Category: Trade

MIL-OSI Submissions: Energy – Equinor – Proposal on capital reduction from the company’s board of directors

Source: Equinor

15 APRIL 20250 – The board of directors of Equinor ASA (OSE: EQNR, NYSE: EQNR) has today decided to propose to the general meeting of the company that the company’s share capital is reduced through cancellation of own shares and redemption of shares belonging to the Norwegian State.

The proposal is made as a result of the company having acquired own shares pursuant to the authorization for share buy-back granted by the annual general meeting of the company in May 2024.

The proposal entails that the company’s share capital shall be reduced by NOK 589,934,295 from NOK 6,981,953,075.00 to NOK 6,392,018,780.00, through cancellation and redemption of a total of 235,973,718 shares. Notice of the general meeting of the company which will attend to the board’s proposal will be announced separately at a later stage.

This information is subject to the disclosure requirements pursuant to Euronext Oslo Børs Rulebook II section 4.2.4 and Section 5-12 of the Norwegian Securities Trading Act.

MIL OSI – Submitted News –

April 15, 2025
MIL-OSI USA: Baldwin, Klobuchar Press Trump Administration for Answers on Impacts of Trade War on Farmers
US Senate News:
Source: United States Senator for Wisconsin Tammy Baldwin

WASHINGTON, D.C. — U.S. Senator Tammy Baldwin (D-WI) joined Senator Amy Klobuchar (D-MN) and 17 of her colleagues to press the Trump Administration for information on how their reckless tariff policy will impact farmers across the nation.

“We write with great concern about the impact of the Administration’s reckless tariff agenda on our nation’s farmers,” wrote the Senators to President Trump’s U.S. Trade Representative (USTR) Ambassador Jamieson Greer. “Farmers not only have billions of dollars in commodities from last year waiting to be sold, but also have started spring planting and rely on stable markets for their planning.”

“As farm organizations and economists have been warning for months, key trading partners will continue to retaliate against U.S. agricultural products as a result of President Trump’s tariffs,” the Senators continued. “The direct economic impact and uncertainty on America’s farmers stands to change the future of agricultural trade relationships for generations.”

The full letter is available here and below.

Dear Ambassador Greer,

We write with great concern about the impact of the Administration’s reckless tariff agenda on our nation’s farmers. Farmers not only have billions of dollars in commodities from last year waiting to be sold, but also have started spring planting and rely on stable markets for their planning. These farmers have made planting decisions and purchased key inputs such as seeds and fertilizer, selected crop insurance coverage, and even began marketing their expected production. Long before the President’s across-the-board tariff announcement, millions of acres of fall-planted crops like winter wheat were already in the ground and farmers already have enough uncertainty without tariffs adding more volatility.

We continue to hear from farmers and businesses across the agricultural supply chain who are bearing the brunt of the negative impacts of the global tariffs announced by President Trump on April 2, 2025, and earlier tariffs on Canada and Mexico. These actions and the resulting retaliation have injected further uncertainty into the farm economy and continue to rattle commodity markets. Heading into this year, farmers were already facing tightened margins resulting from declining commodity prices and heightened input costs. Many farmers are in a much worse position than they were heading into the 2018-2019 trade war and so are less equipped to withstand the impacts of continued volatility.

As farm organizations and economists have been warning for months, key trading partners will continue to retaliate against U.S. agricultural products as a result of President Trump’s tariffs. For example, on April 3rd, China announced a 34 percent retaliatory tariff on all products from the U.S. A major export destination for U.S.-grown soybeans, futures prices dropped 34 cents on Friday, with an estimated loss in value of unsold 2024 soybeans of nearly $300 million. That Friday drop would also cost farmers nearly $1.4 billion on the 2025 crop. Cotton, another crop that is heavily reliant on exports followed a similar steep decline. Since then, volatility in the markets has continued as the Administration has continued to change the tariffs day-by-day and sometimes hour-by-hour. While the tariffs are currently 10 percent across-the-board for nearly all countries except China, this continued uncertainty is the last thing farmers need as they begin planting season.

Farmers are also continuing to experience the long-term implications of the 2018-2019 trade war when structural trade flows shifted to favor farmers in Brazil and Argentina. A prolonged trade war now with key trading partners will just further exacerbate those trade shifts. This market share that farmers are losing is the result of more than $15 billion in investments by both taxpayers and the farmers themselves through trade promotion programs over the last 50 years.

The direct economic impact and uncertainty on America’s farmers stands to change the future of agricultural trade relationships for generations. As such, we request responses to the following questions:
- Did USTR perform any analysis on the impact of the across-the-board tariff policy on farmers prior to implementation? If so, please share that analysis with us.
- There have been conflicting reports as to whether tariffs are being used as leverage in trade negotiations or as a long-term structural shift in trade policy.
- President Trump indicated that U.S. farmers need to get ready to supply the domestic market instead of the international markets.
- Prior to the announcement of the across-the-board tariffs and per-country rates, the USDA announced plans for trade missions to several countries including some with tariffs as high as 46%.
We have serious concerns about the haphazard approach taken by the Administration to tariffs that cause unnecessary uncertainty and harm for U.S. farmers and their markets. We look forward to a prompt response.
MIL OSI USA News –
April 15, 2025
MIL-Evening Report: Winter electricity prices are rising – how do we know we’re getting value for money?

Source: The Conversation (Au and NZ) – By Richard Meade, Adjunct Associate Professor, Griffith University, Centre for Applied Energy Economics and Policy Research, Griffith University

Shutterstock

Winter is coming to New Zealand and Australia, and with it come those inevitably higher power bills from heating our homes.

But even without that seasonal spike, household power bills were already set to rise by NZ$10 to $25 a month in New Zealand and up to A$9 a month in parts of Australia.

This is not, as some might assume, because electricity suppliers are acting uncompetitively. It’s because regulators are increasing charges for long-distance electricity transmission (pylons and substations) and short-distance distribution (poles and wires).

Those charges together make up around 40% of power bills on average, so the price increases matter. In New Zealand, an average 15% of household budgets is spent on electricity. The proportion going towards those infrastructure costs is higher for low-income, regional and rural households.

To put this another way, these fixed parts of our power bills can equal what a typical household spends on mobile phones, public transport or water services.

Transmission and distribution services are regulated because they are provided by monopolies. Regulators such as the Commerce Commission in New Zealand and the Australian Energy Regulator in eastern Australia try to set reasonable prices while still allowing those firms enough money to provide reliable services.

However, this old regulatory model is being challenged by changing consumer behaviour. Households are increasingly electrifying, switching to heat pumps for space and water heating, and electric vehicles (EVs) for personal transport.

Regulators want to ensure the reliability of electricity supply doesn’t significantly decline. But households that rely on electricity want greater reliability – especially with growing demand for “smart” appliances that can be damaged by outages.

Quality versus quantity

Unfortunately, history is a poor guide to how regulation should ensure these future reliability needs are met. Furthermore, electricity is an unusual “product” – the quantity we consume is often an afterthought, while the affordability and quality of supply are more top of mind.

Importantly, quality means much more to consumers than just reliability. It includes how well outages are planned and communicated, how easy it is to get help and updates when things go wrong, new connection times, and the voltage stability modern appliances require.

What constitutes good service might also include customer charters or other guarantees of minimum acceptable expectations, as well as compensation schemes.

Beyond these options, however, the very basis for regulation is being upturned as households invest in rooftop solar panels, home batteries and electric vehicles (EVs). The competition offered by these new technologies means distribution companies are no longer monopoly providers because households can get electricity in new ways.

This also means households expect new services from those providers – such as being able to sell electricity to others (including to distribution companies themselves to help them maintain reliable supply).

Smart appliances, solar power and EVs are all changing consumer expectations of the electricity market.
Shutterstock

What customers really want

Historically, electricity regulation has responded to emerging challenges like these with “bolt-on” solutions. Each one tries to address a specific issue individually, but not in a coherent and joined-up way.

Overall, how and why we regulate electricity transmission and distribution need rethinking from the ground up, not more rounds of regulatory whack-a-mole. Consumer preferences need to be more than a vague overriding objective. They need to be at the heart of regulation.

New Zealand’s Commerce Commission already exempts many distribution firms from much regulation because they are owned and governed by customers. And regulators in other English-speaking countries, including Australia, increasingly rely on consumer forums and other channels to indirectly and only partially identify consumer preferences.

But neither model obtains directly usable information about what consumers want – from those consumers themselves. Unsurprisingly, customer preferences are not widely or systematically reflected in regulation.

Besides, asking customers about quality and reliability of service assumes they can clearly articulate what they care about and what value they attach to them in ways regulators can use.

Value for money

One solution is to use a direct measure of consumer satisfaction. We developed and applied a version of this in recent research involving a survey of Swedish electricity customers.

We measured satisfaction by asking consumers to rate the “value for money” they perceived from their distribution firm, ranging from zero (lowest) to five (highest).

Perceptions of quality can vary and are inherently subjective. But value for money can be interpreted as a ratio of quality to price: higher quality means higher value for money, higher price means lower value for money. From this, we obtained an objective measure of overall customer satisfaction levels.

As might be expected, we found value for money tended to be higher for customers of distribution firms owned and controlled by those customers. But directly measuring customer satisfaction in this way could be a good basis for regulation reform in general.

We still need to better understand how customer satisfaction is affected by regulatory decisions. This has always been the case, but it is especially true now that fundamental changes are happening in the sector.

Electricity customers heading into winter might be happier with rising transmission and distribution prices if they were confident regulation genuinely improved their overall value for money.

Business as usual, on the other hand, may offer them only cold comfort.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Winter electricity prices are rising – how do we know we’re getting value for money? – https://theconversation.com/winter-electricity-prices-are-rising-how-do-we-know-were-getting-value-for-money-254198

MIL OSI Analysis – EveningReport.nz –

April 15, 2025
MIL-OSI USA: As Tariffs are Hurting Vermont’s Outdoor and Tourism Economy, Welch Convenes Discussion on Impact of Trump’s Trade War in Stowe

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

More than 60 business and nonprofit leaders attended event
STOWE, VT – Today, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, hosted a conversation at The Alchemist in Stowe on the impact of President Trump’s trade war on Vermont’s outdoor and tourism economy. Senator Welch’s panel included representatives from The Alchemist, the Old Stagecoach Inn, Mad River Distillers, Burton, J Skis, Waterbury Sports & Power Play Sports, and Hen of the Wood.
“The point of these roundtables is to mobilize as much information as I can, so that when I’m talking about these tariffs with my colleagues, it’s very concrete: How does it affect Vermont farmers? How does it affect our craft brewers? How does it affect our manufacturers and our retail operations that are so essential?” said Senator Welch during the event. “And then, how does it affect our relationships with long-term allies who are on our side when it comes to the goal of creating good local jobs, respecting the environment, and doing things in a way that provides mutual benefit? So, I want to thank everybody for being here today—this is a deadly serious topic. The Trump Administration, in my view, has run amok on this, and my goal is to stop it.”
Panelists shared firsthand the impacts of President Trump’s trade war with Canada and global allies, and discussed how Trump’s rhetoric against Canada has negatively impacted business in Vermont. Frustrations were shared about the uncertainty of the tariffs, rising costs, shifting supply and manufacturing needs, and ways the Trump Administration’s policies are hurting the services and programs Vermonters rely on.
After the panel shared their experiences, the floor was opened to business and nonprofit leaders from across the Vermont, who discussed the long-term implications of tariffs when selling and marketing outside of the United States, the impact of Trump’s funding freezes, and how this will raise prices for working Vermonters.
View photos from the event below:

Senator Welch has been outspoken in opposing President Trump’s destructive trade war. Last month, Senator Welch convened Vermont and Canadian business leaders for a roundtable near the U.S.-Canada border to discuss President Trump’s Trade War and how the Trump Administration’s reckless tariffs are hurting workers, families, and farmers. In January and February, Senator Welch convened Vermont businesses for roundtables to hear from Vermont businesses and state and local leaders about how the President’s actions reigniting a trade war have impacted their lives and livelihoods.
Senator Welch joined bipartisan colleagues in releasing a resolution to repeal Donald Trump’s sweeping, global tariffs. Senator Welch has also supported legislation pushing back against Trump’s tariffs, including:

The Trade Review Act, bipartisan legislation to reaffirm Congress’ key role in setting and approving U.S. trade policy and reestablish limits on the President’s ability to impose unilateral tariffs without the approval of Congress.

The Tariff Transparency Act of 2025, legislation to require the United States International Trade Commission to conduct an investigation and submit a report on the impact on businesses in the United States of duties, and the threat of duties, on imports from Mexico and Canada.

A Joint Resolution of Disapproval terminating national emergency related to Canadian energy tariffs, passed by the Senate last week on a bipartisan basis.

MIL OSI USA News –

April 15, 2025
MIL-OSI: DGL Investments No. 1 Inc. Announces Proposed Qualifying Transaction with Rep Group Limited and Perspectives Productions Limited
Source: GlobeNewswire (MIL-OSI)

Not for distribution to U.S. news wire services or for dissemination in the United States

VANCOUVER, British Columbia, April 14, 2025 (GLOBE NEWSWIRE) — DGL Investments No. 1 Inc. (“DGL” or the “Company”) (TSXV: DGL.P) is pleased to announce details concerning a proposed arms-length “Qualifying Transaction” involving a business combination with two complimentary businesses named Rep Group Limited (“REP”) and Perspectives Productions Limited (“Perspectives” and collectively with REP, the “Targets”).

Overview of the Targets

REP is a privately-held corporation that was formed in June 2020 under the laws of England and Wales. Perspectives is in the process of becoming a 100% wholly owned subsidiary of REP Group and was formed in February 2024 under the laws of England and Wales. Each of the Targets’ head office is in Doncaster, Yorkshire, England.

REP have developed a narrative therapy based self-care mental health and wellbeing app, that combined with their AI profiling system allows organisations to better engage with their workforce to develop and deliver tangible and measurable ‘social’ programmes that advance company culture and collective wellbeing.

The REP corporate wellness app and service focuses on three key areas:

– Enabling individuals to feel empowered about managing their mental health and wellbeing.
– Equipping organisations with expert-led tools and data insights to lead a change in culture for sustainable positive wellbeing.
– Creating a workforce that is connected, performing, engaged and well.

As an extension to REP’s offering, in June 2024 the company executed a collaboration with a National Health Service (‘NHS’) Trust in the United Kingdom, to assess and validate the system and services for healthcare sector deployment.

Perspectives is a technology company that has developed an innovative production and OTT (‘Over-the-Top’) platform for the distribution of impactful stories related to mental health; transforming written stories captured by REP into bespoke and unique training and educational content to improve the understanding, knowledge and management of mental health in the workplace. The company has already developed the basic OTT platform and has applied for patent protection over its architecture.

Summary of the proposed Transaction

DGL has entered into a non-binding Letter of Intent with each of the Targets dated April 10, 2025 (the “LOI”) pursuant to which DGL and the Targets intend to complete a business combination (the “Transaction”) to form a company (the “Resulting Issuer”) and pursuant to which the businesses of the Targets will become the business of the Resulting Issuer. The final structure of both the business combination and the capitalization of the Resulting Issuer is subject to receipt of tax, corporate and securities law advice for both DGL and the Targets.

Pursuant to the LOI it is currently anticipated:
1. the shareholders of DGL on completion of the proposed Transaction will cumulatively hold approximately 2,273,141 common shares of the Resulting Issuer and DGL will conduct a consolidation of its common shares at the required ratio to achieve the same;
2. the Resulting Issuer will issue approximately 13,638,844 common shares of the Resulting Issuer (the “Resulting Issuer Shares”), proportionally to the current holders of the Targets’ common shares (the “Target Shares”) to acquire such Target Shares and each of the Targets will conduct a share split such that the Resulting Issuer Shares will be issued on a 1:1 basis;
3. either DGL, REP or Perspectives will conduct a financing (on a post share split or post consolidation basis as applicable) to close prior to or concurrent with the closing of the Transaction, for aggregate gross proceeds of not less than GBP£1,000,000 (approximately CAD$1,800,000) at a price commensurate with market conditions (the “Financing”).
Further, pursuant to the LOI, it is a condition precedent for the parties to enter into a definitive agreement that commitments for the minimum amount of the Financing must be received prior to June 30, 2025.

The Resulting Issuer Shares will be issued at a price per share equivalent to the closing price of the common shares of DGL on the TSX Venture Exchange (the “Exchange”) on April 11, 2025, adjusted to take account of any required consolidation of the common shares of DGL required to facilitate the proposed Transaction.

It is intended that the proposed Transaction, when completed, will constitute DGL’s “Qualifying Transaction” (“QT”) in accordance with Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the “Exchange”) Corporate Finance Policies. A comprehensive news release will be issued by DGL disclosing details of the proposed Transaction, including the proposed capital structure of the Resulting Issuer, financial information respecting the Targets, the names and backgrounds of all persons who will constitute insiders of the Resulting Issuer, and information respecting sponsorship, once a definitive agreement has been executed and certain conditions have been met, including satisfactory completion of due diligence.

It is not expected that shareholder approval will be required with respect to the proposed Transaction under the rules of the Exchange applicable to capital pool companies, because the proposed Transaction does not constitute a “Non-Arm’s Length Qualifying Transaction” pursuant to the Policy 2.4 of the Exchange.

In addition, the structure of the proposed Transaction is being finalized, and based on the final structure as reflected in the definitive agreement, shareholder approval of certain ancillary matters, including any consolidation or share split and any proposed change of name may be required.

Trading in the common shares of DGL has been halted and is not expected to resume until the proposed Transaction is completed or until the Exchange receives the requisite documentation to resume trading.

It is expected that upon completion of the proposed Transaction, the Resulting Issuer, will be renamed to a name mutually agreeable to DGL and the Targets and will be listed as a Tier 2 Technology Issuer on the Exchange.

For further information, please contact:

Gurpreet S. Sangha,
President and CEO
Telephone: 778-245-2282
Email: gsangha2x4@hotmail.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information

Statements in this press release regarding DGL’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as terms and completion of the proposed Transaction. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Completion of the proposed Transaction is subject to a number of conditions, including but not limited to completion of the Financing, execution of a binding definitive agreement relating to the proposed Transaction, Exchange acceptance and if applicable pursuant to Exchange requirements or the requirements of applicable securities law, majority of the minority shareholder approval. Where applicable, the proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the proposed Transaction, any information released or received with respect to the proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The MIL Network –
April 15, 2025
MIL-OSI USA: Congressman Goldman, Congresswoman Meng, Assemblymember Lee Host Press Conference Condemning Trump’s Disastrous Tariff War, Highlighting Devastating Impact on AAPI New Yorkers and Small Businesses

Source: US Congressman Dan Goldman (NY-10)

China Imposes 125% Tariffs on U.S. Goods in Response to 145% U.S. Tariffs on Chinese Imports

Trump Trade War Disproportionately Impacting Asian American Communities and Families

NYC, Home of Many Historic Asian American Communities, Pays Price For Trump’s Recklessness



View Pictures and Video of Press Conference Here

New York, NY – Today, Congressman Dan Goldman (NY-10), Congresswoman Grace Meng (NY-06), Chair of Congressional Asian Pacific American Caucus (CAPAC), Assembly Member Grace Lee, Chair of the New York State Assembly Asian Pacific American Task Force (APA Task Force), Council Member Susan Zhuang, and other elected officials and local advocates, hosted a press conference to demand President Trump stop his ongoing trade war which will harm Asian American families and businesses in New York.

The President’s tariffs are pushing many Asian American-owned small businesses in New York City toward financial ruin, especially those dependent on foreign imports. The trade war, driven by the White House, threatens to devastate historic Asian American neighborhoods. These reckless policies are creating economic volatility and disproportionately affecting businesses reliant on international trade. As a result, many small businesses are uncertain about their future, placing a significant financial strain on Asian American families and entrepreneurs across the city.

“From Manhattan’s Chinatown to Sunset Park and beyond, Donald Trump’s reckless and destructive trade war is crippling New York’s AAPI small businesses and pushing entire communities to the brink of financial ruin,” Congressman Dan Goldman said. “Mom-and-pop shops are struggling to make ends meet. Livelihoods are on the line. If Trump doesn’t reverse these tariffs immediately, his dangerous brinkmanship will shutter AAPI small businesses not only in New York City but across the country.”

Congresswoman Meng said, “As the new Chair of CAPAC, I’m proud to partner with New York State APA Task Force Chair Grace Lee, and my colleague Congressman Goldman to shine a light on the harm that this trade war will have on the Asian American community, in particular Asian-owned small businesses. These tariffs will deliver devastating blows to everybody from our local entrepreneurs to owners of mom-and-pop establishments, with many being forced to pass higher costs onto their customers or suffer financial hits to their livelihoods. Those working to fully recover from the COVID-19 pandemic will be hit especially hard. It will also impact jobs and investments in our neighborhoods. We will continue pushing for these tariffs to be rescinded.”

Assemblymember Grace Lee said, “Trump’s reckless tariff policies are driving up costs for small businesses and raising prices for everyday people. In Chinatown, family-run shops that have been part of the community for generations are struggling to survive. And when hostility toward China drives policy, it too often leads to racism against the Asian American community. These policies aren’t just bad economics — they’re bad for Asian Americans.”

NY State Senator John Liu said, “Trump’s punitive tariff charade is causing irreparable harm to immigrant communities and small businesses throughout the country, and especially here in New York City. In their pursuit of the American Dream, Asian American small businesses have revitalized our economy and strengthened our communities, but now their livelihoods are on the line as they’re forced to either absorb skyrocketing costs or pass them onto their customers, who are already struggling. It’s time to end this zero sum trade war that is threatening to stall so many economic engines for our city, state and country.”

Council Member Susan Zhuang said, “As the Councilmember for Brooklyn’s District 43, a majority Asian-American district, I see the direct impact of all federal changes on my constituents.I regularly say immigrant business owners provide essential services for New Yorkers. These tariffs hinder these business owners from doing their work which will put a burden on every single working class New Yorker.”

Council Member Sandra Ung said, “Just recently hit hard by COVID-19, a rise in anti-Asian hate crimes, inflation, and rising rents, the economic recovery remains fragile. Many immigrant-owned small businesses that rely heavily on international trade are still struggling to get back on their feet. Moreover, many budget grocery stores provide a vital lifeline for working-class families. The potential shocks to the market these tariffs will cause follow on the heels of recent cuts by Washington Republicans to the SNAP program that prevent stolen funds from being replaced. We need clear and compassionate federal guidance and targeted local support to protect these businesses from further setbacks and to ensure the economic recovery in our Asian American communities stays on track.”

Council Member Julie Won said, “Federal tariffs threaten the livelihoods of Asian-owned small businesses in District 26. High import fees will force Bangladeshi, Filipino, and Chinese business owners to pay more to purchase goods. Tariffs also hurt working-class New Yorkers who already struggle to pay for rent, groceries, and other necessities. I join my colleagues in Congress and the Assembly to urge Trump to reverse these harmful tariffs.”

Karen Liu, second generation owner of Grand Tea and Imports said, “Almost every business in Chinatown is an import business in some way. These tariffs threaten our ability to restock—and for many of our neighbors, their ability to stay open. As we move through this uncertain time, I hope policymakers remember Chinatown. We shouldn’t have to face this alone.”

All have made protecting and supporting small businesses, as well as the Asian American community, a priority of their time in office.

In March, Congressman Goldman and Senators Schumer and Gillibrand secured $50 million in IRS Employee Retention Tax Credits for 585 small businesses. This release was fought for by Congressman Goldman, Senator Chuck Schumer, and nine of their New York congressional colleagues in the winter of 2024, urging the agency to expedite the processing and resolution of legitimate Employee Retention Credit (ERC) claims.

In February, Congressman Goldman joined Senator Smith, and Congresswoman Underwood in introducing the ‘Job Protection Act,’ which would expand the Family and Medical Leave Act (FMLA) to millions of workers who are currently unable to take time off to care for themselves or their families. Nearly 2.6 million workers every year decline to take family or medical leave out of fear that they will lose their jobs due to gaps in FMLA coverage.

In Spring of 2023, Congressman Goldman joined Congresswoman Meng in introducing the ‘Teaching Asian Pacific American History Act’ which would require Presidential and Congressional Academies’ grant applicants and recipients to include Asian Pacific American history in American history and civics curricula.

Congressman Goldman is an Executive Board Member of the Congressional Asian Pacific American Caucus.

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MIL OSI USA News –

April 15, 2025

MIL-OSI: CNB Financial Corporation Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa., April 14, 2025 (GLOBE NEWSWIRE) —

CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three months ended March 31, 2025.

Executive Summary

Net income available to common shareholders (“earnings”) was $10.4 million, or $0.50 per diluted share, for the three months ended March 31, 2025. Excluding after-tax merger costs, earnings were $11.9 million, or $0.57 per diluted share, for the three months ended March 31, 2025, reflecting decreases of $2.1 million, or 14.98%, and $0.09 per diluted share, or 13.64% compared to earnings of $14.0 million, or $0.66 per diluted share, for the three months ended December 31, 2024.¹ The quarterly decrease was a result of a decrease in net interest income and non-interest income and an increase in non-interest expense, partially offset by a decrease in the provision for credit losses, as discussed in more detail below. Excluding after-tax merger costs in the first quarter 2025, earnings and diluted earnings per share when compared to earnings of $11.5 million, or $0.55 per diluted share, in the quarter ended March 31, 2024, increased $368 thousand, or 3.19%, and $0.02 per diluted share, or 3.64%, due to an increase in net interest income, partially offset by increases in non-interest expense and the provision for credit losses, coupled with a decrease in non-interest income.¹

At March 31, 2025, loans totaled $4.5 billion excluding the balances of syndicated loans. This total of $4.5 billion in loans represented a quarterly increase of $11.7 million, or 0.26% (1.05% annualized), compared to December 31, 2024, and a year-over-year increase of $188.1 million, or 4.32%, compared to March 31, 2024. The increase in loans for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 was primarily driven by growth in the BankOnBuffalo, Ridge View Bank and the legacy CNB markets. The year-over-year growth in loans as of March 31, 2025 compared to loans as of March 31, 2024 resulted primarily from growth in commercial and industrial loans in the ERIEBANK and Ridge View Bank markets, and growth in commercial real estate loans in the BankOnBuffalo market, ERIEBANK (primarily Cleveland, OH) and Ridge View Bank. Additional growth occurred in residential real estate loans in the Ridge View Bank and BankOnBuffalo markets and CNB Bank’s Private Banking division.
- At March 31, 2025, the syndicated loan portfolio totaled $69.2 million, or 1.50% of total loans, compared to $79.9 million, or 1.73% of total loans, at December 31, 2024 and $78.7 million, or 1.78% of total loans, at March 31, 2024. The decreases in syndicated lending balances of $10.7 million compared to December 31, 2024 and $9.5 million compared to March 31, 2024 were the result of scheduled paydowns or early payoffs of certain syndicated loans. The Corporation closely manages the level and composition of its syndicated loan portfolio to ensure it continues to provide a high credit quality, profitable use of excess liquidity to complement the Corporation’s loan growth from its in-market customer relationships.

At March 31, 2025, total deposits were $5.5 billion, reflecting a quarterly increase of $88.7 million, or 1.65% (6.70% annualized), compared to December 31, 2024, and a year-over-year increase of $422.5 million, or 8.39%, compared to total deposits measured as of March 31, 2024. The increase in deposit balances compared to December 31, 2024 was driven by higher retail and municipal deposits, coupled with growth in retail time deposits. Additional deposit and liquidity profile details were as follows:
- At March 31, 2025, the total estimated uninsured deposits for CNB Bank were approximately $1.6 billion, or approximately 27.94% of total CNB Bank deposits. However, when excluding $101.9 million of affiliate company deposits and $481.2 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $971.1 million, or approximately 17.46% of total CNB Bank deposits as of March 31, 2025.
  - The level of adjusted uninsured deposits at March 31, 2025 remained relatively unchanged, compared to the level at December 31, 2024, when the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 27.71% of total CNB Bank deposits. Excluding $101.9 million of affiliate company deposits and $429.0 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits were approximately $986.0 million, or approximately 18.01% of total CNB Bank deposits as of December 31, 2024.
- At March 31, 2025, the average deposit balance per account for CNB Bank was approximately $34 thousand, which has remained stable at this level for an extended period.
- At March 31, 2025, the Corporation had $447.1 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.7 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total available liquidity sources for the Corporation as of March 31, 2025 to be approximately 5.3 times the estimated amount of adjusted uninsured deposit balances discussed above.
At March 31, 2025, December 31, 2024, and March 31, 2024, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window.

At March 31, 2025, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled $61.7 million, or 9.88% of total shareholders’ equity, compared to $74.8 million, or 12.25% of total shareholders’ equity, at December 31, 2024 and $85.0 million, or 14.69% of total shareholders’ equity, at March 31, 2024. The change in unrealized losses during the first quarter 2025 was primarily due to changes in the yield curve compared to the fourth quarter of 2024 and first quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of March 31, 2025, December 31, 2024, and March 31, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation continued to maintain excess liquidity at its holding company totaling approximately $100.7 million of liquid funds at March 31, 2025, which more than covers the $61.7 million in combined available-for-sale and held-to-maturity unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary.

Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024. The decrease in nonperforming assets for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 was primarily due to paydowns to nonaccrual loans, charge-offs, and the sale of an other real estate owned property. The increase in non-performing assets at March 31, 2025 compared to March 31, 2024 was due to a commercial multifamily relationship totaling $20.3 million with a specific reserve balance of $885 thousand. Management does not believe there is a risk of significant additional loss exposure beyond the specific reserves related to this loan relationship and is actively working with the borrower and their real estate broker to facilitate the sale of the property. Other nonperforming assets contributing to the year-over-year increase include certain commercial and industrial and owner-occupied commercial real estate relationships as previously disclosed in the second quarter of 2024 and a commercial relationship (consisting of various loan types) in the third quarter of 2024. For the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024. The fourth quarter of 2024 included net loan charge-offs related to (i) an owner-occupied commercial real estate relationship with a charge-off of $750 thousand (remaining balance of approximately $3.8 million with specific reserves of $1.4 million), and (ii) a nonowner-occupied commercial real estate relationship for $625 thousand (no remaining balance).

Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $15.9 million for the three months ended March 31, 2025.¹ Excluding after-tax merger costs, PPNR was $17.4 million for the three months ended March 31, 2025, compared to $21.6 million and $16.8 million for the three months ended December 31, 2024 and March 31, 2024, respectively.¹ The first quarter 2025 PPNR, excluding after-tax merger costs, when compared to the fourth quarter of 2024, reflected decreases in net interest income, non-interest income and an increase in non-interest expense. The increase in PPNR for the three months ended March 31, 2025, compared to the three months ended March 31, 2024 was primarily attributable to higher net interest income, partially offset by an increase in non-interest expenses.

¹ This release contains references to certain financial measures that are not defined by U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.

Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, “Our first quarter performance reflects sound growth in both deposits and loans since year-end 2024. The net amount of loan growth was somewhat muted by some large unscheduled commercial loan payoffs that occurred early in the quarter and impacted our net interest income. This was evidenced by the quarterly average balance of total loans being less than both the quarter’s beginning and ending total loan balances. Favorably, we saw continued commercial loan growth and demand as we ended the quarter with both existing relationships and new prospects. Also, during the quarter, we continued to realize deposit growth based primarily in expanded Treasury Management relationships, as evidenced by favorable growth in our noninterest-bearing deposits. Concurrently, we reduced our cost of interest-bearing liabilities by 10 basis points to now being below three percent, as we continue to implement strategic reductions in deposit rates across our footprint. These fundamentals of well-priced and steadily growing loans and deposits position us well in our primary spread management business moving forward. Though we had some cyclical increases in noninterest elements, including base salaries and certain technology expenses with annual contract cost increases, and as we will have some additional non-recurring merger related costs as we pursue the regulatory and shareholder approval processes associated with our intended acquisition of ESSA Bancorp, Inc. and its subsidiary, ESSA Bank and Trust, we continue to focus on tightly managing the Corporation’s core overhead as we look to realize both positive operating leverage and improved efficiencies from economies of scale as we continue to expand the franchise. Additionally, we remain focused on growing our assets under management to realize more steady and sustainable growth in fee-based revenues from our wealth and asset management businesses.”

Other Balance Sheet Highlights

Book value per common share was $27.01 at March 31, 2025. Excluding after-tax merger costs, book value per common share was $27.08, reflecting an increase from $26.34 at December 31, 2024 and $24.77 at March 31, 2024.¹ Tangible book value per common share, a non-GAAP measure, was $24.91 as of March 31, 2025. Excluding after-tax merger costs, tangible book value per common share, a non-GAAP measure, was $24.98, reflecting an increase of $0.74, or 12.38% (annualized) from $24.24 as of December 31, 2024 and a year-over-year increase of $2.31, or 10.19%, from $22.67 as of March 31, 2024.¹ The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from December 31, 2024 to March 31, 2025 were primarily due to a $8.1 million increase in retained earnings, coupled with a $7.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the first quarter of 2025. The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from March 31, 2024 to March 31, 2025 were primarily due to a $35.6 million increase in retained earnings over the twelve months ended March 31, 2025 coupled with a $10.7 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.

Loan Portfolio Profile

As part of its lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and to identify any concentration risk issues that could lead to additional credit loss exposure. An important and recurring part of this process involves the Corporation’s continued measurement and evaluation of its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality standards for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At March 31, 2025, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:
- Commercial office loans:
  - There were 112 outstanding loans, totaling $109.2 million, or 2.37% of total Corporation loans outstanding;
  - There were no nonaccrual commercial office loans;
  - There were two past due commercial office loans that totaled $216 thousand, or 0.20% of total commercial office loans outstanding; and
  - The average outstanding balance per commercial office loan was $975 thousand.
- Commercial hospitality loans:
  - There were 162 outstanding loans, totaling $323.1 million, or 7.01% of total Corporation loans outstanding;
  - There were no nonaccrual commercial hospitality loans;
  - There was one past due commercial hospitality loan that totaled $157 thousand, or 0.05% of total commercial hospitality loans outstanding; and
  - The average outstanding balance per commercial hospitality loan was $2.0 million.
- Commercial multifamily loans:
  - There were 227 outstanding loans, totaling $373.4 million, or 8.10% of total Corporation loans outstanding;
  - There were two nonaccrual commercial multifamily loans that totaled $20.5 million, or 5.50% of total multifamily loans outstanding. As previously discussed, one customer relationship did have a specific reserve of $885 thousand, while the other customer relationship did not have a related specific loss reserve;
  - There were two past due commercial multifamily loans that totaled $20.5 million, or 5.50% of total commercial multifamily loans outstanding (included in nonaccrual loans disclosed above); and
  - The average outstanding balance per commercial multifamily loan was $1.6 million.

The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be high volatility commercial real estate (“HVCRE”) credits.

Performance Ratios

Annualized return on average equity was 7.52% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average equity was 8.49% for the three months ended March 31, 2025, compared to 9.79% and 8.79% for the three months ended December 31, 2024 and March 31, 2024, respectively.¹

Annualized return on average tangible common equity, a non-GAAP measure, was 8.15% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average tangible common equity was 9.32% for the three months ended March 31, 2025, compared to 10.90% and 9.77% for the three months ended December 31, 2024 and March 31, 2024, respectively.¹

The Corporation’s efficiency ratio was 72.07% for the three months ended March 31, 2025, and 71.28% on a fully tax-equivalent basis, a non-GAAP measure.¹ Excluding merger costs, the efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 68.62%, compared to 63.02% and 68.29% for the three months ended December 31, 2024 and March 31, 2024, respectively.¹ The quarter-over-quarter increase was primarily driven by lower net interest income and non-interest income and increased non-interest expense, as further discussed below. The year-over-year increase was primarily driven by higher non-interest expense, partially offset by an increase in net interest income.

Revenue

Total revenue (net interest income plus non-interest income) was $56.9 million for the three months ended March 31, 2025, an increase when compared to $59.4 million and $54.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively.
- Net interest income was $48.4 million for the three months ended March 31, 2025, compared to $49.0 million and $45.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively. When comparing the first quarter of 2025 to the fourth quarter of 2024, the decrease in net interest income of $613 thousand, or 1.25% (5.07% annualized), was primarily due to lower loan yields on variable and floating-rate loans following the three Federal Reserve rate decreases totaling 100 basis points since mid-September 2024, coupled with changes in the yield curve, partially offset by targeted interest-bearing deposit rate decreases.
- Net interest margin was 3.38%, 3.44% and 3.40% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.37%, 3.43% and 3.38% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.¹
  - The yield on earning assets of 5.73% for the three months ended March 31, 2025 decreased 11 basis points from December 31, 2024 and 8 basis points from March 31, 2024. The decrease in yield compared to December 31, 2024 was attributable to the net impact of declining interest rates on variable and floating-rate loans as a result of the Federal Reserve decreases since mid-September 2024, coupled with changes in the yield curve.
  - The cost of interest-bearing liabilities was 2.93% for the three months ended March 31, 2025, representing a decrease of 10 basis points from both December 31, 2024 and March 31, 2024. The decrease in the cost of interest-bearing liabilities is primarily the result of the Corporation’s targeted interest-bearing deposit rate decreases in response to the Federal Reserve rate decreases since mid-September 2024.
Total non-interest income was $8.5 million for the three months ended March 31, 2025 compared to $10.3 million and $9.0 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The quarter-over-quarter decrease was primarily attributable to lower pass-through income from small business investment companies (“SBICs”), increases in unrealized losses on equity securities, and a decrease in wealth and asset management fees. The decrease year-over-year in non-interest income was primarily due to increases in unrealized losses on equity securities and lower mortgage banking income, partially offset by higher pass-through income from SBICs.

Non-Interest Expense

For the three months ended March 31, 2025 total non-interest expense was $41.0 million. Excluding merger costs, total non-interest expense was $39.5 million, compared to $37.8 million and $37.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively. Excluding merger costs, the increase of $1.7 million, or 4.51%, from the three months ended December 31, 2024, was primarily driven by an increase in salaries and benefits, due to higher incentive compensation accruals, coupled with the timing of retirement plan contribution accruals, and higher supplemental executive retirement plan (“SERP”) accruals. Notably, SERP expenses were lower in the fourth quarter due to a reduction related to the departure of an executive, as previously disclosed. Excluding merger costs, the $2.1 million increase in non-interest expense compared to the three months ended March 31, 2024 was primarily driven by higher salaries and benefits, reflecting increased incentive compensation accruals and higher health insurance costs. Additionally, technology expense increased, primarily due to higher core processing charges associated with growth. These increases were partially offset by a decline in legal expenses.

Income Taxes

Income tax expense for the three months ended March 31, 2025 was $2.9 million, representing a 19.96% effective tax rate, compared to $3.6 million, representing a 19.14% effective tax rate, for the three months ended December 31, 2024 and $2.8 million, representing an 18.36% effective tax rate, for the three months ended March 31, 2024. The effective tax rate for the first quarter of 2025 was impacted by non-deductible merger costs totaling $1.3 million.

Asset Quality

Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024, as discussed in more detail above.

The allowance for credit losses measured as a percentage of total loans was 1.03% as of March 31, 2025, compared to 1.03% remaining consistent with the allowance for credit losses as a percentage of total loans as of as of December 31, 2024, and 1.03% as of March 31, 2024. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 87.57% as of March 31, 2025, compared to 84.08% and 159.41% as of December 31, 2024 and March 31, 2024, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed in more detail above.

The provision for credit losses was $1.6 million for the three months ended March 31, 2025, compared to $2.9 million and $1.3 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The $1.4 million decrease in the provision expense for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily a result of decreased net loan charge-offs in the first quarter of 2025. The $236 thousand increase in the provision expense for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to higher net loan charge-offs in the first quarter of 2025 compared to the first quarter of 2024, coupled with an additional reserve for unfunded commitments.

As discussed in more detail above, for the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024.

Capital

As of March 31, 2025, the Corporation’s total shareholders’ equity was $624.5 million, representing an increase of $13.8 million, or 2.26% (9.17% annualized), from December 31, 2024 and an increase of $45.9 million, or 7.93%, from March 31, 2024. The changes resulted from an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio.

Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of March 31, 2025, consistent with prior periods.

As of March 31, 2025, the Corporation’s ratio of common shareholders’ equity to total assets was 9.00% compared to 8.93% at December 31, 2024 and 8.98% at March 31, 2024. As of March 31, 2025, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.36%. Excluding after-tax merger costs, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.38% compared to 8.28% at December 31, 2024 and 8.28% at March 31, 2024.¹ The increase in the March 31, 2025 ratio of tangible common equity to tangible assets compared to December 31, 2024 was primarily the result of a decrease in accumulated other comprehensive loss, coupled with an increase in retained earnings, as discussed above.¹

Recent Events

On January 10, 2025, the Corporation announced that the Corporation and CNB Bank entered into a definitive merger agreement (the “Merger Agreement”) with with ESSA Bancorp, Inc. (“ESSA”) and ESSA Bank and Trust in an all-stock transaction. Under the terms of the Merger Agreement, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of the Corporation’s common stock. The transaction is currently expected to close in the third quarter of 2025, subject to customary closing conditions, including the receipt of regulatory approvals, and approval by the shareholders of ESSA and the Corporation.

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.3 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, one drive-up office, one mobile office, and 56 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) governmental approvals of the Corporation’s pending merger with ESSA may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (viii) the Corporation’s shareholders and/or the shareholders of ESSA may fail to approve the merger; (ix) higher than expected costs or other difficulties related to integration of combined or merged businesses; (x) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (xi) changes in the quality or composition of our loan and investment portfolios; (xii) adequacy of loan loss reserves; (xiii) increased competition; (xiv) loss of certain key officers; (xv) deposit attrition; (xvi) rapidly changing technology; (xvii) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xviii) changes in the cost of funds, demand for loan products or demand for financial services; and (xix) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Income Statement
Interest and fees on loans	$	72,379		$	74,164		$	71,513
Interest and dividends on securities and cash and cash equivalents		10,000			9,514			6,392
Interest expense		(33,948	)		(34,634	)		(32,683	)
Net interest income		48,431			49,044			45,222
Provision for credit losses		1,556			2,930			1,320
Net interest income after provision for credit losses		46,875			46,114			43,902
Non-interest income
Wealth and asset management fees		1,796			1,976			1,802
Service charges on deposit accounts		1,714			1,712			1,694
Other service charges and fees		510			770			695
Net realized gains on available-for-sale securities		—			83			—
Net realized and unrealized gains (losses) on equity securities		(249	)		(13	)		191
Mortgage banking		96			93			196
Bank owned life insurance		760			784			767
Card processing and interchange income		2,107			2,222			2,016
Other non-interest income		1,773			2,694			1,594
Total non-interest income		8,507			10,321			8,955
Non-interest expenses
Salaries and benefits		20,564			18,501			18,787
Net occupancy expense of premises		4,038			3,816			3,640
Technology expense		5,378			5,743			5,072
Advertising expense		514			684			685
State and local taxes		1,292			1,090			1,143
Legal, professional, and examination fees		849			986			1,172
FDIC insurance premiums		985			864			990
Card processing and interchange expenses		1,160			1,325			1,179
Merger costs		1,529			—			—
Other non-interest expense		4,729			4,796			4,756
Total non-interest expenses		41,038			37,805			37,424
Income before income taxes		14,344			18,630			15,433
Income tax expense		2,863			3,566			2,833
Net income		11,481			15,064			12,600
Preferred stock dividends		1,075			1,076			1,075
Net income available to common shareholders	$	10,406		$	13,988		$	11,525

Ending shares outstanding		20,980,245			20,987,992			21,024,695
Average diluted common shares outstanding		20,925,388			20,929,885			20,887,088
Diluted earnings per common share	$	0.50		$	0.66		$	0.55
Adjusted diluted earnings per common share, net of merger costs (non-GAAP) ⁽¹⁾	$	0.57		$	0.66		$	0.55
Cash dividends per common share	$	0.180		$	0.180		$	0.175
Dividend payout ratio		36	%		27	%		32	%
Adjusted dividend payout ratio, net of merger costs (non-GAAP) ⁽¹⁾		32	%		27	%		32	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Average Balances
Total loans and loans held for sale	$	4,591,395		$	4,556,770		$	4,428,751
Investment securities		798,427			744,149			731,366
Total earning assets		5,803,526			5,674,794			5,350,126
Total assets		6,220,575			6,085,277			5,729,779
Noninterest-bearing deposits		814,441			832,168			736,965
Interest-bearing deposits		4,574,700			4,442,150			4,229,135
Shareholders’ equity		619,409			612,184			576,528
Tangible common shareholders’ equity (non-GAAP) ⁽¹⁾		517,550			510,308			474,596

Average Yields (annualized)
Total loans and loans held for sale		6.41	%		6.50	%		6.51	%
Investment securities		2.75	%		2.40	%		2.01	%
Total earning assets		5.73	%		5.84	%		5.81	%
Interest-bearing deposits		2.89	%		3.00	%		3.00	%
Interest-bearing liabilities		2.93	%		3.03	%		3.03	%

Performance Ratios (annualized)
Return on average assets		0.75	%		0.98	%		0.88	%
Adjusted return on average assets, net of merger costs (non-GAAP) ⁽¹⁾		0.85	%		0.98	%		0.88	%
Return on average equity		7.52	%		9.79	%		8.79	%
Adjusted return on average equity, net of merger costs (non-GAAP) ⁽¹⁾		8.49	%		9.79	%		8.79	%
Return on average tangible common equity (non-GAAP) ⁽¹⁾		8.15	%		10.90	%		9.77	%
Adjusted return on average tangible common equity (non-GAAP) ⁽¹⁾		9.32	%		10.90	%		9.77	%
Net interest margin, fully tax equivalent basis (non-GAAP) ⁽¹⁾		3.37	%		3.43	%		3.38	%
Efficiency ratio, fully tax equivalent basis (non-GAAP) ⁽¹⁾		71.28	%		63.02	%		68.29	%
Adjusted efficiency ratio, fully tax equivalent basis (non-GAAP) ⁽¹⁾		68.62	%		63.02	%		68.29	%

Net Loan Charge-Offs
CNB Bank net loan charge-offs	$	926		$	1,719		$	878
Holiday Financial net loan charge-offs		513			425			466
Total Corporation net loan charge-offs	$	1,439		$	2,144		$	1,344
Annualized net loan charge-offs / average total loans and loans held for sale		0.13	%		0.19	%		0.12	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	March 31, 2025			December 31, 2024			March 31, 2024
Ending Balance Sheet
Cash and due from banks	$	68,745		$	63,771		$	38,953
Interest-bearing deposits with Federal Reserve		447,053			375,009			259,464
Interest-bearing deposits with other financial institutions		4,359			4,255			3,036
Total cash and cash equivalents		520,157			443,035			301,453
Debt securities available-for-sale, at fair value		516,412			468,546			348,565
Debt securities held-to-maturity, at amortized cost		282,159			306,081			381,706
Equity securities		10,293			10,456			9,581
Loans held for sale		860			762			1,010
Loans receivable
Syndicated loans		69,189			79,882			78,685
Loans		4,540,820			4,529,074			4,352,713
Total loans receivable		4,610,009			4,608,956			4,431,398
Less: allowance for credit losses		(47,357	)		(47,357	)		(45,832	)
Net loans receivable		4,562,652			4,561,599			4,385,566
Goodwill and other intangibles		43,874			43,874			43,874
Core deposit intangible		190			206			260
Other assets		358,911			357,451			329,397
Total Assets	$	6,295,508		$	6,192,010		$	5,801,412

Noninterest-bearing demand deposits	$	842,398		$	819,680		$	749,178
Interest-bearing demand deposits		719,460			706,796			719,781
Savings		3,160,618			3,122,028			3,035,823
Certificates of deposit		737,602			722,860			532,771
Total deposits		5,460,078			5,371,364			5,037,553
Subordinated debentures		20,620			20,620			20,620
Subordinated notes, net of issuance costs		84,646			84,570			84,343
Other liabilities		105,656			104,761			80,256
Total liabilities		5,671,000			5,581,315			5,222,772
Common stock		—			—			—
Preferred stock		57,785			57,785			57,785
Additional paid in capital		220,254			219,876			218,224
Retained earnings		387,925			381,296			353,780
Treasury stock		(4,944	)		(4,689	)		(3,946	)
Accumulated other comprehensive loss		(36,512	)		(43,573	)		(47,203	)
Total shareholders’ equity		624,508			610,695			578,640
Total liabilities and shareholders’ equity	$	6,295,508		$	6,192,010		$	5,801,412

Book value per common share	$	27.01		$	26.34		$	24.77
Adjusted book value per common share (non-GAAP) ⁽¹⁾	$	27.08		$	26.34		$	24.77
Tangible book value per common share (non-GAAP) ⁽¹⁾	$	24.91		$	24.24		$	22.67
Adjusted tangible book value per common share (non-GAAP) ⁽¹⁾	$	24.98		$	24.24		$	22.67

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	March 31, 2025			December 31, 2024			March 31, 2024
Capital Ratios
Tangible common equity / tangible assets (non-GAAP) ⁽¹⁾		8.36	%		8.28	%		8.28	%
Adjusted tangible common equity / tangible assets (non-GAAP) ⁽¹⁾		8.38	%		8.28	%		8.28	%
Tier 1 leverage ratio ⁽²⁾		10.27	%		10.43	%		10.64	%
Common equity tier 1 ratio ⁽²⁾		11.85	%		11.76	%		11.70	%
Tier 1 risk-based ratio ⁽²⁾		13.50	%		13.41	%		13.43	%
Total risk-based ratio ⁽²⁾		16.30	%		16.16	%		16.27	%

Asset Quality Detail
Nonaccrual loans	$	54,079		$	56,323		$	28,751
Loans 90+ days past due and accruing		308			653			49
Total nonperforming loans		54,387			56,976			28,800
Other real estate owned		1,664			2,509			1,864
Total nonperforming assets	$	56,051		$	59,485		$	30,664

Asset Quality Ratios
Nonperforming assets / Total loans + OREO		1.22	%		1.29	%		0.69	%
Nonperforming assets / Total assets		0.89	%		0.96	%		0.53	%
Ratio of allowance for credit losses on loans to nonaccrual loans		87.57	%		84.08	%		159.41	%
Allowance for credit losses / Total loans		1.03	%		1.03	%		1.03	%


Consolidated Financial Data Notes:
⁽¹⁾ Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
⁽²⁾ Capital ratios as of March 31, 2025 are estimated pending final regulatory filings.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
	Three Months Ended,
	March 31, 2025								December 31, 2024								March 31, 2024
	Average Balance			Annual Rate			Interest Inc./Exp.		Average Balance			Annual Rate			Interest Inc./Exp.		Average Balance			Annual Rate			Interest Inc./Exp.
ASSETS:
Securities:
Taxable ^{(1) (4)}	$	765,654			2.73	%	$	5,461	$	711,286			2.36	%	$	4,487	$	696,851			1.96	%	$	3,651
Tax-exempt ^{(1) (2) (4)}		25,345			2.69			181		25,489			2.67			184		27,743			2.59			191
Equity securities ^{(1) (2)}		7,428			5.84			107		7,374			5.77			107		6,772			5.64			95
Total securities ⁽⁴⁾		798,427			2.75			5,749		744,149			2.40			4,778		731,366			2.01			3,937
Loans receivable:
Commercial ^{(2) (3)}		1,466,323			6.74			24,369		1,458,902			6.77			24,824		1,429,718			6.90			24,519
Mortgage and loans held for sale ^{(2) (3)}		3,001,317			6.02			44,572		2,965,914			6.12			45,633		2,870,175			6.08			43,403
Consumer ⁽³⁾		123,755			12.01			3,665		131,954			11.93			3,956		128,858			11.79			3,778
Total loans receivable ⁽³⁾		4,591,395			6.41			72,606		4,556,770			6.50			74,413		4,428,751			6.51			71,700
Interest-bearing deposits with the Federal Reserve and other financial institutions		413,704			4.20			4,284		373,875			5.08			4,771		190,009			5.26			2,485
Total earning assets		5,803,526			5.73		$	82,639		5,674,794			5.84		$	83,962		5,350,126			5.81		$	78,122
Noninterest-bearing assets:
Cash and due from banks		58,152								59,445								53,523
Premises and equipment		129,188								124,398								110,038
Other assets		277,051								273,326								261,863
Allowance for credit losses		(47,342	)							(46,686	)							(45,771	)
Total non interest-bearing assets		417,049								410,483								379,653
TOTAL ASSETS	$	6,220,575							$	6,085,277							$	5,729,779
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Demand—interest-bearing	$	704,874			0.88	%	$	1,527	$	686,359			0.83	%	$	1,437	$	739,931			0.65	%	$	1,195
Savings		3,131,697			3.09			23,840		3,068,451			3.26			25,139		2,965,279			3.47			25,611
Time		738,129			3.99			7,267		687,340			4.02			6,953		523,925			3.64			4,742
Total interest-bearing deposits		4,574,700			2.89			32,634		4,442,150			3.00			33,529		4,229,135			3.00			31,548
Short-term borrowings		—			0.00			—		—			0.00			—		—			0.00			—
Finance lease liabilities		15,143			6.32			236		212			3.75			2		282			4.28			3
Subordinated notes and debentures		105,228			4.15			1,078		105,153			4.17			1,103		104,925			4.34			1,132
Total interest-bearing liabilities		4,695,071			2.93		$	33,948		4,547,515			3.03		$	34,634		4,334,342			3.03		$	32,683
Demand—noninterest-bearing		814,441								832,168								736,965
Other liabilities		91,654								93,410								81,944
Total Liabilities		5,601,166								5,473,093								5,153,251
Shareholders’ equity		619,409								612,184								576,528
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,220,575							$	6,085,277							$	5,729,779
Interest income/Earning assets					5.73	%	$	82,639					5.84	%	$	83,962					5.81	%	$	78,122
Interest expense/Interest-bearing liabilities					2.93			33,948					3.03			34,634					3.03			32,683
Net interest spread					2.80	%	$	48,691					2.81	%	$	49,328					2.78	%	$	45,439
Interest income/Earning assets					5.73	%		82,639					5.84	%		83,962					5.81	%		78,122
Interest expense/Earning assets					2.36			33,948					2.41			34,634					2.43			32,683
Net interest margin (fully tax-equivalent)					3.37	%	$	48,691					3.43	%	$	49,328					3.38	%	$	45,439

⁽¹⁾ Includes unamortized discounts and premiums.
⁽²⁾ Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $260 thousand, $284 thousand and $217 thousand, respectively.
⁽³⁾ Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees.
⁽⁴⁾ Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $(48.1) million, $(47.0) million and $(55.1) million, respectively.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of merger costs, net of tax (non-GAAP):
Merger costs – non deductible	$	1,327		$	—		$	—

Merger costs – deductible		202			—			—
Statutory federal tax rate		21	%		21	%		21	%
Tax benefit of merger costs (non-GAAP)		42			—			—
Merger costs – deductible, net of tax		160			—			—

Merger costs, net of tax (non-GAAP)	$	1,487		$	—		$	—

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Calculation of net income available to common (GAAP):
Net income	$	11,481	$	15,064	$	12,600
Less: preferred stock dividends		1,075		1,076		1,075
Net income available to common shareholders	$	10,406	$	13,988	$	11,525

