights, regardless of whether the subscriber was a shareholder on the record date. In case of over-subscription relative to the number of unit rights each person used for subscription, allocation will be made based on the number of unit rights exercised, and if this cannot be done, by drawing lots.
    • Second, allocation will be made to others who have subscribed for units without the support of unit rights. If they cannot receive full allocation, it will be done based on the number of units they have subscribed for, and if this cannot be done, by drawing lots.
    • Lastly, any remaining units will be allocated to the underwriters who have entered into underwriting commitments in relation to the size of their respective underwriting commitments, and if this cannot be done, by drawing lots.

    The subscription period will run from May 27, 2025, up to and including June 11, 2025. Trading in unit rights will take place on the Nasdaq First North Premier Growth Market from May 27, 2025, up to and including June 5, 2025, and trading in BTU (paid subscribed units) will take place on the Nasdaq First North Premier Growth Market from May 27, 2025, up to and including June 30, 2025.

    The Company will prepare and publish the Memorandum in connection with the Rights Issue.

    Warrants of series TO9 B
    Each warrant of series TO9 B gives the right to subscribe for one (1) new B-share in the Company. One (1) warrant of series TO9 B entitles the holder to subscribe for one (1) B-share in the Company at a subscription price of SEK 0.18 (equivalent to 200% of the subscription price per B-share in the Directed Issues and the Rights Issue). The subscription for B-shares using the warrants of series TO9 B will take place during the period from December 1, 2025, up to and including December 15, 2025.

    If all warrants of series TO9 B are fully utilized within the framework of the units offered, the Company may receive an additional maximum of approximately SEK 15.1 million. The warrants are intended to be admitted to trading on Nasdaq First North Premier Growth Market.

    Subscription commitments and underwriting commitments
    The Rights Issue is covered by 0.2 percent of subscription commitments, corresponding to approximately SEK 35.2 thousand, and by approximately 99.8 percent of underwriting commitments, corresponding to approximately SEK 15 million. Hunter has entered into a underwriting commitment amounting to approximately SEK 7.5 million. Furthermore, Scan has also entered into a underwriting commitment amounting to approximately SEK 7.5 million.Thus, the Rights Issue is fully covered by subscription commitments and underwriting commitments. The entered subscription commitments and underwriting commitments are not secured by bank guarantees, pledges, or similar arrangements. Subscription commitments have been entered into by Chairman of the Board of Directors Torgny Hellström, CFO Dan Wahrenberg, and CTO Pierre Ekwall. For the underwriting commitments, a underwriting compensation of twelve (12) percent of the underwritten amount will be paid in the form of units. The subscription price for the underwriting compensation amounts to SEK 1.08 per unit, corresponding to SEK 0.09 per B-share, which is the same as the subscription price in the Rights Issue. No compensation is paid for the subscription commitments that have been entered into.

    The Board considers it favorable for the Company to offer compensation to the underwriters in the form of units instead of cash, as it positively impacts the Company’s liquidity. The subscription price in the directed issue to the underwriters was negotiated at arm’s length during the arrangement of the underwriting commitments, in consultation with the financial advisor and after an analysis of usual market factors.

    Shares, share capital and dilution
    Through the First Directed Issue, the number of B-shares in the Company will increase by 97,557,801 B-shares, from 1,193,741,451 B-shares to 1,291,299,252 B-shares. The Company’s share capital will thus increase by SEK 975,578.010, from SEK 11,937,414.510 to SEK 12,912,992.520. The newly issued shares in the First Directed Issue will result in a total dilution effect of approximately 7.6 percent of the number of B-shares and votes in the Company.

    Through the Second Directed Issue, the number of B-shares in the Company will increase by 180,219,930 B-shares, from 1,291,299,252 B-shares to 1,471,519,182 B-shares. The Company’s share capital will increase by SEK 1,802,199.300, from SEK 12,912,992.520 to SEK 14,715,191.820. The newly issued shares in the Second Directed Issue will result in a further dilution effect of approximately 12.2 percent of the number of B-shares and votes in the Company. The dilution effect, the specified number of B-shares and the share capital before and after the Second Directed Issue, consider the B-shares issued in the First Directed Issue.

    The Directed Issues will result in a total dilution effect of 18.9 percent of the number of B-shares and votes in the Company. Through the Directed Issues, the number of B-shares in the Company will increase by 277,777,731 B-shares, from 1,193,741,451 B-shares to 1,471,519,182 B-shares. The Company’s share capital will thus increase by SEK 2,777,777.310, from SEK 11,937,414.510 to SEK 14,715,191.820.

    Upon full subscription in the Rights Issue, the number of B-shares in Terranet will increase by up to an additional 166,568,568 B-shares, from 1,471,519,182 B-shares to 1,638,087,750 B-shares, and the share capital will increase by up to SEK 1,665,685.680, from SEK 14,715,191.820 to SEK 16,380,877.500. For existing shareholders who do not participate in the Rights Issue, this corresponds to an additional dilution effect of approximately 10.2 percent of the votes and share capital in the Company upon full subscription.

    The total dilution effect from full subscription in the Rights Issue, together with the Directed Issues, amounts to approximately 27.1 percent.

    Upon full exercise of all warrants of series TO9 B within the scope of the offered units, the number of B-shares in Terranet will increase by up to an additional maximum of 83,729,677 B-shares, from 1,638,087,750 B-shares to 1,721,817,427 B-shares, and the share capital will increase by up to SEK 837,296.770, from SEK 16,380,877.500 to SEK 17,218,174.270. Full exercise of all warrants of series TO9 B would result in an additional dilution effect of up to 4.9 percent.

    Preliminary timetable for the Rights Issue

    April 25, 2025 Last day of trading in B-shares including the right to receive unit rights
    April 28, 2025 First day of trading in B-shares excluding the right to receive unit rights
    April 29, 2025 Record date for the Rights Issue
    May 26, 2025 Disclosure of the Memorandum
    May 27, 2025 – June 5, 2025 Trading with unit rights
    May 27, 2025 – June 11, 2025 Subscripition period
    May 27, 2025 – June 30, 2025 Trading in paid subscribed units (BTU)
    June 13, 2025 Preliminary date for publication of the outcome in the Rights Issue

    Annual General Meeting
    The Board of Directors’ resolution regarding the Second Directed Issue and the Rights Issue is subject to approval by the Annual General Meeting, which will be held on May 23, 2025. A notice of the Annual General Meeting will be published in a separate press release.

    The Memorandum
    The complete terms and conditions of the Rights Issue, as well as other information about the Company, will be set out in the Memorandum, which will be published by the Company prior to the commencement of the subscription period. The Memorandum is expected to be published on the Company’s website, www.terranet.com, around May 26, 2025.

    Advisers
    Mangold Fondkommission AB is the financial advisor to Terranet in connection with the Directed Issues and the Rights Issue. Eversheds Sutherland Advokatbyrå AB is the legal advisor to the Company in connection with the Directed Issues and the Rights Issue.

    For more information, please contact:
    Dan Wahrenberg, CFO
    E-mail: dan.wahrenberg@terranet.se

    This information is such that Terranet AB is required to make public in accordance with the EU’s Market Abuse Regulation (MAR). The information was made public by the Company’s contact person above on April 16, 2025, at 18:00 CET.

    About Terranet AB (publ) 
    Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.
    The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B). Follow our journey at: www.terranet.se

    Certified Adviser to Terranet is Mangold Fondkommission AB.

    Important information
    The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in Terranet in any jurisdiction, neither from Terranet nor anyone else.

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  • MIL-OSI Video: Impact of tariffs and uncertainty

    Source: World Trade Organization – WTO (video statements)

    The volume of world merchandise trade is expected to decline by 0.2% in 2025 under current conditions, nearly three percentage points lower than what would have been expected under a “low tariff” baseline scenario, according to the WTO Secretariat’s latest Global Trade Outlook and Statistics report released on 16 April. This is premised on the tariff situation as of 14 April. Trade could shrink even further, to -1.5% in 2025, if the situation deteriorates.

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=vovwpFmmSPE

    MIL OSI Video –

  • MIL-OSI Video: Global Trade Outlook 2025

    Source: World Trade Organization – WTO (video statements)

    Press conference with Director-General Ngozi Okonjo-Iweala and Chief Economist Ralph Ossa, launching the Global Trade Outlook and Statistics, released on 16 April.

    The report shows that temporary tariff pause mitigates trade contraction, but strong downside risks persist.
    Under current conditions, the volume of world merchandise trade is likely to fall by 0.2% in 2025. The decline is expected to be particularly steep in North America, where exports are forecasted to drop by 12.6%.
    However, severe downside risks exist, including the application of “reciprocal” tariffs and broader spillover of policy uncertainty, which could lead to an even sharper decline of 1.5% in global goods trade and hurt export-oriented least-developed countries.
    The report contains for the first time a forecast for services trade to complement its projections for merchandise trade. The volume of services trade is forecasted to grow by 4.0% in 2025, around 1 percentage point less than expected.

    More info:
    https://www.wto.org/english/news_e/news25_e/tfore_16apr25_e.htm

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=F9DG3herUGA

    MIL OSI Video –

  • MIL-OSI Africa: Culture can build a better world: four key issues on Africa’s G20 agenda

    Source: The Conversation – Africa – By Ribio Nzeza Bunketi Buse, Associate Professor, University of Kinshasa

    The cultural and creative industries are a growing source of income and job creation around the world, generating tens of millions of jobs. The cultural sector is also linked to soft power, to relations between countries.

    Because of this, culture is an active part of the agenda of the G20 global economic forum. Under the presidency of South Africa in 2025, the G20 has chosen four key culture focus areas: heritage restitution; socio-economic strategies for inclusivity; digital technologies; and climate action.

    Here, as a scholar of the sector, I outline why these four priorities are relevant to both the G20 and the African continent, and to South Africa itself as the host country, in the light of current global trends and issues.

    G20 and culture

    The relationship between culture and development is increasingly emphasised. The 2022 Unesco World Conference on Cultural Policies and Sustainable Development – or Mondiacult – recommended that culture be a “stand-alone” sustainable development goal.

    This proposal is underlined by the UN’s Pact for the Future, adopted in 2024. The 17 sustainable development goals, adopted by the UN in 2015, are to ensure peace and prosperity for all people by 2030. They include goals like zero hunger and reduced inequalities.

    Read more: What is Mondiacult? 6 take-aways from the world’s biggest cultural policy gathering

    As the global order shifts, new actors from the global south are emerging as the Brics group. However, the G20 is the only forum that includes countries from both the global north and south.

    The G20, like the G7 and Brics, has a tradition of including culture among the items for discussion at ministerial level, supported by a working group.

    Under Brazil’s presidency in 2024, the G20 Culture Working Group highlighted the relationship between education and culture. This was in line with Unesco’s Framework for Culture and Arts Education. Taking over the G20 presidency, South Africa has expanded on the cultural agenda.

    Cultural heritage

    Priority 1: the safeguarding and restitution of cultural heritage to protect human rights.

    This relates to cultural property, mainly stolen during colonisation and displayed in global south museums. It’s one of the key issues in the heritage sector today.

    After years of demands by formerly colonised countries, there’s a growing list of high profile objects being sent back home. France returned 26 Dahomey Kingdom royal treasures to Benin and the saber of El Hadj Omar Tall to Senegal; 119 Benin bronzes came from the Netherlands to Nigeria. Akan cultural objects were restituted from Japan to Côte d’Ivoire.

    This global issue has particularly affected African countries. South Africa, too, knows its importance, with the repatriation of the human remains of Saartjie Baartman by France.

    Statues of the Kingdom of Dahomey returned to Benin by France. Gerard Julien/AFP/Getty Images

    The Mondiacult 2022 declaration calls the return of cultural heritage an “ethical imperative”. It’s part of the respect for cultural rights and human rights.

    For South Africa, one of the most influential countries on the continent, this is a good way to support the 2023 position of the African Union (AU) on the urgent return of this heritage. Improving the relationship between the global north and south requires this kind of debate.

    Inclusive development

    Priority 2: integrating cultural policies in socio-economic strategies to ensure inclusive, rights-based development.

    The importance of cultural goods and services in national and international trade has been highlighted many times. Statistics show they make up a healthy share of a country’s gross domestic product (GDP).

    A 2021 study found that the cultural and creative industries contributed 4.3% to South Africa’s GDP. At African level, they are estimated to generate US$45.35 billion in income and 15.87 million jobs. According to the 2024 UN Creative Economy Outlook, exports of creative services globally rose to $1.4 trillion in 2022, an increase of 29% since 2017. Exports of creative goods reached US$713 billion, an increase of 19%.

    Read more: South Africa has taken over the G20 presidency from Brazil – what lessons can it learn?

    With the development of an African Continental Free Trade Area, the AU revised its plan for action on cultural and creative industries.

    South Africa can play a leading role in this priority, having drafted a national policy paper on trade agreements involving the creative and cultural industries. The country’s Creative Industries Vision 2040 aims for an annual growth rate of 6.8% of GDP for these industries.

    However, the creative economy should be rights-based development and inclusive of local communities, young people and women. The G20 countries will need to work together to support policies that enhance sustainability and equity for creative workers. This is especially important in Africa where the creative economy is largely informal and unprotected.

    Digital technologies

    Priority 3: harnessing digital technologies for the protection and promotion of culture and sustainable economies.

    Digital technology is transforming the creative economy value chain. In my survey of the COVID era’s harsh impact on creative workers, I found that digital media, online games, music and audiovisual content were able to be resilient. Their value chains, from creator to user, don’t require high levels of face-to-face interaction, and online tools can be used effectively.

    Maliyo, a games development company in Lagos, Nigeria. Olympia de Maismont/AFP/Getty Images

    In 2024 the UN Conference on Trade and Development reported that, in 2022, the most exported creative services globally were software services (41.3%), research and development (30.7%), advertising, market research and architecture (15.5%), audiovisual services (7.9%), information services (4%) and cultural, recreational and heritage services (0.6%).

    While digital technologies like artificial intelligence (AI) can be seen as a threat to creativity and intellectual property, they can also be used to promote respect for communities and creators. The development of monitoring software for collecting music rights payments is an example.

    In 2021 the UN Educational, Scientific and Cultural Organization adopted a recommendation on the ethics of AI. It proposes that AI tools be used for the benefit of the promotion, preservation, enrichment and accessibility of intangible or tangible cultural heritage. This issue is crucial because Mondiacult 2022 declared that culture is a “global public good” and the G20 must fund research and development of the most appropriate and advanced AI tools.

    Climate change

    Priority 4: the intersection of culture and climate change – shaping global responses.

    The challenges of climate change require a range of responses. Intangible cultural heritage (like oral traditions, social practices, rituals) can help to teach how ancient societies organised their relationships with nature and how they dealt with changes.

    The Herds, touring the world from central Africa for climate awareness. Hardy Bope/AFP/Getty Images

    Art, theatre, film, gaming and many other cultural forms can educate and raise awareness about this urgent issue. The African continent has a rich cultural diversity and is a potential source of many unexpected and insightful solutions.

    Keeping it relevant

    These four priorities reflect what is important on the continent. Africa will benefit from the collective efforts of the G20 countries in implementing such priorities. The presence of the AU as a permanent member of the G20 will support South Africa’s leadership and advance the continent’s cause.

    The challenge to the culture working group is to come up with relevant recommendations that can be endorsed by the G20 Ministerial Meeting. The 2024 G7 Ministerial Meeting on Culture, along with the AU and the African Development Bank, has set the tone. Their Naples Statement on culture for the sustainable development of Africa and the world notes that the G7 countries “intend to work with African governments to harness culture as a key driver of sustainable development”.

    A G20 summit on African soil cannot do less. It has all the potential it needs to support the African cultural sector in a variety of ways.

    – Culture can build a better world: four key issues on Africa’s G20 agenda
    – https://theconversation.com/culture-can-build-a-better-world-four-key-issues-on-africas-g20-agenda-253864

    MIL OSI Africa –

  • MIL-OSI Economics: Apple surpasses 60 percent reduction in global greenhouse gas emissions

    Source: Apple

    Headline: Apple surpasses 60 percent reduction in global greenhouse gas emissions

    April 16, 2025

    UPDATE

    Apple unveils environmental progress, surpassing 60 percent reduction in global greenhouse gas emissions

    Ahead of Earth Day, Apple hits new milestones in emissions reductions, clean energy, and recycled materials

    Customers are invited to recycle devices in-store with a special offer through May 16

    Apple today announced that the company has surpassed a 60 percent reduction in its global greenhouse gas emissions compared to 2015 levels, as part of its Apple 2030 goal to become carbon neutral across its entire footprint in the next five years. The company achieved several other major environmental milestones, including the use of 99 percent recycled rare earth elements in all magnets and 99 percent recycled cobalt in all Apple-designed batteries.1 Apple shared this and other progress in its annual Environmental Progress Report, published today.

    “We’re incredibly proud of the progress we’re making toward Apple 2030, which touches every part of our business,” said Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives. “Today, we’re using more clean energy and recycled materials to make our products than ever before, we’re preserving water and preventing waste around the world, and we’re investing big in nature. As we get closer to 2030, the work gets even harder — and we’re meeting the challenge with innovation, collaboration, and urgency.”

    Apple’s 2030 strategy prioritizes cutting greenhouse gas emissions by 75 percent compared with its 2015 baseline year, before applying high-quality carbon credits to balance the remaining emissions. Last year, Apple’s comprehensive efforts to reduce its carbon footprint — including the continued transition of its supply chain to renewable electricity and designing products with more recycled materials — avoided an estimated 41 million metric tons of greenhouse gas emissions.

    As Apple celebrates Earth Day with its teams, partners, and customers around the world, including with a special offer for users who bring in devices for recycling, here’s a look at the progress the company is making across its environmental initiatives.

    Accelerating Clean Energy in Apple’s Supply Chain

    There are now 17.8 gigawatts of renewable electricity online in Apple’s global supply chain, thanks to the company’s long-standing collaboration with its suppliers to transition to 100 percent renewable energy for their Apple production by 2030. The renewable energy procured by Apple suppliers avoided 21.8 million metric tons of greenhouse gas emissions in 2024, an over 17 percent increase from the previous year. Additionally, suppliers avoided nearly 2 million metric tons of greenhouse gas emissions last year by working with Apple to optimize their energy efficiency.

    Driving Cleaner Semiconductor Production

    In addition to transitioning suppliers to clean energy, Apple is working across its supply chain to reduce the direct climate impact of industrial processes. This includes the manufacturing of semiconductors and flat-panel displays, both of which emit highly potent fluorinated greenhouse gases (F-GHGs). Today, Apple is announcing that 26 of its direct semiconductor suppliers have committed to abate at least 90 percent of F-GHGs from their facilities with Apple-related production by 2030. Many of these facilities also serve additional customers, helping this progress ripple beyond Apple. Additionally, 100 percent of the company’s direct display suppliers have made the same pledge. In 2024, display and semiconductor suppliers abated 8.4 million metric tons of greenhouse gas emissions, and the new commitments will accelerate that progress in the coming years.

    Expanding the Use of Recycled and Renewable Materials

    Apple continues to use more recycled and renewable materials across its products, helping drive down their carbon footprint without compromising quality or performance. Earlier this year, Apple surpassed 99 percent on the way toward its 2025 goals to use 100 percent recycled rare earth elements in all magnets and 100 percent recycled cobalt in all Apple-designed batteries. Magnets are by far the most significant use of rare earth elements in Apple products overall, and Apple-designed batteries comprise over 97 percent of Apple’s total cobalt use. Apple is committed to sourcing both recycled and primary minerals responsibly, and drives high human rights and environmental standards across its supply chain.

    Eliminating Millions of Metric Tons of Waste

    In 2024, suppliers participating in Apple’s Zero Waste program redirected approximately 600,000 metric tons of waste from landfills, bringing the total to 3.6 million metric tons since the program’s inception in 2015. That is equivalent to eliminating 4.5 million square meters of landfill space. Apple and its suppliers are innovating to further accelerate progress, from deploying recyclable protective films and reusable trays in manufacturing to recovering valuable metals from waste liquids generated during printed circuit board manufacturing.

    Innovating to Reduce Product Emissions

    Apple’s environmental progress continues to show up in its products. Earlier this year, the company introduced the new MacBook Air with over 55 percent recycled content overall, the most in any Apple product. Last year, Apple introduced its first-ever carbon neutral Mac with the new Mac mini. And customers can choose a carbon neutral option of any Apple Watch in any material. Apple’s carbon neutral products are the result of innovations to significantly reduce carbon emissions across their three biggest sources — materials, electricity, and transportation — before using high-quality carbon credits from nature-based projects to balance the small amount of remaining emissions.

    Saving Billions of Gallons of Water Each Year

    Apple and its suppliers have saved over 90 billion gallons of fresh water since launching the Supplier Clean Water Program in 2013, which promotes water reuse, efficiency, and other initiatives at facilities around the world. The average reuse rate by participating suppliers was 42 percent last year, saving 14 billion gallons of fresh water in 2024 alone. Across Apple’s corporate operations, the company has set a target to replenish 100 percent of freshwater withdrawals in high-stress locations by 2030. Apple has now initiated long-term partnerships amounting to over 40 percent of that target. This includes support for new and ongoing replenishment projects in the U.S., India, and Africa, which together are expected to deliver nearly 9 billion gallons in water benefits over the next 20 years.

    Celebrating Earth Day with Apple

    To celebrate Earth Day, Apple is offering customers and users a series of ways to learn and take action to protect the planet — from helping take part in recycling important materials, to enjoying content that celebrates Earth.

    Through Apple Trade In and free recycling programs available at Apple Store locations around the world, customers can bring in the Apple products they no longer use for credit or to be responsibly recycled. From now until May 16, customers can receive 10 percent off an Apple accessory when they recycle an eligible item in-store.2

    On April 22, Apple Watch users can earn an Earth Day limited-edition award by completing any workout of 30 minutes or more, encouraging them to get outside and stay active. Apple Fitness+ offers thousands of workouts and meditations that can be done anytime, anywhere, including outside. On April 21, a new Time to Walk episode celebrating Earth Day will feature actress and climate advocate Shailene Woodley, and users can discover a collection of Time to Run episodes with Fitness+ trainers through Lake Tahoe; Zion National Park; Kona, Hawaii; and Yellowstone National Park, or enjoy an ocean breathing meditation with Fitness+ trainer Jessica Skye.

    On the Apple TV app, customers can also enjoy movies and shows celebrating Earth in “The Future Is Up to Us,” a room that features family-friendly favorites, portraits of changemakers, and awe-inspiring Apple Originals like The Last of the Sea Women. And this Earth Day, Apple TV+ highlights the wonders of our planet through a slate of award-winning original series, specials, and shorts, including Jane, Stillwater, Earthsounds, Earth at Night in Color, Tiny World, Prehistoric Planet, The Secret Lives of Animals, Here We Are: Notes for Living on Planet Earth, and many more.

    Through a new Earth Day collection in the Tips app, users can learn about planet-friendly actions available on iPhone, including how to identify plants in the Photos app, customize and download Maps for a journey outdoors, save electricity at home, and more.

    For additional information about Apple’s environmental efforts, visit apple.com/environment.

    1. Recycled materials are certified to standards that conform to ISO 14021, and all cobalt claims use mass balance allocation.
    2. Offer available to customers who recycle an eligible device and purchase a new eligible accessory in the same transaction between April 16, 2025, and May 16, 2025. Only at Apple Store locations. Additional restrictions apply. For full terms and conditions of the offer, visit apple.com/trade-in.

    The information covered in this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our goals, targets, commitments, and strategies. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. More information on risks, uncertainties, and other potential factors that could affect our business and performance is included in our filings with the SEC.

    Press Contacts

    Sean Redding

    Apple

    s_redding@apple.com

    Chloe Sweet

    Apple

    chloe_sweet@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI Global: Culture can build a better world: four key issues on Africa’s G20 agenda

    Source: The Conversation – Africa – By Ribio Nzeza Bunketi Buse, Associate Professor, University of Kinshasa

    The cultural and creative industries are a growing source of income and job creation around the world, generating tens of millions of jobs. The cultural sector is also linked to soft power, to relations between countries.

    Because of this, culture is an active part of the agenda of the G20 global economic forum. Under the presidency of South Africa in 2025, the G20 has chosen four key culture focus areas: heritage restitution; socio-economic strategies for inclusivity; digital technologies; and climate action.

    Here, as a scholar of the sector, I outline why these four priorities are relevant to both the G20 and the African continent, and to South Africa itself as the host country, in the light of current global trends and issues.

    G20 and culture

    The relationship between culture and development is increasingly emphasised. The 2022 Unesco World Conference on Cultural Policies and Sustainable Development – or Mondiacult – recommended that culture be a “stand-alone” sustainable development goal.

    This proposal is underlined by the UN’s Pact for the Future, adopted in 2024. The 17 sustainable development goals, adopted by the UN in 2015, are to ensure peace and prosperity for all people by 2030. They include goals like zero hunger and reduced inequalities.



    Read more:
    What is Mondiacult? 6 take-aways from the world’s biggest cultural policy gathering

    As the global order shifts, new actors from the global south are emerging as the Brics group. However, the G20 is the only forum that includes countries from both the global north and south.

    The G20, like the G7 and Brics, has a tradition of including culture among the items for discussion at ministerial level, supported by a working group.

    Under Brazil’s presidency in 2024, the G20 Culture Working Group highlighted the relationship between education and culture. This was in line with Unesco’s Framework for Culture and Arts Education. Taking over the G20 presidency, South Africa has expanded on the cultural agenda.

    Cultural heritage

    Priority 1: the safeguarding and restitution of cultural heritage to protect human rights.

    This relates to cultural property, mainly stolen during colonisation and displayed in global south museums. It’s one of the key issues in the heritage sector today.

    After years of demands by formerly colonised countries, there’s a growing list of high profile objects being sent back home. France returned 26 Dahomey Kingdom royal treasures to Benin and the saber of El Hadj Omar Tall to Senegal; 119 Benin bronzes came from the Netherlands to Nigeria. Akan cultural objects were restituted from Japan to Côte d’Ivoire.

    This global issue has particularly affected African countries. South Africa, too, knows its importance, with the repatriation of the human remains of Saartjie Baartman by France.

    The Mondiacult 2022 declaration calls the return of cultural heritage an “ethical imperative”. It’s part of the respect for cultural rights and human rights.

    For South Africa, one of the most influential countries on the continent, this is a good way to support the 2023 position of the African Union (AU) on the urgent return of this heritage. Improving the relationship between the global north and south requires this kind of debate.

    Inclusive development

    Priority 2: integrating cultural policies in socio-economic strategies to ensure inclusive, rights-based development.

    The importance of cultural goods and services in national and international trade has been highlighted many times. Statistics show they make up a healthy share of a country’s gross domestic product (GDP).

    A 2021 study found that the cultural and creative industries contributed 4.3% to South Africa’s GDP. At African level, they are estimated to generate US$45.35 billion in income and 15.87 million jobs. According to the 2024 UN Creative Economy Outlook, exports of creative services globally rose to $1.4 trillion in 2022, an increase of 29% since 2017. Exports of creative goods reached US$713 billion, an increase of 19%.



    Read more:
    South Africa has taken over the G20 presidency from Brazil – what lessons can it learn?

    With the development of an African Continental Free Trade Area, the AU revised its plan for action on cultural and creative industries.

    South Africa can play a leading role in this priority, having drafted a national policy paper on trade agreements involving the creative and cultural industries. The country’s Creative Industries Vision 2040 aims for an annual growth rate of 6.8% of GDP for these industries.

    However, the creative economy should be rights-based development and inclusive of local communities, young people and women. The G20 countries will need to work together to support policies that enhance sustainability and equity for creative workers. This is especially important in Africa where the creative economy is largely informal and unprotected.

    Digital technologies

    Priority 3: harnessing digital technologies for the protection and promotion of culture and sustainable economies.

    Digital technology is transforming the creative economy value chain. In my survey of the COVID era’s harsh impact on creative workers, I found that digital media, online games, music and audiovisual content were able to be resilient. Their value chains, from creator to user, don’t require high levels of face-to-face interaction, and online tools can be used effectively.

    In 2024 the UN Conference on Trade and Development reported that, in 2022, the most exported creative services globally were software services (41.3%), research and development (30.7%), advertising, market research and architecture (15.5%), audiovisual services (7.9%), information services (4%) and cultural, recreational and heritage services (0.6%).

    While digital technologies like artificial intelligence (AI) can be seen as a threat to creativity and intellectual property, they can also be used to promote respect for communities and creators. The development of monitoring software for collecting music rights payments is an example.

    In 2021 the UN Educational, Scientific and Cultural Organization adopted a recommendation on the ethics of AI. It proposes that AI tools be used for the benefit of the promotion, preservation, enrichment and accessibility of intangible or tangible cultural heritage. This issue is crucial because Mondiacult 2022 declared that culture is a “global public good” and the G20 must fund research and development of the most appropriate and advanced AI tools.

    Climate change

    Priority 4: the intersection of culture and climate change – shaping global responses.

    The challenges of climate change require a range of responses. Intangible cultural heritage (like oral traditions, social practices, rituals) can help to teach how ancient societies organised their relationships with nature and how they dealt with changes.

    Art, theatre, film, gaming and many other cultural forms can educate and raise awareness about this urgent issue. The African continent has a rich cultural diversity and is a potential source of many unexpected and insightful solutions.

    Keeping it relevant

    These four priorities reflect what is important on the continent. Africa will benefit from the collective efforts of the G20 countries in implementing such priorities. The presence of the AU as a permanent member of the G20 will support South Africa’s leadership and advance the continent’s cause.

    The challenge to the culture working group is to come up with relevant recommendations that can be endorsed by the G20 Ministerial Meeting. The 2024 G7 Ministerial Meeting on Culture, along with the AU and the African Development Bank, has set the tone. Their Naples Statement on culture for the sustainable development of Africa and the world notes that the G7 countries “intend to work with African governments to harness culture as a key driver of sustainable development”.

    A G20 summit on African soil cannot do less. It has all the potential it needs to support the African cultural sector in a variety of ways.

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

    – ref. Culture can build a better world: four key issues on Africa’s G20 agenda – https://theconversation.com/culture-can-build-a-better-world-four-key-issues-on-africas-g20-agenda-253864

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Temporary duties imposed on engine oils and hydraulic fluids

    Source: United Kingdom – Government Statements

    News story

    Temporary duties imposed on engine oils and hydraulic fluids

    The Government  has accepted the TRA’s recommendation to impose provisional duties on imports of engine oils and hydraulic fluids from Lithuania and the UAE.

