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Category: Banking

  • MIL-OSI Australia: Average retail petrol prices edge higher in the March quarter on the back of a lower Australian dollar

    Source: Australian Ministers for Regional Development

    Retail petrol prices across Australia’s five largest cities moved higher in the March quarter 2025, according to the ACCC’s latest quarterly petrol monitoring report.

    In the March quarter 2025, average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 182.2 cents per litre (cpl), an increase of 2.4 cpl from the previous quarter.

    Click to enlarge

    Quarterly average retail prices were higher in Sydney, Brisbane and Perth and only marginally lower in Melbourne (by 0.7 cpl) and Adelaide (by 0.4 cpl).

    A lower AUD-USD exchange rate was the main contributor to higher average retail prices

    Higher retail petrol prices on average largely reflected the impact of a lower AUD-USD exchange rate, which makes the international cost of refined petrol relatively more expensive in Australian dollar terms.

    In the March quarter 2025, the AUD-USD exchange rate averaged US 62.7 cents, which was the lowest quarterly average AUD-USD exchange rate in more than 20 years.

    The international price of refined petrol (Mogas 95) is traded in US dollars in global markets and made up the largest component of average retail petrol prices.

    The following figure shows the impact of changes in various components on average retail petrol prices across the five largest cities between the December quarter 2024 and the March quarter 2025.

    Components of average retail petrol prices across the five largest cities – Australian cpl

    Source: ACCC calculations based on data from Informed Sources, Argus Media, Ampol, bp, Mobil, Viva Energy, FuelWatch, the Reserve Bank of Australia and the Australian Taxation Office.
    Notes:  cents per litre change from the previous quarter)
    Excise and wholesale goods and services tax (66.0 cpl) excludes a component of retail goods and services tax (1.3 cpl) in the above chart. This is for consistency in reporting gross indicative retail difference figures throughout this report, which include a small component of goods and services tax. Total excise and goods and services tax for both wholesale and retail (67.3 cpl) is shown in the petrol bowser in the ‘March quarter 2025 – Petrol snapshot’.

    If the quarterly average AUD–USD exchange rate had remained the same, Mogas 95 prices would have decreased by 0.5 cpl in the quarter. Instead, the lower AUD–USD exchange rate meant that average Mogas 95 prices increased by 2.9 cpl in Australian dollar terms.

    “The lower AUD-USD exchange rate meant that consumers paid higher prices on average at the bowser in the most recent quarter,” Commissioner Anna Brakey said.

    Other components of retail prices include taxes, wholesale costs and margins, and retail costs and margins (represented by gross indicative retail differences). Gross indicative retail differences are a broad indicator of gross retail margins and include both retail operating costs and retail profits.

    Petrol gross indicative retail differences were 14.4 cpl across the five largest cities in the quarter, a decrease of 2.8 cpl from the previous quarter. They varied between the five largest cities, and were lowest in Adelaide (7.6 cpl) and highest in Brisbane (24.2 cpl).

    Average retail petrol prices were higher in the smaller capital cities and on average across the regions

    In Canberra, Hobart and Darwin quarterly average retail petrol prices were also higher from the previous quarter. Quarterly average retail petrol prices in Canberra were the highest among the eight capital cities.

    Across 190 regional locations that the ACCC monitors, average retail petrol prices across regional locations (in aggregate) were 184.3 cpl, an increase of 4.8 cpl from the previous quarter. On average, regional retail prices across all locations were 2.1 cpl higher than prices across the five largest cities (182.2 cpl).

    “We continue to encourage consumers to use information available through fuel price apps and websites to find lower priced retailers and save money where possible,” Ms Brakey said.

    “Fuel price transparency schemes collect price data for display on fuel price apps and websites. In January, the Victorian Government announced a price transparency scheme to be phased in over 2025, which would then mean every jurisdiction in Australia is covered by one of these schemes.”

    After initial uptick, international crude oil prices then trended downward in the quarter

    International prices for refined petrol (Mogas 95) are largely driven by international crude oil prices. In the March quarter 2025, after an initial increase, crude oil prices largely trended downward.

    This downward trend was influenced by international factors, including concerns of lower demand stemming from the United States’ plans for higher tariffs, the potential for Russian oil supply to re-enter the market as part of a peace deal with Ukraine, and several OPEC countries increasing supply.

    Diesel prices were higher in all capital cities for the first time in four consecutive quarters

    Quarterly average retail diesel prices increased in all eight capital cities. Across the five largest cities, quarterly average retail diesel prices were 186.9 cpl, an increase of 9.8 cpl from the previous quarter. Retail diesel prices generally followed international diesel benchmark prices, which accounted for the largest component of retail diesel prices.

    The higher quarterly prices followed four consecutive quarters of decline, from the December quarter 2023 to the December quarter 2024.

    Note to editors

    ‘Petrol’ means regular unleaded petrol unless otherwise specified.

    Price changes are reported in nominal terms unless otherwise specified.

    Singapore Mogas 95 Unleaded (Mogas 95) is the relevant international benchmark for the wholesale price of petrol in Australia. Singapore Gasoil with 10 parts per million sulphur content (Gasoil 10 ppm) is the international benchmark for the wholesale price of diesel.

    Background

    The ACCC has been monitoring retail prices in all capital cities and over 190 regional locations across Australia since 2007.

    On 14 December 2022, the Treasurer issued a direction to the ACCC to continue to monitor the prices, costs and profits relating to the supply of petroleum products in the petroleum industry in Australia and produce a report every quarter for a further three years.

    MIL OSI News –

    June 3, 2025

  • MIL-OSI United Kingdom: Bank on the UK in volatile times’ Trade Secretary tells G7 and European businesses

    Source: United Kingdom – Executive Government & Departments

    Press release

    Bank on the UK in volatile times’ Trade Secretary tells G7 and European businesses

    Trade Secretary’s message comes after UK sealed landmark deals with India, the US and EU

    • Jonathan Reynolds to meet G7 and EU counterparts in Paris and Brussels to discuss economic security and global trade.
    • Trade Secretary targets economic growth and jobs, saying deals with India, US and EU make UK the most connected economy for global business.
    • Visit shows how Plan for Change is reducing trade barriers that will boost exports to the EU.

    The UK is a country that counterparts and businesses can bank on in increasingly uncertain and volatile times, Trade Secretary Jonathan Reynolds will tell G7 and EU ministers and commissioners on a three-day visit to Paris and Brussels.

    He will deliver the message at a G7 Trade Ministerial Meeting in Paris before travelling to Brussels for talks with EU counterparts and a speech to business representatives, policymakers, and diplomats at the European Policy Centre’s Economic Security Forum.

    The Trade Secretary’s message comes after the UK sealed landmark deals with India, the US and the European Union, positioning the UK as a global champion of free trade, delivering for British businesses and putting money in the pockets of working people.

    This will be delivered through the expected GDP increase by £4.8 billion thanks to the India deal, nearly £9 billion added to the UK economy by 2040 through the EU deal and the thousands of jobs saved across the country because of the deal with the US.

    He is also expected to meet US Trade Representative Jamieson Greer, India’s Minister of Commerce and Industry Piyush Goyal and EU Commissioner for Trade and Economic Security Maros Šefčovič to progress implementation of the trade deals and ensure businesses feel the benefits as soon as possible.

    Jonathan Reynolds will use the visit to reinforce that Britain is open for business as part of this Government’s Plan for Change to deliver on its core mission to grow the economy, raise living standards and put more money in people’s pockets.

    Ahead of the visit, Business and Trade Secretary Jonathan Reynolds said:

    Our deals with the US, EU and India are proof that the UK is the most connected country in the world to do business. Along with our modern Industrial Strategy, our Plan for Change is making the UK a safe, stable bet in uncertain times.

    We recognise our relationship with G7 allies and EU counterparts must continue to evolve and deliver a better trading environment for our businesses and exporters.

    That’s why we want to wipe away costly, business-blocking barriers and open up opportunities to grow our economy, create jobs and put more money in people’s pockets.

    The Business Secretary will use his visit to call for the UK’s new relationship with the EU to help businesses, and with almost 100,000 UK businesses exporting goods to the EU last year, and the upcoming Trade Strategy, the UK is continuing its work to build on the recent deals and tear down barriers to doing business around the world.

    As part of the trip the Business and Trade Secretary will also discuss the UK’s modern Industrial Strategy being published this Spring in his first ever in person meetings with the European Commission’s Executive Vice-President for the Industrial Strategy Stephane Séjourné and Executive Vice-President for the Clean, Just and Competitive Transition Teresa Ribera.

    The Business and Trade Secretary will also use the visit to hold in-person meetings with Laurent Saint-Martin, Don Farrell and Maninder Sidhu, the Trade Ministers of France, Australia and Canada respectively.

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    Published 3 June 2025

    MIL OSI United Kingdom –

    June 3, 2025

  • MIL-OSI New Zealand: Farmer satisfaction with banks better – but fragile

    Source: Federated Farmers

    Farmers are feeling more satisfied with their banks, pointing to improved communication and less ‘undue pressure’, Federated Farmers’ latest Banking Survey shows.
    “It’s good to see things are improving but farmers’ trust in their banks is still fragile,” Federated Farmers banking spokesperson Richard McIntyre says.
    “Where farmers have given positive feedback in the survey, it’s usually about their individual managers, not bank policy.
    “When those individual staff leave, that trust can erode quickly.”
    Nearly 700 farmers responded to the May survey, with 60% of them ‘satisfied’ or ‘very satisfied’ with their bank.
    That’s up from 53% in Federated Farmers’ November 2024 survey but well shy of the 80% peak rating recorded in 2017.
    “It’s helped that over the last year banks have been grilled by the select committee inquiry on banking competition that Federated Farmers pushed for,” McIntyre says.
    “There has been a lot of scrutiny and banks have definitely been feeling the pressure, so it’s good to see them start to lift their game as a result.”
    In the survey, 61% of farmers rated their bank’s communication as good or very good – the best result since 2020.
    Just on 18% of farmers said they were feeling undue bank pressure, down from 24% six months earlier and the lowest rating recorded since 2018.
    “Many farmers said bank pressure has eased over the past six to 12 months, with some noting their bank had become more understanding or backed off earlier demands,” McIntyre says.
    “However, for those still under pressure, the situation remains serious.
    “A few farmers shared difficult stories with us, including being forced out of farming altogether.”
    One farmer said: “We’ve sold the farm. If the bank had been more understanding, things might have been different.”
    The survey shows interest rates on farm mortgages have also eased by about 1% since late 2024 to an average of 6.52%.
    “Even so, we’re still very concerned that, compared with average residential mortgage interest rates, farm mortgage interest rates are around 0.92% higher – and were about 1.12% higher late last year,” McIntyre says.
    From 2016 until 2021, the margin of difference hovered between about 0.6% and 0.35%.
    “These don’t seem like big differences, but when total agricultural lending is around $61 billion, a 1% margin difference puts $600 million of extra interest costs on the sector each year.
    “It’s crazy how much more money farmers are having to shell out to the banks in interest payments.
    “Part of the problem is the unnecessarily conservative Reserve Bank capital requirements, and the recent decision to review those settings is very welcome,” McIntyre says.
    “What we desperately need as well is stronger competition among banks in the rural sector. That would really help lower costs for farmers and drive better bank performance.”
    In the open comment section of the May survey, many farmers said they were still paying far too much in interest.
    Several expressed frustration that banks were quick to hike rates, but slow to pass on savings when the OCR falls.
    “OCR drops come through like a feather. Increases hit like a brick,” one said.
    The May survey also found that just under 20% of farmers said their bank has inquired about their farm’s emissions profile or environmental footprint as part of loan requirements.
    Westpac and ASB were much more likely to ask such questions, at 32% and 40% respectively.
    “Federated Farmers’ view is that our democratically elected Government is the correct body to be setting emissions and environmental policy, not banks,” McIntyre says.
    “Farmers are closely watching what’s happening with Bills passing through Parliament, promoted by MPs Andy Foster and Mark Cameron, that would rein in banks’ ability to make lending decisions on non-commercial grounds.”
    Foster’s proposed law would prohibit banks from refusing loans or services purely for environmental or emissions reasons. May survey responses show 70% of farmers support such a law (18% oppose, 12% unsure).
    Other key findings from the survey:
    Farm Debt Levels: 84% of farmers surveyed have a mortgage. The average mortgage in the survey was $4.7 million, compared to $4.4 million six months ago.
    Overdraft Use Declining: Only 76% of farms now have an overdraft facility, down from 88% a decade ago.
    Overdraft Limits: Average overdraft limits have risen to $349,000. Arable farms saw the largest increase (from $500k to $718k).
    Overdraft Interest Rates: Rates have dropped. The average is now 9.0%, down from 10.0%. Rabobank offers the lowest (7.3%), while BNZ remains highest (9.7%).
    Efficiency Concerns: 19% of farmers feel their bank isn’t allowing them to structure debt as efficiently as possible – down slightly from 23% in November. Rabobank and ANZ performed best; Westpac performed worst.
    Full copy of survey –  Banking Survey May 2025: https://www.fedfarm.org.nz/FFPublic/Policy2/Reports/Banking-Survey-May-2025

    MIL OSI New Zealand News –

    June 3, 2025

  • MIL-OSI Banking: EY Regional CEO David Larocca on weaving Microsoft 365 Copilot into his day’s DNA

    Source: Microsoft

    Headline: EY Regional CEO David Larocca on weaving Microsoft 365 Copilot into his day’s DNA

    As the EY Regional Managing Partner and CEO of Oceania, David Larocca saw AI’s potential to transform the organization and how its 9,000 people work, and that he needed to learn a lot more about it to realize that promise.

    When the EY member firms across Oceania became some of the earliest adopters of Microsoft 365 Copilot in 2024, Larocca immersed himself in AI. He regularly dedicates at least one precious hour each fortnight to it, reading, listening to podcasts, connecting with other leaders and using Copilot.

    “Particularly when it comes to change and new tools and new ways of doing things, I think it’s important that all of our leaders lead from the front here and actually show that you’re rolling the sleeves up and doing, not just telling,” Larocca, who is based in Sydney, Australia, said.

    Copilot can do a lot more

    Initially, Larocca started with simple tasks like asking Copilot to organize his emails. Quickly he saw Copilot could do more, a lot more, and he began using the AI assistant to summarize meetings and materials.

    Soon, he was turning to Copilot on Friday afternoon or Sunday evening to help him plan his busy week ahead.

    The more Larocca learned about Copilot, the more he wove it into his day’s DNA. He turned to Copilot for help preparing for client meetings, using prompts to quickly summarize materials, and share the latest developments about a client and the people he’d meet.

    If a challenging conversation loomed, Larocca would sometimes turn to Copilot for help.

    “I want to have this conversation…I’m feeling this way about it,” Larocca would tell Copilot. “Can you write a first cut for me? And it’s pretty good. And then I’ll sort of tailor it to my language.”

    It “really enabled me to be faster at focusing on what’s important,” Larocca said.

    Larocca is even known for breaking out Copilot on stage. During a panel on the EY alliance with Microsoft, he pulled out his phone and asked Copilot: “What does success look like for the EY / Microsoft alliance? What does being great in this alliance mean?”

    Larocca’s AI use set an important tone from the top, as EY member firms across Oceania — which spans Australia, New Zealand, Papua New Guinea and Fiji — pushed forward with their AI adoption strategy. Executive leadership meetings, for example, became more efficient because Copilot could share summaries, discussion points, agreements or disagreements, suggest actions and answer questions in real time. This meant executives could jump out of a meeting and then catch up quickly when they returned.

    Copilot delivered what many senior executives need: more time.

    Copilot has spread far beyond the C-suite — nearly 70 percent of 9,000 EY people have adopted the AI assistant. A year into adoption, Copilot is freeing EY people from mundane tasks, such as finding and collating credentials in large proposals. Instead, they can spend their time on higher value work like developing strategies for clients.

    A team can focus on “what do we need to make this proposal a winning proposal?” Larocca said. “There’s a real opportunity, a massive opportunity, for our people and our business to be even more impactful with our clients.”

    Simply put, Copilot is helping EY people across Oceania provide value to clients, faster.

    Lessons from an early AI adopter

    After a year studying AI and Copilot, Larocca has learned a few things about how to deploy AI and Copilot.

    It’s critical that leaders are clear about why Copilot and AI are essential for their business, according to Larocca. The answer will vary among different businesses, he added, “but I think there is no sector or business in my view that shouldn’t be engaging” with AI.

    And it starts in the C-suite.

    Leaders should make learning about AI a habit, Larocca recommended. Set aside a regular time to experiment with tools like Copilot, try new prompts and learn about AI. Then share what you’re learning with your teams. To tap Copilot’s true potential, you need to engage it and do the training.

    “If we have this discussion in six months, I’m sure I’ll come up with six, seven or eight other things that I didn’t think about.”

    Top image: David Larocca, EY Regional Managing Partner and CEO of Oceania. Photo: EY. Image background generated with Microsoft Copilot.

    MIL OSI Global Banks –

    June 3, 2025

  • MIL-OSI USA: Reed Delivers $29.6 Million for RI Economic Development & Housing Initiatives

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    PROVIDENCE, RI – In an effort to help strengthen local neighborhoods and support economic development and affordable housing programs throughout the state, U.S. Senator Jack Reed today announced that Rhode Island will receive $29,614,503 in new federal aid from several federal housing and community development programs.

    Reed, a member of the Appropriations Committee, who helped secure the funds in the fiscal year 2025 continuing resolution (CR) appropriations bill, noted this year’s funding levels are based on the Biden Administration’s final budget, which was untouched by cuts from the Trump Administration when Congress passed the full-year CR in March.  

    As a result, Rhode Island’s allocations include:

    • $16,616,289 in Community Development Block Grant (CDBG) funds
    • $5,825,296 from the Home Investment Partnerships (HOME) program
    • $3,001,259 from the Housing Trust Fund
    • $1,469,265 from the Emergency Solutions Grant (ESG) program
    • $1,484,128 from the Housing Opportunities for Persons With AIDS (HOPWA)
    • $1,218,265 through the Recovery Housing Program (RHP)

    The federal investments are administered by the U.S. Department of Housing and Urban Development (HUD), which Senator Reed oversees as both an authorizer on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and as an appropriator on the Appropriations Subcommittee on Transportation, Housing and Urban Development (THUD).

    “This federal funding will help strengthen neighborhoods, advance opportunities for local economic development, and ensure more Rhode Islanders have a healthy and safe place to live.  These programs help cities and towns expand housing options and move forward with capital improvement projects that can spur economic growth and development.  Unlike President Trump, whose Fiscal Year 2026 budget proposal calls for the elimination of many of these essential government programs. I’m committed to improving public infrastructure, boosting housing supply, and upgrading community assets.  From increasing affordable housing opportunities, to repairing roads and extending sidewalks, to enhancing parks and clean water infrastructure, these funds help revitalize neighborhoods and enhance economic development.  With Rhode Island experiencing an alarming affordable housing supply shortage, this critical funding will also bring millions to our state to help preserve and build more affordable housing,” said Senator Reed.

    President Trump’s fiscal year 2026 preliminary budget request to Congress would eliminate the CDBG and HOME programs and devastate HUD with a 43 percent cut in funding. Furthermore, it would place a massive burden on state and local budgets by cutting HUD rental assistance programs by nearly half and shrinking federal homeless assistance programs.

    CDBG provides local communities with a flexible source of federal funding to address a wide range of neighborhood development needs.  The funds may be used for capital-improvement projects or distributed to non-profit organizations to increase housing, supportive service, and job opportunities.  Eligible communities may also apply to the state, which annually allocates federal CDBG funds through a competitive process.  CDBG funds may also be used to address a variety of needs from revitalizing distressed areas by removing blight and assisting with infrastructure projects.

    Several Rhode Island cities will split over $16.6 million from this round of CDBG funding, including allocations for:

    1. Cranston: $1,085,975
    2. East Providence: $772,761
    3. Pawtucket: $1,776,064
    4. Providence: $5,227,138
    5. Warwick: $948,131
    6. Woonsocket: $1,050,583
    7. Rhode Island statewide: $5,755,637
    8. TOTAL: $16,616,289

    HOME is a major federal block grant program providing funding to state and local governments to expand and preserve the supply of quality, affordable housing for working families.  Providence will receive $1,414,533 in HOME funds, while Pawtucket will receive $520,010, Woonsocket will receive $333,115, and a pot of funds for communities across the state will total $3,557,637.

    Senator Reed created the national Housing Trust Fund (HTF) in the Housing and Economic Recovery Act of 2008.  The HTF is an affordable housing production and preservation program.  Under the law, government-sponsored entities Fannie Mae and Freddie Mac are required to contribute annually to the HTF.

    ESG provides annual grants to state and local governments to upgrade and expand emergency homeless shelters.  In this round of funding, Providence will receive $476,119 in ESG funds, Pawtucket will receive $155,836, Woonsocket will receive $93,908, and communities across the state will share an additional $743,402.

    Providence will also receive $1,484,128 in HOPWA funds, which help communities and nonprofit organizations offer housing assistance and related supportive services to low-income individuals who have been diagnosed with HIV/AIDS.

    To help more effectively combat the opioid crisis and ensure people with substance abuse disorders can access safe housing, Rhode Island will also receive $1,218,265 in Recovery Housing Program (RHP) funds.  Senator Reed backed this program as part of the Substance Use-Disorder Prevention that Promotes Opioid Recovery and Treatment (SUPPORT) for Patients and Communities Act.  This federal funding will help Rhode Island provide stable, temporary housing to individuals in recovery from a substance use disorder.  

    MIL OSI USA News –

    June 3, 2025

  • MIL-OSI Security: California Man Sentenced to 12 Months and One Day for Federal Cares Act Fraud

    Source: Office of United States Attorneys

    NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced that NIPUN DESAI (“DESAI”), formerly of Hammond, La., but now a California resident, age 56, was sentenced to 12 months plus one day by U.S. District Judge Wendy B. Vitter for making false statements related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

    On March 27, 2020, the President of the United States signed into law the CARES Act, which provided emergency assistance, administered by the United States Small Business Administration (SBA), to small business owners affected by the Coronavirus (COVID-19) pandemic.  The two primary sources of funding for small businesses were the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) program.

    According to court records, on or about January 25, 2021, DESAI made false statements to an approved lender in order to obtain an SBA backed PPP loan in the amount of $146,947.50 for a hotel in Metairie, LA.  At the time of the loan application, DESAI’s hotel was permanently closed and had no employees or payroll.

    In addition to incarceration, which is to be divided between time in the Bureau of Prisons and home incarceration, DESAI was sentenced to 2 years of supervised release.  He was also ordered to repay the SBA approximately $234,000 and the Louisiana Workforce Commission $26,000.  He also paid a mandatory special assessment fee of $100 and a fine of $25,000.

    For more information on the Department of Justice’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    As part of the Pandemic Response Accountability Committee (PRAC) Task Force, this investigation was conducted by U.S. Department of Veterans Affairs – Office of Inspector General. The PRAC was established to promote transparency and facilitate coordinated oversight of the federal government’s COVID-19 pandemic response.  The PRAC’s 20 member Inspectors General identify major risks that cross program and agency boundaries to detect fraud, waste, abuse, and mismanagement in the more than $5 trillion in COVID-19 spending, including spending via the Paycheck Protection Program (PPP), and Economic Injury Disaster Loan (EIDL) program.  This case was also supported by the PRAC’s Pandemic Analytics Center of Excellence, which applies the latest advances in analytic and forensic technologies to help OIGs and law enforcement pursue data-driven pandemic relief fraud investigations.

    Acting U.S. Attorney Simpson praised the work of the U.S. Department of Veterans Affairs – Office of Inspector General, the Department of Labor – Office of Inspector General, and the U.S. Bankruptcy Trustee’s Office (Region 5) in investigating this matter.  Assistant U.S. Attorney Edward J. Rivera of the Financial Crimes Unit was in charge of the prosecution.

    MIL Security OSI –

    June 3, 2025

  • MIL-OSI: Guggenheim Investments Announces June 2025 Closed-End Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 02, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

    The following dates apply to the distributions:

    Record Date June 13, 2025
    Ex-Dividend Date June 13, 2025
    Payable Date June 30, 2025
    Distribution Schedule
    NYSE
    Ticker    		 Closed-End Fund Name Distribution
    Per Share    		 Change from Previous
    Distribution    		 Frequency
    AVK Advent Convertible and Income Fund $0.1172†   Monthly
    GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust $0.12573†   Monthly
    GOF Guggenheim Strategic Opportunities Fund $0.1821†   Monthly
    GUG Guggenheim Active Allocation Fund $0.11875†   Monthly


    †     A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

    You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

    Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $246 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

    *Assets under management are as of 3.31.2025 and include leverage of $15.2bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

    This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

    Analyst Inquiries
    William T. Korver
    cefs@guggenheiminvestments.com

    Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
    Member FINRA/SIPC (06/25) 65080

    The MIL Network –

    June 3, 2025

  • MIL-OSI: XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution of $0.070 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, June 02, 2025 (GLOBE NEWSWIRE) — XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”) has declared its regular monthly distribution of $0.070 per share on the Trust’s common shares (NYSE: XFLT), payable on July 1, 2025, to common shareholders of record as of June 16, 2025, as noted below. The amount of the distribution represents a 9.09% decrease from the previous month’s distribution amount of $0.077 per share.

    The Trust’s investment objective is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. Due to recent market volatility, the loan and CLO asset classes have experienced drastic interest rate spread compression, which has negatively impacted asset class yields. In the most recent quarter, market conditions were marked by heightened volatility stemming from tariff developments and ongoing trade tensions. With the new distribution amount of $0.070 per share, the Trust’s annualized distribution rate on market price was 14.51% and the annualized distribution rate on NAV is 13.86% as of market close on May 30, 2025.

    The following dates apply to the declaration:

         
    Ex-Dividend Date   June 16, 2025
       
    Record Date   June 16, 2025
       
    Payable Date   July 1, 2025
       
    Amount   $0.070 per common share
       
    Change from Previous Month   9.09% decrease
         

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Trust’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Trust is net income or profit. For further information regarding the Trust’s distributions, please visit www.xainvestments.com.

    XFLT Q1 Webinar

    The Trust plans to host its Quarterly Webinar on June 4, 2025, at 12:00 pm (Eastern Time). Kevin Davis, Managing Director at XA Investments will moderate the Q&A style webinar with Kimberly Flynn, President at XA Investments, and Lauren Law, Senior Portfolio Manager at Octagon Credit Investors.

    TO JOIN VIA WEB: Please go to the Knowledge Bank section of xainvestments.com or click here to find the online registration link.

    TO USE YOUR TELEPHONE: After joining via web, if you prefer to use your phone for audio, you must select that option and call in using a number below, based on your current location.

    Dial: (312) 626-6799 or (646) 558-8656 or (267) 831-0333 or (213) 338-8477 or (720) 928-9299

    Webinar ID: 817 1030 7383

    REPLAY: A replay of the webinar will be available in the Knowledge Bank section of xainvestments.com.

    The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time. The Trust’s investments in CLOs are subject to complex tax rules and the calculation of taxable income attributed to an investment in CLO subordinated notes can be dramatically different from the calculation of income for financial reporting purposes under accounting principles generally accepted in the United States (“U.S. GAAP”), and, as a result, there may be significant differences between the Trust’s GAAP income and its taxable income. The Trust’s final taxable income for the current fiscal year will not be known until the Trust’s tax returns are filed.

    As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Trust’s fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    The distribution shall be paid on the Payment Date unless the payment of such distribution is deferred by the Board of Trustees upon a determination that such deferral is required in order to comply with applicable law to ensure that the Trust remains solvent and able to pay its debts as they become due and continue as a going concern, or to comply with the applicable terms or financial covenants of the Trust’s senior securities.

    Future common share distributions will be made if and when declared by the Trust’s Board of Trustees, based on a consideration of a number of factors, including the Trust’s continued compliance with terms and financial covenants of its senior securities, the Trust’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

    The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA”.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund both trade on the New York Stock Exchange and the interval fund, Octagon XAI CLO Income Fund is available via direct subscription and through select broker/dealers and wealth management platforms.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Octagon Credit Investors
    Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $32.1B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (CLO debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

    NOT FDIC INSURED        NO BANK GUARANTEE    MAY LOSE VALUE
             

    Paralel Distributors, LLC – Distributor

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network –

    June 3, 2025

  • MIL-OSI: Dime Announces Receipt of Federal Reserve and NYDFS Approvals for Lakewood, NJ Branch Location

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., June 02, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced it has received approvals from the Federal Reserve Bank of New York and the New York State Department of Financial Services to open a branch location in Lakewood, New Jersey.

    The branch will be located at 500 Boulevard of the Americas, Lakewood, New Jersey, pending approval from the New Jersey Department of Banking and Insurance. As previously announced, construction of the branch is expected to start in the second half of 2025, with the branch opening planned for early 2026.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

    ¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    FORWARD-LOOKING STATEMENTS
    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

    The MIL Network –

    June 3, 2025

  • MIL-OSI: Capital City Bank Group Announces Leadership Transition

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., June 02, 2025 (GLOBE NEWSWIRE) — The board of directors of Capital City Bank Group (NASDAQ: CCBG) announced today that Bethany Corum has been named president of Capital City Bank, effective as of July 1, 2025. This historic appointment takes place during the Bank’s landmark 130th anniversary year and marks a significant milestone as Corum becomes the first female president in the history of the Bank. She assumes this role with extensive experience and a deep commitment to championing the mission and continued success of Capital City Bank.

    At the same time, Tom Barron, who has dedicated 51 years to Capital City Bank, including the last 30 as president, has been appointed president of Capital City Bank Group and chairman of the Capital City Bank Board of Directors, effective as of July 1, 2025. In this new capacity, he will continue to be engaged in the management of the Bank and guide the Company’s growth.

    Additionally, William G. Smith Jr. will continue as Capital City Bank Group chairman and CEO, overseeing corporate strategy and governance while guiding the long-term financial performance of the Company.

    These changes reflect a strategic effort to diversify the executive ranks and bolster management as the Company enters its next phase of growth.

    Corum has served as chief operating officer since 2015, with the primary responsibilities of overseeing the commercial lending, retail market management, wealth management, information technology, loan and deposit operations, facilities management and information security departments, as well as the disaster recovery, human resources and talent development functions. After establishing her financial industry roots as an executive with the Florida Bankers Association, Corum came to Capital City Bank in 2006 and served a decade as chief people officer and president of Capital City Services Company before being promoted to chief operating officer.

    “For almost two decades, I have had the privilege of witnessing Beth’s exceptional leadership and commitment to the success of our Company,” said Capital City Bank Group Chairman, President and CEO William G. Smith Jr. “She has consistently driven growth, innovation and operational efficiency while managing a vast array of our business functions. Her strategic vision and dedication to fostering a positive workplace culture have earned us recognition year after year among the best employers in the nation. I firmly believe in Beth’s ability to guide us through the next phase of our journey with continued excellence.”

    Barron has played an integral role in helping guide the Company through industry shifts and an evolving banking landscape. Barron was among the original architects of Capital City Bank Group, which was formed as a multi-bank holding company in 1984, and a principal player in subsequently consolidating the seven-member family of brands under the single name of Capital City Bank in 1995.

    “Working shoulder-to-shoulder with Tom for the last 50 years has been one of the greatest honors of my career,” said Smith. “His 51 years of service have not only helped to shape our Company legacy but also set a high standard for leadership in our industry, making him a clear choice for these vital roles. His exceptional expertise, strategic vision and consistent acumen have guided us through transformative times. I am confident that his deep knowledge of our past and insightful perspective on our future will continue to lead us to new heights.”

    Corum earned her bachelor’s degree from the University of Tennessee at Martin and her master’s degree from Florida State University. She is a dedicated community advocate and currently serves as treasurer of Tallahassee Memorial Healthcare board of directors, chairman of the United Way of the Big Bend and chair-elect of the Community Foundation of North Florida. She has formerly served as chair of the Children’s Home Society of North Florida, trustee for the Florida Bankers Educational Foundation and as past chair of the Greater Tallahassee Chamber of Commerce. Additionally, Corum is a Leadership Tallahassee and Leadership Florida graduate. 

    Barron holds an MBA from Florida State University and served as president of the Community Bankers of Florida in 1989. He currently serves on the boards of Capital Health Plan and Tall Timbers. A former chair of the Southeastern Community Blood Center, Greater Tallahassee Chamber of Commerce, United Way of the Big Bend, Seminole Boosters and Hollins University, Barron has demonstrated community leadership and advocacy throughout his career.

    About Capital City Bank Group, Inc.
    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.5 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., www.ccbg.com. 

    For Information Contact:
    Brooke Hallock
    Hallock.Brooke@ccbg.com
    850.402.8525

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6e7d733b-3458-481b-a2cc-a12b2c43f7dd

    https://www.globenewswire.com/NewsRoom/AttachmentNg/3c1f5a36-ff85-4e5d-9320-63493e95dd97

    https://www.globenewswire.com/NewsRoom/AttachmentNg/df11cf9b-ef6e-4de1-ad9e-630a5d824fbc

    The MIL Network –

    June 3, 2025

  • MIL-OSI Africa: Mining in Motion Kicks Off in Ghana with Calls to Reimagine African Mining

    Source: Africa Press Organisation – English (2) – Report:

    ACCRA, Ghana, June 2, 2025/APO Group/ —

    Ghana’s President John Mahama officially opened the Mining in Motion 2025 summit in Accra, calling for greater investment across the downstream value chain. Citing the need to reimagine mining in Africa, President Mahama underscored the value of the downstream mining industry in building resilient and diversified economies across the continent. 

    Rich in a variety of mineral resources, Africa is well-positioned to leverage its mining industry and the growing global demand for critical minerals to drive long-term and sustainable economic growth. According to President Mahama, the continent “is rich in gold, bauxite, lithium, cobalt and other rare earth minerals. Our continent holds 90% of global platinum reserves, 79% of phosphate rocks and over half of the world’s manganese. Mining contributes substantially to our GDP and employment; but it has not transformed the lives of our citizens as it should.”

    As such, Ghana is implementing a series of initiatives to strengthen the downstream value chain, aiming to bolster employment opportunities, formalize small-scale mining and support revenue generation.

    “We will be investing in the downstream value chain. We must integrate mining into the broader economic framework – that is how we build resilient and diversified economies. We believe there should be increased participation by Ghanians in exploiting our mineral wealth. We welcome investors to partner with us,” President Mahama added.

    Insights from industry leaders affirmed the role Ghana’s mining industry continues to play in the country’s economy. Delivering a welcome address, Otumfuo Osei Tutu II, King of the Asante Kingdom, highlighted the role of traditional authorities in empowering artisanal and small-scale miners to ensure the sector enhances its contribution to industry growth.

    “Gold, diamonds and critical minerals represent the best option for sustainable growth for Africa. They are the economic health of economies,” stated King Tutu II, adding that “We have an opportunity to use policies to address industry problems. The Gold Board presents an opportunity for new investments to come in.”

    Ghana’s mining industry accounts for approximately 12% of the country’s GDP. The industry also accounts for the highest employment in the country. Looking ahead, Ghana seeks to consolidate its position as a regional mining hub, utilizing platforms such as the African Continental Free Trade Area (AfCFTA) to accelerate regional trade and exports. Wamkele Keabetswe Mene, Secretary General of the AfCFTA, spoke about best practices to enhance regional gold trading and cooperation to bolster mining sector expansion.

    According to Mene, to address mining sector challenges, it is imperative to enhance digitalization to reduce transaction costs and enhance traceability and financial inclusion. He added that the Mining in Motion 2025 summit is timely, given the African Union adoption of its Digital Protocol in February. The protocol aims to use digitalization mechanisms such as gold tokenization to drive sustainability, poverty eradication and to create jobs.

    “There are challenges to economic growth such as nationalization of resources and trade wars. Africa must respond to these challenges. AfCFTA provides an opportunity to create a [regional] market and achieve the African Union’s Agenda 2063 of economic integration,” stated Mene.

    Organized by the Ashanti Green Initiative – led by Oheneba Kwaku Duah, Prince of Ghana’s Ashanti Kingdom – in collaboration with Ghana’s Ministry of Lands and Natural Resources, World Bank, and the World Gold Council, with the support of Ghana’s Ministry of Lands and Natural Resources, the summit offers unparalleled opportunities to connect with industry leaders.

    MIL OSI Africa –

    June 3, 2025

  • MIL-OSI Africa: CORRECTION: MKS PAMP to Participate at Mining in Motion as Bronze Sponsor

    Source: Africa Press Organisation – English (2) – Report:

    ACCRA, Ghana, June 2, 2025/APO Group/ —

    The Mining in Motion 2025 Summit – Ghana’s premier gathering for mining stakeholders – welcomes global precious metals firm MKS PAMP as a bronze sponsor. 

    Taking place on June 2 – 4, 2025 in Accra, the summit will serve as a platform for MKS PAMP to showcase its growing contributions to Ghana’s mining sector, particularly its support for responsible and inclusive gold supply chains. 

    As a sponsor, MKS PAMP will take part in high-level panel discussions, highlighting innovative financing models aimed at empowering Ghana’s artisanal and small-scale gold mining (ASGM) sector. 

    Through its partnership with the Bank of Ghana, MKS PAMP is actively supporting ASGM operators by helping small-scale miners transition into the formal gold market, ensuring they benefit from global trading standards while enhancing traceability and compliance. 

    In addition to supporting small-scale miners, MKS PAMP also works with large-scale operators to reinforce transparency across the value chain. In a notable collaboration with Newmont Corporation – which operates the Ahafo and Akyem Mines in Ghana – MKS PAMP launched mine-to-market traceable gold bars. The solution enables consumers to track the origin of their gold while offering regulators and stakeholders confidence in the transparency and ethical sourcing of monetized resources. 

    At Mining in Motion, MKS PAMP will delve deeper into these contributions through participation in exclusive networking sessions and project showcases, engaging with local, regional, and international partners. The firm’s participation at Mining in Motion reflects a broader commitment to supporting sustainable development, responsible sourcing, and emerging investment opportunities within Ghana’s expanding gold sector. 

    Organized by the Ashanti Green Initiative – led by Oheneba Kwaku Duah, Prince of Ghana’s Ashanti Kingdom – in collaboration with Ghana’s Ministry of Lands and Natural Resources, World Bank, and the World Gold Council, with the support of Ghana’s Ministry of Lands and Natural Resources, the summit offers unparalleled opportunities to connect with industry leaders. 

    Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting small-scale miners and medium- to large-scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting _www.MininginMotionSummit.com. For sponsorship opportunities or delegate participation, contact Sales@ashantigreeninitiative.org. 

    MIL OSI Africa –

    June 3, 2025

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Cyprus

    Source: IMF – News in Russian

    June 2, 2025

    • Growth is expected to decelerate to 2.5 percent in 2025 and stabilize at 3 percent in the medium term as Cyprus shifts towards more investment-driven growth.
    • The fiscal surplus reached an impressive 4.3 percent of GDP in 2024, while public debt declined to 65 percent of GDP. Fiscal policy should continue to prioritize debt reduction to further build buffers against potential shocks.
    • The banking sector boasts substantial capital and liquidity buffers, with financial risks appearing well-contained. The recent tightening of the macroprudential policy stance, will further enhance these financial buffers.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Cyprus and endorsed the staff appraisal without a meeting.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    In 2024, Cyprus’s growth accelerated to 3.4 percent—one of the highest rates in the euro area (EA)—driven by a strong tourism season, continued Information and Communication Technology (ICT) sector expansion, and robust public and private consumption. While inflation has remained volatile, it has generally decreased, with headline inflation falling to 2.1 percent by March 2025. Fiscal performance continues to be very strong, with the fiscal surplus increasing to 4.3 percent of GDP in 2024, supported by robust tax revenues. As a result, public debt has declined to 65 percent of GDP by the end of 2024, while cash buffers remain large. Financial conditions remain tight, accompanied by subdued credit growth. Nevertheless, the banking sector possesses sizable capital and liquidity buffers, and overall banking sector risks appear contained.

    Growth is expected to moderate to 2.5 percent in 2025 before reaching 3 percent in the medium term, driven by higher investment and structural reforms. Inflation is anticipated to hit the 2 percent target later this year, supported by moderating growth and lower oil prices. Near-term risks are tilted to the downside, including from elevated uncertainty from global trade tensions. In contrast, longer-term risks are more balanced, with risks on insufficient progress on structural reforms acting against the upside potential of Cyprus’s evolving business model.

    Executive Board Assessment

    In concluding the 2025 Article IV consultation with Cyprus, Executive Directors endorsed staff’s appraisal, as follows:

    Cyprus has demonstrated remarkable economic resilience, with growth among the highest in the EA. This strong performance is underpinned by robust service exports and domestic consumption. The labor market remains tight, characterized by a declining unemployment rate and elevated job vacancy levels. While uncertainties persist, there are indications of potential overheating in the economy. This, along with tariff-related trade disruption, will lead growth to moderate this year. While volatile, inflation is projected to stabilize around 2 percent by the end of the year. The current account deficit is estimated to have moderated in 2024, but the external position is assessed to be weaker than the level implied by fundamentals.

    The immediate outlook presents downside risks, while longer-term risks appear more balanced. An escalation of trade conflicts—particularly if this broadened to include services trade and FDI—poses an important downside risk. An escalation of regional tensions, and possible new energy price shocks, could affect FDI, tourism, and inflation. Domestically, there are concerns about further overheating, which may arise from a more accommodative fiscal policy. In the medium-to-long term, investment-driven growth will rely on continuous progress in structural reforms. On the upside, Cyprus’s agile and dynamic economy offers substantial potential for growth.

    Cyprus’s strong fiscal position has reduced vulnerabilities. In 2024, the primary fiscal surplus reached 5.6 percent, fueled by significant revenue growth that more than compensated for increased public wages and social transfers. As a result, public debt decreased to 65 percent of GDP by the end of 2024, with substantial cash reserves supporting liquidity. This further increased resilience, built policy space for future shocks, and improved investor sentiment.

    Fiscal policy should continue to prioritize debt reduction. Given overheating risks, it is crucial to avoid new discretionary measures that would ease fiscal policy and add to inflationary pressures. Instead, efforts should focus on reducing debt well below 60 percent of GDP, thereby ensuring a robust buffer against potential shocks. The authorities’ commitment to maintaining fiscal surpluses through 2028, as specified in the MTFSP under the new EU economic governance framework, supports this goal.

    As spending pressures increase, careful management of fiscal space is essential. The financial commitments required for achieving climate and digital transitions will persist beyond the end of EU RRP funding. Additionally, an aging population will necessitate higher expenditures on pensions and healthcare, alongside other long-term expenditures. As a result, the scope for fiscal loosening in the medium term is constrained.

    Public spending should emphasize investment while retaining flexibility in response to economic shocks. Capital expenditures should take precedence to enhance potential growth and facilitate the climate transition. At the same time, expanding current spending—such as increasing public wages, broadening subsidies, or introducing untargeted social programs—should be avoided. Specifically, the authorities should resist further increases to the COLA indexation or new ad-hoc salary increases to contain the existing substantial public-private wage gap and prevent additional pressure on real wage growth.

    The banking sector boasts substantial capital and liquidity buffers, with financial risks appearing well-contained. Profitability metrics have reached record highs for the second consecutive year, and capitalization levels are now among the highest in Europe. Despite elevated interest rates, asset quality continues to improve, supported by strong economic growth. Nonetheless, ongoing vigilance is essential, particularly concerning the real estate sector.

    Recent tightening of the macroprudential policy stance will enhance financial buffers further. The announced increase in the CCyB will bolster resilience by securing already high capital buffers without adversely affecting credit availability or economic growth. In the future, careful calibration of macroprudential policies should continue to strike a balance between financial stability and effective credit intermediation.

    Although legacy NPLs continue to decrease, they remain at elevated levels. Most NPLs have been successfully transitioned away from the banking sector and do not pose a significant issue for financial stability. The ongoing resolution of legacy NPLs is expected to accelerate, given the full operationalization of the foreclosure framework and a strong uptake of the mortgage-to-rent scheme. Resolving legacy NPLs is expected to help mobilize domestic capital.

    Structural reforms aimed at enhancing judicial efficiency and boosting labor productivity are vital for fostering long-term growth. With employment levels already high, capital deepening will increasingly drive growth. Consequently, policies must create a stable and streamlined business environment conducive to investment. Additional efforts are required in the judicial sector to strengthen the institutional framework for insolvency and creditor rights and to improve court efficiency. Labor policies should focus on addressing skill gaps and mismatches and engaging remaining segments of the labor force, particularly among youth and the long-term unemployed.

    Key energy projects and reforms must be expedited to reduce energy costs, enhance energy security, and fulfill climate commitments. Completing the LNG terminal and improving electricity interconnectedness would represent significant progress toward these objectives. Additionally, increasing competition in the electricity market would help lower costs and emissions through market forces. The planned introduction of green taxation would further facilitate the energy transition.

    Maintaining a strong AML framework is vital for mitigating reputational risks and business uncertainty. Ongoing efforts to broaden the definition of obliged entities for AML supervision are commendable. Furthermore, the proposed establishment of the National Sanctions Implementation Unit at the Ministry of Finance will enhance clarity for reporting entities regarding compliance with sanctions.

    Table 1. Cyprus: Selected Economic Indicators, 2021–2030

     

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

     

     

     

     

     

    Projections

    Real Economy

    (Percent change, unless otherwise indicated)

       Real GDP

    11.4

    7.2

    2.8

    3.4

    2.5

    2.7

    3.0

    3.0

    3.0

    3.0

     Domestic demand

    5.6

    8.5

    5.2

    0.7

    4.6

    3.6

    3.6

    3.5

    3.4

    3.2

       Consumption

    5.7

    8.5

    4.8

    3.3

    3.2

    2.6

    2.8

    2.9

    2.8

    2.8

         Private consumption

    4.7

    9.8

    5.9

    3.8

    2.8

    2.9

    3.2

    3.2

    3.2

    3.1

         Public consumption

    8.9

    4.7

    1.2

    1.5

    4.4

    1.4

    1.2

    1.7

    1.7

    1.7

    Gross capital formation

    5.0

    8.5

    6.6

    -9.5

    10.5

    7.8

    7.0

    6.0

    5.5

    4.5

     Foreign balance 1/

    5.8

    -1.1

    -2.3

    3.0

    -1.9

    -0.9

    -0.7

    -0.5

    -0.4

    -0.3

       Exports of goods and services

    27.2

    27.1

    -2.8

    5.3

    4.0

    4.1

    4.0

    4.0

    4.0

    4.0

       Imports of goods and services

    19.6

    29.7

    -0.7

    2.4

    6.1

    5.1

    4.6

    4.5

    4.4

    4.2

    Potential GDP growth

    5.5

    6.1

    4.4

    3.3

    3.0

    2.9

    2.9

    3.0

    3.0

    3.0

    Output gap (percent of potential GDP)

    0.9

    2.0

    0.4

    0.6

    0.2

    -0.1

    0.0

    0.0

    0.0

    0.0

    HICP (period average, seasonally-adjusted)

    2.3

    8.1

    3.9

    2.3

    2.2

    2.0

    2.0

    2.0

    2.0

    2.0

    HICP (end of period, seasonally-adjusted)

    4.8

    7.6

    1.9

    3.1

    2.0

    2.0

    2.0

    2.0

    2.0

    2.0

    GDP deflator

    3.0

    6.7

    3.8

    3.5

    4.7

    1.6

    1.5

    1.5

    1.5

    1.6

    Unemployment rate (percent, period average)

    7.2

    6.3

    5.8

    4.9

    4.8

    5.0

    5.0

    5.0

    5.0

    5.0

    Employment growth (percent, period average)

    3.5

    5.0

    2.8

    1.5

    0.9

    0.8

    0.9

    0.8

    0.8

    0.8

    Labor force

    3.0

    4.0

    2.3

    0.4

    0.8

    1.0

    0.9

    0.8

    0.8

    0.8

    Public Finance

    (Percent of GDP, unless otherwise indicated)

       General government balance

    -1.6

    2.7

    1.7

    4.3

    3.8

    3.5

    2.4

    2.1

    1.9

    1.6

          Revenue

    41.0

    40.6

    43.7

    44.3

    44.7

    44.3

    43.3

    43.2

    43.2

    43.2

          Expenditure

    42.6

    38.0

    42.0

    40.0

    40.9

    40.8

    40.8

    41.1

    41.4

    41.6

       Primary Fiscal Balance

    0.1

    4.0

    3.0

    5.6

    5.2

    4.8

    3.8

    3.4

    3.1

    2.9

       General government debt

    96.5

    81.1

    73.6

    65.1

    60.2

    54.9

    49.7

    44.5

    41.2

    38.3

    Balance of Payments

       Current account balance

    -5.4

    -5.4

    -9.7

    -6.1

    -7.1

    -7.7

    -8.2

    -8.7

    -9.1

    -9.4

          Trade Balance (goods and services)

    4.7

    3.6

    1.0

    3.6

    2.5

    1.8

    1.1

    0.5

    0.2

    0.0

             Exports of goods and services

    90.8

    105.6

    97.2

    96.7

    95.8

    97.4

    98.4

    99.5

    100.5

    101.5

             Imports of goods and services

    86.1

    102.0

    96.1

    93.1

    93.2

    95.6

    97.3

    98.9

    100.3

    101.6

          Goods balance

    -16.9

    -19.7

    -23.7

    -20.4

    -20.4

    -21.4

    -22.4

    -23.3

    -24.2

    -24.9

          Services balance

    21.6

    23.3

    24.7

    24.0

    22.9

    23.2

    23.5

    23.9

    24.4

    24.9

          Primary income, net

    -8.9

    -7.9

    -9.6

    -8.9

    -8.6

    -8.5

    -8.4

    -8.3

    -8.3

    -8.3

          Secondary income, net

    -1.2

    -0.7

    -1.1

    -0.8

    -1.0

    -1.0

    -1.0

    -1.0

    -1.0

    -1.0

    Capital account, net

    0.2

    0.1

    -0.1

    0.2

    0.2

    0.2

    0.1

    0.1

    0.1

    0.1

    Financial account, net

    -7.6

    -6.2

    -8.7

    -5.9

    -6.9

    -7.5

    -8.2

    -8.6

    -9.1

    -9.3

       Direct investment

    -3.3

    -27.2

    -21.0

    -18.0

    -18.0

    -18.1

    -18.3

    -18.3

    -18.5

    -18.6

       Portfolio investment

    3.9

    3.9

    11.0

    4.9

    5.8

    3.6

    4.2

    3.5

    1.5

    2.6

       Other investment and financial derivatives

    -9.6

    16.8

    1.2

    7.2

    5.3

    7.0

    5.9

    6.2

    7.9

    6.7

       Reserves ( + accumulation)

    1.4

    0.3

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Program financing 2/

    0.0

    0.0

    0.0

    0.0

    -1.0

    -2.7

    -2.5

    -2.4

    -2.4

    -2.0

    Errors and omissions

    -2.5

    -0.9

    1.1

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Saving-Investment Balance

    National saving

    13.8

    14.9

    11.8

    14.4

    13.7

    13.6

    13.4

    13.3

    13.2

    13.1

      Government

    1.8

    5.8

    6.7

    7.9

    7.8

    7.3

    6.3

    6.1

    6.1

    5.8

      Non-government

    12.0

    9.0

    5.1

    6.5

    5.9

    6.3

    7.1

    7.2

    7.1

    7.3

    Gross capital formation

    19.2

    20.3

    21.4

    20.5

    20.8

    21.3

    21.7

    22.1

    22.4

    22.5

      Government

    3.5

    3.2

    5.0

    3.6

    3.9

    3.8

    3.9

    4.1

    4.2

    4.2

      Private

    15.8

    17.1

    16.4

    16.9

    16.9

    17.4

    17.7

    18.0

    18.1

    18.2

    Foreign saving

    -5.4

    -5.4

    -9.7

    -6.1

    -7.1

    -7.7

    -8.2

    -8.7

    -9.1

    -9.4

    Memorandum Item:

       Nominal GDP (billions of euros)

    25.7

    29.4

    31.3

    33.6

    36.0

    37.6

    39.3

    41.1

    42.9

    44.9

       Structural primary balance

    -0.4

    3.3

    2.6

    5.3

    5.2

    4.8

    3.8

    3.4

    3.1

    2.9

    External debt

    994.1

    879.7

    828.3

    767.6

    706.8

    669.0

    631.4

    595.8

    564.1

    534.0

    Net IIP

    -105.7

    -95.2

    -92.7

    -98.5

    -99.3

    -102.6

    -106.9

    -111.7

    -114.6

    -118.8

    Sources: Cystat, Eurostat, Central Bank of Cyprus, and IMF staff estimates.

    1/ Contribution to real GDP growth

    2/  Program financing (+ purchases, – repurchases) is included under the Financial Account, with consistent sign conversion

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/cyprus page.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/06/02/pr-25171-cyprus-imf-concludes-2025-art-iv-consultation

    MIL OSI

    MIL OSI Russia News –

    June 3, 2025

  • MIL-OSI Banking: Cyberthreat names to align and get more clarity with new industry collaboration

    Source: Microsoft

    Headline: Cyberthreat names to align and get more clarity with new industry collaboration

    In today’s cyberthreat landscape, even seconds of delay can mean the difference between stopping a cyberattack or falling victim to ransomware. One major cause of delayed response is understanding threat actor attribution, which is often slowed by inaccurate or incomplete data as well as inconsistencies in naming across platforms. This, in turn, can reduce confidence, complicate analysis, and delay response. As outlined in the National Institute of Standards and Technology’s (NIST) guidance on threat sharing (SP 800-1501), aligning how we describe and categorize cyberthreats can improve understanding, coordination, and overall security posture.

    That’s why we are excited to announce that Microsoft and CrowdStrike are teaming up to create alignment across our individual threat actor taxonomies. By mapping where our knowledge of these actors align, we will provide security professionals with the ability to connect insights faster and make decisions with greater confidence.

    Read about Microsoft and Crowdstrike’s joint threat actor taxonomy

    Names are how we make sense of the threat landscape and organize insights into known or likely cyberattacker behaviors. At Microsoft, we’ve published our own threat actor naming taxonomy to help researchers and defenders identify, share, and act on our threat intelligence, which is informed by the 84 trillion threat signals that we process daily. But the same actor that Microsoft refers to as Midnight Blizzard might be referred to as Cozy Bear, APT29, or UNC2452 by another vendor. Our mutual customers are always looking for clarity. Aligning the known commonalities among these actor names directly with peers helps to provide greater clarity and gives defenders a clearer path to action.

    Introducing a collaborative reference guide to threat actors

    Microsoft and CrowdStrike are publishing the first version of our joint threat actor mapping. It includes:

    • A list of common actors tracked by Microsoft and CrowdStrike mapped by their respective taxonomies.
    • Corresponding aliases from each group’s taxonomy.

    This reference guide serves as a starting point, a way to translate across naming systems so defenders can work faster and more efficiently, especially in environments where insights from multiple vendors are in play. This reference guide helps to:

    • Improve confidence in threat actor identification.
    • Streamline correlation across platforms and reports.
    • Accelerate defender action in the face of active cyberthreats.

    This effort is not about creating a single naming standard. Rather, it’s meant to help our customers and the broader security community align intelligence more easily, respond faster, and stay ahead of threat actors.

    Looking ahead

    This initial taxonomy mapping is a collaboration between Microsoft and CrowdStrike. Google/Mandiant and Palo Alto Networks Unit 42 will also be contributing to this effort. We look forward to sharing updates from those collaborations in the near future. Security is a shared responsibility, requiring community-wide efforts to improve defensive measures. We are excited to be teaming up with CrowdStrike and we look forward to others joining us on this journey.

    Read the taxonomy mapping from Microsoft and Crowdstrike

    To learn more about Microsoft Security solutions, visit our website. Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.

    1SP 800-150, Guide to Cyber Threat Information Sharing, NIST Computer Security Research Center. October 2016.

    MIL OSI Global Banks –

    June 3, 2025

  • MIL-OSI Banking: ICC warns trade uncertainty is undermining global business confidence 

    Source: International Chamber of Commerce

    Headline: ICC warns trade uncertainty is undermining global business confidence 

    Share this:

    Mr Denton said uncertainty surrounding US tariffs and trade policy is acting as a “tax” on international businesses.   

    “What we’re seeing on a global basis is heightened levels of uncertainty,”

    he said, adding that the lack of clear direction on trade policy is shaking business confidence and disrupting global trade planning. 

    Citing a recent Pulse survey of ICC’s global business network to assess the impact of newly announced US tariff measures, Mr Denton highlighted the growing challenges for small businesses.  

    Conducted across 68 countries the survey shows that 77% of firms report direct or knock-on risks from the tariffs, and 48% say the measures have already impacted their supply chains or market strategy. 

    “What that tells you is that small businesses are really feeling this as well, and they do not have the resources that large businesses do. It’s just problematic, and even for large business this is very complicated,” he said

    Mr Denton called for continued international cooperation citing ICC’s long-standing support for a multilateral rules-based trading system. 

    “The reason we’ve been able to see a decline in poverty globally is because we actually have rules-based trading systems operating,” he said

    Watch the interview here  

    MIL OSI Global Banks –

    June 3, 2025

  • MIL-OSI Banking: Xbox celebrates Pride: Games foster connection, support and chosen family

    Source: Microsoft

    Headline: Xbox celebrates Pride: Games foster connection, support and chosen family

    Summary

    • Celebrating Pride Through Play: This Pride Month, Xbox honors the LGBTQIA+ community by highlighting the power of games to foster connection, support, and chosen family.
    • Spotlighting LGBTQIA+ Voices: Featuring a curated selection of games by LGBTQIA+ creators.
    • Commitment to a Welcoming Community: Xbox continues to champion gaming for everyone by supporting LGBTQIA+ creators and creating spaces where everyone can feel seen and celebrated.

    Xbox believes in the power of connection — and during Pride Month, we honor LGBTQIA+ people who have long shown the world what it means to build a community that transcends borders and expectations.

    LGBTQIA+ individuals have formed networks of support and deep friendships rooted in love, resilience, and care. They remind us of the importance of community, connection and chosen family that encourages, uplifts, and cares for one another. Xbox celebrates exactly that: affection, support, and a shared belief that everyone deserves to be seen and celebrated by their communities.

    In many ways, gaming offers new ways to connect with the community.

    Whether you’re teaming up online, voice chatting in a cozy co-op farming sim, or building entire worlds together, games create spaces where connection thrives. For LGBTQIA+ players, these experiences often go beyond fun — they can help fill the need to find belonging.

    This Pride Month, Xbox is proud to highlight a collection of games from LGBTQIA+ creators — stories that explore identity, celebrate self-expression, and reflect the beautiful complexity of the LGBTQIA+ experience. These creators are helping us see the world through different perspectives — telling stories where everyone can feel at home.

    We’re committed to making gaming for everyone, which includes supporting LGBTQIA+ creators and communities — not just during Pride, but all year long. For more than 30 years, Microsoft and our employees have stood alongside LGBTQIA+ communities, contributing over $17 million to organizations advancing equity, dignity, and human rights. Last year, we gave more than $1.3 million to support this work globally, and this year we’re deepening that commitment with an additional $100,000 donation to organizations doing critical work for the community.

    From the games we feature to the programs we support, our goal is to continue fostering a platform where everyone can play, create, and connect authentically. That’s the heart of what we’re celebrating this Pride: the power of community, built by choice and strengthened by care.

    We have each other.

    Show Your Pride in Overwatch 2

    Pride returns to Overwatch 2 with more meaningful ways to celebrate and connect! From free rewards and a festive fan-favorite map, to a charity tournament with Twitch drops, plus community artwork and new narratives, Pride 2025 is a moment to reflect, express, and commemorate everyone who makes our world—and the game—stronger. Whether you’re rocking the Resilient Soldier: 76 skin, skipping through Midtown celebrating after a parade, or simply showing up as your authentic self, this event is about standing proud and honoring our diverse community.

    So, we’re celebrating our heroes, players, and stories with heartfelt touches, creative moments, and a space to be exactly who you are. You belong here, and we’re proud to compete by your side.

    • Show Your Pride: Log in during the Pride event to instantly unlock the Resilient Soldier: 76 skin and matching emote as thanks for helping to build this amazing community.
    • Midtown Parade: Step into the Pride Festival Midtown map, back in rotation and looking more joyful than ever. Celebrate after the Pride parade with whimsical rainbow crosswalks, confetti-covered sidewalks, and love in the air.

    Pride Ahoy! A Celebration Fer All Crews in Sea of Thieves

    During Pride Month, pirates sailing in Sea of Thieves can pick up the Progress Pride Flag from the ever-reliable Larinna outside the tavern! Proud pirates in participating territories will now be able to attach this fabulous fabric to their flagpole forevermore. While introduced as part of Pride Month 2025 activities, this beautiful banner is a permanent addition to Sea of Thieves and will be available to claim from the shipwright at any Outpost after June has passed.

    Sowin’ Seeds of Pride in Farm Heroes Saga

    Farm Heroes Saga is celebrating Pride Month with a vibrant Pride Season that sows the seeds of community, visibility, and joyful self-expression. Now in its third year, this celebration brings a fresh crop of Pride-themed events and mini-games to players around the world. From nurturing a magical Rainbow Superfruit in 1-2-3 Grow, to collecting cropsies in the Farmer’s Market and unlocking special rewards in the colorful Choo Choo’s Challenge; there’s something for every hero on the Farm.

    With the Pride-themed Farm Pass and the premium Golden Pass, players can earn even more farmtastic rewards. Whether you’re digging through the Hidden Garden, playing Amelia’s Arcade, or making wishes at the Wishing Well, this month is all about growing love, celebrating identity, and having a fabulously good time.

    Tell Me Why – Free This Month

    Tell Me Why, the award-winning narrative adventure from Don’t Nod Entertainment and Xbox Game Studios Publishing, will be available for free on Xbox Series X|S, Xbox PC, and Steam for the entire month of June 2025. As in past years, the Tell Me Why team encourages players to give what they would have spent on the game to an independent trans creator or a trans-inclusive charity in their community.

    Discover Games Shaped by the LGBTQIA+ Community

    This June, immerse yourself in a curated collection of games that highlight the incredible creativity and storytelling from LGBTQIA+ developers and creators. These games offer a window into the diverse experiences of the LGBTQIA+ community, showcasing how their unique perspectives continue to shape and enrich the world of gaming.

    Check out a few highlights from our full Xbox Game Collections celebrating Pride Month:

    Tell Me Why – This celebrated narrative adventure game comes from Don’t Nod, the studio behind the beloved franchise, Life is Strange. In this intimate mystery, reunited twins Tyler and Alyson Ronan use their supernatural bond to unravel the memories of their loving but troubled childhood. Set in beautiful small-town Alaska, Tell Me Why features true-to-life characters, mature themes and gripping choices. As you conjure up memories of the past, your choices will affect the twins’ relationship, determine the strength of their bond, and shape the course of their lives.
     
    Play Tell Me Why Today

    Overwatch 2 – An always-on and ever-evolving free-to-play, team-based action game set in an optimistic future, where every match is the ultimate 5v5 battlefield brawl featuring new heroes and maps, different ways to play, and unique cosmetics! Lead the charge, ambush your enemies, or aid your
    allies as one of Overwatch’s 40 distinct heroes. Team up with friends, take them into battle across 25+ futuristic maps inspired by real-world locations, and master multiple unique game modes.

    Play Overwatch 2 Today

    Thirsty Suitors  – From Outerloop Games, Thirsty Suitors is a stylish, story-driven adventure that unfolds through turn-based battles, skateboarding, and cooking. Help Jala confront her mistakes, make up with her exes, reconcile cultural differences, and become the person she was meant to be. Easy, right?
     
    Play Thirsty Suitors Today

    Dragon Age: The Veilguard – Enter the world of Thedas, a vibrant land of rugged wilderness, treacherous labyrinths, and glittering cities – steeped in conflict and secret magics. Now, a pair of corrupt ancient gods have broken free from centuries of darkness and are hellbent on destroying the world. Thedas needs someone they can count on. Rise as Rook, Dragon Age’s newest hero. Be who you want to be and play how you want to play as you fight to stop the gods from blighting the world. But you can’t do this alone – the odds are stacked against you. Lead a team of seven companions, each with their own rich story to discover and shape, and together you will become The Veilguard.

    Play Dragon Age: The Veilguard Today

    Spirit Swap: LoFi Beats to Match-3 To – Samar is a young witch working the spirit-swapping night shift in the eastern outskirts of Demashq. A recent spike in spirits crossing over from another dimension breaks the chill atmosphere of their night shift, so with her trusty FamiliarZ by her side, she sets off into the city to find out what’s happened. With a popular band scheduled to kick off their big comeback tour in Demashq, Samar needs to work quickly before the city is overrun with stans and spirits alike!
     
    Play Spirit Swap: LoFi Beats to Match-3 To Today

    Psychroma – A psychological horror side-scroller set in a haunted cyberpunk house. Collect cards and explore the memories stored on them to piece together your past. But the deeper you go, the more you expose yourself to the brightest heat, the warmest color… Discover the hidden corridors and uncover the sordid past of a house out of time and place within a futuristic cyberpunk city. Collect the memory cards of three main characters, An underground cultist, an ambitious philanthropist, and a drifter.

    Play Psychroma Today

    Xbox Gear Shop

    The Xbox Gear Shop is celebrating Pride 2025 by bringing back our most popular designs for a limited time! These classic designs were made by and with the LGBTQIA+ community, and will be available through Pride month only, and only in the Xbox Gear Shop!

    Blizzard Gear Shop

    Celebrate Pride month with the new Blizzard 2025 Pride Collection exclusively on the Blizzard Gear Store!

    Led by the Blizzard LGBT+ Employee Network, this year’s Pride Collection features all-new logo designs for each of our games, available on t-shirts, long sleeve shirts, and hoodies—all benefitting* GLAAD from June 2 through June 30, 2025.

    *From June 2, 2025, to June 30, 2025, Blizzard Entertainment will donate 100% of the amount Blizzard receives from Blizzard’s e-commerce store operator from the sale of each of the products from the 2025 Blizzard Pride Collection to GLAAD. This represents approximately 25% of the purchase price (less any chargebacks, refunds, and Value Added Taxes (VAT), or similar taxes paid.)

    Gaming with Impact

    Rewards members in the United States can earn and donate points to organizations supporting LGBTQIA+ communities with Xbox. The organizations below will be available on the Rewards hub:

    • GLAAD: Founded in 1985, GLAAD – the world’s largest LGBTQ media advocacy organization – works with television, film, video games, Spanish-language media, journalists, and social media to tell stories and consult on LGBTQ media representation. GLAAD tackles tough issues and provokes dialogue that leads to cultural change through increased media accountability, public campaigns, corporate engagement initiatives, and advocacy programs that help to ensure 100% inclusion and acceptance of the LGBTQ community. (US)
    • Outright International: Outright International is dedicated to working with partners around the globe to strengthen the capacity of the lesbian, gay, bisexual, transgender, intersex, and queer (LGBTIQ) human rights movement, document and amplify human rights violations against LGBTIQ people, and advocate for inclusion and equality. (US)
    • Advocates for Trans Equality Education Fund: Advocates for Trans Equality fights for the legal and political rights of transgender people in America. Leveraging decades of experience on the frontlines of power, we shift government and society towards a future where we are no less than equal. A4TE was founded in 2024 as the National Center for Transgender Equality (NCTE) and Transgender Legal Defense and Education Fund (TLDEF), two long-time champions for the trans community, merged together as one organization. A4TE builds on their successes to boldly imagine a world where trans people live our lives joyfully and without barriers. In a time of increased extremism against trans people and our allies, protecting and expanding our freedom to be who we are has never been more important.

    Xbox players 18 and older can earn Rewards points in various ways, such as playing games, completing Game Pass Quests (terms apply), and purchasing games and other eligible items at the Microsoft Store (exclusions apply). Start earning for impact today and redeem your points for great rewards. Donate your points on the Rewards hub or on the Rewards redeem page.

    Wallpapers and Dynamic Backgrounds

    The Xbox Pride Month design is available today as an Xbox wallpaper and dynamic background on console – follow these steps to apply the dynamic background:

    • Press the Xbox button on your controller to open the guide.
    • Select Profile & system > Settings > General > Personalization > My background > Dynamic backgrounds.

    You can choose between Games, Xbox, or Abstract dynamic backgrounds. Choose the background art that you want with the A button.

    MIL OSI Global Banks –

    June 3, 2025

  • MIL-OSI Banking: CAR-T therapies need to overcome current limitations to unlock promising treatment possibilities for solid tumors, says GlobalData

    Source: GlobalData

    CAR-T therapies need to overcome current limitations to unlock promising treatment possibilities for solid tumors, says GlobalData

    Posted in Pharma

    CAR-Ts are revolutionizing the treatment of blood cancers, such as B-cell acute lymphocytic leukemia. However, their success has not yet extended to the realm of solid tumors, as no CAR-T therapy has advanced beyond Phase II in one of these indications. Overcoming current limitations and expanding the reach of CAR-T therapeutics could unlock promising new treatment possibilities for solid tumor patients, says GlobalData, a leading data and analytics company.

    As per GlobalData’s Drugs Database, CAR-T therapeutics are a leading type of T-cell immunotherapy, accounting for over half of the approvals in the oncology cell and gene therapy landscape. This therapeutic modality involves genetically engineering autologous or allogeneic T-cells to express a chimeric antigen receptor so they actively recognize and destroy cancerous cells. In total, 13 CAR-T therapies have received regulatory authorization, including the 2025 approval of Immuneel Therapeutics’ Qartemi (varnimcabtagene autoleucel), according to the GlobalData’s recent report “T-Cell Immunotherapy Landscape: Comprehensive Analysis of Current Drugs and Dynamics.”

    In terms of sales, Gilead’s Yescarta is the leading CAR-T. Having received FDA approval in 2017, this product generated $1.6 billion globally in 2024. Yescarta, like all other CAR-Ts on the market, treats blood cancers and is redefining treatment paradigms for indications like B-cell acute lymphocytic leukemia.

    Jasper Morley, Pharma Analyst at GlobalData, comments: “Solid tumors represent roughly 90% of all adult human cancers, including breast, lung, and pancreatic cancer. Despite significant success in the field of blood cancers, CAR-Ts have not experienced a similar level of success in solid tumors, as there have been no CAR-T approvals in related indications. So far, the most advanced stage for a CAR-T in a solid tumor is Phase II.”

    Currently, over 650 CAR-Ts are in active development for a solid tumor indication. Over 40% of these are in the preclinical stage, and only 80 (12%) products are in the most advanced stage, Phase II.

    Morley adds: “There are a variety of challenges associated with developing CAR-Ts to treat solid tumors. The heterogeneity of solid tumors and absence of specific tumor antigens, alongside the immunosuppressive tumor microenvironment, make it difficult for CAR-Ts to infiltrate and persist within the tumor. These challenges limit the efficacy of CAR-Ts when treating solid tumors, which is confirmed by GlobalData’s Drugs Intelligence database, as no CAR-T has ever successfully completed a Phase II trial and entered Phase III for a solid tumor.”

    Bristol Myers Squibb (BMS), which is a frontrunner in the CAR-T landscape, accounts for two of the 13 marketed products: Abecma (idecabtagene vicleucel) and Breyanzi (lisocabtagene maraleucel). It is also a joint leader in the solid tumor landscape, with 12 CAR-Ts in development. BMS is looking to extend the label for Breyanzi to solid tumors, as this product is currently in Phase II for primary and secondary central nervous system (CNS) lymphoma.

    Elsewhere, China-based Shenzhen Geno-Immune Medical Institute is matching BMS in the solid tumor pipeline, with 12 CAR-Ts in development. However, Shenzhen’s portfolio is more advanced, with 11 Phase II products, compared to only one for BMS; as such, Shenzhen may overtake BMS as the front-runner in this area.

    Morley concludes: “CAR-Ts have demonstrated remarkable potential, but so far, their success has remained confined to blood cancers with little success in other indications. Given the prevalence of solid tumors, overcoming the limitations of CAR-Ts in these indications is crucial, and as such, there is a strong focus on the CAR-T market in this area. Success could transform cancer treatment, providing new hope for patients and proving commercially beneficial for drugmakers.”

    MIL OSI Global Banks –

    June 3, 2025

  • MIL-OSI Banking: UK biopharma venture financing QoQ doubles to $1.1 billion in Q1 2025, reveals GlobalData

    Source: GlobalData

    UK biopharma venture financing QoQ doubles to $1.1 billion in Q1 2025, reveals GlobalData

    Posted in Business Fundamentals

    UK biopharmaceutical companies experienced a quarter-on-quarter (QoQ) surge in venture financing, reaching $1.1 billion in the first quarter (Q1) of 2025—twice the amount raised in the fourth quarter (Q4) of 2024 and exceeding all quarterly totals from 2021. This surge highlights investor appetite for breakthrough innovation, but growing dependence on US capital and policy-driven cost pressures signal an urgent need to strengthen domestic investment for sustainable growth, says GlobalData, a leading data and analytics company.

    While global biopharmaceutical venture financing witnessed a downturn over 2022 and 2023, the UK demonstrated resilience with sustained year-over-year growth, doubling from $827 million in 2022 to $1.7 billion in 2024, according to GlobalData’s Pharmaceutical Intelligence Center Deals Database.

    In 2021, British Patient Capital launched the “Life Sciences Investment Programme (LSIP)” – a GBP200 million initiative that aimed to attract GBP400 million additional venture financing for UK life sciences. Under the new Mansion House Accord announced by the UK government in May 2025, leading pension providers have committed to invest 5% of their funds towards private UK-based companies, potentially unlocking $25 billion of domestic funding for UK businesses by 2030.

    Alison Labya, Business Fundamentals Pharma Analyst at GlobalData, comments: “The growth in venture financing for UK biopharmaceutical companies in Q1 2025 was primarily driven by two mega-rounds – Isomorphic Labs with $600 million and Verdiva Bio with $411 million. This suggests increased investor selectivity where available capital is being concentrated into a smaller number of companies with high commercial potential.”

    Furthermore, US investors were involved in almost totality for the $1.1 billion of the total venture financing deal value raised in Q1 2025 by UK biopharmaceutical companies, compared to UK investors’ involvement of only $112.7 million. A dependency on US capital could prompt companies to relocate to the US and limit the reinvestment of returns into the UK biopharmaceutical sector, weakening its long-term growth.

    Labya concludes: “UK biopharmaceutical companies continue to attract investor interest; however, sustained venture financing and initiatives to boost domestic investment will be crucial for translating UK-based innovation into commercial success.

    “Investor appetite could be impacted by the rise in rebate rates from 15.5% to 32.2% for H2 2025 under the Statutory Scheme announced in March 2025, along with an increase to 22.9% under the 2024-2028 Voluntary Scheme for Branded Medicines Pricing, Access and Growth (VPAG). An anticipated increase in costs associated with these drug pricing policy changes could deter companies from developing drugs in the UK, which may slow UK-based innovation and reduce patient access to medicines.”

    Note: Includes announced and completed venture capital deals involving companies headquartered in the UK with at least one innovator drug where marketed, pre-registration, Phase III, Phase II, Phase I, preclinical, and discovery stages are considered. Includes deals where a deal value was publicly disclosed.

    For further insights into the latest Deal Trends in the Pharma Sector, please see our Venture Capital Investment Trends in Pharma – Q1 2025 and M&A Trends in Pharma – Q1 2025 reports.

    MIL OSI Global Banks –

    June 3, 2025

  • MIL-OSI: Temenos Named Best Core Banking System at Banking Tech Awards USA

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, June 02, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN), a global leader in banking technology, today announced it has received the award for Best Core Banking System at the Banking Tech Awards USA 2025. These prestigious industry awards recognize the cutting-edge innovations and outstanding achievements driving the future of banking technology across the United States.

    With its best-of-suite core banking and modular core solutions, Temenos offers US financial institutions choice, flexibility and a proven path to banking modernization – all underpinned with cloud-native architecture, and embedded AI. Trusted by over 950 banks around the world, Temenos’ core banking software can be deployed on-premises, in the cloud, or as SaaS.

    US financial institutions using Temenos also benefit from robust regionalization, pre-configured banking capabilities for the US market, and a Model Bank framework which enables faster, more cost-efficient implementation.

    Rodrigo Silva, President Americas, Temenos, commented: “Winning this major award demonstrates the strength and depth of Temenos’ US banking capabilities, as well as our continued investment in this strategic growth market, which is helping to drive innovation in the US banking industry. With its advanced functionality, US-specific capabilities and flexible deployment options, Temenos is a compelling choice for US financial institutions.”

    Temenos has further strengthened its commitment to innovation for the US market with the announcement of a new Innovation Hub in Central Florida. This modern, collaborative space will be home to around 200 technology and product developers, enabling co-innovation with US financial institutions and fueling cutting-edge research and development for US-specific solutions.

    Investing around 20% of revenues in R&D, Temenos continues to enhance its core banking suite. Recent innovations include the launch of a Gen AI Copilot to help financial institutions design, launch, test and optimize financial products faster. The tool makes it easier for banking employees to access the full breadth of Temenos’ core banking functionality in a simple, conversational way. This builds on Temenos’ existing leadership in AI, with its launch of the first Responsible Generative AI solutions for core banking in 2024.

    Temenos was also named a Leader in the IDC MarketScape for North America Digital Core Banking Platforms 2024 Vendor Assessment and in the The Forrester Wave™: Digital Banking Processing Platforms, Q4 2024.

    The MIL Network –

    June 3, 2025

  • MIL-OSI USA: Natalia Díez Riggin Named Senior Advisor and Director of Legislative and Intergovernmental Affairs

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission today announced that Natalia Díez Riggin has been named Senior Advisor and Director of the agency’s Office of Legislative and Intergovernmental Affairs. Ms. Riggin has been serving as Acting Director since joining the SEC in January.

    “I’m pleased that Natalia will continue to lead this important office and serve as our primary liaison to Congress and other federal agencies as well as state governments,” said SEC Chairman Paul S. Atkins. “She has been serving the Commission effectively since January and her experience will help guide the Commission as we return to our core mission that Congress set for us.”

    Prior to the SEC, Ms. Riggin served as a senior professional staff member on the U.S. Senate Committee on Banking, Housing, and Urban Affairs for Chairman Tim Scott of South Carolina. She previously was deputy legislative director for U.S. Senator John Kennedy of Louisiana as well as staff director for the Economic Policy Subcommittee of the Senate Banking Committee. Earlier in her career, Ms. Riggin served as a policy aide to U.S. Senator Mike Enzi of Wyoming and U.S. Senator Mark Kirk of Illinois.

    Ms. Riggin received a B.A. in political science and history from the University of Illinois Chicago.

    MIL OSI USA News –

    June 3, 2025

  • MIL-OSI: Siili Solutions Plc: Share Repurchase 2.6.2025

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc       Announcement  2.6.2025
         
         
    Siili Solutions Plc: Share Repurchase 2.6.2025  
         
    In the Helsinki Stock Exchange    
         
    Trade date           2.6.2025  
    Bourse trade         Buy  
    Share                  SIILI  
    Amount             1 100 Shares
    Average price/ share    6,4182 EUR
    Total cost            7 060,02 EUR
         
         
    Siili Solutions Plc now holds a total of 1 798 shares
    including the shares repurchased on 2.6.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
    On behalf of Siili Solutions Plc    
         
    Nordea Bank Oyj    
         
    Sami Huttunen Ilari Isomäki  
         
    Further information:    
    CFO Aleksi Kankainen    
    Email: aleksi.kankainen@siili.com    
    Tel. +358 50 584 2029    
         
    www.siili.com    

    Attachment

    • Siili 2.6.2025 Trades

    The MIL Network –

    June 3, 2025

  • MIL-OSI Banking: Fannie Mae Announces Winner of Twenty-Sixth Community Impact Pool of Non-Performing Loans

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced the winning bidder for its twenty-sixth Community Impact Pool (CIP) of non-performing loans. The transaction is expected to close on July 29, 2025, and includes 39 loans totaling $6.9 million in unpaid principal balance (UPB). The loans are geographically focused in the Florida area, and the winning bidder was VRMTG ACQ, LLC. The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

    The CIP awarded in this most recent transaction includes 39 loans with an aggregate UPB of $6,929,805; average loan size of $177,687; and weighted average note rate of 4.35%.

    The cover bid, which was the second highest bid, for the CIP was 106.05% of UPB (34.22% of BPO).

    All purchasers are required to honor any approved or in-process loss mitigation efforts at the time of sale, including loan modifications. In addition, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, prior to initiating foreclosure on any loan.

    Interested bidders can register for ongoing announcements, training, and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.

    MIL OSI Global Banks –

    June 3, 2025

  • MIL-OSI Canada: Bank of Canada Media Interview – The Globe and Mail

    Source: Bank of Canada

    The Canadian economy ended 2024 in a strong position. However, the trade conflict and tariffs are expected to slow growth and add to price pressures. The outlook is very uncertain because of the unpredictability of US trade policy and the magnitude of its impact on the Canadian economy.

    MIL OSI Canada News –

    June 3, 2025

  • MIL-OSI Canada: Bank of Canada Media Interview – The New York Times

    Source: Bank of Canada

    The Canadian economy ended 2024 in a strong position. However, the trade conflict and tariffs are expected to slow growth and add to price pressures. The outlook is very uncertain because of the unpredictability of US trade policy and the magnitude of its impact on the Canadian economy.

    MIL OSI Canada News –

    June 3, 2025

  • MIL-OSI Canada: Update on Changes to Canada’s Debt Distribution Framework

    Source: Bank of Canada

    The Bank of Canada and the Government of Canada (GoC) are announcing that adjustments to the GoC’s Debt Distribution Framework will come into effect on September 2, 2025.

    The changes were first announced in a March market notice.

    As part of these changes, the Standard Terms for Auctions of GoC Securities will be amended. For reference, the new Standard Terms have been published along with a simplified, one-page overview designed for a broad audience.

    The new Standard Terms will come into effect on September 2, 2025. On that date, the existing Standard Terms will be removed from the Bank’s website.

    A series of FAQs is also available to help market participants understand the upgrades to the Bank of Canada Auction System (BCAS). Note that government securities distributors must now submit an annual attestation that no customer bidding information has been shared between “dealer-bid only” and “customer-bid only” BCAS users before the release of auction results.

    Details on the new facility for reopening off-the-run GoC nominal bonds are now available. This facility will be effective as of July 2, 2025.

    For further information, please contact:

    Director
    Financial Markets Department
    Bank of Canada
    343‑573‑4846

    Director
    Funds Management Division
    Department of Finance Canada
    343‑549‑3651

    MIL OSI Canada News –

    June 3, 2025

  • MIL-OSI Canada: Press Conference: Policy Rate Announcement – June 2025

    Source: Bank of Canada

    The Canadian economy ended 2024 in a strong position. However, the trade conflict and tariffs are expected to slow growth and add to price pressures. The outlook is very uncertain because of the unpredictability of US trade policy and the magnitude of its impact on the Canadian economy.

    MIL OSI Canada News –

    June 3, 2025

  • MIL-OSI Canada: Bank of Canada Museum announces 2025 recipients of Award for Excellence in Teaching Economics

    Source: Bank of Canada

    The Bank of Canada Museum is proud to announce the recipients of its 2025 Award for Excellence in Teaching Economics, recognizing two remarkable educators who are helping students build real-world financial skills through innovative, community-focused learning.

    Angela Larocque, a middle school teacher from Forest Hills School in St. John, New Brunswick and Nicole Feisst, a high school educator from École Clément-Cormier in Bouctouche, New Brunswick are the winners of the Museum’s fourth annual award.

    Both teachers helped students connect their interests and ambitions to economic reality through programs that included input from parents and professionals in the local economy. By involving the community, these programs provided students with an approach to learning financial literacy that goes beyond the theoretical.

    Angela Larocque moved economic education outside the classroom through community-based financial literacy initiatives. These include “Idea Market,” an annual money-making entrepreneurship event, and “Money Matters,” a community financial literacy night. Money Matters brought together local businesses, banks, and financial experts, creating open, judgment-free conversations about money between families and financial institutions.

    Nicole Feisst created a comprehensive and personalized financial simulation for her grade 11 and 12 students. Each learner built a financial profile before navigating a realistic, and sometimes unpredictable, simulation of adult economic life. Local professionals offered real-time advice, grounding the experience in real-world insight.

    “Both Angela and Nicole’s projects are exemplary,” said Sharon Kozicki, Deputy Governor of the Bank of Canada. “What set their work apart this year was how they brought the wider community—including parents—into the learning process. They introduced economic and financial topics in ways that were grounded in real life, creating experiences that will have a lasting impact on the youth who participated.”

    Each winner receives a trophy along with a personal cash prize of $1,000 and another $1,000 for their school. More information on this year’s winners is available on the Museum’s website.

    Nominations came in from across the country and were reviewed by a selection committee made up of representatives from the Bank of Canada and other experts in the fields of economics and education, and a youth representative.

    Nominations for next year’s award will open in early 2026.

    Notes to editors

    • The Bank of Canada Museum creatively brings the work of the central bank to Canadians by demystifying the Bank’s key functions and interpreting Canada’s monetary heritage. It also provides access to Canada’s National Currency Collection which is comprised of over 130,000 objects.
    • The Museum supports teachers and students through free school programs, lesson plans and activities available on its Learn page.
    • For more information about the Museum and its services, visit the website.

    MIL OSI Canada News –

    June 3, 2025

  • MIL-OSI Europe: The EBA releases final technical package for its 4.1 reporting framework to support compliance assessment of issuers and the Pillar 3 data hub

    Source: European Banking Authority

    The European Banking Authority (EBA) today published the final technical package for version 4.1 of its reporting framework. This package will support the assessment and identification of significant crypto asset providers. It will also support the centralisation of institutions’ prudential disclosures in the EBA Pillar 3 data hub, which shall facilitate access and usability of this information to all users, including institutions. This package support competent authorities in performing their supervisory duties regarding issuers’ compliance under MiCAR. This framework will apply as of the second half of 2025.

    The draft technical package provides the standard specifications which include the validation rules, the data point model (DPM) and the XBRL taxonomies to support the following reporting obligations:

    • Pillar 3 templates included in the comprehensive Implementing Technical Standards (ITS) on Pillar 3 disclosures, for the purpose of the Pillar 3 data hub.
    • Own initiative guidelines on reporting of data that competent authorities will need for the purpose of their supervisory tasks and for significance assessment (MiCAR reporting Guidelines).
    • Integration of Instant Payments reporting ITS into DPM and taxonomy
    • A series of validation rules have been added to the ESG ad-hoc data collection module.

    Background and Next steps

    A draft version of the technical package for the 4.1 reporting framework was published at the end of March 2025. The final version published today includes corrections and addresses the feedback provided from the revision of the draft technical package by various stakeholders.

    In June 2024, the EBA published its plan for the implementation of DPM 2.0. The draft technical package for version 4.1 published today, continues the transition to DPM 2.0 and to the new glossary, as announced in June. This draft technical package includes a version of the data dictionary contents in both formats the DPM 1.0 and the new format DPM 2.0.

    The FAQs published in December 2024 providing additional explanations on the transition to DPM 2.0 and a new glossary period remain a good source of information. In addition, the EBA is providing a presentation explaining the use of DPM-XL language for validation rules

    MIL OSI Europe News –

    June 3, 2025

  • MIL-OSI USA: Congresswoman Torres & Congressman LaMalfa Lead Bipartisan Letter Supporting Native Seed Bank Funding

    Source: United States House of Representatives – Congresswoman Norma Torres (35th District of California)

    June 02, 2025

    Washington, D.C. – Today, Congresswoman Norma Torres (CA-35), a member of the Congressional Native American Caucus, and Congressman Doug LaMalfa (CA-01) led a bipartisan letter urging expanded funding for the Native Seed Bank in the Interior Appropriations Bill. The letter calls on the U.S. Department of the Interior to establish a new pilot program under the National Seed Strategy, which plays a critical role in preserving and distributing native seeds for ecological restoration—particularly in regions impacted by extreme weather, habitat loss, and other environmental threats.

    “The Native Seed Bank is crucial to protecting our natural resources and ensuring our ecosystems can recover and thrive. Preserving native plant species isn’t just an environmental issue—it’s about safeguarding the livelihoods and traditions of tribal communities that depend on these ecosystems,” said Congresswoman Torres. “This bipartisan letter reflects our shared commitment to protecting Native land, water, and wildlife through proactive conservation efforts. With continued support, we can strengthen these efforts, promote biodiversity, and ensure the health of our lands for future generations.”

    The Native Seed Bank, managed by the Bureau of Land Management, is crucial for collecting and distributing native plant seeds that support habitat restoration, combat soil erosion, and address climate change. The funding requested will ensure the program’s continued success and expand its impact nationwide.

    Read the full letter here. 

    ###

    MIL OSI USA News –

    June 3, 2025

  • MIL-OSI USA: Muddying the Waters: More Confusion on Crypto Asset Security Status

    Source: Securities and Exchange Commission

    Over the last several months, we have heard repeatedly that the Commission, and its new Crypto Task Force, are embarking on a quest to give the crypto industry regulatory clarity.[1] We’ve heard “change is coming fast” [2] for crypto at the SEC and that the crypto markets will soon be free from the “limbo” they’ve been “languishing […] in for years.”[3]

    In the name of this clarity, we’ve seen staff statement after staff statement, pronouncing that all sorts of crypto assets are not securities.[4] And yet, now we see no objection to the effectiveness of new exchange-traded funds[5] that assert certain crypto assets—ETH and SOL—actually are securities.[6] Does this Commission, in fact, believe that ETH and SOL are securities?

    How is it that these crypto assets are supposedly not securities when it comes to registration requirements, but conveniently are securities when a registrant sees an opportunity to sell a new product?

    If you’re confused, join the club. These developments lay bare that we are not actually chasing crypto regulatory clarity — these assets cannot be both securities and not securities at the exact same time.[7] