The Reserve Bank of India (RBI) has projected India’s Gross Domestic Product (GDP) growth at 6.5 per cent for 2025-26, with domestic economic activity showing resilience on the back of a strong agriculture sector, industry picking up, and the services sector expected to maintain momentum.
The quarterly growth rates projected for the financial year are: Q1 at 6.5, Q2 at 6.7, Q3 at 6.6 and Q4 at 6.3 per cent.
“The provisional estimates released by the National Statistical Office (NSO) placed India’s real GDP growth in 2024-25 at 6.5 per cent. During 2025-26 so far, domestic economic activity has exhibited resilience. The agriculture sector remains strong. With a very good harvest in both the kharif as well as rabi cropping seasons, the supply of major food crops is comfortable. The reservoir levels remain healthy. The highest procurement of wheat in the last four years provides a comforting stock position,” RBI Governor Sanjay Malhotra said on Friday.
Industrial activity is gradually increasing, even though the pace of recovery is uneven. The services sector is expected to maintain momentum. Purchasing Managers’ Index (PMI) services stood strong at 58.8 in May 2025, indicating robust expansion in activity, he pointed out.
The RBI Governor stated that on the demand side, private consumption, the mainstay of aggregate demand, remains healthy, with a gradual rise in discretionary spending. Rural demand remains steady, while urban demand is improving. Investment activity is reviving as reflected by high-frequency indicators.
Merchandise exports recorded a strong growth in April 2025 after a lacklustre performance in the recent past. Non-oil, non-gold imports posted a double-digit growth, reflecting buoyant domestic demand conditions. Services exports continue on a strong growth trajectory, he explained.
Malhotra further stated that going forward, the outlook for the agriculture sector and rural demand is expected to receive further impetus from the expected above-normal southwest monsoon rainfall. On the other hand, sustained buoyancy in services activity should nurture revival in urban consumption.
The government’s continued thrust on capex, elevated capacity utilisation, improving business optimism, and easing financial conditions should help further revive investment activity, he observed.
Trade policy uncertainty, however, continues to weigh on merchandise exports prospects, while the conclusion of a free trade agreement (FTA) with the United Kingdom and progress with other countries should provide a fillip to trade in goods and services, the RBI Governor pointed out.
He also said that spillovers emanating from protracted geopolitical tensions, global trade and weather-related uncertainties pose downside risks to growth.
In the underwriting auction conducted on June 06, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Announcement on Open Market Outright Reverse Repo Tenders No.1 [2025]
(Open Market Operations Office, June 5, 2025)
In order to keep liquidity adequate in the banking system, the People’s Bank of China will conduct outright reverse repo operations in the amount of RMB1000 billion on June 6, 2025 through variable-rate tenders with a fixed quantity and multi-price auctions. The operation will have a maturity of 3 months (91 days).
Announcement on Open Market Operations No.106 [2025]
(Open Market Operations Office, June 6, 2025)
The People’s Bank of China conducted reverse repo operations in the amount of RMB135 billion through quantity bidding at a fixed interest rate on June 6, 2025.
The Indian benchmark indices surged on Friday after Reserve Bank of India Governor Sanjay Malhotra announced a jumbo 50-basis-point cut, from 6 per cent to 5.5 per cent, and a 100-basis-point reduction in the Cash Reserve Ratio (CRR) from 4 per cent to 3 per cent.
The impact was immediate. At about 10:46 a.m., the Sensex was 505.70 points, or 0.62 per cent, higher at 81,947.74, while the Nifty gained 168.40 points, or 0.68 per cent, to reach 24,919.30.
The Nifty Bank index advanced 682.95 points (1.22 per cent) to 56,443.80. The Nifty Midcap 100 climbed 363.20 points (0.62 per cent) to 58,666.20, and the Nifty Smallcap 100 added 48.25 points (0.26 per cent) to 18,480.85.
Among Sensex constituents, Bajaj Finance, Axis Bank, Maruti Suzuki, Kotak Mahindra Bank and IndusInd Bank led the gains. Sun Pharma, Infosys, Nestlé India and HCL Tech were the principal laggards.
“The change in monetary stance from accommodative to neutral also indicates that more rate cuts are unlikely unless the situation warrants. The credit growth that this rate cut will hopefully stimulate will compensate for the dip in margins,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.
Madhavi Arora, Chief Economist, Emkay Global, said that the RBI appears to have front-loaded all policy actions, be it higher-than-expected rate cuts or infusing durable albeit staggered liquidity via lower CRRs.
“All of that now implies that the ball is in the banks’ court to transmit easier financial conditions faster,” Arora mentioned.
Earlier in the session, the domestic indices had opened flat ahead of the Monetary Policy Committee decision, with selective buying in IT and PSU banking shares. The India VIX fell 4.21 per cent to 15.08, signalling that the market is pricing in lower near-term volatility.
The Reserve Bank of India (RBI) on Friday announced a sharp 50 basis points cut in the repo rate, bringing it down from 6 per cent to 5.5 per cent. Announcing the decision, RBI Governor Sanjay Malhotra said the central bank was responding to the sharp moderation in inflation, which has now fallen to 3.2 per cent — below the RBI’s lower tolerance band of 4 per cent.
In a further liquidity-boosting measure, the RBI also announced a 100 basis points cut in the Cash Reserve Ratio (CRR), to be implemented in four tranches of 25 basis points each on September 6, October 4, November 1, and November 29. This move is expected to infuse approximately ₹2.5 lakh crore into the banking system.
“The repo rate has now been reduced by a cumulative 100 basis points since February. Given this, we are shifting the monetary policy stance from accommodative to neutral to closely monitor the evolving growth-inflation dynamics,” Governor Malhotra stated.
The repo rate — the rate at which the RBI lends to commercial banks — acts as a key benchmark for interest rates in the economy. A cut in the repo rate typically leads to a reduction in lending rates for borrowers, thereby encouraging both consumption and investment.
However, the Governor stressed that the success of the rate cut would depend on timely and effective transmission by commercial banks to consumers.
RBI’s inflation outlook has been revised downward from 4 per cent to 3.7 per cent. The Governor said the moderation in inflation is broad-based, and the alignment with the RBI’s target band appears durable. He also noted that food inflation is likely to soften further on the back of a strong rabi harvest and record wheat and pulses production.
“There has been a considerable improvement in supply-side conditions. The second advance estimates point to a record wheat crop and robust kharif arrivals, which will help contain food prices,” he added.
Governor Malhotra highlighted that the Indian economy remains on a strong footing. Corporate, bank, and government balance sheets are healthy, and the external sector is stable. He said India continues to be the fastest-growing major economy and offers attractive opportunities for both domestic and international investors.
“India’s economic resilience is underpinned by strong fundamentals — demography, digitalisation, and domestic demand,” he said.
Falling crude oil prices have also contributed to the positive inflation outlook, while anchoring inflation expectations going forward.
Keith Rankin, trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.
Capitalism is in crisis, and our species’ imagination to save ourselves is sorely lacking. There are of course understandings out there, and solutions; but they are so heavily gate-kept that conversations about saving ourselves are well-nigh impossible. It remains a puzzle why those political and intellectual leaders who would most benefit from a regime of socially inclusive capitalism have been so avid in their anti-reform gatekeeping.
The missing ingredient from the capitalism that most of us know, or know of, is ‘public equity’. Capitalism is presented to us all as a system of markets, individualism, laws, and private property rights. The crisis of capitalism can be addressed through the development of a set of public property rights, which we may call ‘public equity’. It is the establishment of public property rights that is necessary to democratise capitalism.
New Zealand’s surprising history of universal income
At the end of my Zero-Sum Fiscal Narratives (22 May 2025), I suggested that we need to promote a narrative of “public equity over pay equity as an efficient means to correct destabilising inequality”.
In global capitalism, the first real narrative of public equity – even though it wasn’t called that – belongs to the New Zealand social security reforms of 1938. And the particular policy announced in those reforms, and implemented in the 1940 financial year, was known as Universal Superannuation. This was the activation of a human right; the right of a country’s citizens, once they reached a certain age, to receive a private income in the form of a public dividend. Irrespective of race, sex, or creed.
At its initial conception, the ‘Super’ was modest; but was projected to grow, in accordance with affordability constraints and fiscal prioritisation. Most good big things start with small beginnings. An annual payment of $20 was set to commence in 1940. And it commenced in 1940. And the 1938 universal welfare state came in under budget (refer Elizabeth Hanson, The Politics of Social Security, 1980).
The concept of Universal Superannuation proved to be extremely popular; a policy from the radical centre that pleased most of the public, though – until its popularity was demonstrated in 1938 – few of the politicians and other ‘opinion leaders’. The policy came to be because Michael Joseph Savage felt that his Labour Government had to come good on its most important 1935 promise, and because the ‘left’ and ‘right’ proposals favoured by each of the two main factions of the Labour Government (fortunately) cancelled out in the political numbers game.
The universal proposal came through the middle, between left-wing attempts to radically extend redistributive measures favouring working-class families and Labour right-wing attempts to bring in an actuarial pension system based on the supposed ‘miracle’ of compound interest. The latter idea, pushed by the finance industry, was to create a contributory ‘money mountain’ from which pensions from some future date would be paid to retired working men. (This idea disclaimed the obvious reality that all spending of pension income – not just public pensions – represents a slice of present [not past] economic output.)
(On the miracle of compound interest, it is useful to imagine persons born around 1920 saving regular percentages of their salaries from early adulthood until age 65. Such persons became rich from home-ownership, not from compound interest.)