    The Secretary of State for Business and Trade has today (16/04/2025) accepted the Trade Remedies Authority (TRA)’s recommendation to impose provisional anti-dumping duties on imports of engine oils and hydraulic fluids from Lithuania and the United Arab Emirates (UAE), following evidence of dumping that has caused injury to UK industry. These measures will be in effect for a period of up to six months. 

    A Provisional Affirmative Determination (PAD) allows temporary duties to be imposed while a full investigation is completed.  

    The investigation, which was initiated in June 2024, found on a preliminary basis that UK producers were being undercut by an average of 37% of UK sales prices, causing material injury to domestic industry. The TRA’s investigation followed an application from UK manufacturer Aztec Oils Ltd.  

    The investigation covers certain engine oils and hydraulic fluids, including passenger car motor oils, heavy-duty commercial vehicle oils, and hydraulic oils.  

    In its Provisional Affirmative Determination, the TRA has recommended provisional duties ranging from 11.60% to 24.95% for individual participating companies and countrywide rates of 49.59% for Lithuania and 59.40% for the UAE.  

    UK producers are expected to benefit from these measures by between £5 million and £55 million, depending on their ability to adjust prices in response to the duties.  

    The TRA will continue its full investigation while these provisional measures are in place.  

    Note to editors:  

    • The Trade Remedies Authority is the independent UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.   

    • The TRA is an arm’s length body of the Department for Business and Trade.   

    • Anti-dumping duties allow a country or union to act against goods which are being sold at less than their normal value – this is defined as the price for ‘like goods’ sold in the exporter’s home market.  

    • The period of investigation is from 1 April 2023 to 21 March 2024.

    Updates to this page

    Published 16 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Global: The sudden dismissal of public records staff at health agencies threatens government accountability

    Source: The Conversation – USA – By Reshma Ramachandran, Assistant Professor of Medicine, Yale University

    Mass layoffs at the Department of Health and Human Services are continuing as the agency makes good on its intention, announced on March 27, 2025, to shrink its workforce by 20,000 people. Among workers dismissed in early April were several teams responsible for fulfilling requests for access to previously unreleased government data, information and records under a federal law known as the Freedom of Information Act, or FOIA.

    At the Centers for Disease Control and Prevention, the offices that fulfill such requests have been eliminated, according to press reports. In 2024 alone, CDC received 1,800 requests for access to public records. At the Food and Drug Administration and National Institutes of Health, which together responded to almost 14,000 requests in 2024, multiple teams of FOIA staff were fired. FOIA offices at other HHS agencies were affected, too.

    Most people may never file a public records request with a federal agency. But the fact that anyone is allowed by law to do so enables the public to hold government accountable and has catalyzed important government reforms. FOIA requests at federal health agencies have been particularly consequential. They have pushed companies to take unsafe drugs off the market, led to reforms that prevent unnecessary delays in communicating public health risks, and prompted policies that lower prices and improve access to taxpayer-funded health technologies.

    I am a health services researcher who studies the effects of public health regulation, and I have observed how the transparency enabled by FOIA can benefit patients, clinicians and researchers. Although HHS Secretary Robert F. Kennedy Jr. has stated that federal public health agencies will embrace “radical transparency”, closure of these offices suggests otherwise.

    What is an FOIA public records request?

    The Freedom of Information Act was passed in 1966 to increase government transparency in response to a rise in government secrecy during the Cold War.

    Anyone can request documents from the federal government through FOIA.

    The law requires agencies within the federal government’s executive branch to proactively publish certain procedural and other materials and to publicly disclose certain types of information. It also requires the federal government to disclose any documents that don’t fall into those categories in response to a written request, as long as they are not exempt due to issues of national security, foreign policy or business interests.

    Any member of the public, citizen or not, can file a FOIA request.

    Notably, private companies are the top requesters. They use FOIA to gain competitive advantage, support litigation and become familiar with regulations and policies that affect their business model. The next most frequent requesters are everyday people. After them come law firms, which are often supporting private companies, followed by the news media and nonprofit organizations.

    What can FOIA requests to federal health agencies reveal?

    FOIA requests to HHS agencies have led to significant shifts in public health regulation and policy.

    In one example from the early 2000s, researchers and media outlets filed FOIA requests to the FDA related to a drug called Vioxx, or rofecoxib. The drug, manufactured by the pharmaceutical company Merck, was approved by the FDA as a supposedly safer alternative for osteoarthritis pain. But the documents revealed that Merck had significantly downplayed the drug’s increased risk for heart attacks and strokes.

    Information disclosed through these requests prompted congressional investigations that led to new laws requiring companies to report results of all clinical trials in a public online database – including when trials show that treatments have no meaningful benefit or are unsafe.

    The new laws also authorized the FDA to require companies to conduct additional safety studies after a drug’s approval. This means the agency can take faster action to prevent patient harm by adding warnings to drug labels, issuing warnings of potential harms directly to doctors or withdrawing unsafe treatments entirely.

    Importantly, FOIA enables ongoing oversight. In 2021, my colleagues and I published an investigation that used FOIA to determine whether the FDA and NIH were enforcing those clinical trial transparency laws. We found that companies had failed to update thousands of clinical trials in the database with their results, and that the FDA and NIH were doing little to compel them. Using the FOIA data as evidence, we successfully petitioned the FDA to step up its enforcement and to publicly list the companies that were still not complying.

    There are countless other examples of how stakeholders have used FOIA to hold the government accountable. FOIA requests filed by lawyers, news outlets and citizens of Flint, Michigan, in 2016 revealed that state and local public health officials withheld information about the contamination of the city’s drinking water. Their secrecy potentially delayed response measures that could have prevented a recurrent disease outbreak.

    Flint residents protest outside the Michigan State Capitol in January 2016.
    Shannon Nobles/Amsterdam News via Wikimedia Commons, CC BY-SA

    During the COVID-19 pandemic, FOIA requests to HHS agencies filed by news outlets and nonprofit organizations revealed that despite billions of taxpayer dollars and other resources invested into COVID-19 vaccine development, the U.S. government had waived away their ability to take future action and not negotiated terms to ensure affordable access if companies later hiked up prices.

    What now for FOIA at HHS?

    The sudden dismissal of FOIA teams at the CDC, FDA, NIH and other federal public health agencies will limit these agencies’ ability to respond to new and ongoing requests as required by law. This will worsen an already hefty FOIA backlog at HHS agencies.

    Cuts to FOIA staff also hinder the public from using this law to examine and potentially challenge recent agency actions under the new administration. On April 5, 2025, the watchdog group Citizens for Responsibility and Ethics in Washington filed several FOIA requests on the involvement of the Department of Government Efficiency, or DOGE, in disbanding the FOIA team and on the CDC’s reported suppression in March of an expert assessment of the Texas measles outbreak.

    Based on the automated response – which read that FOIA staff had been placed on administrative leave and could not respond to requests – the group filed a lawsuit challenging the FOIA office closure, arguing that it violates the Freedom of Information Act and other administrative law.

    Limited staff capacity may also curtail agencies’ ability to proactively disclose information, such as data on drug efficacy and safety posted by the FDA. Patients and clinicians access such information to make decisions about using and prescribing medications.

    HHS representatives have stated that they will resume FOIA processing, centralizing the various agency offices under HHS in a more streamlined approach. Whether such an office with significantly diminished capacity and a lack of agency-specific expertise will be able to effectively and efficiently respond to the over 50,000 requests for records received annually remains unclear.

    A pattern of barriers to public input and accountability

    FOIA is far from a perfect tool for achieving transparency in how the government regulates health and biomedical research and policy. In fact, at least at the FDA, FOIA is costly and inefficient – partly, as my colleagues and I have written, because of the agency’s self-imposed, burdensome protocols. But without an enforceable replacement strategy, it is the only tool available to the public.

    The Trump administration has taken several other steps to reduce transparency of federal public health agencies, leaving the public with limited formal avenues outside of the courts to weigh in on agency actions.

    On March 3, 2025, HHS rescinded a long-standing policy requiring it to solicit public comments on regulations related to public property, loans, grants, benefits or contracts. Advisory committee meetings where agencies convene independent experts to provide recommendations and where public stakeholders can provide input have been canceled or postponed.

    Additionally, the newly formed Make America Healthy Again Commission led by Kennedy has met behind closed doors and without prior public notice, attended only by select, aligned members. It remains unclear if future meetings will be public.

    Not only is closure of FOIA offices across HHS agencies yet another blow to government transparency, but it also prevents the public from holding agencies accountable and pushing for changes that improve health.

    Reshma Ramachandran receives research funding support from Arnold Ventures and previously received research funding support from the U.S. Food and Drug Administration and Stavros Niarchos Foundation. She serves on the board of directors in unpaid capacity for the non-profit organization, Doctors for America.

    – ref. The sudden dismissal of public records staff at health agencies threatens government accountability – https://theconversation.com/the-sudden-dismissal-of-public-records-staff-at-health-agencies-threatens-government-accountability-254024

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Export bars placed on two paintings by 18th century artist Agostino Brunias

    Source: United Kingdom – Government Statements

    Press release

    Export bars placed on two paintings by 18th century artist Agostino Brunias

    Temporary export bars have been placed on two paintings by 18th century Italian artist Agostino Brunias

    • Export bars have been placed on the paintings to allow time for a UK gallery or institution to acquire them

    Export bars have been placed on two paintings of the island of St Vincent by 18th century artist Agostino Brunias. 

    Both paintings depict the island through the lens of the British Empire, with one showing the signing of a treaty and the other a representation of Indigenous life. 

    The Minister’s decision follows the advice of the Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest.

    The Committee found that ‘Sir William Young Conducting a Treaty with the Black Caribs on the Island of St Vincent’ met the first and third Waverley criteria for its connection with our history and national life. In addition, the Committee found that ‘A family of Charaibes in the Island of St Vincent’ met the third Waverley criterion for its significance to the study of the history of slavery and colonialism. 

    The decision on the export licence applications for both paintings will be deferred for a period ending on 15 July 2025 inclusive. At the end of the first deferral period owners will have a consideration period of 15 Business Days to consider any offer(s) to purchase one or both the paintings.

    Sir William Young Conducting a Treaty with the Black Caribs on the Island of St Vincent is set at the recommended price of £240,000 (plus VAT of £8,000). The second deferral period will commence following the signing of an Option Agreement and will last for three months.

    A family of Charaibes in the Island of St Vincent is set at the recommended price of £180,000 (plus VAT of £6,000). The second deferral period will commence following the signing of an Option Agreement and will last for three months.

    Notes to editors

    1. Organisations or individuals interested in purchasing one or both the paintings should contact the RCEWA on 02072680534 or rcewa@artscouncil.org.uk.
    2. The Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest is an independent body, serviced by Arts Council England (ACE), which advises the Secretary of State for  Culture, Media and Sport on whether a cultural object, intended for export, is of national importance under specified criteria.

    Details: A family of Charaibes in the Island of St Vincent 

    1. Details of the ITEM are as follows: A family of Charaibes in the Island of St Vincent, c.1773, oil on canvas, by Agostino Brunias (c.1730 – 2 April 1796), 56 x 61 cm.; 22 x 24 in.
    2. Provenance: Commissioned by Sir William Young, 1st Bt (1725–1788), Governor of Dominica; By descent to his son, Sir William Young, F.R.S. (1749–1815), Governor of Tobago; Anonymous sale, Paris, Hotel Drouot, 9 March 1951, lot 74 (as one of a pair); Private collection, France; Anonymous sale, Christie’s, London, 25 September 2003, lot 424; Where acquired by the mother of the present owners.

    Details: Sir William Young Conducting a Treaty with the Black Caribs on the Island of St Vincent

    1. Details of the ITEM are as follows: Sir William Young Conducting a Treaty with the Black Caribs on the Island of St Vincent, 1773, oil on canvas, by Agostino Brunias (c.1730 – 2 April 1796), 56 x 61 cm.; 22 x 24 in.
    2. Provenance: Commissioned by Sir William Young, 1st Bt (1725–1788), Governor of Dominica; By descent to his son, Sir William Young, F.R.S. (1749–1815), Governor of Tobago; Anonymous sale, Paris, Hotel Drouot, 9 March 1951, lot 74 (as one of a pair); Private collection, France; Anonymous sale, London, Christie’s, 25 September 2003, lot 425 (where titled ‘Pacification of the Maroon Negros in the Island of Jamaica’); Where acquired by the mother of the present owners.

    Updates to this page

    Published 16 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Paytronix 2025 Loyalty Report Finds Loyalty Check Sizes Growing, But Not Universally

    Source: GlobeNewswire (MIL-OSI)

    NEWTON, Mass., April 16, 2025 (GLOBE NEWSWIRE) — Paytronix, the leader in guest engagement for restaurants and convenience stores, has published the 2025 Paytronix Loyalty Report, which finds that while loyalty check size is rising across both restaurant concepts and c-stores, flat check sizes are common. The report recommends a combination of AI-enhanced data analytics, qualitative behavior feedback along with gamification, AR and mobile loyalty tools to increase engagement and grow loyalty spend.

    Download the 2025 Paytronix Loyalty Report

    The Paytronix 2025 Loyalty Report explores the forces shaping guest loyalty in 2025. It offers data-backed insights, real-world case studies, and actionable strategies to help restaurant and convenience store brands of all sizes harness the full potential of their loyalty programs.

    While loyalty check size growth is promising, it’s important to understand what this number means. Loyalty check size measures per-visit spend among loyalty members—not overall average order value (AOV). This distinction matters because a growing check size within loyalty programs doesn’t always mean members are spending more than non-loyalty guests or that programs are driving net-new profitability. 

    Loyalty check sizes are growing, but not universally – 50% of FSRs, 44% of QSRs, and 31% of c-stores saw loyalty check sizes rise by more than 10% year-over-year. 

    Some brands saw declines – 12–25% of brands, across segments, saw declines in loyalty checks, which indicates that without good strategy, check size can stagnate or shrink, even as membership grows. 

    Flat check sizes are common – Around a quarter of QSR and FSR brands saw little movement, clarifying loyalty alone isn’t enough to grow spend. 

    The report finds that AI-powered personalization, smart upsells, and relevant offers are key to increasing both loyalty check sizes and visit frequency, and ensures that loyalty program participation turns into revenue.

    The report also discusses the following trends in data analytics and solutions that can provide brands with new opportunities to segment guests and further personalize guest interactions based on their behaviors.

    It recommends the following three drivers for better personalization, which, in turn, helps programs align offers with guest preferences and deliver high-quality, thoughtful dining experiences.

    AI-enhanced data analytics are a loyalty program game-changer that makes getting to the crux of customer motivations both quicker and more accurate. Smart brands are deploying it to explore different demographics, whether B2B, B2C, generational, or lifestyle-based, to create new opportunities.

    Qualitative behavior feedback is software dedicated to scanning guest reviews across social media and analyzing voice/text messages, using sentiment analysis algorithms to read between the lines. It goes beyond spoken or written words to read the emotions behind them, indicating whether a guest was frustrated, angry, severely stressed, friendly, or enthusiastic.

    “It is obvious that today more and more brands are becoming increasingly focused on one-to-one messaging and how to be as granular as possible when segmenting their audiences. It is so crucial for success, specifically when trying to increase the likelihood of visitation in the early parts of your relationship with a new customer,” said Rachel Peterson, loyalty strategist, Paytronix. “Personalization is key to impacting behaviors and determining who is more likely to visit versus someone who is unlikely to open your doors again. The more information you have, the more targeted you can be with your messaging and offers that get them to convert again, and again.”

    About Paytronix
    Paytronix, an Access Group company, is a cloud-based digital guest engagement platform for the hospitality industry. Our innovative, unified platform provides loyalty programs, online ordering, gift cards, branded mobile applications, and strategic insights to more than 1,800 leading restaurant and convenience store brands. Our valued clients leverage the power of Paytronix across 50,000 sites globally to create seamless, personalized, and brand-authentic experiences that foster lasting relationships with their customers. For more than 20 years, Paytronix has been a trusted partner helping brands maximize the lifetime value of their guests and grow more profitable businesses. For more information, visit www.paytronix.com.

    Media Contact:
    Calen McGee
    Paytronix Systems, Inc.
    Calen.McGee@theaccessgroup.com

    The MIL Network –

  • MIL-OSI: FFB Bancorp Announces First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    FRESNO, Calif., April 16, 2025 (GLOBE NEWSWIRE) — FFB Bancorp (the “Company”) (OTCQX: FFBB), the parent company of FFB Bank (the “Bank”), today reported net income of $8.10 million, or $2.55 per diluted share, for the first quarter of 2025, an increase of 4% from the $7.79 million, or $2.46 per diluted share, reported for the first quarter of 2024. The Bank reported $9.72 million, or $3.05 per diluted share, for the fourth quarter of 2024. All results are unaudited.

    First Quarter 2025 Highlights: As of, or for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024:

    • Pre-tax, pre-provision income increased 10% to $12.01 million.
    • Net income increased 4% to $8.10 million.
    • Return on average equity (“ROAE”) was 18.83%.
    • Return on average assets (“ROAA”) was 2.14%.
    • Net interest margin expanded 20 basis points to 5.35% from 5.15%.
    • Operating revenue (net interest income, before the provision for credit losses, plus non-interest income) increased 21% to $28.48 million.
    • Total assets increased 12% to $1.56 billion.
    • Total portfolio of loans increased 18% to $1.09 billion.
    • Total deposits increased 10% to $1.32 billion.
    • Shareholder equity increased 26% to $174.71 million.
    • Book value per common share increased 27% to $55.52.
    • The Company’s tangible common equity ratio was 11.20%, while the Bank’s regulatory leverage capital ratio was 14.66%, and the total risk-based capital ratio was 21.09% at March 31, 2025.

    “In spite of the general market headwinds, and the constant noise surrounding potential policy changes, our first quarter 2025 results still came in quite strong because the team was able to stay focused on the basics,” said Steve Miller, President & CEO. “The loan portfolio increased $21 million, deposits grew $36 million, and total assets grew $56 million. In addition, we were able to record strong earnings while improving our book value per common share through our strategic share repurchase program.”

    “During the quarter we have made consistent progress on the matters outlined in our consent order, although ultimate compliance will be determined by our regulators. The team has been diligent in working with our regulators to complete the necessary steps to meet consent order timelines. We have confidence we can continue to address these items going forward.”

    Linda Emtman and Miles Mahoney Join Board of Directors of FFB Bancorp and FFB Bank:

    Linda Emtman and Miles Mahoney have been appointed to the Board of Directors for the Company and Bank, expanding the number of directors for both boards to 11 from 9.

    Ms. Emtman was a Principal in Financial Services at Ernst & Young in San Francisco until her retirement. She is on the executive leadership team of the American Heart Association, and an Ambassador at the Bay Area Cor Vitae Society. Ms. Emtman is a graduate of the University of Washington where she earned her bachelor’s degree in Business Administration and completed her Master Deal Maker certification at the Wharton School.

    Mr. Mahoney is the President of U2 Science Labs, Inc, an advanced analytics and data science platform, in Orange County and the Founder and Managing Partner of Irish Acquisitions, Inc. He has served as a board member of a number of different organizations over a 15-year period. Mr. Mahoney is a graduate of Montana State University where he earned his bachelor’s degree in Business Administration & Finance and completed his MBA at the Pepperdine Graziadio School of Business.

    “We are delighted to welcome Linda and Miles to our Company’s Board of Directors and look forward to working with them as we pursue our mission to grow our franchise. They bring a wealth of experience and a broad depth of knowledge that will help propel us forward for future success,” said Mark Saleh, Chairman of the Boards. “Recently, one of our founding board members, Al Smith, passed away. He was instrumental in the early development of our brand. His commitment to the bank and creative ideas will be missed.”

    Update on Stock Repurchase Program:

    On January 22, 2025, the Company announced that it had authorized a plan to utilize up to $15.0 million of capital to repurchase shares of the Company’s common stock. As of March 31, 2025, the Company has repurchased 41,915 shares, at an average price of $81.60, totaling $3.42 million. This represents approximately 1.78% of total shareholders’ equity at March 31, 2025.

    Under the terms of the repurchase plan, the Company may repurchase shares of the Company’s common stock from time to time, through December 31, 2025, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company’s discretion and depend on various factors including the performance of the Company’s stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds, and other relevant factors. Through December 31, 2025, the repurchase plan may be discontinued, suspended or restarted at any time.

    Results of Operations

    Quarter ended March 31, 2025:

    Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 21% to $28.48 million for the first quarter of 2025, compared to $23.61 million for the first quarter a year ago, and increased 1% from $28.25 million from the fourth quarter of 2024.

    Net interest income, before the provision for credit losses, increased 17% to $18.90 million for the first quarter of 2025, compared to $16.14 million for the same quarter a year ago, and remained consistent with the $18.81 million reported last quarter. “The increase in net interest income compared to prior year was primarily driven by loan portfolio growth,” said Bhavneet Gill, Chief Financial Officer. “We have also seen some relief in funding costs as a result of the FOMC rate cuts from the second half of 2024.”

    The Company’s net interest margin (“NIM”) increased by 20 basis points to 5.35% for the first quarter of 2025, compared to 5.15% for the first quarter of 2024, and increased 11 basis points from 5.24% for the preceding quarter. “Our yield on earning assets increased 8 basis points in the first quarter primarily from changes within the loan portfolio. Additionally, the expansion of NIM was buoyed by a 4 basis point decrease in the cost to fund earning assets as average non-interest bearing deposits increased $11.68 million quarter-over-quarter,” noted Gill.

    The yield on earning assets was 6.31% for the first quarter of 2025, compared to 6.15% for the first quarter a year ago, and 6.24% for the previous quarter. The cost to fund earning assets decreased to 0.96% for the first quarter of 2025 compared to 1.00% for the previous quarter, and 1.00% for the same quarter a year earlier.

    Total non-interest income was $9.58 million for the first quarter of 2025, compared to $7.47 million for the first quarter of 2024, and $9.44 million for the previous quarter. The increase in non-interest income, from the first quarter of 2024, was driven by higher merchant services revenue and a reduction in loss on sale of investments, partially offset by lower gain on sale of loans revenue. The quarter-over-quarter increase in non-interest income was attributed to higher merchant services revenue due to seasonal activity, partially offset by a reduction in the gain on sale of loans revenue.

    Merchant services revenue increased 30% to $7.86 million for the first quarter of 2025, compared to $6.07 million from the first quarter of 2024. The increase was primarily due to higher volume across all merchant business lines and higher gross revenue related to FFB Payments. Merchant services revenue increased from $7.56 million when compared to the fourth quarter of 2024 as a result of an increase in processing volume during the quarter, primarily due to seasonal activity. First quarter 2025 ISO Partner Sponsorship volumes include $2.78 billion in volume for the ISO partners being exited in the second quarter of 2025. First quarter 2025 ISO Partner Sponsorship revenue includes $990,000 in revenue from the ISO partners being exited in the second quarter of 2025. “These ISO exits were the right decision to help ensure we are aligned with our partners in regard to best in class oversight. We anticipate replacing this volume and revenue through growth in FFB Payments and with our remaining ISO partners as we move forward,” said Miller.

    Merchant ISO Processing Volumes (in thousands)
    Source Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    ISO Partner Sponsorship $ 5,007,998   $ 4,891,643   $ 4,556,868   $ 4,391,365   $ 3,763,289  
    FFB Payments- Sub-ISO Merchants   21,551     22,950     24,661     24,414     19,370  
    FFB Payments – Direct Merchants   97,095     91,133     64,512     76,059     77,349  
    Total volume $ 5,126,644   $ 5,005,726   $ 4,646,041   $ 4,491,838   $ 3,860,008  
    Merchant ISO Processing Revenues (in thousands)
    Source of Revenue Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Net Revenue*:          
    ISO Partner Sponsorship $ 2,410   $ 2,535   $ 2,284   $ 2,156   $ 2,183  
               
    Gross Revenue:          
    FFB Payments- Sub-ISO Merchants   745     764     810     795     672  
    FFB Payments – Direct Merchants   4,709     4,262     2,476     3,117     3,213  
        5,454     5,026     3,286     3,912     3,885  
    Gross Expense:          
    FFB Payments- Sub-ISO Merchants   616     638     723     675     518  
    FFB Payments – Direct Merchants   2,558     2,511     1,766     1,989     1,842  
        3,174     3,149     2,489     2,664     2,360  
    Net Revenue:          
    FFB Payments- Sub-ISO Merchants   129     126     87     120     154  
    FFB Payments – Direct Merchants   2,151     1,751     710     1,128     1,371  
    FFB Payments Net Revenue   2,280     1,877     797     1,248     1,525  
    Net Merchant Services Income: $ 4,690   $ 4,412   $ 3,081   $ 3,404   $ 3,708  
     
    *ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.
     

    Total deposit fee income increased 7% to $849,000 for the first quarter of 2025, compared to $796,000 for the first quarter of 2024, and decreased 1% from $856,000 for the previous quarter.

    There was a $261,000 gain on sale of loans during the first quarter of 2025, compared to a gain on sale of loans of $451,000 during the first quarter 2024, and a gain on sale of loans of $929,000 in the previous quarter. There was no loss on sale of investments during the first quarter of 2025, compared to a $373,000 loss during the first quarter of 2024, and a $482,000 loss in the previous quarter.

    Non-interest expense increased 30% to $16.47 million for the first quarter of 2025, compared to $12.70 million for the first quarter 2024, and increased 24% from $13.27 million from the previous quarter. The increases on a year-over-year and quarterly comparison were driven by increases in salaries and employee benefits expense.

    Salaries and employee benefits increased 22% to $8.06 million for the first quarter of 2025, compared to $6.58 million for the first quarter 2024. Total salaries and employee benefits increased 56% from $5.18 million in the previous quarter. The quarterly increase in salaries and employee benefits expense is partially attributed to $1.96 million in non-recurring reductions to performance bonus and ESOP accruals recognized in the fourth quarter of 2024. The balance of the increase was primarily the result of expense associated with full-time employees hired in the fourth quarter of 2024 and the first quarter of 2025. Full-time employees increased to 175 at March 31, 2025, compared to 147 full-time employees a year earlier, and 168 full-time employees from the previous quarter.

    “Over the last few quarters, we’ve made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, regional expansion, and compliance/risk management initiatives. We continue to see elevated legal, audit, and technology related expenses mostly related to addressing the Consent Order,” said Miller.

    Occupancy and equipment expenses decreased 8% from a year ago, representing 2% of non-interest expense, and decreased 14% from the preceding quarter. Merchant operating expense totaled $3.17 million for the first quarter of 2025, compared to $2.36 million for the first quarter of 2024 and $3.15 million for the preceding quarter. The change in merchant operating expense is attributed to fluctuations in volume and revenue for the FFB Payments lines of business. Merchant operating expenses include interchange fees, chargebacks, partnership fees, and other card brand fees.

    Other operating expense increased 45% or $1.51 million to $4.88 million from a year earlier and increased 8% or $351,000 from the previous quarter. The year-over-year increase was driven by increases of $252,000 in data and software related expense, $355,000 in professional fees, $262,000 in marketing expense, $111,000 in regulatory assessment expense, and $321,000 in operational losses. The increase in data and software expense and professional fees, which include legal, audit, and consulting fees, are primarily due to actions taken to enhance the Company’s AML/CFT, compliance, and merchant services programs.

    The efficiency ratio was 57.83% for the first quarter of 2025, compared to 52.96% for the same quarter a year ago, and 46.19% for the preceding quarter. The efficiency ratio can fluctuate period over period based on changes in merchant services’ gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services’ gross expense, which is included in non-interest expense, is netted against merchant services’ revenue in non-interest income. The adjusted efficiency ratio was 52.54% for the first quarter of 2025, compared to 47.82% for the same quarter a year ago, and 39.57% for the previous quarter.

    Balance Sheet Review

    Total assets increased 12% to $1.56 billion at March 31, 2025, compared to $1.40 billion at March 31, 2024, and increased 4% compared to December 31, 2024.

    The total portfolio of loans increased 18%, or $165.66 million, to $1.09 billion, compared to $926.78 million at March 31, 2024, and increased $21.36 million, from $1.07 billion at December 31, 2024.

    Commercial real estate loans increased 28% year-over-year to $696.63 million, representing 64% of total loans at March 31, 2025. The CRE portfolio includes approximately $282.54 million in multi-family loans originated by the Southern California team that the Company may consider selling at some point in the future for liquidity and concentration management. The multi-family portfolio includes $84.52 million in short-term bridge loans for transitional projects of multi-family properties. The short-term bridge loans are conservatively underwritten with minimum DSCR and liquidity requirements. The bank continues to market our bridge loan product in a more measured approach, keeping to our conservative underwriting standards. The real estate construction and land development loan portfolio decreased 84% from a year ago to $12.65 million, representing 1% of total loans, while residential RE 1-4 family loans totaled $17.15 million, or 2% of loans, at March 31, 2025.

    The commercial and industrial (C&I) portfolio increased 16% to $260.06 million, at March 31, 2025, compared to $224.55 million a year earlier, and decreased 3% from $267.95 million at December 31, 2024. C&I loans represented 24% of total loans at March 31, 2025. Agriculture loans represented 10% of the loan portfolio at March 31, 2025. At March 31, 2025, the SBA, USDA, and other government agencies guaranteed loans totaled $61.37 million, or 5.6% of the loan portfolio.

    Investment securities totaled $313.83 million at March 31, 2025, compared to $328.91 million a year earlier, and decreased $8.36 million from $322.19 million at December 31, 2024. The investment portfolio consists of mortgage-backed and municipal securities, both tax exempt and taxable, treasury securities as well as other domestic debt. At March 31, 2025, the Company had a net unrealized loss position on its investment securities portfolio of $24.50 million, compared to a net unrealized loss of $25.89 million at December 31, 2024. The Company’s investment securities portfolio had an effective duration of 5.61 years at March 31, 2025, compared to 5.32 years at December 31, 2024.

    Total deposits increased 10%, or $119.85 million, to $1.32 billion at March 31, 2025, compared to $1.20 billion from a year earlier, and increased $36.00 million from $1.28 billion at December 31, 2024. The quarter-over-quarter increase in deposit balances is primarily attributed to an increase in interest bearing checking accounts. Non-interest bearing demand deposits increased 10% to $825.40 million at March 31, 2025, compared to $751.64 million at March 31, 2024, and decreased $3.10 million from $828.51 million at December 31, 2024. Non-interest bearing demand deposits represented 63% of total deposits at March 31, 2025.

    Included in non-interest bearing deposits are $89.98 million from ISO partners for merchant reserves, $135.48 million from ISO partners for settlement, and $9.63 million in ISO partner operating accounts. These deposits represent 28.5% of non-interest bearing deposits and 17.8% of total deposits. Included in the $235.09 million in ISO partner deposits as of March 31, 2025 are $137.82 million in deposits for ISO partners being exited in the second quarter of 2025. The Bank plans to replace these non-interest bearing deposits with growth from new Bank customers in its markets and from the existing ISO partners it will continue to support. In the short-term, the new deposit growth will likely be made up of a higher percentage of interest bearing deposits.

    There was $10.00 million in short-term borrowings at March 31, 2025, compared to no borrowings at December 31, 2024, or March 31, 2024. The Company primarily utilizes FHLB advances and the Federal Reserve discount window for short-term borrowings. The following table summarizes the Company’s primary and secondary sources of liquidity which were available at March 31, 2025:

    Liquidity Source (in thousands) March 31, 2025 December 31, 2024
         
    Cash and cash equivalents $ 103,071   $ 63,415  
    Unpledged investment securities, fair value   104,732     118,957  
    FHLB advance capacity   338,036     304,077  
                 
    Federal Reserve discount window capacity   130,590     166,475  
    Correspondent bank unsecured lines of credit   70,000     91,500  
      $ 746,429   $ 744,424  
     

    The total primary and secondary liquidity of $746.43 million at March 31, 2025 represents an increase of $2.0 million in primary and secondary liquidity quarter-over-quarter. On-balance sheet cash and cash equivalents increased as a result of deposit growth in the quarter.

    Shareholders’ equity increased 26% to $174.71 million at March 31, 2025, compared to $138.72 million from a year ago, and grew 4% from $168.39 million at December 31, 2024. Book value per common share increased 27% to $55.52, at March 31, 2025, compared to $43.69 at March 31, 2024, and increased 5% from $53.02 at December 31, 2024. The tangible common equity ratio was 11.20% at March 31, 2025, compared to 9.94% a year earlier, and 11.20% at December 31, 2024. Additionally, book value improved as a result of quarterly net income and a reduction in shares outstanding.

    At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was $226.64 million at quarter end excluding the unrealized loss. The regulatory leverage capital ratio was 14.66% for the current quarter, while the total risk-based capital ratio was 21.09%, exceeding regulatory minimums to be considered well-capitalized.

    Asset Quality

    Nonperforming assets increased to $15.37 million, or 0.98% of total assets, at March 31, 2025, compared to $9.89 million, or 0.66% of total assets, from the preceding quarter. Of the $15.37 million nonperforming loans, $11.37 million are covered by SBA guarantees. Total delinquent loans increased to $19.12 million at March 31, 2025, compared to $8.32 million at December 31, 2024.

    Past due loans 30-60 days were $17.53 million at March 31, 2025, compared to $4.89 million at December 31, 2024, and $3.22 million at March 31, 2024. This increase in 30-60 days past due loans is the result of three multi-family loans, which are real estate secured, totaling $11.55 million to a related group of borrowers. There were $1.54 million past due loans from 60-90 days at March 31, 2025, compared to $2.45 million at December 31, 2024 and $1.95 million in past due loans from 60-90 days a year earlier. Past due loans 90+ days at quarter end totaled $46,000 at March 31, 2025, compared to $1.33 million, at March 31, 2024. Of the $19.12 million in past due loans at March 31, 2025, $2.75 million were purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest.

    Delinquent Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Delinquent accruing loans 30-59 days $ 16,147   $ 1,386   $ 17,533  
    Delinquent accruing loans 60-89 days   218     1,319     1,537  
    Delinquent accruing loans 90+ days   —     46     46  
    Total delinquent accruing loans $ 16,365   $ 2,751   $ 19,116  
           
    Non-Accrual Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Loans on non-accrual $ 15,366   $ —   $ 15,366  
    Non-accrual loans with SBA guarantees   11,371     —     11,371  
    Net Bank exposure to non-accrual loans $ 3,995   $ —   $ 3,995  
     

    There was a $1.16 million provision for credit losses in the first quarter of 2025, compared to $378,000 provision for credit losses in the first quarter a year ago, and a $1.67 million provision for credit losses booked in the fourth quarter of 2024. The provision recorded during the first quarter of 2025 is the result of loan portfolio growth and a $5.47 million increase in non-accrual loans which were individually evaluated in the allowance for credit losses. The increase in non-accrual loans was primarily related to SBA loans.

    “We watch the SBA portfolio very closely since rates have increased so rapidly over the last two years, putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans tied to WSJ Prime and reset quarterly. Borrowers saw a 50bps reduction in their rates on January 1, 2025 and additional rate relief is expected during the second half of 2025,” added Miller. “The ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was 1.25%, as of March 31, 2025, and our total non-guaranteed exposure on these SBA loans is $42.80 million spread over 222 loans.”

    “We incurred net charge offs of $167,000 during the current quarter, compared to $4,000 in net recoveries in the first quarter a year ago, and $1.29 million in net charge offs in the previous quarter,” said Miller. “Our loan portfolio increased 18% from a year ago with commercial real estate (“CRE”) loans representing 64% of the total loan portfolio. Within the CRE portfolio, there are $52.45 million in loans for CRE office as shown in the table below. Since the majority of our CRE office exposure is concentrated in the Central Valley, we are experiencing less volatility than city center CRE markets. Our credit metrics remain strong as we continue to maintain conservative underwriting standards.”

    (in thousands) CRE Office Exposure of March 31, 2025
    Region Owner-Occupied Non-Owner Occupied Total
    Central Valley $ 27,314   $ 13,544   $ 40,858  
    Southern California   2,271     352     2,623  
    Other California   4,492     3,948     8,440  
    Total California   34,077     17,844     51,921  
    Out of California   —     527     527  
    Total CRE Office $ 34,077   $ 18,371   $ 52,448  
     

    The ratio of allowance for credit losses to total loans was 1.18% at March 31, 2025, compared to 1.12% a year earlier and 1.10% at December 31, 2024. The Company individually evaluates non-accrual loans in the allowance for credit losses which has resulted in carrying a higher level of reserve.

    About FFB Bancorp

    FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #1 on American Banker’s list of the Top 20 Publicly Traded Banks under $2 Billion in Assets for 2024. For 2025, the Bank was also ranked by S&P Global as the #34 best performing community bank under $3 billion in assets. The Company has also received recognition as part of the OTCQX Best 50 Companies for 2019, 2023, and 2024. For additional information, you can visit the Company’s website at www.ffb.bank or by contacting a representative at 559-439-0200.

    Forward Looking Statements

    This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; the impact of the Consent Order on our financial condition and results of operations; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    Member FDIC

    Select Financial Information and Ratios For the Quarter Ended:
    March 31, 2025   December 31, 2024   March 31, 2024
    BALANCE SHEET- ENDING BALANCES:          
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Total portfolio loans   1,092,441       1,071,079       926,781  
    Investment securities   313,826       322,186       328,906  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Shareholders equity, net   174,711       168,392       138,716  
               
    INCOME STATEMENT DATA          
    Operating revenue   28,476       28,247       23,610  
    Operating expense   16,467       13,270       12,701  
    Pre-tax, pre-provision income   12,009       14,977       10,909  
    Net income after tax   8,098       9,718       7,790  
               
    SHARE DATA          
    Basic earnings per share $ 2.56     $ 3.06     $ 2.46  
    Fully diluted EPS $ 2.55     $ 3.05     $ 2.46  
    Book value per common share $ 55.52     $ 53.02     $ 43.69  
    Common shares outstanding   3,146,727       3,175,817       3,175,048  
    Fully diluted shares   3,175,178       3,189,949       3,170,981  
    FFBB – Stock price $ 76.50     $ 97.97     $ 82.99  
               
    RATIOS          
    Return on average assets   2.14 %     2.53 %     2.32 %
    Return on average equity   18.83 %     23.11 %     23.27 %
    Efficiency ratio   57.83 %     46.19 %     52.96 %
    Adjusted efficiency ratio   52.54 %     39.57 %     47.82 %
    Yield on earning assets   6.31 %     6.24 %     6.15 %
    Yield on investment securities   4.36 %     4.34 %     4.47 %
    Yield on portfolio loans   6.81 %     6.95 %     6.68 %
    Cost to fund earning assets   0.96 %     1.00 %     1.00 %
    Cost of interest-bearing deposits   2.60 %     2.69 %     2.57 %
    Net Interest Margin   5.35 %     5.24 %     5.15 %
    Equity to assets   11.20 %     11.20 %     9.94 %
    Net loan to deposit ratio   82.74 %     83.39 %     77.20 %
    Full time equivalent employees   175       168       147  
               
    BALANCE SHEET- AVERAGES          
    Total assets   1,531,573       1,529,439       1,347,625  
    Total portfolio loans   1,076,848       1,038,215       925,561  
    Investment securities   325,699       333,135       315,820  
    Total deposits   1,300,550       1,299,069       1,149,117  
    Shareholders equity, net   174,410       167,268       134,621  
                           
    Consolidated Balance Sheet (unaudited) March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    ASSETS          
    Cash and due from banks $ 83,033     $ 43,905     $ 37,360  
    Interest bearing deposits in banks   20,038       19,510       53,556  
    CDs in other banks   1,724       1,723       1,693  
    Investment securities   313,826       322,186       328,906  
    Loans held for sale   —       —       —  
               
    Construction & land development   12,649       26,522       77,318  
    Residential RE 1-4 family   17,146       16,846       16,114  
    Commercial real estate   696,625       669,285       545,358  
    Agriculture   104,616       90,017       63,281  
    Commercial and industrial   260,063       267,948       224,551  
    Consumer and other   1,342       461       159  
    Portfolio loans   1,092,441       1,071,079       926,781  
    Deferred fees & discounts   (3,946 )     (4,200 )     (4,181 )
    Allowance for credit losses   (12,913 )     (11,834 )     (10,407 )
    Loans, net   1,075,582       1,055,045       912,193  
               
    Non-marketable equity investments   8,890       8,891       7,357  
    Cash value of life insurance   12,496       12,402       12,119  
    Accrued interest and other assets   44,787       40,466       41,911  
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
               
    LIABILITIES AND EQUITY          
    Non-interest bearing deposits $ 825,404     $ 828,508     $ 751,636  
    Interest checking   109,555       62,034       54,659  
    Savings   54,686       55,219       52,090  
    Money market   218,940       212,322       220,559  
    Certificates of deposits   111,796       126,294       121,585  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Short-term borrowings   10,000       —       —  
    Long-term debt   38,046       38,007       39,638  
    Other liabilities   17,238       13,352       16,212  
    Total liabilities   1,385,665       1,335,736       1,256,379  
               
    Common stock   35,693       38,436       36,910  
    Retained earnings   156,235       148,138       121,780  
    Accumulated other comprehensive loss   (17,217 )     (18,182 )     (19,974 )
    Shareholders’ equity   174,711       168,392       138,716  
    Total liabilities and shareholders’ equity $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Consolidated Income Statement (unaudited) Quarter ended:
    (in thousands) March 31, 2025   December 31, 2024   March 31, 2024
               
    INTEREST INCOME:          
    Loan interest income $ 18,069   $ 18,131     $ 15,372  
    Investment income   3,499     3,631       3,512  
    Int. on fed funds & CDs in other banks   574     504       255  
    Dividends from non-marketable equity   132     137       129  
    Total interest income   22,274     22,403       19,268  
               
    INTEREST EXPENSE:          
    Int. on deposits   2,891     3,115       2,518  
    Int. on short-term borrowings   31     12       149  
    Int. on long-term debt   451     464       464  
    Total interest expense   3,373     3,591       3,131  
    Net interest income   18,901     18,812       16,137  
    PROVISION FOR CREDIT LOSSES   1,164     1,671       378  
    Net interest income after provision   17,737     17,141       15,759  
               
    NON-INTEREST INCOME:          
    Total deposit fee income   849     856       796  
    Debit / credit card interchange income   191     196       167  
    Merchant services income   7,864     7,562       6,068  
    Gain on sale of loans   261     929       451  
    Loss (gain) on sale of investments   —     (482 )     (373 )
    Other operating income   410     374       364  
    Total non-interest income   9,575     9,435       7,473  
               
    NON-INTEREST EXPENSE:          
    Salaries & employee benefits   8,056     5,177       6,582  
    Occupancy expense   353     411       383  
    Merchant services operating expense   3,174     3,149       2,360  
    Other operating expense   4,884     4,533       3,376  
    Total non-interest expense   16,467     13,270       12,701  
               
    Income before provision for income tax   10,845     13,306       10,531  
    PROVISION FOR INCOME TAXES   2,747     3,588       2,741  
    Net income $ 8,098   $ 9,718     $ 7,790  
    ASSET QUALITY March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    Delinquent accruing loans 30-60 days $ 17,533     $ 4,886     $ 3,220  
    Delinquent accruing loans 60-90 days   1,537       2,449       1,950  
    Delinquent accruing loans 90+ days   46       987       1,332  
    Total delinquent accruing loans $ 19,116     $ 8,322     $ 6,502  
               
    Loans on non-accrual $ 15,366     $ 9,894     $ 7,156  
    Other real estate owned   —       —       —  
    Nonperforming assets $ 15,366     $ 9,894     $ 7,156  
               
    Delinquent 30-60 / Total Loans   1.60 %     0.46 %     0.35 %
    Delinquent 60-90 / Total Loans   0.14 %     0.23 %     0.21 %
    Delinquent 90+ / Total Loans   — %     0.09 %     0.14 %
    Delinquent Loans / Total Loans   1.75 %     0.78 %     0.70 %
    Non-accrual / Total Loans   1.41 %     0.92 %     0.77 %
    Nonperforming assets to total assets   0.98 %     0.66 %     0.51 %
               
    Year-to-date charge-off activity          
    Charge-offs $ 167     $ 1,287     $ —  
    Recoveries   —       35       4  
    Net charge-offs (recoveries) $ 167     $ 1,252     $ (4 )
    Annualized net loan losses to average loans   0.06 %     0.12 %     — %
               
    CREDIT LOSS RESERVE RATIOS:          
    Allowance for credit losses $ 12,913     $ 11,834     $ 10,407  
               
    Total loans $ 1,092,441     $ 1,071,079     $ 926,781  
    Purchased govt. guaranteed loans $ 16,081     $ 16,323     $ 19,642  
    Originated govt. guaranteed loans $ 45,285     $ 42,737     $ 38,228  
               
    ACL / Total loans   1.18 %     1.10 %     1.12 %
    ACL / Loans less 100% govt. gte. loans (purchased)   1.20 %     1.12 %     1.15 %
    ACL / Loans less all govt. guaranteed loans   1.25 %     1.17 %     1.20 %
    ACL / Total assets   0.83 %     0.79 %     0.75 %
    SELECT FINANCIAL TREND INFORMATION For the Quarter Ended:
    March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Mar. 31, 2024
    BALANCE SHEET- PERIOD END          
    Total assets $ 1,560,376   $ 1,504,128   $ 1,512,241   $ 1,443,723   $ 1,395,095  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,092,441     1,071,079     998,222     969,764     926,781  
    Investment securities   313,826     322,186     345,428     345,491     328,906  
               
    Non-interest bearing deposits   825,404     828,508     826,708     731,030     751,636  
    Interest bearing deposits   494,977     455,869     460,241     437,927     448,893  
    Total deposits   1,320,381     1,284,377     1,286,949     1,168,957     1,200,529  
    Short-term borrowings   10,000     —     —     68,000     —  
    Long-term debt   38,046     38,007     37,967     39,678     39,638  
               
    Total equity   191,928     186,574     176,350     167,286     158,690  
    Accumulated other comprehensive loss   (17,217 )   (18,182 )   (12,715 )   (18,646 )   (19,974 )
    Shareholders’ equity   174,711     168,392     163,635     148,640     138,716  
               
    QUARTERLY INCOME STATEMENT          
    Interest income $ 22,274   $ 22,403   $ 21,404   $ 20,887   $ 19,268  
    Interest expense   3,373     3,591     3,617     3,581     3,131  
    Net interest income   18,901     18,812     17,787     17,306     16,137  
    Non-interest income   9,575     9,435     7,616     7,423     7,473  
    Gross revenue   28,476     28,247     25,403     24,729     23,610  
               
    Provision for credit losses   1,164     1,671     762     291     378  
               
    Non-interest expense   16,467     13,270     12,735     13,285     12,701  
    Net income before tax   10,845     13,306     11,906     11,153     10,531  
    Tax provision   2,747     3,588     3,343     3,077     2,741  
    Net income after tax   8,098     9,718     8,563     8,076     7,790  
               
    BALANCE SHEET- AVERAGE BALANCE          
    Total assets $ 1,531,573   $ 1,529,439   $ 1,477,259   $ 1,704,255   $ 1,347,604  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,076,848     1,038,215     982,152     954,871     925,561  
    Investment securities   325,699     333,135     343,096     334,416     315,820  
               
    Non-interest bearing deposits   850,426     838,748     822,200     758,977     755,603  
    Interest bearing deposits   450,124     460,321     432,143     440,147     393,514  
    Total deposits   1,300,550     1,299,069     1,254,343     1,199,124     1,149,117  
    Short-term borrowings   2,856     951     —     10,053     9,562  
    Long-term debt   38,028     37,989     39,479     39,660     39,620  
               
    Shareholders’ equity   174,410     167,268     161,363     141,881     134,621  
                                   

    Contact: Steve Miller – President & CEO
    Bhavneet Gill – EVP & CFO
    (559) 439-0200

    The MIL Network –

  • MIL-OSI United Kingdom: Portsmouth nurtures trade partnerships with Canada

    Source: City of Portsmouth

    The city of Portsmouth recently hosted a significant visit from Jason Guidry, Director of Trade and International Partnerships from Halifax Partnership Canada, along with a large delegation of Canadian businesses. This four-day event, held from 7 to 10 April aimed to foster new business relationships and explore collaborative opportunities between Portsmouth and Halifax, Nova Scotia.

    The visit commenced with an event hosted by Maritime UK Solent at the Portsmouth Historic Dockyard, bringing together over 70 Solent-based and Canadian businesses. This gathering provided a platform for sharing maritime business opportunities.

    Following on from the first day, Jason Guidry then had personal meetings with 14 Portsmouth businesses across the city who were interested in diversifying their supply chain by finding trading partners and new markets and customers in Canada.

    The discussions focused on expanding opportunities in data and digital services, life sciences, satellite applications and maritime. Additionally, both sister cities are keen to explore partnerships between naval bases and ports, visitor economy links, and best practices in clean technology and sustainability.

    Jason Guidry, Director of Trade and International Partnerships at Halifax Partnership said:

    “Strengthening ties between Portsmouth and Halifax opens the door to new and expanded business, trade, investment, and supply chain opportunities and partnerships that will accelerate business and economic growth in both our regions.”

    Councillor Steve Pitt Leader of Portsmouth City Council with responsibilities for Economic Development commented on the visit, saying:

    “In a changing world, international cooperation is vital. We are seizing every opportunity to help our businesses grow and strengthen our local economy.

    Welcoming the Canadians highlighted a real potential to further develop significant partnerships for our businesses and visitor economy.”

    The business who took advantage of the opportunity included Visitor Chat Ltd, Sirius Analysis, Red Penquin, Metaverse VR, SI Digital, Mary Rose, Exposure Analytics Ltd, Nova Systems, CTS Europe Ltd (recent winner of Global Business of the Year at the Portsmouth Business Awards), Solent Sky Services, Velocetec, Houlder, Space South Central and Qinetiq.  These meetings were held at various locations across the city, including Lakeside North Harbour, Portsdown Technology Park, and Dunsbury Park.

    This visit marks a notable step in the ongoing partnership between Portsmouth and Halifax Nova Scotia which became sister cities in 2023. The formal agreement signed between the two cities aims to expand opportunities for businesses and foster economic growth through international collaboration.

    For more information about Portsmouth businesses visit investportsmouth.co.uk

    Image: From L to R: Jason Guidry with Ella  Vandenberghe  and Abbie-Rose Smith from Visitor Chat Ltd

    MIL OSI United Kingdom –