Adjusted calculation of net income available to common (non-GAAP):
Net income available to common shareholders	$	10,406	$	13,988	$	11,525
Add: Merger costs, net of tax (non-GAAP)		1,487		—		—
Adjusted net income available to common shareholders (non-GAAP)	$	11,893	$	13,988	$	11,525

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Calculation of PPNR (non-GAAP): ⁽¹⁾
Net interest income	$	48,431	$	49,044	$	45,222
Add: Non-interest income		8,507		10,321		8,955
Less: Non-interest expense		41,038		37,805		37,424
PPNR (non-GAAP)	$	15,900	$	21,560	$	16,753

Adjusted calculation of PPNR (non-GAAP): ⁽¹⁾
Net interest income	$	48,431	$	49,044	$	45,222
Add: Non-interest income		8,507		10,321		8,955
Less: Non-interest expense		41,038		37,805		37,424
Add: Merger costs		1,529		—		—
Adjusted PPNR (non-GAAP)	$	17,429	$	21,560	$	16,753

⁽¹⁾ Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Basic earnings per common share computation:
Net income available to common shareholders	$	10,406	$	13,988	$	11,525
Less: net income available to common shareholders allocated to participating securities		57		98		92
Net income available to common shareholders allocated to common stock	$	10,349	$	13,890	$	11,433

Weighted average common shares outstanding, including shares considered participating securities		20,981		20,992		20,979
Less: Average participating securities		114		135		155
Weighted average shares		20,867		20,857		20,824
Basic earnings per common share	$	0.50	$	0.67	$	0.55

Diluted earnings per common share computation:
Net income available to common shareholders allocated to common stock	$	10,349	$	13,890	$	11,433

Weighted average common shares outstanding for basic earnings per common share		20,867		20,857		20,824
Add: Dilutive effect of stock compensation		58		73		63
Weighted average shares and dilutive potential common shares		20,925		20,930		20,887
Diluted earnings per common share	$	0.50	$	0.66	$	0.55

Adjusted basic earnings per common share computation (non-GAAP):
Net income available to common shareholders	$	10,406	$	13,988	$	11,525
Add: Merger costs, net of tax (non-GAAP)		1,487		—		—
Less: net income available to common shareholders allocated to participating securities		57		98		92
Less: Adjustment to net income available to common shareholders allocated to participating securities for merger cost impact, net of tax (non-GAAP)		8		—		—
Adjusted net income available to common shareholders allocated to common stock (non-GAAP)	$	11,828	$	13,890	$	11,433

Weighted average common shares outstanding, including shares considered participating securities		20,981		20,992		20,979
Less: Average participating securities		114		135		155
Weighted average shares		20,867		20,857		20,824
Adjusted basic earnings per common share (non-GAAP)	$	0.57	$	0.67	$	0.55

Adjusted diluted earnings per common share computation (non-GAAP):
Adjusted net income available to common shareholders allocated to common stock (non-GAAP)	$	11,828	$	13,890	$	11,433

Weighted average common shares outstanding for basic earnings per common share		20,867		20,857		20,824
Add: Dilutive effect of stock compensation		58		73		63
Weighted average shares and dilutive potential common shares		20,925		20,930		20,887
Adjusted diluted earnings per common share (non-GAAP)	$	0.57	$	0.66	$	0.55

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of dividend payout ratio:
Cash dividends per common share	$	0.180		$	0.180		$	0.175
Diluted earnings per common share		0.50			0.66			0.55
Dividend payout ratio		36	%		27	%		32	%

Adjusted calculation of dividend payout ratio (non-GAAP):
Cash dividends per common share	$	0.180		$	0.180		$	0.175
Adjusted diluted earnings per common share (non-GAAP)		0.57			0.66			0.55
Adjusted dividend payout ratio (non-GAAP)		32	%		27	%		32	%

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of net interest margin:
Interest income	$	82,379		$	83,678		$	77,905
Interest expense		33,948			34,634			32,683
Net interest income	$	48,431		$	49,044		$	45,222

Average total earning assets	$	5,803,526		$	5,674,794		$	5,350,126

Net interest margin (GAAP) (annualized)		3.38	%		3.44	%		3.40	%

Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):
Interest income	$	82,379		$	83,678		$	77,905
Tax equivalent adjustment (non-GAAP)		260			284			217
Adjusted interest income (fully tax equivalent basis) (non-GAAP)		82,639			83,962			78,122
Interest expense		33,948			34,634			32,683
Net interest income (fully tax equivalent basis) (non-GAAP)	$	48,691		$	49,328		$	45,439

Average total earning assets	$	5,803,526		$	5,674,794		$	5,350,126
Less: average mark to market adjustment on investments (non-GAAP)		(48,070	)		(46,988	)		(55,146	)
Adjusted average total earning assets, net of mark to market (non-GAAP)	$	5,851,596		$	5,721,782		$	5,405,272

Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)		3.37	%		3.43	%		3.38	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of tangible book value per common share and tangible common equity / tangible assets (non-GAAP):
Shareholders’ equity	$	624,508		$	610,695		$	578,640
Less: preferred equity		57,785			57,785			57,785
Common shareholders’ equity		566,723			552,910			520,855
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		190			206			260
Tangible common equity (non-GAAP)	$	522,659		$	508,830		$	476,721

Total assets	$	6,295,508		$	6,192,010		$	5,801,412
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		190			206			260
Tangible assets (non-GAAP)	$	6,251,444		$	6,147,930		$	5,757,278

Ending shares outstanding		20,980,245			20,987,992			21,024,695

Book value per common share (GAAP)	$	27.01		$	26.34		$	24.77
Tangible book value per common share (non-GAAP)	$	24.91		$	24.24		$	22.67

Common shareholders’ equity / Total assets (GAAP)		9.00	%		8.93	%		8.98	%
Tangible common equity / Tangible assets (non-GAAP)		8.36	%		8.28	%		8.28	%

Adjusted calculation of book value per common share (non-GAAP):
Common shareholders’ equity	$	566,723		$	552,910		$	520,855
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted common shareholders’ equity (non-GAAP)	$	568,210		$	552,910		$	520,855

Ending shares outstanding		20,980,245			20,987,992			21,024,695

Adjusted book value per common share (non-GAAP)	$	27.08		$	26.34		$	24.77

Adjusted calculation of tangible book value per common share (non-GAAP):
Tangible common equity (non-GAAP)	$	522,659		$	508,830		$	476,721
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted tangible common equity (non-GAAP)	$	524,146		$	508,830		$	476,721

Ending shares outstanding		20,980,245			20,987,992			21,024,695

Adjusted tangible book value per common share (non-GAAP)	$	24.98		$	24.24		$	22.67

Adjusted calculation of tangible common equity / tangible assets (non-GAAP):
Adjusted common shareholders’ equity (non-GAAP)	$	524,146		$	508,830		$	476,721

Tangible assets (non-GAAP)	$	6,251,444		$	6,147,930		$	5,757,278
Add: Merger costs, net of tax (non-GAAP)		1,529			—			—
Adjusted tangible assets (non-GAAP)	$	6,252,973		$	6,147,930		$	5,757,278

Adjusted tangible common equity / Adjusted tangible assets (non-GAAP)		8.38	%		8.28	%		8.28	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of efficiency ratio:
Non-interest expense	$	41,038		$	37,805		$	37,424

Non-interest income	$	8,507		$	10,321		$	8,955
Net interest income		48,431			49,044			45,222
Total revenue	$	56,938		$	59,365		$	54,177
Efficiency ratio		72.07	%		63.68	%		69.08	%

Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Non-interest expense	$	41,038		$	37,805		$	37,424
Less: core deposit intangible amortization		17			16			20
Adjusted non-interest expense (non-GAAP)	$	41,021		$	37,789		$	37,404

Non-interest income	$	8,507		$	10,321		$	8,955

Net interest income	$	48,431		$	49,044		$	45,222
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)		1,464			1,508			1,337
Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)		2,076			2,111			1,932
Adjusted net interest income (fully tax equivalent basis) (non-GAAP)		49,043			49,647			45,817
Adjusted net revenue (fully tax equivalent basis) (non-GAAP)	$	57,550		$	59,968		$	54,772

Efficiency ratio (fully tax equivalent basis) (non-GAAP)		71.28	%		63.02	%		68.29	%

Adjusted calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Adjusted non-interest expense (non-GAAP)	$	41,021		$	37,789		$	37,404
Less: Merger costs (non-GAAP)		1,529			—			—
Adjusted non-interest expense (non-GAAP)	$	39,492		$	37,789		$	37,404

Adjusted net revenue (fully tax equivalent basis) (non-GAAP)	$	57,550		$	59,968		$	54,772

Adjusted efficiency ratio (fully tax equivalent basis) (non-GAAP)		68.62	%		63.02	%		68.29	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of return on average assets:
Net income	$	11,481		$	15,064		$	12,600
Average total assets	$	6,220,575		$	6,085,277		$	5,729,779

Return on average assets (GAAP) (annualized)		0.75	%		0.98	%		0.88	%

Adjusted calculation of return on average assets (non-GAAP):
Net income	$	11,481		$	15,064		$	12,600
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted net income	$	12,968		$	15,064		$	12,600

Average total assets	$	6,220,575		$	6,085,277		$	5,729,779

Adjusted return on average assets (non-GAAP) (annualized)		0.85	%		0.98	%		0.88	%

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of return on average tangible common equity (non-GAAP):
Net income	$	11,481		$	15,064		$	12,600
Less: preferred stock dividends		1,075			1,076			1,075
Net income available to common shareholders	$	10,406		$	13,988		$	11,525

Average shareholders’ equity	$	619,409		$	612,184		$	576,528
Less: average goodwill & intangibles		44,074			44,091			44,147
Less: average preferred equity		57,785			57,785			57,785
Average tangible common shareholders’ equity (non-GAAP)	$	517,550		$	510,308		$	474,596

Return on average equity (GAAP) (annualized)		7.52	%		9.79	%		8.79	%
Return on average common equity (GAAP) (annualized)		7.51	%		10.04	%		8.94	%
Return on average tangible common equity (non-GAAP) (annualized)		8.15	%		10.90	%		9.77	%

Adjusted calculation of return on average equity (non-GAAP):
Net income	$	11,481		$	15,064		$	12,600
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted net income (non-GAAP)	$	12,968		$	15,064		$	12,600

Average shareholders’ equity	$	619,409		$	612,184		$	576,528

Adjusted return on average equity (non-GAAP) (annualized)		8.49	%		9.79	%		8.79	%

Adjusted calculation of return on average tangible common equity (non-GAAP):
Net income available to common shareholders	$	10,406		$	13,988		$	11,525
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted net income available to common shareholders	$	11,893		$	13,988		$	11,525

Average tangible common shareholders’ equity (non-GAAP)	$	517,550		$	510,308		$	474,596

Adjusted return on average tangible common equity (non-GAAP) (annualized)		9.32	%		10.90	%		9.77	%

The MIL Network –

April 15, 2025

MIL-OSI USA: CFTC Staff Issues Interpretation Regarding U.S. Treasury Exchange-Traded Funds as Eligible Margin Collateral for Uncleared Swaps

Source: US Commodity Futures Trading Commission

WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Market Participants Division today issued an interpretation to clarify the types of assets that qualify as eligible margin collateral for certain uncleared swap transactions under CFTC regulations.
CFTC Regulation 23.156 lists the types of collateral that covered swaps entities can post or collect as initial margin (IM) and variation margin (VM) for uncleared swap transactions. The regulation, which includes “redeemable securities in a pooled investment fund” as eligible IM collateral, aims to identify assets that are liquid and will hold their value in times of financial stress.
The interpretation clarifies the division’s view that shares of certain U.S. Treasury exchange-traded funds may be considered redeemable securities in a pooled investment fund and may qualify as eligible IM and VM collateral subject to the conditions in CFTC Regulation 23.156. Swap dealers, therefore, may post and collect shares of certain UST ETFs as IM collateral for uncleared swap transactions with any covered counterparty. Swap dealers may also post and collect such UST ETF shares as VM for uncleared swap transactions with financial end users.
The interpretation was issued in response to a recommendation from the CFTC’s Global Markets Advisory Committee and prepared by its Global Market Structure Subcommittee.

MIL OSI USA News –

April 15, 2025
MIL-OSI Security: Monrovia Man Sentenced to 30 Years in Federal Prison for Producing and Distributing Child Sexual Abuse Material

Source: Office of United States Attorneys

LOS ANGELES – A San Gabriel Valley man was sentenced today to 360 months in federal prison for producing and distributing child sexual abuse material (CSAM) depicting himself sexually abusing a toddler.

David Lisandro Perez Figueroa, 23, of Monrovia, was sentenced by United States District Judge John F. Walter, who also ordered Perez Figueroa to pay $2,799 in restitution and placed him on lifetime supervised release.

Perez Figueroa pleaded guilty in November 2024 to one count of production of child pornography and one count of distribution of child pornography.

From an unknown date until December 2023, Perez Figueroa recorded his sexual abuse of a 2-year-old child for the purpose of making a visual depiction of sexually explicit conduct.

In July 2023, Perez Figueroa distributed the CSAM via the social media platform X, formerly known as Twitter, in an account linked to Perez Figueroa.

British law enforcement investigating a target in the United Kingdom discovered the X chat logs with CSAM and, soon after, notified federal law enforcement in the United States, according to court documents. Based on this information, federal agents executed a search warrant at Perez Figueroa’s residence on December 5, 2023 and arrested him.

Homeland Security Investigations investigated this matter.

Assistant United States Attorneys Jenna W. Long of the Terrorism and Export Crimes Section, Mirelle N. Raza of the General Crimes Section, Amy E. Pomerantz of the Criminal Appeals Section, and Sarah E. Spielberger of the Asset Forfeiture and Recovery Section prosecuted this case.

MIL Security OSI –

April 15, 2025
MIL-OSI Asia-Pac: HKSAR Government responds to media enquiries on UK parliament member being denied entry

Source: Hong Kong Government special administrative region

In response to media enquiries about a Member of Parliament of the United Kingdom (UK) having been denied entry earlier, the Government of the Hong Kong Special Administrative Region (HKSAR) today (April 14) issued the following statement:

A HKSAR Government spokesman said that it is the Government’s standing policy not to comment on individual cases. The Immigration Department will deal with each case in accordance with the relevant law and immigration policy. It is the duty of immigration officer to ask questions to ascertain that there is no doubt about the purpose of any visit. The person concerned knows best what he or she has done. It will be unhelpful to the person’s case if the person refuses to answer questions put to him or her for that purpose.

In addition, the Chief Secretary for Administration, Mr Chan Kwok-ki, today afternoon met with the Minister for Trade Policy and Economic Security, UK, Mr Douglas Alexander, who is visiting Hong Kong, to exchange views on the matter. Mr Chan also reiterated the stance of the HKSAR Government during the meeting.

MIL OSI Asia Pacific News –

April 15, 2025
MIL-OSI Europe: Written question – Support for EU farmers in accessing seed potatoes – E-001404/2025
Source: European Parliament
Question for written answer E-001404/2025
to the Commission
Rule 144
Maria Walsh (PPE), Nina Carberry (PPE), Seán Kelly (PPE), Regina Doherty (PPE)

The withdrawal of the United Kingdom from the European Union created many challenges for sectors involved in bilateral trade. Since Brexit, the Commission has made significant efforts to negotiate various bilateral agreements, including the EU–UK Trade and Cooperation Agreement, to address these challenges and facilitate trade. However, one sector for which a solution has not been found is the trade in seed potatoes. Since 1 January 2021, the import of seed potatoes from the UK to Ireland and the rest of the EU has been prohibited, which has had a negative impact on European, and particularly Irish, potato production.

In view of the above:

1.Assuming that the UK is unlikely to commit to dynamic alignment, how does the Commission intend to proceed in addressing this critical issue?

2.Is there a possibility of finding a solution under the current Plant Health Regulation to reopen bilateral trade in seed potatoes?

3.Given that the Commission conducted an audit in the UK at the end of 2024, what are the next steps envisaged in discussions with the UK authorities to find a compromise and reinstate bilateral trade in seed potatoes?

Submitted: 7.4.2025
Last updated: 14 April 2025
MIL OSI Europe News –
April 15, 2025
MIL-OSI Europe: Answer to a written question – EU response to the Scirtothrips aurantii infestation and citrus fruit imports from South Africa – E-000438/2025(ASW)
Source: European Parliament
Regulation (EU) 2022/2389[1] on frequency rates, prescribes 100% identity and physical checks at import for host plants of Scirtothrips aurantii, except for those referred to in Annex I of that regulation.

The number of non-compliances at import is a criterion for deciding the frequency rates. Within the last 20 years there have been in total 12 non-compliances on eggplants, gourds, litchees, strawberries and cut flowers of gypsophila and lisianthus.

Mandatory cold treatment has been added to the EU import requirements as a measure to guarantee freedom from Thaumatotibia leucotreta in oranges. The EU follows a risk-based approach when setting EU requirements.

The existing scientific and technical evidence does not support an extension of that measure to other host plants and for other Union quarantine pests such as Scirtothrips aurantii.

The list of priority pests has been established by Delegated Regulation (EU) 2019/17022[2]. A scientific evaluation of all Union quarantine pests is ongoing.

Certification of imported consignments is required in line with the international phytosanitary standards. Detailed EU phytosanitary import requirements are in place, with compliance verified through Commission audits in third countries.

The EU-Southern African Development Community (SADC) Economic Partnership Agreement includes a chapter on Sanitary and Phytosanitary (SPS) measures[3], reaffirming the principles contained in the World Trade Organisation SPS Agreement, plus some reinforced transparency obligations.

As a result, phytosanitary certificates serve to guarantee amongst others that the fruits were inspected and found free from quarantine pests.