This retirement-income policy based on public equity was not successfully exported to the wider world. The war got in the way, and unconditional non-means-tested payments to citizens of a certain age never caught on internationally. The post-depression environment – a relatively sexually-egalitarian time – was displaced by a post-war environment, which favoured men. The more common post-war welfare model was, in its various guises, ‘social insurance’. And even Universal Superannuation in New Zealand came to be seen, increasingly, through a ‘social insurance lens’; recipients widely believed it was a contributory scheme.
The aim of initially Labour, and subsequently National, was to gradually raise the amount of Super paid until it would render redundant (and henceforth displace) the alternative means-tested Age Benefit. National became increasingly committed to the concept of universal income support, favouring taxable universal benefits which would in practice confer more to each low-income recipient than to each high-income recipient. In the 1950s and 1960s, income tax rates were much more heavily graduated than they have been since the 1980s. (‘Graduation’ of income tax rates means higher ‘marginal tax rates’ faced by people with higher incomes.)
By 1970, the full convergence between Universal Superannuation and the Age Benefit had still not been achieved. Retired persons would still choose either US or AB. The convergence eventually took place, in 1976.
The universality of Super was lost twice, by the same man, who came from ‘working class aristocracy’: Roger Douglas.
Douglas replaced Super with an actuarial (‘money mountain’ for men) system in 1974; a system which became ‘the election issue’ in 1975. This plan was conceived in the days before Equal Pay for women; ie conceived when ‘labour’ was still a highly male-gendered word in certain Labour circles. (Equal pay for women was legislated for in 1972, when Robert Muldoon was Finance Minister.)
Robert Muldoon won a resounding victory – like Savage in 1938 – by committing to Universal Superannuation (albeit under the name National Superannuation). Muldoon, when recreating Super, did so by retiring the Age Benefit, leaving Super as the only publicly-sourced retirement income.
About Douglas’s 1974 scheme, Margaret McLure (A Civilised Community, 1998) wrote (pp.190/91): “Douglas’ plan was rooted in early and mid-twentieth century English labour history… It drew on the 1904 ideas of Joseph Rowntree which had helped shape English social insurance, and on the English Fabian Society’s promotion of a union’s industrial pension plan of 1954… It rewarded the contribution of the fulltime long-serving male worker and provided him [and his dependent wife] with comfort and security in old age.” The full earnings-related benefit would only be payable on turning 60 to life-long workers born after 1957. It was less generous to others, and represented a backward-looking “narrow vision for the late twentieth century”. While more like the current bureaucratic Australian scheme (with its many hidden costs) than today’s New Zealand Superannuation, the Douglas scheme had inbuilt disincentives for people of ‘retirement age’ to continue in some form of paid work after becoming eligible for a pension. An older population – as in the 2030s – requires older workers with work-life flexibility.
Douglas, in the later-1980s, again removed the universality of Super by introducing a ‘tax surcharge’ on superannuitants’ privately-sourced income, an indirect way of converting Super into a means-tested Age Benefit. Douglas renamed National Superannuation ‘Guaranteed Retirement Income’. (Douglas liked the word ‘guaranteed’, using it as a label for other benefits too. ‘Guaranteed’ implies a ‘safety net – ie an income top-up – rather than an unconditional private income payable to all citizens of a certain age. Income top-ups come with poverty traps; very high [sometimes 100%] ‘effective marginal tax rates’, when increased income from one source displaces [rather than adding to] income from another source.)
Super was restored in 1997 as a universal income when Winston Peters was Treasurer in a coalition government; Peters, the heir to the universalist tradition within the National Party as it once was, has enabled Savage’s enlightened ‘public equity’ reform to survive to the present day, albeit as an international outlier.
A Right. Or a Benefit?
The presumption against universalist principles has come from Generation X, the generation born either side of 1970 who have never known any form of capitalism other than 1980s’ and post-1980s’ neoliberalism. (And noting that Roger Douglas was the poster-‘child’ in New Zealand of the neoliberal revolution which acted to restore capitalism to its neoclassical basics; markets, individualism, laws, private property, and public sector minimalism).
This week I read this from Liam Dann, journalist on all matters relating to capitalism, and very much a ‘Gen Xer’, who wrote: Inside Economics: Should you take New Zealand Superannuation if you don’t need it? 4 June 2025. Dann is trying to resolve the clear view of his parents’ generation that Super is a ‘right’, against his own view that Super is an age ‘benefit’; a benefit that should be bureaucratically ‘targeted’. (A benefit in this sense is a redistributive ‘transfer’. By contrast, an income ‘right’ is a shareholder’s equity dividend; in a public context, the word ‘shareholder’ equates to the word ‘citizen’.)
Liam Dann asks an excellent question though – “Should rich people opt out of NZ Super?” – albeit by misconstruing the opting process. New Zealand Super is in fact an ‘opt-in’ benefit, as Dann comes to realise. Much of the present opposition to Super comes from people who would rather that the money paid to the rich was instead paid to bureaucrats to stop the rich from getting it. In reality, there is probably a significant number of rich older people who don’t get Super because they never bothered applying to MSD to get it. As Dann notes, the government is remiss in not collecting data on the numbers of eligible people who do not opt in to NZS. (And journalists, before Dann, have been remiss in not asking for that data.)
We should also note that, in spite of indications that ‘first-world’ life expectancies are levelling out, and indeed falling in some countries, Denmark is looking to raise its age of eligibility for a public pension to 70. In my view, this is moving in the wrong direction. Nevertheless, it is possible to both move in the direction that I am suggesting below, while raising what might be called the age of ‘privileged retirement’, meaning the age at which older people are entitled, as of right, to a higher pension or pension-like income than other citizens.
A Universal Basic-Income has come to mean an unconditional publicly-sourced private income, available to all ‘citizens’ above a certain age, which satisfies some kind of sufficiency test. Thus, a UBI is meant to be sufficient, on its own; a ‘stand-alone income’. New Zealand Super (NZS) – the present name for Universal Superannuation (from 1940) and National Superannuation (from 1976) – is such an income, designed to meet a sufficiency test. In particular, the ‘married-rate’ Super – $24,776 for a year before tax – is a UBI in Aotearoa New Zealand, payable to people aged over 65 who meet a certain definition of ‘citizenship’; a definition that neither discriminates on the basis of sex, race, nor creed.
However, a UBI is considered, by many of its advocates, to be a sufficient adult income, not just a retirement income. Just as NZS is in practice, a UBI needs to be a complement to wages, not a substitute for wages.
Technically, it is very simple to convert the ‘married-rate’ NZS into a UBI for all adults. Just two things would need to be done: lower the age of entitlement to 18, and pay for it by removing the concessionary income tax brackets (10.5%, 17.5%, 30%). (The higher ‘non-married’ rates would continue to apply to people over 65.) Under this proposal, there would no longer be MSD benefits nor student allowances, though there would still be some benefit supplements for MSD to process, such as Accommodation Supplements and NZS ‘single-rate’ supplements.
This UBI proposal would not be fiscally neutral; though it would be less unaffordable than many people would guess. (In practice, a fiscal stimulus at present could pay for itself in increased growth-revenue in just a few years; it might even ‘return New Zealand to surplus’ sooner than realistic current projections.) For present superannuitants working part-time, it would represent a small reduction in after-tax income, given that they would be paying income tax on their wages at what is commonly known today as the “secondary tax rate”.
Other than fiscal non-neutrality, two objections to such a UBI would be these: New Zealand has too many workers who would not meet the present NZS definition of ‘citizen’; and the UBI would be too generous to young people not working and living with their parents.
So, while it might be less unworkable than many people would expect, this instant-UBI policy is not one I would favour.
SUI
SUI stands for Simple Universal-Income. Self. We note that the prefix ‘sui-‘ means ‘self’; equity rights are a development of liberal individualism, not of ‘socialism’ or ‘communism’. Some people equate public property rights with Marxian collectivism, with the ‘nationalisation of the means of production’. They couldn’t be more wrong. Collectivist schemes involve full government retention of citizens’ incomes; they are schemes of government control; completely the opposite of universal income.
A universal private income drawn as a dividend from public wealth is individualism, not collectivism. Indeed, the natural political home of reformed capitalism is the political centre-right, not the left; albeit the new centre-right, not the privileged and stale centre-right politics which New Zealand Prime Minister Christopher Luxon has so far represented. A ‘universal private income drawn from public wealth’ is different from a ‘privileged private income drawn from public wealth’.
It would be very simple to create an SUI in Aotearoa New Zealand. New Zealand’s income-tax scale has five rates: 10.5%, 17.5%, 30%, 33% and 39%. The 33% rate has formed the backbone of the New Zealand tax scale since 1988. As with the UBI example above, the SUI proposal simply eliminates the 10.5%, 17.5% and 30% rates. In return every adult economic citizen – effectively every ‘tax resident’ – would receive an annual SUI (ie dividend) of $10,122.50; that’s $195.66 per week. For all people receiving Benefits – including Superannuation, Student Allowances, Family Tax Credits – the first $195.66 per week of their benefit payments would be recategorised as their SUI dividend.
That’s it. (The dividend of $10,122.50 is simply a grossing-up of the maximum benefit accrued through those lower tax rates.) Unlike the UBI option, all existing benefits and bureaucratic infrastructure would be retained; at least until they can be reconfigured in an advantageous way. From an accounting viewpoint, existing Benefits would be split into unconditional and conditional components.
It means no change for all persons earning over $78,100 per year ($1,502 per week) before tax. And it means no change for all persons receiving total Benefit income (after tax) more than $195.66 per week. (These people could continue to be called ‘Beneficiaries’, but without stigma. Without stigma, Superannuitants can be happy to be classed as Beneficiaries.) People whose present total weekly Benefit income is currently less than $195.66 would cease to be called Beneficiaries; they would cease to be clients of the MSD, the Ministry of Social Development.
What this means is that most New Zealanders, on Day One, would see no change in their bank accounts. Nobody would receive a lower income. And for most who receive a higher income, it would be only higher by small amount.
This begs the question, if most people’s disposable incomes do not increase, or only increase by a trivial amount, then why bother? The important societal benefits would be dynamic; would be around incentives.
First, individuals (of all adult ages, male and female, regardless of their position in their households) would be incentivised to take employment risks – including self-employment risks – if they receive a core unconditional income that they do not stand to lose when risk doesn’t pay off. Labour supply is boosted; as is the economy’s ‘surge capacity’ (technically, the elasticity of labour supply increases).
Second, lower-paid individuals – many of whom are women – would have increased bargaining power (through unions and as individuals) and would not have to resort to contestable narratives such as ‘pay equity’ in order to achieve a fair wage.
Third, individuals would be better able to negotiate weekly hours of work to optimise their work-life balance. The SUI would minimise the present ‘twin evils’ of overwork and underwork.
Fourth, and especially for today’s high-income workers, the SUI represents an unconditional form of income insurance to facilitate the acquisition of basic needs during a period of what economists call ‘frictional unemployment’; being ‘between jobs’. Or a period of ‘voluntary unemployment’, such as attending to the health needs of another family member.
Fifth, the SUI would count as a democratic dividend, an acknowledgement that each society’s wealth arises from both (present and past) private and public enterprise, and that – for that reason – both private and public dividends should be part of societies’ income mix. All citizens would have both private ‘skin in the game’ and a sense of ‘public inclusion’, motivating all citizens to have an ‘us’ mentality, rather than a divisive and exclusionary ‘them and us’ mentality.
The SUI is my preferred option for New Zealand for the year 2026.
BUI
BUI stands for ‘Basic Universal-Income’. In the New Zealand context, it could be easily created by removing the 10.5%, 17.5%, and 33% income brackets. Thus, except for high-income-earners (say the five-percenters), there would be an effective flat tax set at 30% of production income. It would work much as the SUI.
I have calculated that, for New Zealand, the BUI would be $7,779.50 per year, effectively $150 per week.
To partially offset the tax cut that would be payable to people earning more than $78,100 per year, the income threshold for the 39% tax rate should come down (to $146,000, from $180,000). Tax cuts would be received by all persons earning between $78,100 and $180,000, with the maximum tax cut of just over $2,000 (just over $39 per week) being payable to someone earning $146,000.
With this BUI, compared to the SUI, there would be more day-one beneficiaries (ie more better-off people) on higher incomes, and fewer day-one beneficiaries on lower incomes. Nobody would be worse off. The dynamic benefits discussed in relation to the SUI would still apply.
This is a policy that the Act Party should embrace, given its stated commitments to liberal-democracy, individualism, enterprise, and the future of capitalism.
A wider benefit of BUI is that it could represent a small beginning to something bigger and better. Just as with Universal Superannuation, the ‘establishment fear-factor’ soon dissipated. And universal benefits came to be embraced in the 1950s by both ‘left’ and ‘right’ in Aotearoa New Zealand; a decade in which there were very few persons of working age relative to persons classifiable as ‘dependents’.
HUI
HUI represents Hybrid Universal-Income; a mix of UBI and SUI. What would happen is that the age of entitlement to New Zealand Superannuation would be lowered, but not all the way to age 18. Today the ‘threshold age’ is 65. Under a HUI, all adult tax residents under the new threshold age would receive a SUI, on the same basis as described above.
A variant of HUI would be more flexible; a flexible Hybrid Basic Income. Everyone between say 30 and 70 would be able to have a UBI for say ten years; otherwise they would have an SUI. (This might be a policy that would work well for Denmark.)
Today a large proportion of babies are born to mothers aged 30 to 40. Many of these mothers might prefer to have children while in their early thirties, but, for financial reasons, end up having their children later. If all adults could choose when to have their ten years UBI, I could imagine many women choosing their thirties, and many men choosing their forties. Thus, women would be able to leave paid work to a greater or lesser extent around when they would most like to have children, and their partners could take their UBI after the mothers of their children have returned to fulltime employment. For persons in their forties, parenting non-infant children fits with the life-stage when many people would like to be establishing their own businesses and becoming employers. This would create incentives to both working-class (and bourgeois) human reproduction, more enterprise, and more employment opportunities in the private sector for youngish and oldish workers.
A further variant of this variant could be to extend the SUI to a UBI for individuals over 60 who lose their jobs on account of redundancy. This would help the many women such as those who were caught out by the Labour Government’s barely-noticed 2020 decision to remove NZS entitlements to ‘non-qualifying-spouses’ (ie people who become redundant, mostly women, whose life-partners are already on New Zealand Superannuation). (We might also note that the Sixth Labour Government – 2017 to 2023 – cut the after-tax wages of all women [and men too] by not inflation-adjusting income-tax bracket thresholds. Looked at in full historical context, Labour governments in New Zealand have not been kind to women.)
GUI
We might note that the UBI case, first-mentioned above, would be very close to a Generous Universal-Income. In this case, only the 39% income-tax rate would be retained, and the UI would be an annual GUI dividend of $20,922.50 (ie $402.36 per week). All income would be taxed at 39% and all economic citizens would receive a weekly private (but publicly-sourced) dividend of just over $400.
Conclusion
The UI policies presented above (possibly excepting the GUI, and the UBI) reflect a liberal non-establishment centre or centre-right political perspective. The GUI and UBI, in practice, realistically reflect only future policy directions (given their clear fiscal non-neutrality), whereas the SUI, BUI, and HUI all represent changes that could be easily implemented in the May 2026 Budget.
My preference, for immediate implementation, is the SUI. In inclusive capitalist societies, public equity returns to individuals are a right. Much of societies’ capital resource is not privately owned.
As in 1938 to 1940, New Zealand can set an example for the democratic reformation of global capitalism. Unfortunately, the 1938 to 1940 reform – Universal Superannuation – was not taken up by an otherwise distracted world. (Sadly, New Zealand’s misguided 1989 monetary policy ‘reform’ – the Reserve Bank Act – was taken up by a then-attentive wider world. Unnecessarily high interest rates have caused huge grief on a global scale.)
We can choose to have a 2026 reform – a technically simple reform, that, through being promoted to the wider world as an example of how capitalism can be democratic and inclusive – which can have beneficial global consequences. Do our leaders have the intellect, imagination and courage that Michael Joseph Savage revealed in 1938? Hopefully ‘yes’, but realistically ‘no’.
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Keith Rankin (keith at rankin dot nz), trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.
Domestic equity markets opened on a cautious note Friday, with benchmark indices trading flat ahead of the Reserve Bank of India’s monetary policy announcement. Investor sentiment remained subdued, even as select buying was observed in IT and PSU bank stocks during early trade.
At around 9:23 a.m., the BSE Sensex was down by 82.43 points, or 0.10 per cent, at 81,359.61. The NSE Nifty slipped 7.70 points, or 0.03 per cent, to 24,743.20.
The Nifty Bank index was marginally higher by 4.85 points at 55,765.70. The Nifty Midcap 100 gained 146.25 points, or 0.25 per cent, to trade at 58,449.25, while the Nifty Smallcap 100 rose 65.50 points, or 0.36 per cent, to 18,498.10.
Markets are closely watching the RBI’s Monetary Policy Committee (MPC) announcement, where a 25 basis points rate cut is widely expected and already priced in by investors.
Analysts suggest that the central bank’s commentary on growth and inflation outlook for FY26 will be a more decisive factor for market movement.
“If the inflation forecast is revised downward from 4 per cent, it could trigger a positive response in the markets,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On technical levels, analysts believe Nifty has immediate support at 24,500, followed by 24,400 and 24,300. Resistance levels are seen at 24,850, 24,900, and the key psychological mark of 25,000.
“A breach below 24,500 could trigger further selling pressure, while a breakout above 25,000 may open the door to fresh all-time highs,” said Mandar Bhojane, Equity Research Analyst at Choice Broking.
Meanwhile, the India VIX, which indicates market volatility, declined by 4.21 per cent to 15.08, suggesting reduced short-term volatility expectations. However, with the RBI policy decision due, analysts urge caution as market volatility may increase depending on the central bank’s guidance.
In the Sensex basket, top gainers included Bajaj Finserv, Tata Steel, IndusInd Bank, ITC, NTPC, Titan, and Eternal. On the other hand, Tata Motors, Bajaj Finance, ICICI Bank, HDFC Bank, and SBI were among the top laggards.
Across Asian markets, indices in Hong Kong, China, and Bangkok were trading in the red, while Japan was the only major market in positive territory.
In the U.S. markets, the Dow Jones Industrial Average closed 108 points lower at 42,319.74 in the previous session. The S&P 500 dropped 31.51 points to 5,939.30, while the Nasdaq Composite fell 162.04 points to 19,298.45.
On the institutional front, Foreign Institutional Investors (FIIs) were net sellers on June 5, offloading equities worth ₹208.47 crore. In contrast, Domestic Institutional Investors (DIIs) remained strong buyers with net purchases of ₹2,382.40 crore, offering support to the domestic markets.
This is a statement from City of Greater Bendigo Councillors regarding the Emergency Services Volunteer Fund.
From July 1, the Emergency Services Volunteer Fund (ESVF) replaces the Fire Services Property Levy (FSPL). It will be calculated based on a fixed charge that varies by property type and a variable charge based on property value.
The new levy will be applied to forthcoming rates notices and will be a cost increase experienced by all ratepayers.
In particular, the City of Greater Bendigo acknowledges the deep disappointment and concern of our community, including our farming community, regarding the introduction of the ESVF, under which it has been reported farmers will pay many thousands of dollars more in comparison to the FSPL.
The City cannot choose not to collect the levy. It is a legislative requirement, with the City effectively acting as a collection agency for the Victorian Government.
At the Municipal Association of Victoria May State Council Meeting the City added its voice and voted in favour of resolution 1.1a that expressed disappointment with the implementation of the ESVF and Local Government collecting the funds on the State’s behalf.
The City is also a member of Regional Cities Victoria (RCV), an alliance of regional cities, of which Mayor Cr Andrea Metcalf is Deputy Chair. RCV has been consistently vocal about the adverse impacts of the ESVF.
Despite the Victorian Government’s decision to cap the 2025/2026 ESVF levy at the 2024/2025 FSPL rate for primary producers, the reality is this is just a pause.
To assist where it can, the City’s 2025/2026 Budget proposes to reduce the rate in the dollar rural landholders will pay and not increase waste charges for all ratepayers in the new financial year.
The City also recognises the ESVF is just one of many challenges rural communities in central Victoria are facing that have a direct impact on their livelihoods – the ongoing impact of flood damage now being met with drought conditions, decreased water allocations, mining expansion, proposed renewable energy zones and upgrades to energy infrastructure.
The Victorian Government’s decision to expand its drought relief package is welcome, however much more significant and longer-term support is needed if local farming businesses are to survive the current conditions.
The cooler months are generally quieter for the Bendigo Livestock Exchange but over the past few weeks the City has seen unusually high yarding numbers for the Monday sheep sales, an example of farmers de-stocking due to a lack of fodder and high feed costs.
On the plus side they are getting exceptional prices per head but the decision to sell can take a significant personal toll. Long term, they will also need to rebuild their flocks at a cost.
The City looks forward to the newly established Drought Response Taskforce making recommendations on behalf of the farming community directly to government. The committee will be chaired by Premier and Member for Bendigo East, The Hon. Jacinta Allan, and RCV and the Bendigo Bank will be represented on the group.
It is Council’s commitment to write to the Premier, relevant ministers and the taskforce to advocate for a roadmap for what comes next, asking things like is there a state fodder plan, how to do we keep money flowing to small rural businesses as farms dry up and what do ‘exceptional circumstances’ look like?
Of course, we hope we don’t have to find out, but farmers are realists and need reassurance help will be there if they need it.
On May 30, 2025, the Board of Directors (Board) of the New Development Bank (NDB) convened its 47th Meeting at the NDB Headquarters in Shanghai.
Operations
The Board approved the amended General Conditions (Loans to Sovereigns or Loans with Sovereign Guarantees).
During the meeting, an update on the Bank’s strong and dynamic project pipeline was provided to the Board. Members of the Board were briefed on project implementation, disbursement as well as project procurement in non-member countries.
The Board engaged in a discussion on the benefits and value additions of NDB projects, underscoring that supporting infrastructure and sustainable development projects that bring development impact to the Bank’s member countries and the international community remains an overarching objective for NDB, in line with the General Strategy for 2022–2026.
Treasury and Finance
An update on funding for Q1 2025 was presented to the Board. It also evaluated the extension of the single currency funding limit and approved the Treasury Contingency Plan.
Membership Expansion
The Board warmly welcomed that Algeria had been become a full member of NDB on May 19, 2025
Tenth Annual Meeting of the NDB Board of Governors
The Board took note of the preparation work for the upcoming Tenth Annual Meeting of the Board of Governors, scheduled to take place on July 4-5, 2025, in Rio de Janeiro, Brazil.
Committee Meetings
The 35th Meeting of the Audit, Risk and Compliance Committee and the 31st Meeting of the Budget, Human Resources and Compensation Committee were held on May 29, 2025.
Source: People’s Republic of China – State Council News
The People’s Bank of China (PBOC), the country’s central bank, said Thursday that it will conduct a 1-trillion-yuan (about 139 billion U.S. dollars) outright reverse repo operation on Friday to maintain ample liquidity in the banking system.
The operation will carry a three-month tenor and be conducted using a fixed-quantity, interest-rate-bidding and multiple-price-bidding method, according to the PBOC statement.
The move is expected to ensure sufficient liquidity in the banking system, keep fluctuations in money markets under control and anchor market expectations, said Wang Qing, chief macro analyst at Golden Credit Rating.
He added that stepped-up medium-term liquidity injections signal a broader use of quantitative tools to bolster counter-cyclical regulation.
Outright reverse repo operations — a tool the central bank introduced in October 2024 to manage liquidity in the banking system — are carried out once each month with a tenor of no more than a year.
This new option has enriched the country’s monetary policy toolkit following the introduction of temporary repos, temporary reverse repos, and the buying and selling of treasury bonds.
Source: The Conversation (Au and NZ) – By Frank Bongiorno, Professor of History, ANU College of Arts and Social Sciences, Australian National University
For many years now, Australian political scientists have pointed out that that established partisan allegiance is in decline. In 1967, 36% of Coalition supporters and 32% of Labor voters reported lifetime voting for their side. At the 2022 election, the Australian Election Study found the figures to be 16% and 12%.
These changes help to explain the rising support for independents and minor parties at federal elections; they now take about a third of the primary vote.
So much for voters. What about for politicians? Of course, there have always been plenty of parliamentarians who had an earlier stint as a member of some other party before landing in the one that sent them into parliament. Brendan Nelson was in the Labor Party before he was Liberal. John Gorton was Country Party before he was Liberal. Adam Bandt was Labor before he was Green. And so on. We are all entitled to change our minds, even if switching political parties was once closer to changing football teams – a habit that immediately arouses suspicion in a sports-loving nation.
Senator Dorinda Cox’s switch from the Greens to the Labor Party was apparently a homecoming, according to Cox. She was once a Labor Party member, she said. Last week, she was criticising the party over its approval of Woodside’s Northwest Shelf gas project. This week, she finds Labor’s values aligned with her own.
Of course, her defection has been accompanied by a steady leaking of little details of her Greens career, such as an excoriation of the Labor Party, in her application to run for the Greens, when she said the ALP patronised “women and people of colour” and cared more about its donors than members.
That’s politics, but it’s a democratic deficit that senators elected as part of a Senate team, in a system that has facilitated above-the-line voting since 1984, can sit for years afterwards in the parliament as a member of another party.
But good luck in getting up a constitutional change, via referendum, to change that.
Still, it is easy to understand how such nimbleness breeds cynicism about political parties. Another perspective might be that the fluidity of allegiance out in the electorate has come to inhabit the political class itself.
All the same, defections from one party to another are quite rare these days in federal politics, at least after one is sitting in parliament. But defections from a party to sit as an independent are not and some, such as Bob Katter, have managed to build successful political careers outside the parties.
One who did not was was Julia Banks, the Liberal member for Chisholm, who announced she would not be seeking re-election and then left the party for the crossbench in the wake of Scott Morrison’s ascension to the leadership in 2018. Banks complained of bullying and intimidation within the Liberal Party and the wider parliament, and wrote a book on her experiences. She subsequently failed to gain election as an independent in another seat.
There were several defectors in the last parliament. A House of Representatives crossbench that began at 16 had reached 19 by the end, with the defections of two Liberals (Russell Broadbent and Ian Goodenough, both after losing preselection) and one National, Andrew Gee, the latter over his party’s opposition to the Voice. Only Gee has lived politically to tell the tale, winning Calare as an Independent, as Peter Andren did before him.
Defections from minor and microparties are especially common, based as they often are on a high-profile leader and lacking traditions of party discipline or solid structures of organisational governance. Jacqui Lambie began as a Palmer United Party senator. Tammy Tyrrell began as a Jacqui Lambie Network senator.
The biggest “defection” in modern Australian politics was that of Cheryl Kernot from the Australian Democrats to the Labor Party in 1997. It is easy, over a quarter of a century on, and with the Australian Democrats no longer in the Australian parliament, to underestimate what a big deal this was at the time.
Kernot was a rock star of a politician, leader of the Australian Democrats, and a national celebrity. But there are significant differences with Cox beyond Kernot’s greater eminence. She resigned her Senate seat immediately and would win the marginal Brisbane seat of Dickson in the following year’s election. Then, in 2001, she would lose it to a young and ambitious former policeman named Peter Dutton.
The experience was ultimately an unhappy one for Kernot: she believed that having recruited her into the ranks, the Labor Party – and its leader, Kim Beazley, did not know how to make the best use of her. She was also on the receiving end of some relentlessly negative and sometimes intrusive media coverage. And by her own admission, she made mistakes. The story of her career’s unravelling is not straightforward. The role that gender played in it remains contentious.
Perhaps Kernot’s experience would alone be sufficient to prompt second thoughts in anyone seeking to jump ship. There are, of course, older prohibitions. In the Labor Party, a defector was known as a “rat”. Billy Hughes, the prime minister whose effort to introduce conscription in the first world war split the party, is the most famous of them.
“Rat” is not a word much heard these days, but it was thrown around a bit when Senator Fatima Payman defected in 2024, and applied more seriously in 1996 to Labor Senator Mal Colston when he resigned from the Labor Party in exchange for the deputy presidency of the Senate.
The best historical example of a defection being good for your career is that of Joe Lyons, who ratted on Labor in 1931 to lead a new party called the United Australia Party, a switch engineered by a small group of influential businessmen.
The circumstances – the Great Depression, real fear of civil violence, and the disintegration of a federal Labor government – were highly unusual.
More commonly, defection is a bad career move. Most of the Labor politicians who went over to the breakaway anti-communist Democratic Labor Party (DLP) in the mid-1950s found themselves out of parliament and looking for a new job. Stan Keon, one of those flying high ahead of the split, even occasionally mentioned – unrealistically – as a possible future prime minister, would run a Melbourne wine shop. Others, such as Vince Gair, Queensland Labor premier, lived to fight another day as a DLP senator (and ambassador to Ireland).
Cox has three years left of her senate term. After that, she will be at the mercy of the Labor Party. Labor won three Senate seats at the 2022 half-Senate election in Western Australia and perhaps it could do so again. On that occasion, in a surprise victory, the third place went to the young up-and-coming union organiser, Fatima Payman.
Frank Bongiorno 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.
05 JUNE 2025 – Equinor and Centrica sign long-term gas sales agreement of 55 TWh of natural gas per year (around 5 billion cubic meters – bcm) for a period of 10 years starting 1 October 2025 at terms reflecting market prices. The total contract value would be around £20 billion assuming current prices.
“I am very pleased to strengthen the energy partnership with the UK and our longstanding partner and customer Centrica. This agreement will continue to support the UK’s energy security with reliable gas supplies from the Norwegian continental shelf. The flexibility that natural gas offers will play a key role in enabling further development of renewable power and decarbonisation in the UK”, says Equinor’s president and CEO Anders Opedal.
For nearly 50 years, Equinor and partners have developed the Norwegian Continental Shelf to be the largest and most reliable provider of energy to Europe. Britain currently imports nearly 2/3 of its gas requirements from Norway, with Equinor being the major supplier. The annual volumes under this agreement will cover nearly 10% [1] of total annual UK gas demand which makes the agreement among the largest in Equinor bilateral portfolio.
“The UK and the North Sea is a core area in our long-term ambitions to remain a supplier of reliable energy and to help decarbonise societies and industries. The new gas sales agreement with Centrica will be a key element in this. Energy security and decarbonisation must go hand in hand, and I am proud that Equinor is actively delivering both”, says Equinor’s UK Country Manager Alex Grant.
Beyond investments in the UK’s oil and gas production, Equinor already operates three offshore wind farms at Sheringham Shoal, Dudgeon and Hywind Scotland, the world’s first floating offshore wind farm. Dogger Bank is under development and will be the world’s largest offshore windfarm once completed. Together with partners Equinor is also developing the UK’s first CO2 transport and storage project and a gas power plant with CO2 capture.
Chris O’Shea, Group Chief Executive of Centrica, commented: “Equinor is a valued partner, and this landmark agreement underscores the vital role that natural gas plays as a transition fuel as we navigate towards a low carbon energy future. The enduring partnership between Centrica and Equinor exemplifies the strong and strategic relationship between the UK and Norway and I’m immensely proud that we’ve agreed this deal.
“Over the last few years, we’ve seen first-hand how important energy security is. Today’s deal not only ensures the UK’s energy security has improved but also paves the way for a burgeoning hydrogen market. The deal represents a significant investment in the UK’s future, showing that Centrica will make bold investments that drive forward the energy transition while delivering value for our shareholders. We will continue to focus on further improving energy security by working with the UK Government to ensure the right levels of gas storage are in place to complement this landmark gas importation agreement.”
[1] Total UK demand in 2024 at 55.8 bcm
About Centrica
Centrica is an international energy and services company, founded on a 200-year heritage of serving customers in homes and businesses. The company supply energy and services to over 10 million residential and business customers, mainly in the UK and Ireland, through brands such as British Gas, Bord Gáis Energy and Centrica Business Solutions. Centrica has a role at every step of the energy transition. When it comes to energy, Centrica make it, store it, move it, sell it and mend it. The company’s strategy is driven by the purpose of energising a greener, fairer future.
Washington, DC:On June 3, the Executive Board of the International Monetary Fund (IMF) discussedthe staff paper on the contribution of the IMF to the international financing for development agenda, prepared in view of the 4th Financing for Development Conference (FfD4) to be held in Sevilla, Spain from June 30 to July 3, 2025. The paper outlines the challenging context for development, updates staff’s assessment on the achievability of Sustainable Development Goals (SDGs), and proposes actions to accelerate development progress.
The series of shocks since 2020 has added to longstanding structural challenges, with low-income and fragile countries affected the most. Debt vulnerabilities deserve attention, particularly for low-income countries. While debt appears sustainable for most countries, many are facing high interest costs and elevated refinancing needs that constrain their ability to finance critical spending necessary to progress on their development path. Against this background, achieving the Sustainable Development Goals by 2030 appears increasingly unlikely.
Accelerating development progress will require a major collective effort, including advancing a strong domestic reform agenda, providing adequate international support to complement and facilitate domestic reforms, and proactively addressing debt vulnerabilities. Importantly, while developing countries share many characteristics, increasing heterogeneity across countries calls for appropriate differentiation in countries’ policy and reform agenda, as well as in the support from the international community.
The IMF has a strong role to play in supporting countries maintain or restore macroeconomic and financial stability, which is a key condition to enable sustainable growth and development. Through its surveillance, capacity development, and financial support to countries faced with balance of payment needs, the IMF helps countries advance this agenda, including through continuous adjustments in its policies to ensure they remain fit for purpose and aligned with evolving needs of the membership. It also plays a leading role on debt and the global debt architecture, through its monitoring of debt vulnerabilities and debt sustainability assessments and further enhancing its work to tackle debt challenges and improve debt restructuring processes, including through the Common Framework and progress at the Global Sovereign Debt Roundtable. In all these activities, the IMF collaborates closely with partners, particularly the World Bank.
Executive Directors welcomed the opportunity to discuss the contribution of the IMF to the international financing for development agenda, as well as the review of recent experiences in the IMF’s collaboration with the World Bank, ahead of the 4th Financing for Development Conference. Directors concurred with staff’s analysis of the challenging context for development, as the series of shocks since 2020 has added to longstanding structural challenges weighing on economic and social progress in developing countries, with low‑income and fragile countries affected the most.
Directors agreed that debt vulnerabilities deserve specific attention, in particular for low‑income countries. They noted that, while debt appears sustainable for most countries under baseline assumptions, uncertainties and risks to the baseline have increased significantly. In addition, many countries face high interest costs and elevated refinancing needs that constrain their ability to finance critical spending necessary to progress on their development path.
Directors noted with regret that achieving the sustainable developments goals (SDGs) by 2030 appears increasingly unlikely, as it would require financing that exceeds credible assumptions and surpasses what countries could absorb without creating additional macroeconomic imbalances.
Directors agreed that accelerating development progress requires a major collective effort comprising strong domestic reforms, significant international support, and proactively addressing debt vulnerabilities. They noted that, while developing countries share many characteristics, increasing heterogeneity across countries calls for appropriate differentiation in countries’ policy and reform agenda, as well as in the support from the international community.
Directors emphasized the importance of advancing a strong domestic reform agenda to maintain or promote a stable and sound macroeconomic and financial environment and boost private‑sector led growth and job creation. This includes increasing the efficiency of public spending and optimizing the use of available resources, mobilizing domestic resources, strengthening debt management, and improving governance. These reforms are also key to increase resilience against external shocks.
Directors also agreed that international support, through well‑coordinated and sequenced capacity development (CD), and additional public and private financing, will be critical to complement and facilitate domestic reforms. They underlined the importance of proactively addressing debt challenges and supported the proposed approach to: (i) improve further debt restructuring processes to ensure countries with unsustainable debt have access to timely and sufficiently deep debt relief, building on progress already made in particular under the Common Framework and through the work at the Global Sovereign Debt Roundtable (GSDR); and (ii) accelerate the implementation of the “3‑pillar approach” to help countries with sustainable debt and a robust reform agenda, where productive spending is crowded out by high debt service. They welcomed the recent publication of the GSDR “Restructuring Playbook” and supported further strengthening the IMF’s contribution to help address debt vulnerabilities, consistent with its role and policies and respecting its duty of neutrality. They also underlined the importance of further enhancing debt transparency and the accuracy of debt data.
Directors agreed that, while the IMF is not a development institution, it has a strong role to play to help member countries maintain or restore macroeconomic and financial stability, which is a key condition to enable sustainable growth and development. They underlined the importance of IMF surveillance, CD, and financial support to members faced with balance of payment needs, to achieve this objective, and looked forward to the upcoming comprehensive surveillance review and review of program design and conditionality. Directors highlighted the recent reforms to ensure that the lending framework remains fit for purpose, including the finalization in October 2024 of the review of the Poverty Reduction and Growth Trust (PRGT) facilities and financing and the review of the Charges and the Surcharge Policy, and the significant expansion of CD delivery over time, with a strong emphasis on supporting low‑income countries and fragile and conflict‑affected states. In this context, some Directors saw room to further scale up the IMF’s concessional facilities and CD support. Some others cautioned against placing greater emphasis in IMF‑supported programs on development spending needs and higher financing volumes. Directors supported the continued active role of the IMF on debt issues and its sustained engagement in international efforts to address debt vulnerabilities. Some Directors noted that a greater emphasis in the paper on the IMF’s existing work on climate would have better illustrated that the Fund is already actively contributing to help address these challenges, in line with its mandate. A few Directors also highlighted the macro‑critical nature of inequality and its impact on long‑term stability and development, and supported a deeper analytical and operational engagement on these fronts within the Fund’s existing mandate.
Directors underlined the importance of IMF collaboration with partners, in particular the World Bank and relevant UN agencies, building on comparative advantages and consistent with each institution’s mandate. They welcomed the review of recent experiences in the IMF’s collaboration with the World Bank and underscored the critical importance of maintaining or further deepening this efficient collaboration, leveraging the respective expertise of both institutions for an optimal division of work and avoiding duplication.
Directors underscored the importance of clear communication to promote a better public understanding of the institution’s unique role, mandate, and activities in fostering macroeconomic and financial stability, which is a prerequisite for sustainable growth and development.
Following a three-week trial, a federal jury in Minneapolis convicted five Minnesota men today for their involvement in the Highs — a violent Minneapolis street gang — and in gang-related murders, shootings, and narcotics distribution.
According to court documents and evidence presented at trial, defendants Tyreese Giles, 24, Josiah Taylor, 31, Trevaun Robinson, 29, William Banks, 35, and Gregory Brown, 35, all of Minneapolis, were members of various “cliques,” or subsets, of the Highs — a criminal enterprise that controlled territory north of West Broadway Avenue in Minneapolis. Members of the Highs committed murders, narcotics trafficking, weapons violations, burglaries, assaults, and robberies on behalf of the enterprise. As part of their Highs membership, the defendants were expected to retaliate against their rivals, the Lows gang, which operated south of West Broadway Avenue. These two gangs had been in a gang war that spanned years and alleged members of the Lows gang have been separately charged with federal crimes, including racketeering charges.
“This is the second successful trial against members and associates of the Highs gang in this case in the last three weeks,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This case and these trials show the Department’s relentless determination to hold accountable criminal enterprises that use murder and intimidation to exert power and control narcotics territory. We will continue to dismantle violent gangs and secure justice for victims and their loved ones in communities around the country.”
“The Highs have long terrorized north Minneapolis, bringing drugs, violence, and murder,” said Acting U.S. Attorney Joseph H. Thompson for the District of Minnesota. “This verdict represents yet another step in our fight against gang violence. I want to thank the coalition of federal, state, and local law enforcement partners who joined together to bring down this violent criminal street gang. I also want to thank the Justice Department’s Violent Crime & Racketeering Section for lending their expertise and partnering with the U.S. Attorney’s Office on our RICO cases.”
“This case is a powerful example of how we use federal racketeering laws to take down violent gangs at the center of community violence,” said Acting Director Daniel Driscoll of the Bureau of Alcohol, Tobacco, Firearms and Explosives. “These individuals relied on firearms, retaliation, and drug trafficking to fuel chaos and assert fear and dominance over their neighborhoods. ATF special agents worked closely with our partners to map the gang’s structure and document their vicious acts of violence, to bring the full weight of the law against its members. We will continue to use every tool available to protect the public and hold violent offenders accountable.”
“The verdict today reflects the United States Postal Inspection Service’s (USPIS) dedication to building great partnerships with other federal agencies, as well as state and county law enforcement, to bring violent criminals in our communities to justice,” said Acting Inspector in Charge Steve Hodge of USPIS.
“As financial investigators, IRS Criminal Investigation brings a unique skill set to dismantling violent criminal enterprises,” said Special Agent in Charge Ramsey E. Covington of the IRS Criminal Investigation Chicago Field Office. “Our special agents are experts in exposing how criminal organizations move and hide their illicit funds. By following the money, we developed critical financial evidence on significant fentanyl suppliers. As an agency on the RICO task force to combat violent crime, IRS-CI will continue to collaborate with our federal, state, and local partners to make a noticeable impact in our community. These convictions are a critical step in restoring safety and stability to the streets of Minneapolis and maintaining the marked decrease in violence in our community.”
As proven at trial, the gang war escalated when, on Sept. 9, 2021, a prominent Highs member was shot and killed at a barbershop in Minneapolis. About two hours later, suspecting that the Lows were responsible for the killing, defendant Giles traveled to Pennwood Market in Lows territory. Once there, Giles, who was dressed in black and wearing a mask covering his face, shot and killed a Lows member. He fired the fatal shot into the victim’s back before he attempted to flee from the scene.
Evidence at trial tied defendant Robinson to two shootings — one into a crowd of individuals in downtown Minneapolis on July 7, 2019, and another in the parking lot of Merwin Liquors, a Highs hangout, on April 2, 2022.
Defendants Taylor and Banks trafficked drugs, including fentanyl, on behalf of the Highs. Evidence proved that Brown was a high-level narcotics supplier for the Highs and coordinated trips to and from Arizona for Highs members to obtain tens of thousands of fentanyl pills to sell on the streets of Minneapolis. Each defendant was arrested in possession of narcotics, including fentanyl, methamphetamine, and oxycodone, and one possessed a firearm in furtherance of their narcotics trafficking.
The jury convicted defendants Giles, Robinson, Banks, And Brown of Racketeering Influenced and Corrupt Organizations (RICO) Conspiracy. Defendants Taylor and Banks were also convicted of drug trafficking conspiracy. The jury convicted Taylor of the separate crime of possessing a firearm in furtherance of a drug trafficking crime.
A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
This is the second of several trials in this case, which charged over 40 defendants with RICO conspiracy, narcotics trafficking, firearms offenses, and other charges related to their activities as members and associates of the Highs gang. Nine defendants are awaiting trial.
The ATF, FBI, Minneapolis Police Department, IRS Criminal Investigation, U.S. Postal Inspection Service, Hennepin County Sheriff’s Office, Minnesota Bureau of Criminal Apprehension, and Minnesota Department of Corrections are investigating the case, with assistance from the U.S. Marshals Service, DEA, Homeland Security Investigations, and the Hennepin County Attorney’s Office. The Ramsey County Sheriff’s Office, Dakota County Sheriff’s Office, St. Paul Police Department, and numerous other law enforcement agencies contributed to the investigation.
Trial Attorneys Brian Lynch and Alyssa Levey-Weinstein of the Justice Department’s Violent Crime & Racketeering Section and Assistant U.S. Attorneys Thomas Lopez-Calhoun and Carla Baumel of the District of Minnesota are prosecuting the case.
DULUTH, Ga., June 05, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (Nasdaq: HAFC) (“Hanmi”), the holding company for Hanmi Bank, today welcomed local officials and community members to its grand opening celebration for its newest branch in Duluth, Georgia. Honored guests included Georgia State Representative Long Tran (Dist. 80), and Gwinnett County Commissioner Kirkland Carden. They were joined by several Hanmi Bank executives, including Bonnie Lee, President and CEO, Anthony Kim, Chief Banking Officer, and Cindy Yum, who serves as Branch Manager for the new Duluth location.
The Duluth branch is Hanmi’s first full-service branch in Georgia, located at 2330 Pleasant Hill Road, Suite 100 – less than 30 miles from Atlanta. Georgia continues to be a key hub for Korean business investment and expansion. In fiscal year 2023, Korean companies announced over $10 billion in new investments and the creation of more than 12,600 jobs across the state, according to the Office of the Governor. Total trade between Georgia and Korea reached $17.5 billion last year, underscoring the strength of this dynamic economic partnership.
“Our expansion in Georgia is an important step in our growth plans, and we’re excited to be a part of this community,” said Bonnie Lee, President and Chief Executive Officer of Hanmi Financial Corporation. “Duluth is a vibrant and diverse city that values business opportunity and community strength. We look forward to supporting local businesses and individuals, and contributing to the continued economic vitality of this region through our relationship-based banking model.”
Hanmi Bank Duluth Branch offers a comprehensive range of personal and business banking services, including checking and savings accounts, commercial lending, SBA loans, and specialized financial solutions. Bank hours are Monday to Friday, 9:00 AM to 5:00 PM.
About Hanmi Financial Corporation Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches, five loan production offices and three loan centers in California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.
Following a three-week trial, a federal jury in Minneapolis convicted five Minnesota men today for their involvement in the Highs — a violent Minneapolis street gang — and in gang-related murders, shootings, and narcotics distribution.
According to court documents and evidence presented at trial, defendants Tyreese Giles, 24, Josiah Taylor, 31, Trevaun Robinson, 29, William Banks, 35, and Gregory Brown, 35, all of Minneapolis, were members of various “cliques,” or subsets, of the Highs — a criminal enterprise that controlled territory north of West Broadway Avenue in Minneapolis. Members of the Highs committed murders, narcotics trafficking, weapons violations, burglaries, assaults, and robberies on behalf of the enterprise. As part of their Highs membership, the defendants were expected to retaliate against their rivals, the Lows gang, which operated south of West Broadway Avenue. These two gangs had been in a gang war that spanned years and alleged members of the Lows gang have been separately charged with federal crimes, including racketeering charges.
“This is the second successful trial against members and associates of the Highs gang in this case in the last three weeks,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This case and these trials show the Department’s relentless determination to hold accountable criminal enterprises that use murder and intimidation to exert power and control narcotics territory. We will continue to dismantle violent gangs and secure justice for victims and their loved ones in communities around the country.”
“The Highs have long terrorized north Minneapolis, bringing drugs, violence, and murder,” said Acting U.S. Attorney Joseph H. Thompson for the District of Minnesota. “This verdict represents yet another step in our fight against gang violence. I want to thank the coalition of federal, state, and local law enforcement partners who joined together to bring down this violent criminal street gang. I also want to thank the Justice Department’s Violent Crime & Racketeering Section for lending their expertise and partnering with the U.S. Attorney’s Office on our RICO cases.”
“This case is a powerful example of how we use federal racketeering laws to take down violent gangs at the center of community violence,” said Acting Director Daniel Driscoll of the Bureau of Alcohol, Tobacco, Firearms and Explosives. “These individuals relied on firearms, retaliation, and drug trafficking to fuel chaos and assert fear and dominance over their neighborhoods. ATF special agents worked closely with our partners to map the gang’s structure and document their vicious acts of violence, to bring the full weight of the law against its members. We will continue to use every tool available to protect the public and hold violent offenders accountable.”
“The verdict today reflects the United States Postal Inspection Service’s (USPIS) dedication to building great partnerships with other federal agencies, as well as state and county law enforcement, to bring violent criminals in our communities to justice,” said Acting Inspector in Charge Steve Hodge of USPIS.
“As financial investigators, IRS Criminal Investigation brings a unique skill set to dismantling violent criminal enterprises,” said Special Agent in Charge Ramsey E. Covington of the IRS Criminal Investigation Chicago Field Office. “Our special agents are experts in exposing how criminal organizations move and hide their illicit funds. By following the money, we developed critical financial evidence on significant fentanyl suppliers. As an agency on the RICO task force to combat violent crime, IRS-CI will continue to collaborate with our federal, state, and local partners to make a noticeable impact in our community. These convictions are a critical step in restoring safety and stability to the streets of Minneapolis and maintaining the marked decrease in violence in our community.”
As proven at trial, the gang war escalated when, on Sept. 9, 2021, a prominent Highs member was shot and killed at a barbershop in Minneapolis. About two hours later, suspecting that the Lows were responsible for the killing, defendant Giles traveled to Pennwood Market in Lows territory. Once there, Giles, who was dressed in black and wearing a mask covering his face, shot and killed a Lows member. He fired the fatal shot into the victim’s back before he attempted to flee from the scene.
Evidence at trial tied defendant Robinson to two shootings — one into a crowd of individuals in downtown Minneapolis on July 7, 2019, and another in the parking lot of Merwin Liquors, a Highs hangout, on April 2, 2022.
Defendants Taylor and Banks trafficked drugs, including fentanyl, on behalf of the Highs. Evidence proved that Brown was a high-level narcotics supplier for the Highs and coordinated trips to and from Arizona for Highs members to obtain tens of thousands of fentanyl pills to sell on the streets of Minneapolis. Each defendant was arrested in possession of narcotics, including fentanyl, methamphetamine, and oxycodone, and one possessed a firearm in furtherance of their narcotics trafficking.
The jury convicted defendants Giles, Robinson, Banks, And Brown of Racketeering Influenced and Corrupt Organizations (RICO) Conspiracy. Defendants Taylor and Banks were also convicted of drug trafficking conspiracy. The jury convicted Taylor of the separate crime of possessing a firearm in furtherance of a drug trafficking crime.
A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
This is the second of several trials in this case, which charged over 40 defendants with RICO conspiracy, narcotics trafficking, firearms offenses, and other charges related to their activities as members and associates of the Highs gang. Nine defendants are awaiting trial.
The ATF, FBI, Minneapolis Police Department, IRS Criminal Investigation, U.S. Postal Inspection Service, Hennepin County Sheriff’s Office, Minnesota Bureau of Criminal Apprehension, and Minnesota Department of Corrections are investigating the case, with assistance from the U.S. Marshals Service, DEA, Homeland Security Investigations, and the Hennepin County Attorney’s Office. The Ramsey County Sheriff’s Office, Dakota County Sheriff’s Office, St. Paul Police Department, and numerous other law enforcement agencies contributed to the investigation.
Trial Attorneys Brian Lynch and Alyssa Levey-Weinstein of the Justice Department’s Violent Crime & Racketeering Section and Assistant U.S. Attorneys Thomas Lopez-Calhoun and Carla Baumel of the District of Minnesota are prosecuting the case.
STAMFORD, Conn., June 05, 2025 (GLOBE NEWSWIRE) — Patriot National Bancorp, Inc. (NASDAQ: PNBK) (the “Company”), the parent company of Patriot Bank, N.A., today announced that it has successfully completed a registered direct offering of 8,524,160 shares of its common stock at a purchase price of $1.25 per share, raising gross proceeds of $10,655,200.
The registered direct offering follows the Company’s March 20, 2025 private placement that raised over $50 million in gross proceeds from a diverse group of accredited investors.
Steven Sugarman, President of Patriot National Bancorp, stated, “We are pleased by the continued strong investor interest in Patriot Bank. The success of this offering further strengthens the Bank’s capital base and enhances our ability to execute on our strategic objectives. With a significantly reinforced balance sheet, we are well-positioned to serve our clients and communities with greater resilience and flexibility. We appreciate the confidence our investors have placed in our team and our mission.”
The shares of common stock described above were offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-287283), which was declared effective by the Securities and Exchange Commission (the “SEC”) on May 22, 2025. A prospectus supplement describing the terms of the registered direct offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov.
Performance Trust Capital Partners, LLC served as capital markets adviser to the Company. Blank Rome LLP and Robinson & Cole LLP served as counsel for the Company.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company’s plans, objectives, goals, strategies, business plans, future events or performance. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will” or other similar words and expressions are intended to identify these forward-looking statements. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding its business, plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Many possible events or factors could affect the Company’s future financial results and performance and could cause its actual results, performance or achievements to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others: (i) the dilution to be caused by the Company’s issuance of additional shares of its capital stock in connection with the offering, (ii) general competitive, economic, political and market conditions, or (iii) other factors that may affect future results of the Company.
Given these factors, you should not place undue reliance on these forward-looking statements. All information set forth in this press release is as of the date of this press release. The Company undertakes no duty or obligation to update any forward-looking statements contained in this press release, whether as a result of new information, future events or changes in its expectations or otherwise, except as may be required by applicable law.
HARRISBURG, Pa., June 05, 2025 (GLOBE NEWSWIRE) — Orrstown Bank, a wholly owned subsidiary of Orrstown Financial Services, Inc. (NASDAQ: ORRF), is pleased to announce the promotion of Zachary Khuri to Chief Revenue Officer and Joshua Hocker to Market President for the Central Pennsylvania Region, effective immediately.
Zachary Khuri, who most recently served as Market President for Orrstown Bank’s Central Pennsylvania Region, brings more than 20 years of banking experience to his new role. Since joining Orrstown Bank in 2019, Khuri has played a pivotal role in expanding the Bank’s market share and strengthening relationships throughout the region. As Chief Revenue Officer, he will lead the Bank’s revenue-generating lines of business across its entire footprint. Khuri holds a bachelor’s degree in Finance from Shippensburg University, an MBA from Penn State Harrisburg, and is a graduate of the Duke University Fuqua School of Business Executive Leadership Program.
“Zack’s strategic mindset, deep understanding of our markets, and proven leadership make him the ideal person to help guide Orrstown Bank’s continued growth,” said Thomas R. Quinn, Jr., President and CEO of Orrstown Bank. “He embodies our culture of collaboration and client focus, and we are thrilled to welcome him to this role.”
In conjunction with Khuri’s promotion, Joshua Hocker has been named Market President for the Central Pennsylvania Region, succeeding Khuri in the role. Hocker, who most recently served as Director of Middle Market Lending for Orrstown Bank, brings a strong track record of commercial banking success and deep knowledge of the Central Pennsylvania market to his new position. Mr. Hocker holds a bachelor’s degree in Business Administration from West Virginia University and an MBA from Penn State University.
“Josh has consistently demonstrated an ability to build strong client relationships and deliver meaningful results,” said Adam L. Metz, Chief Operating Officer at Orrstown Bank. “His leadership will ensure we continue delivering exceptional value to our clients and communities across the Central Pennsylvania Region.”
About Orrstown
With $5.4 billion in assets, Orrstown Financial Services, Inc. (the “Company”) and its wholly owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Adams, Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company’s executive and administrative offices as well as the District of Columbia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on the NASDAQ Global Select Market under the symbol “ORRF.” For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue. For media inquiries or further information, please contact:
John Moss SVP, Director of Marketing and Client Experience, Orrstown Bank 717-747-1520 jmoss@orrstown.com
JEFFERSON CITY, Mo., June 05, 2025 (GLOBE NEWSWIRE) — Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank, announced that its Board of Directors approved a new common stock repurchase program authorizing the repurchase of up to $10.0 million in market value of the Company’s common stock. The new common stock repurchase program replaces the Company’s prior common stock repurchase program.
Management was given discretion to determine the number and pricing of the shares to be purchased, as well as, the timing of any such purchases. The timing and total amount of stock repurchases will depend upon market and other conditions and may be made from time to time in open market purchases or privately negotiated transactions. The program has no termination date, may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock.
The repurchased shares will be held in treasury and may be used by the Company for general corporate purposes, including stock-based employee benefit plans and stock dividends. It is expected that the stock repurchases will be funded by cash generated through cash on hand, operations and other sources. At June 3, 2025, the Company had 6,946,656 common shares outstanding.
About Hawthorn Bancshares, Inc.
Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 150 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.
Contact:
Hawthorn Bancshares, Inc. Brent M. Giles Chief Executive Officer TEL: 573.761.6100 www.HawthornBancshares.com
Statements made in this press release that suggest Hawthorn Bancshares’ or management’s intentions, hopes, beliefs, expectations, or predictions of the future include “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the company’s quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.
Washington, D.C. – 6/5/25… Today, Congressman Mike Lawler (NY-17) and Congressman Emanuel Cleaver II (MO-05) reintroduced the HUD Accountability Act of 2025, a bipartisan measure that would require the Secretary of Housing and Urban Development to testify before Congress on an annual basis. The bill aims to strengthen transparency and ensure HUD leadership is held accountable amid an ongoing housing affordability crisis.
The HUD Accountability Act, which passed committee last Congress with bipartisan backing, would require the HUD Secretary to testify annually for five years before the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee.
The legislation outlines key areas for testimony, including:
Progress in addressing the affordable housing and homelessness crises
The condition and performance of HUD programs, including public housing
Oversight efforts to combat waste, fraud, and abuse
The financial status of FHA’s mortgage insurance funds
The capacity of the Department to deliver on its statutory mission
And any other relevant agency operations and priorities
“With families in New York and across the country being crushed by skyrocketing housing costs, Congress needs to take this crisis seriously, and that starts with oversight,” said Congressman Lawler. “In the past, there have been long gaps between appearances by the HUD Secretary before the Financial Services Committee. That lack of regular oversight isn’t acceptable. Our bill ensures the Secretary testifies annually on the Department’s programs, finances, and priorities.”
“Last Congress, I hosted the first congressional field hearing in Rockland County in years to hear directly from constituents about how high housing costs are affecting their lives,” Congressman Lawler concluded. “Whether it’s addressing the workforce housing crunch or improving HUD oversight, I’m focused on bringing greater transparency and accountability to programs meant to serve the American people.”
“Whether a Republican or Democratic administration, it is imperative that the people’s representatives have an opportunity to provide oversight of the Executive Branch on behalf of the public, which includes bringing Cabinet officials before Congress to explain their policymaking actions and motivations,” said Congressman Cleaver. “I was proud to support this bipartisan legislation last Congress, and I’m happy to reintroduce it with Congressman Lawler as we seek to lower housing costs and ensure transparency for the American people.”
Congressman Lawler is one of the most bipartisan members of Congress and represents New York’s 17th Congressional District, which is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester Counties. He was rated the most effective freshman lawmaker in the 118th Congress, 8th overall, surpassing dozens of committee chairs.
Source: African Development Bank Group United Nations Secretary-General António Guterres has praised African Development Bank Group President Dr. Akinwumi Adesina, for his extraordinary vision and dedication to the economic transformation of Africa.
First elected as president of the Bank Group in 2015, Adesina will conclude his decade-long tenure at…
Source: African Development Bank Group The African Development Bank and the International Aid Transparency Initiative (IATI) concluded a workshop on Thursday aimed at enhancing the use of development finance data to support national planning, coordination, and accountability. The workshop was attended by government representatives from Francophone West Africa.
Source: African Development Bank Group At the launch of Burundi’s National Energy Compact during the Mission 300 (M300) Private Sector Consultation in London, Anzana Electric Group and the African Development Bank announced a $600,000 project development grant from the Sustainable Energy Fund for Africa (SEFA).
WHO warns that the Gaza Strip’s health system is collapsing, with Nasser Medical Complex, the most important referral hospital left in Gaza, and Al-Amal Hospital at risk of becoming non-functional. There are already no hospitals functioning in the north of Gaza.
Nasser and Amal are the last two functioning public hospitals in Khan Younis, where currently most of the population is living. Without them, people will lose access to critical health services.
While these hospitals have not received orders to evacuate patients or staff, they lie within or just outside the evacuation zone announced on 2 June. Israeli authorities have informed the Ministry of Health that access routes leading to both hospitals will be obstructed. As a result, safe access for new patients and staff will be difficult, if not impossible. If the situation further deteriorates, both hospitals are at high risk of becoming non-functional, due to movement restrictions, insecurity, and the inability of WHO and partners to resupply or transfer patients.
Nasser and Al Amal hospitals are operating above their capacity, while people with life-threatening injuries continue to arrive to seek urgent care amid a dire shortage of essential medicines and medical supplies. The hospitals going out of service would have dire consequences for patients in need of surgical care, intensive care, blood bank and transfusion services, cancer care, and dialysis.
Losing the two hospitals would cut 490 beds, reducing the Gaza Strip’s overall hospital bed availability to less than 1400 hospital beds (40% less hospital beds available in the Gaza Strip than before the start of the conflict), for the entire population of 2 million people.
The relentless and systematic decimation of hospitals in Gaza has been going on for too long. It must end immediately. For over 20 months, health workers, WHO, and partners have managed to keep health services partly running despite extreme conditions. But repeated attacks, escalating hostilities, denial of aid, and restricted access have systematically dismantled the health system.
WHO calls for urgent protection of Nasser Medical Complex and Al-Amal Hospital to ensure they remain accessible, functional and safe from attacks and hostilities. Patients seeking refuge and care to save their lives must not risk losing them trying to reach hospitals. Hospitals must never be militarized or targeted.
WHO calls for the delivery of essential medicines and medical supplies into Gaza to be immediately expedited safely and facilitated through all possible routes.
WHO calls for an immediate and lasting ceasefire.
Notes to editors
Only 17 of Gaza’s 36 hospitals are currently partially functional. Of these, just five, including Nasser Medical Complex and Al-Amal Hospital, are major referral facilities, accounting for 75% of all the Gaza Strip’s hospital beds.
Nasser Medical Complex is operating at 180% over bed capacity and Al Amal Hospital is at 100%.
Currently, one national and four international Emergency Medical Teams are deployed at Al-Amal and Nasser hospitals as part of efforts to provide specialized care and strengthen hospital capacity.
Acute shortages of essential medicines and medical supplies are severely disrupting health services in all hospitals, while about 50 WHO trucks of supplies await at Al-Arish and in the West Bank.
Source: United States Senator for Massachusetts Ed Markey
Washington (June 5, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Environment and Public Works (EPW) Committee and co-chair of the Senate Climate Change Task Force, today released the following statement after Senate Republicans released the Environment and Public Works portion of their reconciliation bill text.
“Time is revealing Senate Republicans’ willingness to abandon communities nationwide and put Oil Above All —above the law, above the economy, and above the health and wallets of working families. Their proposed cuts would eliminate the safeguards and funding needed to reduce harmful air pollution and environmental health risks. Their cuts would also destroy the $20 billion climate bank I secured in the Inflation Reduction Act, which was already at work creating jobs, lowering Americans’ energy costs, strengthening our energy independence, and combating the climate crisis.
“Republicans have no interest in bringing down costs or helping everyday Americans. Instead, they are picking winners and losers to deliver a big bonus to Big Oil and Gas. Republicans want to cut funding for clean energy, community resilience, and pollution reduction, all while giving polluters a golden ticket to skirt any meaningful reviews to get their projects permitted – rubberstamping dangerous polluting infrastructure.
“These Republican cuts will ensure frontline and fenceline communities continue to bear the burden of disproportionate levels of pollution. Ripping away the tools needed to curb methane and reduce carbon and hazardous pollutants will only make Americans sicker while the rich get richer. We must say no to these dangerous cuts and stop this big billionaire sell-out once and for all.”
Senator Markey secured numerous provisions in the historic Inflation Reduction Act, including the creation of a $27 billion national climate financing network based on his National Climate Bank Act with Senator Chris Van Hollen (D-Md.) and Congresswoman Debbie Dingell (MI-06). He also secured historic environmental justice funding for air quality monitoring, environmental inequity mapping, and addressing extreme heat.
Senator Markey has been a champion of vehicle emission standards that would be rolled back by the Senate reconciliation text, which would increase pollution and force drivers to pay more at the pump. He has also long championed a robust National Environmental Policy Act, which the Senate Republican bill undermines with an opt-in fee for project sponsors to pay to expedite their project’s environmental review and avoid judicial review – rubberstamping potentially harmful infrastructure.
SAN CARLOS, Calif., June 05, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced the issuance of $439 million of two-year revolving fixed rate asset-backed notes secured by a pool of unsecured and secured installment loans.
The offering included five classes of fixed rate notes: Class A, Class B, Class C, Class D, and Class E. Fitch rated all classes of notes, assigning ratings of AAA, AA-, A-, BBB-, and BB-, respectively. Goldman Sachs & Co. LLC served as the sole structuring agent and co-lead, and Deutsche Bank Securities Inc., Jefferies and Natixis Corporate & Investment Banking also served as co-leads.
The weighted average coupon on the transaction was 5.57%, and the weighted average yield was 5.67%. The Class A notes were priced with a coupon of 4.88% per annum; the Class B notes were priced with a coupon of 5.28% per annum; the Class C notes were priced with a coupon of 5.52% per annum; the Class D notes were priced with a coupon of 6.45% per annum; and the Class E notes were priced at 98.95% with a coupon of 9.40% and a yield of 10.19% per annum.
“This transaction marks an important milestone for Oportun and reflects a growing recognition of the strength and resilience of our business. Achieving our first AAA rating demonstrates how far we’ve come in expanding access to affordable credit,” said Paul Appleton, Interim Chief Financial Officer at Oportun. “The 5.67% yield on this bond issuance was 1.28% lower than our prior ABS transaction in January, reflecting robust investor demand and creating greater efficiency and value — both for Oportun and for the members we serve.”
For more information visit oportun.com. The notes were offered pursuant to Rule 144A under the Securities Act of 1933, as amended.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About Oportun Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $20.3 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun.com.
Investor Contact Dorian Hare (650) 590-4323 ir@oportun.com
Media Contact Michael Azzano Cosmo PR for Oportun (415) 596-1978 michael@cosmo-pr.com
In January-March 2025, the cost of a classic MTPL policy for ordinary motorists was on average 5.1% lower than a year earlier (7.3 thousand rubles). They issued almost 8.3 million such compulsory motor insurance contracts.
Another 1.5 million classic MTPL policies were issued to other categories of policyholders (public transport, business representatives, etc.). In the first quarter, about 0.9 million were concluded.short-term OSAGO contractsThese policies are in demand mainly among taxi drivers, who took them out for an average of two days for 272 rubles.
The total amount of premiums under compulsory motor third party liability insurance amounted to 73.9 billion rubles, and payments amounted to 51.7 billion rubles.
Overall, the insurance market in Q1 increased almost 1.5 times, to 845.4 billion rubles. As in the previous year, almost all of the growth was provided by the segment of accumulative and investment life insurance. The volume of payments for this period increased more than twofold, to 602.5 billion rubles. Read more about the situation on the market in“Review of key performance indicators of insurers”.
Preview photo: LeManna / Shutterstock / Fotodom
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