[1] Commission Implementing Regulation (EU) 2022/2389 of 7 December 2022 establishing rules for the uniform application of frequency rates for identity checks and physical checks on consignments of plants, plant products and other objects entering the Union. ELI: http://data.europa.eu/eli/reg_impl/2022/2389/2024-05-01

[2] Commission Delegated Regulation (EU) 2019/1702 of 1 August 2019 supplementing Regulation (EU) 2016/2031 of the European Parliament and of the Council by establishing the list of priority pests. ELI: http://data.europa.eu/eli/reg_del/2019/1702/oj

[3] Articles 59-67: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L:2016:250:FULL
Last updated: 14 April 2025
MIL OSI Europe News –
April 15, 2025
MIL-OSI Europe: Spain: EIB and Iberdrola sign two loans totalling €108 million for investments in energy storage infrastructure in Extremadura
Source: European Investment Bank
- These loans will finance works to improve the Valdecañas pumped-storage hydroelectric complex in Cáceres to secure energy supply and to integrate renewables.
- The project has received funding from the Regional Resilience Fund, which was set up by the Spanish Ministry of Economy, Trade and Enterprise to invest a portion of the NextGenerationEU loans, predominantly in environmental and social projects in Spain’s autonomous communities.
- This operation also contributes to the EIB Group’s strategic priorities – namely climate action and cohesion –, to the objectives of the Spanish Recovery, Transformation and Resilience Plan and the REPowerEU plan, which aims to improve energy security in the European Union.
The European Investment Bank (EIB) has signed two green loans with Iberdrola totalling €108 million – a €50 million loan using own funds and a €58 million loan with funds from the Regional Resilience Fund (FRA). The operation aims to improve the pumping capacity of the Valdecañas hydroelectric complex, which encompasses the Torrejón and the Valdecañas power plants.

The complex will help to secure energy supply and create storage capacity enabling the integration and management of renewable energy. The Valdecañas plant will have a total installed capacity of 225 MW, a 15 MW hybrid battery and 7.5 MWh of stored energy.

Together, the battery and hydroelectric units will make it possible to increase the added pumping capacity to a maximum of 313 MW, and the storage capacity of the Tajo system to 210 GWh. The works to improve pumping capacity will make use of the existing installations in the Valdecañas and Torrejón-Tajo reservoirs – without changes to the levels of operation – and the existing transport networks, thus reducing the impact on the environment.

Once up and running, the complex will help to reduce CO₂ emissions. In addition, the improvement works will directly create 165 jobs and a further 500 indirectly, boosting skilled employment. The total investment will take place in a cohesion region, an area where the per capita income is below the EU average. In this way, the project will contribute to climate action and territorial, economic and social cohesion – two of the eight priorities set out in the Group’s Strategic Roadmap for the years 2024-2027.

Having received funding from the Regional Resilience Fund, the project is also in line with the objectives of Spain’s Recovery, Transformation and Resilience Plan. The Regional Resilience Fund directs funding from the NextGenerationEU programme to boost investment in Spain autonomous communities, predominantly for environmental and social projects. The fund is led by the Ministry of Economy, Trade and Enterprise and is supported by the autonomous communities and cities and the Spanish Federation of Municipalities and Provinces (FEMP), with the EIB Group as a strategic management partner.

This operation is in line with the EIB’s action plan to support the REPowerEU initiative to improve energy security in the European Union and to reduce dependence on fossil fuel imports.

How the Valdecañas pumped-storage hydroelectric complex works

Reversible pumping plants, such as those in the Valdecañas hydroelectric complex, make it possible to use and generate electricity quickly, allowing for better management of the consumption and demand curve, and stabilising the electricity grid. The upper reservoir – which feeds the plant – acts like a storage system that is charged with the water’s potential energy. Energy can then be stored when excess energy is generated from other non-dispatchable energy sources, and can subsequently be recovered when needed. It operates like a closed circuit between the upper and lower reservoir, which does not just consume water, but also reuses it. This system, which is independent of precipitation and water resources, has a long service life and can provide wide-reaching reinforcement to the electricity grid.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of our headquarters for media use are available here.
MIL OSI Europe News –
April 15, 2025
MIL-OSI: BDTCOIN Now Listed on MEXC, Accelerating Its Mission to Democratize Digital Finance

Source: GlobeNewswire (MIL-OSI)

FERNANDINA BEACH, Fla., April 14, 2025 (GLOBE NEWSWIRE) — BDTCOIN, a pioneering digital currency focused on financial inclusion and cross-border transactions, has officially been listed on MEXC, one of the world’s leading cryptocurrency exchanges. This milestone marks a significant leap forward in BDTCOIN’s mission to revolutionize the financial landscape, making it more accessible, efficient, and inclusive for underserved communities worldwide.

Launched with the vision to bridge the gap between traditional assets and decentralized finance, BDTCOIN is a gold-backed cryptocurrency that combines the enduring stability of physical gold with the transparency and efficiency of blockchain technology. Each BDTCOIN is backed by tangible gold reserves, giving it a unique edge in today’s volatile digital asset market. By integrating cutting-edge features like quantum-resistant cryptography and lightning-fast transactions, the currency is built not only for stability but also for scalability and real-world utility.

The listing on MEXC Global makes BDTCOIN accessible to millions of users worldwide, unlocking new opportunities for trading, investing, and utilizing BDTCOIN in everyday financial activities. MEXC’s expansive global presence and strong reputation for listing high-potential, credible projects will provide BDTCOIN with enhanced visibility and adoption in both institutional and retail markets.

BDTCOIN is built on a secure and scalable blockchain protocol incorporating quantum-resistant encryption, lightning-fast transactions, and smart contract functionality. These features ensure that BDTCOIN remains not only a store of value but also a practical, usable currency in today’s fast-moving digital economy. The technology has been developed with long-term resilience in mind, offering security against future threats such as quantum computing while supporting decentralized applications and integrations.

“We’ve always believed that technology can empower the unbanked and underbanked. Listing on MEXC is not just a technical milestone—it’s a meaningful step toward delivering financial access to those who’ve been excluded from the system for far too long.”

— BDTCOIN creator

“BDTCOIN was built with purpose—real asset backing, technological integrity, and a user-first approach. Being listed on a global exchange like MEXC validates that purpose and sets the stage for us to scale our impact across borders.”

— BDTCOIN creator

Kickstarter Voting Details:

Snapshot Time: April 13, 2025, 16:00 UTC (minimum 25 MX required)

Voting Period: April 14, 2025, 10:00 UTC – April 15, 2025, 09:50 UTC

Airdrop Pool: 50,000 USDT

Trading Starts: April 15, 2025, 12:00 UTC

Withdrawal Opens: April 16, 2025, 12:00 UTC

Participants can commit between 25 to 500,000 MX tokens, with reward multipliers available for users who invite new valid users to the MEXC platform.

https://x.com/MEXC_Listings/status/1911713357289189772 (embed)

With a growing ecosystem of users, developers, and advocates, BDTCOIN is positioning itself as a frontrunner in the emerging class of asset-backed cryptocurrencies. Its focus on transparency, decentralization, and inclusivity resonates with global investors and consumers alike who are looking for secure and meaningful ways to engage with digital finance.

The listing on MEXC also comes at a time when gold-backed digital assets are gaining momentum because they offer both the benefits of crypto and the stability of physical assets. BDTCOIN is poised to be at the forefront of this movement, creating new pathways for economic empowerment, especially in emerging markets.

For more information, visit https://bdtcoin.co and follow BDTCOIN’s official channels for updates, partnerships, and community initiatives.

About BDTCOIN

BDTCOIN is a next-generation cryptocurrency focused on financial inclusion and seamless cross-border transactions. Built on a secure and decentralized blockchain, BDTCOIN empowers individuals and businesses by providing efficient, low-cost financial services worldwide.

Company Details:

Website: https://bdtcoin.co/

Explorer: https://bdtcoin.info

Development: https://bdtcoin.org

Contact:
Sultan
Email: Admin@bdtcoin.co

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

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

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/6ad786ea-b501-46a8-b0d6-0dd959ec171b

https://www.globenewswire.com/NewsRoom/AttachmentNg/2d634702-5f58-4a9a-9b48-6dc587f531a9

The MIL Network –

April 15, 2025
MIL-OSI USA: On World Quantum Day, Colorado Announces Nation-Leading Steps to Elevate K–12 Quantum Learning

Source: US State of Colorado

The Polis Administration is charting a path forward to prepare students for great careers in the state’s rapidly growing quantum technology economy

DENVER – Today, on World Quantum Day, the Polis Administration and Elevate Quantum announced the Blueprint for Advancing K–12 Quantum Information Technology, which puts forth a bold vision to prepare Colorado students for the technology careers of the future. The Blueprint outlines clear steps for lawmakers, educators, and district leaders to expand access to quantum education and provides a phased strategy to bring Quantum Information Science and Technology (QIST) concepts into classrooms, support educators, and engage students across Colorado.

“Colorado is leading the way as the epicenter of quantum technology. As our state’s quantum economy continues to grow, we’re making sure educators and school leaders have the necessary tools to bring these concepts into the classroom so that every Colorado student can get the skills to thrive in the industries of tomorrow,” said Governor Polis.

A new webpage from the Colorado Department of Education offers ready-to-use quantum K–12 lesson plans and activities designed to spark curiosity, build skills, and connect classroom learning to real-world careers. This will serve as a centralized hub where educators, students, and district leaders can explore curated quantum activities, classroom resources, professional development opportunities, and guidance on how to bring quantum into STEM instruction.

“Colorado continues to be at the forefront of preparing students not just for today’s opportunities, but for the careers of tomorrow. This blueprint reflects our commitment to ensuring every student can explore, engage, and thrive in the evolving quantum economy,” said Commissioner of Education Susana Córdova.

In 2023, following a competitive national process, Colorado earned federal recognition as a Regional Technology and Innovation Hub by the U.S. Department of Commerce for the state’s leadership in quantum science. Today, about 3,000 Colorado workers are employed in the quantum workforce and support more than 30 quantum technology companies. The QIST industry is expected to grow 18% annually, offering high-paying jobs across quantum computing, networking, sensing, and applications.

“With the incredible ways the quantum industry is impacting Colorado’s economy, it’s critical for us to build the quantum talent pipeline now. By focusing on Colorado’s youth via this blueprint and our teacher externship program targeting the industry, more Colorado students will be exposed and energized about lucrative careers in quantum ultimately growing the homegrown talent pipeline for one of the state’s fastest growing industries,” said Joe Barela, Executive Director of the Colorado Department of Labor and Employment.

“Colorado leads the world in quantum research, quantum companies and quantum jobs, and we are committed to ensuring that Coloradans can develop the skills to be part of and contribute to this growing field. Introducing students of all ages to the exciting potential of quantum will help continue our leadership for the years and decades to come,” said Eve Lieberman, Executive Director of the Colorado Office of Economic Development and International Trade.

“To continue to lead in quantum, we need to expose students earlier to the concepts and competencies of quantum information science and technology (QIST). This blueprint does that and ensures that all Colorado students are familiar with QIST and its significance in the broader economy. Our community colleges and four-year universities stand ready to educate and train students—whether they’re working toward an industry certificate or a Ph.D.— and our new quantum incubator, which launched in January, is another way the state is bringing quantum physics out of the lab and into the real world,” said Dr. Angie Paccione, Executive Director of the Colorado Department of Higher Education.

“Colorado’s community colleges are proud to help lead the development of a quantum-ready workforce by building clear, direct pathways from K–12 into high-demand college programs. As a partner of Elevate Quantum—with Front Range Community College serving on its board—we’re not only preparing the next generation of technicians and innovators but also working to ensure students across the state are aware of and ready for these opportunities well before they reach college. The K–12 Quantum Blueprint is a critical step toward creating a seamless learning pipeline—from early exposure to robust career and technical education programs—that leads directly into college and career opportunities in this fast-growing field,” said Chancellor Joe Garcia of the Colorado Community College System.

“Core to Elevate Quantum’s mission to accelerate the commercialization of quantum technologies, is ensuring that we have the trained and credentialed workforce necessary to fill the new jobs that will be needed to make this mission a reality. Having a strong blueprint for K-12 quantum education will be an important catalyst for building accessible pathways into quantum careers, inspiring the next generation of innovators, and ensuring Colorado remains a national leader in the quantum economy,” said Jessi Olsen, Chief Financial and Operations Officer of Elevate Quantum.

To help meet the growing demand for quantum talent in the state and to ensure Colorado continues to lead in the quantum economy, the Polis Administration has invested $75 million in state dollars for statewide quantum workforce and infrastructure development, as well as $40 million in federal funding through the Elevate Quantum tech hub.

“Colorado’s economic future depends on our ability to nurture homegrown talent in cutting-edge fields. St. Vrain Valley Schools’ partnership with Elevate Quantum is creating an educational ecosystem where students develop quantum literacy from an early age, establishing our state as the premier destination for quantum industry growth,” said Don Haddad, Superintendent of St. Vrain Valley Schools.

“Quantum awareness isn’t a specialized skill for a select few but a fundamental literacy that will enhance opportunities for students across all postsecondary pathways. We’re cultivating both the knowledge and enthusiasm needed for students to recognize how quantum innovations will empower their future, whether they become electricians, nurses, entrepreneurs, welders, engineers, HVAC technicians, or educators,” said Joe McBreen, Assistant Superintendent of Innovation of St. Vrain Valley Schools.

Today’s announcement is part of the Polis Administration’s broader work to bridge the gap between education and workforce, ensuring all Coloradans can access the opportunities of the quantum future. To explore the Blueprint and classroom resources, visit cde.state.co.us/quantum.

###

MIL OSI USA News –

April 15, 2025
MIL-OSI: 31st annual Enserva STARS & Spurs Gala raises more than $1.7 million for STARS

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 14, 2025 (GLOBE NEWSWIRE) — The Enserva STARS & Spurs Gala (The Gala) celebrated another successful event this past Saturday, raising a total of $1,708,872 for Shock Trauma Air Rescue Support (STARS). This highly anticipated event brought together industry leaders, community supporters and distinguished guests to raise crucial funds for STARS, ensuring life-saving emergency medical services remain available across Western Canada.

As Alberta’s longest running and largest fundraiser, The Gala has raised nearly $24 million since its inception in 1994. This impressive amount reinforces the energy industry’s dedication to safety and community support, especially as The Gala serves as STAR’s most significant annual fundraising event. This is a testament to the generosity and commitment of Enserva’s members and partners.

“Enserva is so proud to bring together thousands from across the energy industry to raise funds for STARS,” says Enserva president and CEO, Gurpreet Lail. “This event and the outpouring of support that it receives each and every year is a true testament to the dedication of our industry in supporting the life-saving work that STARS provides across Western Canada. With over 60,000 missions completed by STARS since 1985, their impact on our communities is vital.”

STARS is a non-profit organization that provides rapid and specialized emergency medical care and transportation for critically ill and injured patients across Western Canada. STARS believes that no one should go without the critical care that could save their life, no matter where they live, work or play.

This year’s event featured a welcome reception, dinner, speeches from a STARS Very Important Patient (VIP), an Indigenous fashion show showcasing auction items created by Indigenous artists, as well as live entertainment from breakout country artist Garrett Gregory, Mocking Shadows and DJ ChargedUp. The Gala gathered guests from corporate executives and government officials to valued members of the energy service, supply, and manufacturing industries.

Enserva is already preparing for its 32^nd annual gala and is encouraging organizations to contact events@enserva.ca to get a tailored sponsorship package for Alberta’s premier fundraising and networking event.

About Enserva
In September 2022, the Petroleum Services Association of Canada rebranded to their new moniker, Enserva. Enserva is the voice of the Canadian energy services, supply and manufacturing sector, and its vital workforce. For over 40 years we have championed and empowered Canadian energy. We never stop innovating and finding solutions to help Canadian energy thrive. We unlock Canadian energy to find a better energy future for all. Enserva makes the world a better place by reducing energy poverty, increasing energy security, and creating economic growth and jobs. We have brought the energy industry and community leaders together to raise funds for STARS since 1994.

For more information about Enserva, visit www.enserva.ca

About STARS
STARS was born from the conviction that no one should go without the care that could save their life. Whether by air, ground, or satellite link, the expert care delivered by STARS doctors, nurses, and paramedics comes in many forms. STARS is a charitable not-for-profit organization that responds to community needs.

For more information about STARS, visit www.stars.ca

For media inquiries, please contact:
Shauna MacDonald
Brookline Public Relations, Inc.
smacdonald@brooklinepr.com
403-585-4570

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/e51990fe-15a8-4ec5-9bde-caa202189382

https://www.globenewswire.com/NewsRoom/AttachmentNg/fe44f489-159a-4405-b786-50dc059aab36

The MIL Network –

April 15, 2025
MIL-OSI USA: Welch, Colleagues Press U.S. Trade Representative on Impacts of Destructive Trump Tariffs on Farmers

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. — U.S. Senator Peter Welch, a member of the Senate Finance Committee and Senate Agriculture Committee, joined Senator Amy Klobuchar (D-Minn.) and 17 of their colleagues in expressing great concern about the impact of the Administration’s reckless tariff agenda on our nation’s farmers. In their letter, the Senators pressed U.S. Trade Representative (USTR) Jamieson Greer for information on how the Administration’s tariff taxes will impact farmers across the nation.
“Farmers not only have billions of dollars in commodities from last year waiting to be sold, but also have started spring planting and rely on stable markets for their planning. These farmers have made planting decisions and purchased key inputs such as seeds and fertilizer, selected crop insurance coverage, and even began marketing their expected production,” wrote the Senators. “Long before the President’s across-the-board tariff announcement, millions of acres of fall-planted crops like winter wheat were already in the ground, and farmers already have enough uncertainty without tariffs adding more volatility.”
The Senators continued: “We continue to hear from farmers and businesses across the agricultural supply chain who are bearing the brunt of the negative impacts of the global tariffs announced by President Trump on April 2, 2025, and earlier tariffs on Canada and Mexico. These actions and the resulting retaliation have injected further uncertainty into the farm economy and continue to rattle commodity markets.”
“As farm organizations and economists have been warning for months, key trading partners will continue to retaliate against U.S. agricultural products as a result of President Trump’s tariffs,” wrote the Senators. “A prolonged trade war now with key trading partners will just further exacerbate those trade shifts. This market share that farmers are losing is the result of more than $15 billion in investments by both taxpayers and the farmers themselves through trade promotion programs over the last 50 years…We have serious concerns about the haphazard approach taken by the Administration to tariffs that cause unnecessary uncertainty and harm for U.S. farmers and their markets.”
In their letter, the Senators requested answers to the following questions:
Did USTR perform any analysis on the impact of the across-the-board tariff policy on farmers prior to implementation? If so, please share that analysis with us.
What do you expect to be the short- and long-term impacts of tariffs on farmers?
There have been conflicting reports as to whether tariffs are being used as leverage in trade negotiations or as a long-term structural shift in trade policy.
Can you provide clarity on the goals of the Administration’s trade policy?
If tariffs are being used as leverage in trade negotiations, what are your top agriculture priorities and markets? What countries are you prioritizing in negotiations, and what is the basis for determining those countries?
President Trump indicated that U.S. farmers need to get ready to supply the domestic market instead of the international markets.
Has USTR or have other agencies done analysis to show how production and consumption of crops would need to shift, or what domestic processing would be necessary to accomplish this goal? For example, there is very limited domestic cotton spinning, weaving or apparel manufacturing.
Significant parts of the agricultural trade imbalance are related to imports of specialty crops, many of which are either grown in tropical regions or imported during the off-season. U.S. farmers will not be able to produce these commodities in the same volume or season. Will consumers need to shift from fresh produce in the off season or be forced to pay a higher price due to the tariffs on these products?
Prior to the announcement of the across-the-board tariffs and per-country rates, the USDA announced plans for trade missions to several countries including some with tariffs as high as 46%.
Did USTR consult with USDA on the trade missions or setting tariffs based on targets for opening markets?
Along with Senators Welch and Klobuchar, the letter was signed by Sens. Patty Murray (D-Wash.), Ron Wyden (D-Ore.), Dick Durbin (D-Ill.), Mark Warner (D-Va.), Jeff Merkley (D-Ore.), Kirsten Gillibrand (D-N.Y.), Chris Coons (D-Del.), Tammy Baldwin (D-Wis.), Martin Heinrich (D-N.M.), Gary Peters (D-Mich.), Chris Van Hollen (D-Md.), Tina Smith (D-Minn.), Ben Ray Luján (D-N.M.), Reverend Raphael Warnock (D-Ga.), Adam Schiff (D-Calif.), Elissa Slotkin (D-Mich.), and Angela Alsobrooks (D-Md.).
Read and download the full letter here.

MIL OSI USA News –

April 15, 2025
MIL-OSI Canada: Show your Alberta side. Buy Local.
[. The ‘Buy Local’ campaign, recently launched by Alberta’s government, encourages consumers to eat, drink and buy local to show our unified support for the province’s agriculture and food industry.

The government’s ‘Buy Local’ campaign encourages consumers to buy products from Alberta’s hard-working farmers, ranchers and food processors that produce safe, nutritious food for Albertans, Canadians and the world.

“It’s time to let these hard-working Albertans know we have their back. Now, more than ever, we need to shop local and buy made-in-Alberta products. The next time you are grocery shopping or go out for dinner or a drink with your friends or family, support local to demonstrate your Alberta pride. We are pleased tariffs don’t impact the ag industry right now and will keep advocating for our ag industry.”

RJ Sigurdson, Minister of Agriculture and Irrigation

Alberta’s government supports consumer choice. We are providing tools to help folks easily identify Alberta- and Canadian-made foods and products. Choosing local products keeps Albertans’ hard-earned dollars in our province. Whether it is farm-fresh vegetables, potatoes, honey, craft beer, frozen food or our world-renowned beef, Alberta has an abundance of fresh foods produced right on our doorstep.

Quick facts
- This summer, Albertans can support local at more than 150 farmers’ markets across the province and meet the folks who make, bake and grow our food.
- In March 2023, the Alberta government launched the ‘Made in Alberta’ voluntary food and beverage labelling program to support local agriculture and food sectors.
- Through direct connections with processors, the program has created the momentum to continue expanding consumer awareness about the ‘Made in Alberta’ label to help shoppers quickly identify foods and beverages produced in our province.
Related information
- Buy Local Alberta
- Made in Alberta Product Catalogue
- Alberta Agri-Food Products and Services Export Catalogue
Multimedia
- Watch the Minister’s ‘Buy Local’ video
- Watch the news conference
MIL OSI Canada News –
April 15, 2025
MIL-OSI Global: Ecuador: can freshly re-elected Daniel Noboa govern a country in crisis?

Source: The Conversation – UK – By Nicolas Forsans, Professor of Management and Co-director of the Centre for Latin American & Caribbean Studies, University of Essex

Daniel Noboa has been re-elected as president of Ecuador with a margin that has surprised most observers. Just weeks before the April 13 runoff, polls had him neck and neck with his left-wing rival, Luisa González. In the end, Noboa secured about 56% of the vote against González’s 44%, a difference of more than 1 million votes.

The victory gives Noboa, a 37-year-old businessman and political outsider, a full four-year mandate. Noboa won a shortened presidential term in November 2023 in a snap election called when his predecessor, Guillermo Lasso, dissolved congress in an attempt to escape impeachment.

It also marks the third consecutive presidential defeat for the movement led by former president, Rafael Correa, whose influence remains polarising in Ecuadorian politics.

González is, at the time of writing, refusing to concede, claiming “grotesque” electoral fraud. “I refuse to believe that the people prefer lies over the truth”, she has said. But she has presented no evidence to support the allegation.

International observers, including the EU and the Organisation of American States, have confirmed the elections were free and fair. In the absence of proof, the fraud claims appear to be more political theatre than a real challenge to the integrity of the vote.

Political scion to dominant incumbent

Noboa’s campaign leaned heavily on security – a theme that has come to dominate Ecuadorian public life as the country grapples with record levels of violence. Since assuming the presidency in 2023, Noboa has governed under a permanent state of emergency.

He declared an “internal armed conflict” in early 2024, deployed the military in prisons and on the streets, and launched a wide-ranging security plan called Plan Fénix. This plan includes building a new maximum-security prison in the coastal province of Santa Elena modelled on El Salvador’s much-criticised approach to curbing violence.

Initially, these measures won Noboa widespread support. But the picture soon darkened. January 2025 was Ecuador’s most violent month on record, with 781 homicides. Criminal groups remain entrenched in the country’s port cities and prisons. And human rights organisations have raised serious concerns about arbitrary arrests, the excessive use of force, and the militarisation of civilian life.

Despite these setbacks, Noboa’s message of strength and order clearly resonated with voters. Ecuadorians, exhausted by spiralling violence, appear willing to accept more authoritarian governance in exchange for safety. This is a trend seen across the region, from President Nayib Bukele’s 2024 re-election in El Salvador to rising approval for militarised policing in Brazil, Honduras and Mexico.

The challenges Noboa now faces are daunting. The most pressing is Ecuador’s descent into organised crime and narco-violence. Situated between Colombia and Peru, the country has become a major transit hub for cocaine bound for the US and Europe. Powerful international cartels have partnered with local gangs, and the state has lost control over large swaths of territory.

In response, Noboa has not only empowered the armed forces but has also sought international assistance. In 2024, he met with Erik Prince, the founder of Blackwater, a controversial US private military contractor. This raised concerns about the outsourcing of Ecuador’s security and its implications for human rights. He has also floated the idea of hosting foreign troops in Ecuador, a proposal that would require a constitutional amendment.

But militarised solutions alone did not bring an end to violence during Noboa’s first term, nor are they likely to succeed in his second.

Ecuador’s security crisis is not just a matter of policing – it is a crisis of state capacity. The judiciary is riddled with corruption, prisons have become centres of criminal coordination, and police officers are often outgunned and underpaid. Without reforming these institutions, Noboa’s war on crime risks becoming a war without end.

At the same time, Ecuador’s economy is faltering. In 2024, the country fell into recession, with GDP contracting and inflation rising. Ecuador is reliant on hydropower for its electricity generation, and a historic drought that year caused blackouts lasting up to 14 hours a day. This revealed years of under-investment in infrastructure.

In response, Noboa raised VAT, cut fuel subsidies, and secured a US$4 billion (roughly £3 billion) loan from the International Monetary Fund. These unpopular measures provoked grumbling but not mass protests, a fact some analysts attribute to exhaustion rather than approval.

Inequality remains high, especially for young people and those living in rural and coastal regions. Unemployment and underemployment affect nearly half of the working-age population, and around one-third of Ecuadorians live in poverty. Noboa has announced new cash transfers and youth employment programmes, but these are palliative, not structural.

To make matters worse, Noboa governs with limited support in the National Assembly. His party, Acción Democrática Nacional, holds 66 of the chamber’s 151 seats – one less than González’s Citizen Revolution.

The Indigenous Pachakutik party controls a crucial bloc of nine seats, but is itself internally divided. Passing legislation will require building coalitions and compromising. These are skills that Noboa has yet to demonstrate at scale.

Noboa’s credibility has also been challenged. His family’s banana export company, Noboa Trading, has been linked to multiple drug seizures in Europe. While there is no evidence implicating Noboa directly, the revelations raise uncomfortable questions about the president’s anti-drug narrative and potential conflicts of interest.

Towards democratic reform

Noboa’s victory gives him an opportunity, but not a blank cheque. His success will now depend on whether he can pivot from ruling by decree to governing by consensus. The public expects results: less violence, more jobs and greater political stability.

To meet these expectations, he will need to restore the rule of law, protect human rights and build inclusive institutions capable of resisting criminal capture. This means professionalising the police, strengthening the judiciary and tackling the deep inequalities that fuel violence and despair.

It also means stepping back from theatrical gestures, such as alliances with foreign mercenaries, and focusing on the slow, often frustrating work of state-building.

In the coming months, Noboa will face a simple but profound test: can he translate his electoral mandate into real, lasting progress for a country on the edge? Ecuador’s future may depend on the answer.

Nicolas Forsans 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. Ecuador: can freshly re-elected Daniel Noboa govern a country in crisis? – https://theconversation.com/ecuador-can-freshly-re-elected-daniel-noboa-govern-a-country-in-crisis-254420

MIL OSI – Global Reports –

April 15, 2025
MIL-OSI Global: Who’s thriving, who’s struggling and who’s stuck at the kitchen table: how working lives are changing in the UK

Source: The Conversation – UK – By Alan Felstead, Emeritus Professor, Cardiff University

shutterstock PeopleImages.com – Yuri A/Shutterstock

For many people in the UK work is changing: how we work, what we do and where we do it. The change is faster for some than it is for others – and it’s not always changing for the better.

A new national survey — organised and managed by my colleagues and I — paints a mixed picture of UK working life. What makes the Skills and Employment Survey 2024 unique is that it the eighth in of a series that stretches back to the mid-1980s .

The survey focuses on people’s working lives: what skills they use, how and where they work, and what they think of their job. The data series consists of interviews with nearly 35,000 workers with around 5,500 taking part in 2024.

Some people have good things to say about the way their working lives have changed. Other people’s work lives are not improving. For many of us, it’s a bit of both.

Good news

One piece of good news is that very few workers regard their jobs as having no value. Contrary to estimates by some scholars that around 40% of people “find themselves labouring at tasks which they consider pointless”, our survey suggests that only 5% of respondents think that their job is meaningless and has no value.

So-called “bullshit jobs” are rare. Instead, nearly 70% reported their jobs gave them a sense of achievement either always or most of the time, while 76% said that their work was useful.

Work is becoming more skilled too. In 2024, 46% of workers reported that they would need a graduate level qualification if they were to apply for their current job today. This is up from 20% in 1986.

A further piece of good news is that the rate of over-qualification has declined. In 2024 35% of workers reported that they held qualifications that were higher than those currently required for their jobs compared to 39% in 2006.

The job quality gender gap is narrowing. The pay gap has fallen steadily, but the gap in the physical environment of work – in working time quality, and in job skills – has also narrowed. For example, the proportion of men who reported that their health or safety was at risk from their work declined from 38% in 2001 to 21% in 2024, while among women it has remained stable at 22%.

Bad news

However, all not is well in the world of work. Workplace abuse is common – 14% of UK workers experienced bullying, violence or sexual harassment at work. The risk of abuse is much higher for women, LGBTQ+ workers, nurses, teachers and those who work at night.

One of the most striking findings of our survey is the large fall in the ability of employees to take decisions about their immediate job tasks. In 2024, 34% of employees said they had “a great deal of influence” over which tasks they did, how they did them and how hard they worked. This is down from 44% in 2012 and 62% in 1992.

The mechanisms for greater worker control have grown over time, but this has not translated into greater control at an individual level.

Mixed news

Another striking, if not unsurprising, finding is the growth in the number of people woking from home. But the long-running nature of the shift may come as a surprise. The survey shows that the growth of hybrid working started back in 2006, well before the term became fashionable.

The survey also sheds light on where within the home people work. It shows that 45% can insulate themselves from others in the household by creating a home office. The rest must make do with the kitchen table, the sofa or the corner of a room.

After years of declining trade union membership, the survey shows that the tide may eventually have turned. Membership levels have plateaued, and rates of union presence in the workplace and union influence over pay increased between 2017 and 2024.

A rising proportion of trade union members also say their union has a great or fair amount of influence over how work is organised – up from 42% in 2001 to 51% in 2024.

Technological change brings opportunities as well as benefits. The survey found that digital technology played a role in nearly all jobs, with 78% of workers considering computers “essential” or “very important” in their jobs, up from 45% in 1997.

The share of AI users surged during the period of data collection, indicating its rapid adoption. But there are few signs that it is displacing workers, at least for the time being.

Regular monitoring of all the issues raised here – and many besides – is only possible if regular and robust surveys such as the Skills and Employment Survey are carried out. These are invaluable components of our knowledge infrastructure which must be treasured, protected and supported if we are to accurately assess how the world of work is changing.

Alan Felstead receives funding from a range of organisations. The Skills and Employment Survey 2024 is funded by the Economic and Social Research Council, the Department for Education, and the Advisory and Conciliation and Arbitration Service with additional funding from the Department for the Economy to extend the survey to Northern Ireland (ES/X007987/1)

– ref. Who’s thriving, who’s struggling and who’s stuck at the kitchen table: how working lives are changing in the UK – https://theconversation.com/whos-thriving-whos-struggling-and-whos-stuck-at-the-kitchen-table-how-working-lives-are-changing-in-the-uk-254235

MIL OSI – Global Reports –

April 15, 2025
MIL-OSI Asia-Pac: Govt reiterates immigration stance

Source: Hong Kong Information Services

The Hong Kong Special Administrative Region Government said this evening that the Immigration Department will deal with each case in accordance with the relevant law and immigration policy.

Responding to media enquiries about a UK Parliament member having been denied entry earlier, the Hong Kong SAR Government said its standing policy is not to comment on individual cases.

It is the duty of immigration officer to ask questions to ascertain that there is no doubt about the purpose of any visit. As the person knows best what he has done, it will be unhelpful to the case if one refuses to answer questions, the Hong Kong SAR Government added.

In addition, Chief Secretary Chan Kwok-ki met UK Minister for Trade Policy & Economic Security Douglas Alexander, who is visiting Hong Kong, to exchange views on the matter. Mr Chan also reiterated the Hong Kong SAR Government’s stance during their meeting.

MIL OSI Asia Pacific News –

April 15, 2025

MIL-OSI: Coface SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on April 7 to April 11, 2025

Source: GlobeNewswire (MIL-OSI)

COFACE SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on April 7 to April 11, 2025

Paris, April 14, 2025 – 17.45

Pursuant to Regulation (EU) No 596/2014 of 16 April 2014 on market abuse¹

The main features of the 2024-2025 Share Buyback Program have been published on the Company’s website (http://www.coface.com/Investors/Disclosure-requirements, under “Own share transactions”) and are also described in the 2024 Universal Registration Document.

Trading session of (Date)	Number of shares	Weighted average price	Gross amount	MIC Code	Purpose of buyback
07/04/2025	15,000	15.5785 €	233,677 €	XPAR	LTIP
08/04/2025	11,000	16.1885 €	178,074 €	XPAR	LTIP
09/04/2025	11,000	15.7422 €	173,164 €	XPAR	LTIP
10/04/2025	11,000	16.5766 €	182,342 €	XPAR	LTIP
11/04/2025	11,022	16.1732 €	178,261 €	XPAR	LTIP
Total 07/04/2025 – 11/04/2025	59,022	16.0198 €	945,519 €		LTIP

CONTACTS

ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

FINANCIAL CALENDAR 2025
(subject to change)

Q1-2025 results: 5 May 2025 (after market close)
Annual General Shareholders’ Meeting: 14 May 2025
H1-2025 results: 31 July 2025 (after market close)
9M-2025 results: 3 November 2025 (after market close)

FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
You can check the authenticity on the website www.wiztrust.com.

COFACE: FOR TRADE
As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

www.coface.com

COFACE SA is listed in Compartment A of Euronext Paris
ISIN: FR0010667147 / Ticker: COFA

1 Also in pursuant to Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (and updates); Article L.225-209 and seq. of the French Commercial Code; Article L.221-3, Article L.241-1 and seq. of the General Regulation of the French Market Authority (AMF); AMF Recommendation DOC-2017-04 Guide for issuers on their own shares transactions and for stabilization measures.

Attachment

2025 04 14 – Declaration – Own shares transaction

The MIL Network –

April 15, 2025

MIL-OSI United Kingdom: expert reaction to study on projected lifetime cancer risks associated with Computed Tomography (CT) imaging in the US

Source: United Kingdom – Executive Government & Departments

April 14, 2025

A study published in JAMA Internal Medicine looks at CT scans and lifetime cancer risk in the USA.

Lynda Johnson, Professional Officer for Clinical Imaging and Radiation Protection, The Society and College of Radiographers, said:

“The Society and College of Radiographers (SoR) welcomes research into the harmful effects of ionising radiation and recognises the importance of balancing benefit and risk information to patients and the public.

“This paper articulates the complexities of large-scale dose estimation and acknowledges the many variables which influence an individual’s likelihood of developing cancer at some point in their lifetime. In the UK, the use of ionising radiation is governed by The Ionising Radiation (Medical Exposure) Regulations 2017 (The Ionising Radiation (Medical Exposure) Regulations (Northern Ireland) 2018). Central to the legislation and UK radiographic practice, as this paper rightly concludes, are the principles of justification and optimisation. Justification means that any exposures to ionising radiation for medical purposes must be demonstrated to provide a greater benefit than risk to the individual. Once justified, the exposure must be optimised, meaning that it is as low as reasonably practicable to provide the intended outcome, or answer the clinical question.

“Computed Tomography (CT) scans are undertaken by highly trained radiographers and nuclear medicine technologists who have met the educational and professional standards required to ensure all CT scans are appropriately justified and optimised. Considering the increased use of CT as an invaluable diagnostic tool, it is imperative that the risk of harm from potential misuse, poor quality referrals, or inappropriate exposure parameters continues to be managed effectively. This is achieved by safeguarding standards of education, training and practical experience, compliance with the regulations, and applying best practice quality standards such as The Quality Standard for Imaging.

“It is particularly important to recognise, as this paper highlights, the increased risk to children from unjustified CT exposures. Staff are trained to give special consideration to the justification and optimisation of CT scans for children and will assess the benefits and risks of using CT against alternative techniques that do not involve ionising radiation such as MRI and Ultrasound.

“Accurate communication around the benefits and risks of CT is essential to protect the public from harm. Focussing on risk alone is not helpful and, in some cases, might prevent a person from attending a scan that could provide early diagnosis of cancer. Anyone undergoing a CT scan must be provided with balanced, accurate and relevant information to enable them to understand what it means to them as an individual in terms of their diagnosis, treatment and potential long-term care.

“The UK Health Security Agency is responsible for undertaking dose audits and producing National Diagnostic Reference levels (NDRLs) for computed tomography. These inform local practices and employers must ensure their organisational doses do not consistently exceed the NDRLs. They are publicly available here alongside helpful dose comparisons here and benefit and risk information for patients here.”

Dr Doreen Lau, Lecturer in Inflammation, Ageing and Cancer Biology at Brunel University of London, said:

“This is a well-conducted modelling study using robust data from US hospitals and established methods for estimating cancer risk from radiation exposure. It provides a timely reminder that while CT scans are often life-saving and essential for diagnosis, they do come with a small but real potential risk of contributing to cancer over a lifetime, especially when used repeatedly, in younger patients, or when not clinically necessary.

“The findings don’t mean that people should avoid CT scans when recommended by a doctor. In most cases, the benefit of detecting or ruling out serious illness far outweighs the very small risk of harm. What this research highlights is the need to minimise unnecessary imaging and use the lowest dose possible, particularly in settings where CT usage is high. Where appropriate, clinicians may also consider alternative imaging methods that do not involve ionising radiation, such as MRI or ultrasound—especially for younger patients or when repeat imaging is anticipated.

“CT scan rates are much higher in the US than in the UK, where imaging is used more conservatively and with stricter clinical justification. That means the estimated risks in this study are likely to be much lower in the UK context, though the message about appropriate use still holds.

“Importantly, this study models estimated cancer risk from radiation exposure. It does not show a direct causal link between specific CT scans and individual cancer cases. These are projections based on population-level data and assumptions about radiation risk, not observed cancer rates. Although the model estimates a small increased risk with each scan, it does not prove that any one scan causes cancer. Other factors such as underlying health issues and clinical decision-making, may also influence who gets scanned and how often.”

Prof Stephen Duffy, Emeritus Professor of Cancer Screening, Centre for Cancer Screening, Prevention and Early Diagnosis, Queen Mary University of London, said:

“This paper reports on a very high quality numerical modelling exercise, estimating the likely number of cancers occurring in the USA as a result of 93 million CT examinations. The authors estimate that just over 100,000 cancers are predicted to occur as a result of radiation from these CT examinations. This amounts to around a 0.1% increase in cancer risk over the patients lifetime per CT examination. When we consider that the lifetime risk of cancer in the general population is around 50%, the additional risk is small. Doctors do not order CT examinations unless they are necessary, and it seems to me that the likely benefit in diagnosis and subsequent treatment of disease outweighs the very small increase in cancer risk.

“I would also remark that the estimates, while based on the best models available to the authors, are indirect, so there is considerable uncertainty about the estimates.

“Thus I would say to patients that if you are recommended to have a CT scan, it would be wise to do so.”

Dr Giles Roditi, Consultant Cardiovascular Radiologist and Honorary Clinical Associate Professor of Radiology, University of Glasgow, said:

“CT scanning is a powerful diagnostic tool and has become a bedrock of modern radiology departments, particularly for emergency department imaging. However, the paper by Smith-Bindman et al. is a timely reminder that with great power comes great responsibility. The paper makes the case that the rise in the utilisation of CT scanning is now at such a scale that its projected use could lead to scenario in which CT-associated cancer eventually accounts for 5% of all new cancer diagnoses annually in the USA. What should we do with this information and how does this translate to and inform practise in the UK ?

“Firstly, the evidence base is sound and there is little new as regards the basic assumptions that the paper is based upon but the authors have updated this with more modern dose estimates and data on the utilisation of CT scanning not only across different age groups but also stratified by gender and the exposure of different organs that have different sensitivities to ionising radiation induced damage. The authors are to be congratulated in the detailed breakdown of CT utilisation across these categories and how lifetime risk of cancer impacts across age and gender etc. as well as the modern dosimetric approach used plus accounting for multiphase CT examinations that inevitably entail higher dose.

“With all medical endeavours there is an element of risk. Risk is generally defined as a situation involving exposure to danger or the possibility that something unpleasant will occur. Furthermore, the use of the word risk often implies an element of chance, uncertainty or unpredictability. However, risk can often be well defined in any particular context as –   Risk = (probability of an event) x (impact of event)  

“Risk is thus different for ‘well’ versus ‘sick’ patients with the latter deriving greater benefit. This paper helps us better define risk at a population level by updating knowledge on the probable incidence of later CT-associated cancer. A potential limitation that could be levelled at the paper is that not all the risks associated with CT are included, only those related to later development of cancer diagnoses. For example, other relevant factors as a demerit to CT scanning could include the very small risks of anaphylaxis related to the use of contrast medium, used now in a large proportion of scans in Western medicine. Similarly, the small but potential other risks such as cataract acceleration are not mentioned.

“On the other hand, while the authors mention that ‘CT is frequently lifesaving’ they have not in my opinion really put the information in full relevant context. The authors context is that this is approximately 5% of new cancer diagnoses could be attributable to CT i.e. a figure of 100,000 cancers in the USA is where there were 1,777,566 new cancer cases reported in 2021 and 608,366 people died of cancer in 2022 (the latest CDC data available). This is because the natural incidence of cancer induction is 1 in 2 for adults. Hence, an alternative way of looking at this would be that although the figure of 100,000 cancers is alarming this is only a small additional risk over and above an individual’s lifetime risk of developing cancer i.e. a risk rising from about 50% to 52.5%. The authors also do not address how many of these cancer will be fatal although we presume based upon CD data it would be approximately one third.

“The main issue, however, is that the benefits of CT scanning are not more explicitly stated. This is likely because the benefits of most medical imaging in terms of morbidity & mortality have been very difficult to quantify with surprisingly little published in the literature. This is mainly because imaging has too often only been part of an overall therapeutic strategy where the main treatment outcomes depend critically upon the imaging but the imaging itself is not tested (e.g. treatments for stroke and cancer). However, there have been recent trials that provide some context, for example SCOT-HEART was probably the first major trial in which diagnostic CT was shown to save lives. In SCOT-THEART the patients were randomised to a conventional treatment pathway without CT scan or an investigative arm in which the standard care pathway was simply supplemented by a CT scan of the coronary arteries. This trial showed clear benefit for those patients that had CT with a significantly lower mortality rate and this has been shown to persist now up to 10 years following the end of the trial. Similarly trials of lung cancer screening have now shown positive benefit from CT scanning in the detection of early, treatable stage lung cancer in high risk patients.

“So how does this translate into the situation in the UK ? Firstly, there are significant differences in practise due to both cultural and legislative environments. In the UK we operate under the precepts of the Ionising Radiation (Medical Exposure) Regulations last updated in 2017 which mandates that we apply the ALARA/ALARP principles and should opt for diagnostic imaging tests with the lowest radiation dose, or preferably an imaging test with no ionising radiation exposure (e.g. ultrasound or MRI) where this answers the clinical question. Culturally in the UK we also regard all requests for imaging as just that, requests that can be questioned through discussion. In the USA clinicians order scans and radiology departments have little room to manoeuvre when it comes to not performing or changing these orders, particularly since the imaging fees that accompany the scanning activity are the lifeblood of the department. Another issue in the USA in addition to the overuse of CT mentioned in the paper is the repeat imaging that is often performed in a fragmented healthcare system where it is easier (and more profitable) for an institution to simply repeat a scan on a patient referred in from elsewhere rather than seek out and transfer the original scans.

“In the NHS we have systems that allow image transfer between institutions and of course unlike the USA we are very capacity limited and often have long waiting times for scans. One side effect of this is that it tends to reduce demand such that tests unlikely to influence clinical decision-making are less likely to be requested. On the downside is that the CT scanner base in the UK is aging and we know that older scanners inevitably expose patients to higher radiation doses than modern systems for the same type of scan, often with less good image quality. Indeed, on modern generation systems with advanced iterative reconstruction algorithms and AI enhancements in the imaging chain then CT scans can be acquired at doses similar to (or little more than) conventional x-rays. These advances have largely been spurred by the drive to reduce dose in coronary CT scans but the benefits potentially reduce doses across all CT scanning. The paper by Smith-Bindman et al. reminds us that we must advocate more strongly to upgrade our CT scanners for the benefit of our patients.

“So what would I say to a UK patient scheduled to have a CT scan and worried by this paper ? In general terms I would strongly advise them not to worry as they are highly likely to benefit from a well indicated scan, this is particularly so in those who are unwell and in older patients (those > 55 years). For younger patients, particularly those of child-bearing age where the breasts and/or reproductive organs would be included and for those who are physically well then if concerned they can always ask to discuss the merits of alternative scans such as ultrasound and MRI. For example, in our own practise we image all our altruistic potential living kidney donors with MRI rather than CT since our own (unpublished) estimates indicate that if we used CT then 1 in 526 of these well people would have a fatal induced cancer, a risk eliminated by using MRI.”

Prof Richard Wakeford, Honorary Professor in Epidemiology, Centre for Occupational and Environmental Health (COEH), University of Manchester, said:

“Although it is not unreasonable to reiterate guidance on the potential risks to health arising from exposures to low levels of ionising radiation, such as the x-ray doses received from CT scans, considerable caution is required in providing quantitative estimates of the effects produced by such exposures. This is largely because of the substantial assumptions that must be made in applying risk models derived from epidemiological studies of populations briefly exposed to moderate and high doses, primarily the Japanese survivors of the atomic bombings of Hiroshima and Nagasaki, to low-level exposure circumstances. For example, for the purposes of radiological protection, it is prudent to assume that the size of the additional risk is directly proportional to the dose received, with no threshold dose below which the risk is zero, and this is the assumption made by the International Commission on Radiological Protection (ICRP) in making its recommendations. However, ICRP notes that these assumptions “conceal large biological and statistical uncertainties”, and cautions against risk projections based on large numbers of people receiving low doses.

“The direct epidemiological investigation of cancer incidence among patients who have been examined by CT is a worthwhile exercise, but substantial care is required in the interpretation of results – as with all medical diagnostic procedures, people are examined because they are ill, have been ill, or are suspected of being ill, and such selection for exposure leads to difficulties in obtaining reliable conclusions about the effects of radiation exposure from these studies.

“The “bottom line” of the paper is that ~103,000 cases of cancer (which does not include cases of non-melanoma skin cancer, lymphoma, or multiple myeloma) are estimated to result from CT scans conducted in the USA in 2023, an estimate that must be viewed with circumspection. This estimate of ~103,000 cases of cancer is, on the face of it, rather alarming, but it is also uncertain, to an extent that extends (well) beyond the uncertainty limits presented in the paper. ICRP emphasises that all medical exposures must be justified as doing more good than harm, and the potential risk from radiation exposure during a diagnostic examination clearly needs to be factored into clinical judgement about the need for a specific diagnostic procedure. The level of potential risk posed by exposure to low doses of radiation should be taken into account in reaching a balanced decision on whether or not a CT scan is clinically desirable, but this judgement should not be unduly influenced by large, but uncertain, projected numbers of cancers.”

‘Projected Lifetime Cancer Risks From Current Computed Tomography Imaging’ by Rebecca Smith-Bindman et al. was published in JAMA Internal Medicine at 16:00 UK time on Monday 14 April 2025.

DOI: 10.1001/jamainternmed.2025.0505

Declared interests

Prof Stephen Duffy: I have no conflict of interest.

Dr Giles Roditi: Prof Roditi is a Past-President of the British Society of Cardiovascular Imaging/Cardiovascular CT, a Past President of the Society of Magnetic Resonance Angiography and a member of the SCOT-HEART investigators.

Prof Richard Wakeford: “I am, or was, a member of a number of national and international expert committees addressing radiation risks, such as ICRP, UNSCEAR and (previously) COMARE, SAGE, etc.. Details can be found at: https://research.manchester.ac.uk/en/persons/richard.wakeford

“I am a member of the Technical Working Party of the Compensation Scheme for Radiation-Linked Diseases (http://www.csrld.org.uk/), for which I receive a small consultancy fee. I also receive small payments for lecturing in academic and various professional courses (e.g., https://www.oecd-nea.org/jcms/pl_27505/international-radiological-protection-school-irps-at-stockholm-university). Otherwise, I am formally “retired” from employment, although I seem to be as busy as ever!”

Dr Doreen Lau: no financial or conflicts of interest related to this study.

For all other experts, no reply to our request for DOIs was received.

MIL OSI United Kingdom –

April 15, 2025
MIL-OSI: Blockgraph and the 4As Partner to Release New Research About the Power of Household Identity in the New TV Era
Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) — Blockgraph, the privacy-first data collaboration platform designed to fuel the future of connected TV advertising, and the American Association of Advertising Agencies (“the 4As”) today announced the release of a new research report titled, “Reconvening in the Home: The Power of Household Identity in the New TV Era”. Ahead of this year’s upfronts, the research offers a strategic roadmap, revealing how household identity will increasingly play a central role in shaping upfront negotiations, outcome-based guarantees, multi-screen media planning, and performance-based measurement.

The television landscape continues to shift and marketers and advertisers are faced with a rapidly evolving macroeconomic environment where more sophisticated audience measurement tools are now required to connect households to outcomes.

“Household identity is an important strategy for reimagining how advertisers connect real-world behaviors and decision-making dynamics,” asserted Ashwini Karandikar, EVP, Media Tech & Data at the 4As. “The environment has never been more complex with today’s fragmented TV ecosystem, coupled with the inefficiencies in targeting and gaps in measurement. This research informs advertisers, agencies and publishers about how they can optimize their strategies across platforms while prioritizing consumer privacy and data security.”

Key findings and insights from the research include:
1. The Importance of Household Strategies: The study details why household-level identity is essential for omnichannel advertisers to optimize their campaigns and measure performance across multiple touchpoints. Household identity enables brands to more precisely understand consumer behavior, ensuring more effective targeting and performance assessment.
2. Addressing Privacy Regulations and Signal Loss: With increasing privacy regulations and the diminishing availability of traditional signals like IP addresses and cookies, the report explains how household identity can thrive in this new environment. It also highlights why person-based identity is no longer sufficient and how shifting to a household-first approach is essential for privacy-compliant, effective targeting.
3. Approaches to Household Identity Resolution: The research provides a practical guide to leveraging first-party, second-party, and third-party data for household-level targeting and measurement. By integrating these data sources, marketers can create more comprehensive, accurate audience profiles, driving better campaign outcomes.
4. Steps to Create and Execute a Household Identity Strategy: The report offers a step-by-step guide for marketers looking to future-proof their identity strategy, outlining how to create a robust, scalable approach that ensures long-term success in the rapidly changing advertising ecosystem.
“The household is the heartbeat of how TV is experienced today. When marketers can connect media exposure to real world outcomes at the household level it unlocks a true understanding of performance,” commented Jason Manningham, CEO of Blockgraph. “The future of TV is predicated on effective outcome-based measurement and campaign planning, but that only works when grounded in high quality, first party identity.”

“This report showcases just how valuable, accurate, and dependable household identity can be in shaping future innovations in TV advertising,” said Jason Brown, Senior Vice President, Chief Revenue Officer for Spectrum Reach. “In today’s advertising environment, embracing household identity data is essential for brands to stay competitive. Blockgraph, and the 4A’s are simplifying that task by providing insights that enable advertisers to effectively target, reach, and measure audiences across all platforms–making the most of their ad budgets.”

“With signal loss and growing fragmentation, it is more and more important to ground your strategy in the ability to distinguish households in order to support more accurate audience identity and measurement and to optimize the effectiveness of media spend,” added Carmela Fournier, VP and GM of Data, Comcast Advertising.

The full research report is available for download on the 4A’s website here: https://www.aaaa.org/resource/reconvening-in-the-home-the-power-of-household-identity-in-the-new-tv-era.

About Blockgraph
Blockgraph is a leading privacy-centric identity and data collaboration platform
designed to fuel the future of connected TV advertising. By enabling secure, privacy-focused household identity resolution, the world’s leading media, technology, and information services companies rely on Blockgraph to collaborate with trusted partners—empowering brands and agencies to connect with audiences more effectively, maximizing reach and performance while protecting consumer privacy. Blockgraph is owned by Charter Communications Inc., Comcast NBCUniversal, and Paramount.

About the 4As
The 4As was established in 1917 to promote, advance, and defend the interests of our member agencies, employees and the advertising and marketing industries overall. We empower and equip our members to confidently navigate the ever-changing ecosystem of the agency world. We ensure they remain relevant, are positioned to compete, and have the resources to thrive and grow. With a focus on advocacy, talent and creating impact, the organization serves 600+ member agencies across 1,200 offices, which help direct more than 85% of total U.S. advertising spend. The 4As includes the 4As Benefits division, which insures more than 160,000 employees; the government relations team, who advocate for policies to support the industry; and the 4As Foundation, which advocates for and connects rising talent to the marketing industry by fostering a culture of curiosity, creativity and craft to fuel a more equitable future for the industry.

Contact:
Alexandra Levy
650-996-5758
alex@siliconalley-media.com

The MIL Network –
April 15, 2025
MIL-OSI United Kingdom: Marine Equipment Regulations consultation launched
Source: United Kingdom – Executive Government & Departments

Press release

Marine Equipment Regulations consultation launched

A six-week public consultation on revoking and replacing the UK Marine Equipment Regulations following the UK’s exit from the EU will begin on Monday 14 April.
A six-week public consultation on revoking and replacing the UK Marine Equipment Regulations aims to provide and improve clarity for shipowners, operators and equipment manufacturers following UK’s exit from the EU.

The Maritime and Coastguard Agency’s proposals revoke the 2016 Regulations and the amendments made in 2019 and replace them with a single new regulation.

The  UK Mark of Conformity for marine equipment – the ‘Red Ensign’ – became mandatory on 1 January 2023 and applies to all marine equipment placed on board all UK vessels that was previously subject to the European Union’s Mark of Conformity for marine equipment (the ‘Wheel Mark’).

The proposed Merchant Shipping (Marine Equipment) Regulations 2025 will include the ability to grant exemptions (in areas of technical innovation), through the ‘Red Ensign’.

Equipment manufactured before January 2023 remains out of scope of the proposed Regulations. These Regulations will also provide vessels with the opportunity to apply for a ‘Letter of acceptance’ to install non-UK approved equipment.

The amendments will also include requirements and standards for Ballast Water Management Systems to be installed on UK ships.

MCA Director of UK Technical Maritime Services Fraser Heasley said:

The Maritime and Coastguard Agency regularly reviews legislation to ensure the UK’s commitment to safety at sea. Marine equipment, its standards and its conformities are crucial to that work.

Importantly, these proposals to update the Merchant Shipping (Marine Equipment) Regulations, seek to combine the 2016 Regulations and amendments made in 2019 in the wake of the UK’s exit from the EU.

Further information

The six-week public consultation runs from Monday 14 April until Monday 27 May.

Click here to take part in the consultation.

Press office

Email public.relations@mcga.gov.uk

Press enquiries (Monday to Friday, 9am-5pm) 0203 817 2222

Outside these hours or on bank holidays and weekends, for media enquiries ONLY, please send an email outlining your query and putting #Urgent in the subject title.

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Updates to this page

Published 14 April 2025
MIL OSI United Kingdom –
April 15, 2025
MIL-OSI: Plantro Ltd. Files Amended and Restated Offer Documents in Respect of Premium All-Cash Tender Offer to Acquire up to 15% of Class A Limited Voting Shares of Information Services Corporation
Source: GlobeNewswire (MIL-OSI)
- Offer Documents relate to amendment and extension of the Tender Offer, which were previously announced on April 8, 2025
- Tender Offer is an opportunity for shareholders to de-risk their investment in ISC for an attractive all-cash premium in the face of ongoing business and dilution risks, and the lack of trading liquidity of the Class A Shares
- Plantro believes Board refreshment is necessary to unlock ISC’s potential to allow it to become a made-in-Saskatchewan success story
ST. MICHAEL, Barbados, April 14, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) today announced that it has filed amended and restated offer documents in respect of its offer (the “Tender Offer”) to acquire up to 2,777,242 Class A Limited Voting Shares (the “Class A Shares”) in the capital of Information Services Corporation (TSX: ISC) (“ISC” or the “Company”) at a price of $27.25 per Class A Share, payable in cash. The amendments and extension, which will benefit ISC shareholders, were previously announced on April 8, 2025, and were made following constructive engagement with the Financial and Consumer Affairs Authority of Saskatchewan and the Ontario Securities Commission.

Shareholders depositing Class A Shares pursuant to the Tender Offer should utilize the amended and restated Letter of Transmittal filed today. Any deposits of Class A Shares utilizing the prior form of Letter of Transmittal must be resubmitted using the amended and restated Letter of Transmittal to be accepted as valid.

Plantro’s Premium Offer Provides Shareholders a Rare Opportunity for Cash Liquidity in a Company With ‘Upside Down Economics’

Plantro believes that the economics of ISC are ‘upside down’ and do not benefit long term shareholders. Since ISC’s IPO in 2013, there has been a clear troubling trend, expense growth has consistently outpaced revenue growth. When expenses consistently outpace revenue, it sets the stage for serious financial challenges over the long term.

The Risk of Shareholder Dilution

On April 10, 2025, despite recommending against the Tender Offer as “highly undervalued”, ISC filed a $275 million preliminary short form base shelf prospectus with the Canadian securities regulators (the “Prospectus”). Plantro believes it is impossible for ISC to fund its ‘buy-to-grow’ strategy to meet its 2028 revenue and Adjusted EBITDA targets through cash flow generation or without incurring significant new debt, and would have to sell equity. Plantro is concerned that the Prospectus provides ISC flexibility to issue up to $275 million in equity – more than half of its current market capitalization, which would massively dilute ISC shareholders.

Board Refreshment Will Drive Shareholder Returns

Plantro believes that the board of directors (the “Board”) must be refreshed, so that it can drive accretive growth for shareholders and derive true operating leverage and economies of scale. Plantro believes the Board requires an infusion of relevant skills and experience, and directors that can hold management accountable and drive operational execution. The interests of the directors, who collectively own little stock, differs from that of other shareholders. The Board has little incentive to prioritize shareholder returns and avoid unnecessary equity dilution.

The Opportunity for a Made-in-Saskatchewan Success Story

As a first step, a refreshed Board should fulfil ISC’s true potential to be a made-in-Saskatchewan success story. Saskatchewan has developed a business-friendly tech ecosystem and ISC should take full advantage of these benefits. However:

The number of employees ISC has based in Saskatchewan appears to have steadily declined since its IPO¹.

Today, most of its remaining workforce, which make up the majority of ISC employees, is concentrated in high-cost global hubs, such as Toronto and Dublin, Ireland, where it appears new positions continue to be added.

Plantro believes that a refreshed Board should commit to relocating at least 100 of these positions back to Saskatchewan over the next year.

This move would establish a “center of excellence”, in Saskatchewan, driving enhanced operational performance and enabling opportunities for margin expansion. Plantro believes this would deliver significant near-term value to both the Company and its shareholders. Centralizing and repatriating jobs to Saskatchewan is just good business sense.

The Board Should Engage with Plantro and Stop Attacking Constructive Shareholders

From the outset, Plantro has made every effort to resolve these matters confidentially, in good faith, and behind closed doors. Unfortunately, the ISC Board has chosen a different path—pursuing public litigation of these matters and resorting to inappropriate personal attacks and mischaracterizations in the media.

Despite the path chosen by the ISC Board to date, Plantro hopes to accomplish the refreshment of the Board through constructive engagement, and has not nominated individuals for the 2025 annual meeting of shareholders (the “Annual Meeting”). Plantro continues to make repeated requests to meet with the Chair, other members of the Board, and management. Unfortunately, all such outreaches have been ignored to date. If the Board does not engage constructively, and continues its current approach, Plantro may withhold votes, including those acquired through the Tender Offer, from the Board at the Annual Meeting, and it reserves all of its rights as a shareholder to take action in the future.

An Opportunity for Long Term Shareholders to Receive an Attractive Risk-Adjusted Cash Premium

Since the Class A Shares are so illiquid, even long term shareholders have no prospect of being able to sell stock without meaningfully affecting the price of the Class A Shares. The changes outlined above will take time, and for shareholders who been in the stock for many years, this is a unique opportunity – if they so choose.

Important Amendments for ISC Shareholders

The amendments to the terms of the Tender Offer include, among other things:
- Extended Tender Offer Period – The Tender Offer is now open for acceptance by shareholders of the Company until 5:00 p.m. (Eastern Time) on April 28, 2025 (the “Expiry Time”), unless the Tender Offer is further extended, varied or withdrawn.
- Tender Offer Made to All Shareholders – Plantro is making the Tender Offer to all shareholders of the Company, including shareholders who were not holders of record on March 24, 2025 and the Crown Investment Corporation of Saskatchewan.
- No Longer Acquiring Shares on a First Come First Serve Basis – Plantro will only take up and pay for Class A Shares that are deposited pursuant to the Tender Offer as at the Expiry Time, and not on a “first come, first served” and/or “rolling” basis. As a result, if more than the maximum number of Class A Shares for which the Tender Offer is made are delivered in accordance with the Tender Offer and not withdrawn at the time of take up of the Class A Shares, the Class A Shares to be purchased from each depositing shareholder will be determined on a pro rata basis according to the number of Class A Shares delivered by each shareholder, disregarding fractions, by rounding down to the nearest whole number of Class A Shares.
- Shareholders Have the Right to Opt Out of Voting Tender – Plantro has further amended the Tender Offer to allow Class A Shareholders of record on March 24, 2025, to opt out of appointing representatives of Plantro as their nominees and proxy in respect of such shares owned by a shareholder that are not deposited pursuant to the Tender Offer and ultimately taken up and paid for. For clarity, such opt out right will not apply to Class A Shares of record on March 24, 2025, which are deposited pursuant to the Tender Offer and ultimately taken up and paid for, and the holder of such shares will be required to appoint representatives of Plantro as its nominees and proxy for the Company’s annual meeting of shareholders to be held on May 24, 2025 in respect of such shares.
In addition to the above amendments, the size of the Tender Offer has been reduced by 100 Class A Shares to reflect that Plantro has acquired such number of shares in the market, all in compliance with the terms of the Tender Offer.

Plantro is relying on the exemption under section 9.2(4) of National Instrument 51-102 – Continuous Disclosure Obligations to the circular requirements of applicable Canadian proxy solicitation laws. For further details, please see below under the heading “Information in Support of Public Broadcast Exemption Under Canadian Law”. The Tender Offer is not a formal or exempt take-over bid under Canadian securities laws and regulations. In no event will Plantro (or its affiliates or associates) make any such purchases of Class A Shares that would result in Plantro, together with its affiliates and associates, beneficially owning or exercising control or direction over more than 15% of the outstanding Class A Shares upon completion of the Tender Offer.

Full details of the Tender Offer are included in the Offer Documents and are available online on the Company’s SEDAR+ profile at www.sedarplus.ca.

Plantro’s Advisors

Plantro has engaged Goodmans LLP as its legal advisor, Carson Proxy as its information agent, Odyssey Trust Company as depositary, and Gagnier Communications as its strategic communications advisor.

About Plantro

Plantro is a privately-held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

Shareholder Questions

Shareholders who have questions with respect to the Tender Offer, or who need assistance in depositing their Class A Shares, please contact the depositary and information agent for the Tender Offer:

Depositary: Odyssey Trust Company

Toll Free (US & Canada): 1-888-290-1175
Calls (All Regions): 587-885-0960
Email: corp.actions@odysseytrust.com

Information Agent: Carson Proxy

North America Toll Free: 1-800-530-5189
Local and Text: 416-751-2066
Email: info@carsonproxy.com

Information in Support of Public Broadcast Exemption Under Canadian Law

Plantro is relying on the exemption under section 9.2(4) of National Instrument 51-102 – Continuous Disclosure Obligations to make this public broadcast solicitation. The following information is provided in accordance with corporate and securities laws applicable to public broadcast solicitations.

This solicitation is being made by Plantro, and not by or on behalf of management of ISC. The information agent will receive a fee of up to $250,000 for its services as information agent under the Tender Offer, plus ancillary payments and disbursements. Based upon publicly available information, ISC’s registered and head office is located at 300 – 10 Research Drive, Regina, Saskatchewan, S4S 7J7, Canada. Plantro is soliciting proxies in reliance upon the public broadcast exemption to the solicitation requirements under applicable Canadian corporate and securities laws, conveyed by way of public broadcast, including press release, speech or publication, and by any other manner permitted under applicable Canadian securities laws. In addition, this solicitation may be made by mail, telephone, facsimile, email or other electronic means as well as by newspaper or other media advertising and in person by representatives of Plantro. All costs incurred for such solicitation will be borne by Plantro.

A registered shareholder who has given a proxy under the terms of the Letter of Transmittal may, prior to its Class A Shares being taken up and paid for under the Tender Offer, revoke the proxy by instrument in writing, including a proxy bearing a later date. The instrument revoking the proxy must be deposited at the registered office of ISC at least 48 hours, exclusive of Saturdays, Sundays, and holidays, preceding the date of the meeting or an adjournment or postponement thereof, or with the Chair of the meeting on the day of the meeting, or in any other manner permitted by law, provided that, in each circumstance, a copy of such revocation has been delivered to the depositary, at its principal office in Toronto, Ontario, Canada prior to the Class A Shares relating to such proxy having been taken up and paid for under the Tender Offer.

A non-registered shareholder may revoke a form of proxy or voting instruction form given to an intermediary at any time by written notice to the intermediary in accordance with the instructions given to the non-registered shareholder by its intermediary. Non-registered shareholders should contact their broker for assistance in ensuring that forms of proxies or voting instructions previously given to an intermediary are properly revoked.

None of Plantro nor, to its knowledge, any of its associates or affiliates, has any material interest, direct or indirect, in any transaction since the commencement of ISC’s most recently completed financial year, or in any proposed transaction which has materially affected or will materially affect ISC or any of its subsidiaries. None of Plantro nor, to its knowledge, any of its associates or affiliates, has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at any upcoming shareholders’ meeting, other than as set out herein.

Cautionary Statement Regarding Forward-Looking Information

This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Specifically, certain statements contained in this press release, including without limitation statements regarding the Tender Offer, taking up and paying for Class A Shares deposited under the Tender Offer, and the expiry of the Tender Offer, contain “forward-looking information” and are prospective in nature. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements.

Statements containing forward-looking information are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future outcomes expressed or implied by the statements containing forward-looking information.

Although Plantro believes that the expectations reflected in statements containing forward-looking information herein made by it (and not, for greater certainty, any forward-looking statements attributable to the Company) are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting the Company’s operations will continue substantially in the current state, including, without limitation, with respect to industry conditions, general levels of economic activity, continuity and availability of personnel, local and international laws and regulations, foreign currency exchange rates and interest rates, inflation, taxes, that there will be no unplanned material changes to the Company’s operations, and that the Company’s public disclosure record is accurate in all material respects and is not misleading (including by omission).

Plantro cautions that the foregoing list of material factors and assumptions is not exhaustive. While these factors and assumptions are considered by Plantro to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Plantro and there is no assurance that they will prove correct.

Important facts that could cause outcomes to differ materially from those expressed or implied by such forward-looking information include, among other things, actions taken by the Company in respect of the Tender Offer, the content of subsequent public disclosures by the Company, the failure to satisfy the conditions to the Tender Offer, general economic conditions, legislative or regulatory changes and changes in capital or securities markets. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although Plantro has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to Plantro or that Plantro presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

Statements containing forward-looking information in this press release are based on Plantro’s beliefs and opinions at the time the statements are made, and there should be no expectation that such forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Plantro disclaims any obligation to do so, except as required by applicable law. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

1405-7479-8102

¹ Based on 2014 Annual Information Form vs. 2025 Annual Information Form and current LinkedIn Data.

The MIL Network –
April 15, 2025
MIL-OSI: Claim 100% Deposit Bonus and $100 Trading Bonus with 100x Leverage & No KYC – Only on BexBack
Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 14, 2025 (GLOBE NEWSWIRE) — Global cryptocurrency derivatives exchange BexBack has launched two powerful bonus programs designed to give traders a significant edge in the volatile crypto market. With up to 100x leverage, zero slippage, and no KYC requirements, BexBack continues to attract both novice and professional traders across 200+ countries.

Two Independent Bonus Promotions

To further support user growth and trading activity, BexBack is now offering two separate bonus campaigns that can be used for trading and profit generation.

1. 100% Deposit Bonus

This bonus matches your deposit amount 1:1 — double your trading power instantly.

How to Claim and Use:
- Available to all users, including new and existing accounts
- Bonus is automatically credited after a qualifying deposit
- Bonus is non-withdrawable but fully usable for leveraged trading
- Profits generated from the bonus are withdrawable
- Details: https://www.bexback.com/activity/deposit-bonus
2. $100 Trading Bonus

Earn up to $100 in trading bonus through qualifying deposits.

How to Claim and Use:
- $50 Bonus: Deposit over 0.001 BTC or 100 USDT in a single transaction
- $100 Bonus: First-time deposit over 0.01 BTC or 1000 USDT
- Bonuses can offset losses and increase position size
- Bonuses cannot be withdrawn but profits can
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The MIL Network –
April 15, 2025
MIL-OSI Asia-Pac: Logistics council discusses US tariffs

Source: Hong Kong Information Services

Secretary for Transport & Logistics and chair of the Logistics Development Council Mable Chan, listened to the logistics industry’s views on the US’ reckless tariff imposition at a council meeting held today.

She also discussed with the trade ways to tackle the situation together, including a further increase in the so-called reciprocal tariffs.

Ms Chan noted that although the industry is worried about the ongoing uncertainty of the trade environment, it remains firm against the adversary and is actively exploring ways to cope with the situation.

She emphasised that the Transport & Logistics Bureau will be in solidarity with the trade and counter the challenge to Hong Kong and the industry together with determination and confidence, adding that the bureau will play a leading role in providing more specific guidance on industry development and assisting the industry in coping with market restructuring.

To this end, the bureau will adopt five major strategies: exploring emerging markets; strengthening collaboration with ports located in the Greater Bay Area with a view to developing new cargo sources together; exempting the import and export licence requirements for certain products to attract more transshipment cargo; deepening international port and shipping co-operation; and expanding the maritime and aviation networks.

The ultimate aim is to identify new growth points for Hong Kong’s logistics industry, thereby consolidating and enhancing the city’s status and competitiveness as an international maritime centre, international aviation hub and international logistics hub.

Meanwhile, the bureau will also work with Customs and other relevant government departments to implement more initiatives to facilitate the industry’s development, thereby further enhancing the city’s role as a transshipment hub.

Such trade facilitation measures include the expansion of the Single E-lock Scheme, the Free Trade Agreement Transshipment Facilitation Scheme and the Air-Land Fresh Lane.

MIL OSI Asia Pacific News –

April 15, 2025
MIL-OSI: Mandatory notice of shareholding

Source: GlobeNewswire (MIL-OSI)

IDEX Biometrics ASA discloses the following on behalf of a shareholder.

Reference is made to the notice by IDEX Biometrics on 11 April 2025 that the Extraordinary General Meeting of the company had, subject to the registration of a share capital reduction, resolved to issue 3,000,000,000 shares in a debt conversion, thereby increasing the number of shares in the company to 3,831,594,232.

A close associate of Robert Keith, Charles Street Holding Ltd, will, subject to the registration of the capital reduction, be allocated 1,000,000,000 shares in the debt conversion and will hold 1,005,000,000 shares in IDEX Biometrics, which will represent 26.23 % of the shares and voting rights in the company.

Based on the above, Robert Keith and his close associates, will, subject to the registration of the share capital reduction, hold 28.38% of the shares and voting rights in the company.

About this notice:

The information shall be disclosed according to section 4-2 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5-12 of the STA.

The MIL Network –

April 15, 2025
MIL-OSI: Equinor ASA: proposal on capital reduction from the company’s board of directors

Source: GlobeNewswire (MIL-OSI)

The board of directors of Equinor ASA (OSE: EQNR, NYSE: EQNR) has today decided to propose to the general meeting of the company that the company’s share capital is reduced through cancellation of own shares and redemption of shares belonging to the Norwegian State. The proposal is made as a result of the company having acquired own shares pursuant to the authorization for share buy-back granted by the annual general meeting of the company in May 2024.

The proposal entails that the company’s share capital shall be reduced by NOK 589,934,295 from NOK 6,981,953,075.00 to NOK 6,392,018,780.00, through cancellation and redemption of a total of 235,973,718 shares. Notice of the general meeting of the company which will attend to the board’s proposal will be announced separately at a later stage.

This information is subject to the disclosure requirements pursuant to Euronext Oslo Børs Rulebook II section 4.2.4 and Section 5-12 of the Norwegian Securities Trading Act.

Contact persons:

Investor relations:
Bård Glad Pedersen, Senior vice president Investor Relations,
+47 918 01 791

Media relations:
Sissel Rinde, Vice president Media Relations,
+47 412 60 584

The MIL Network –

April 15, 2025

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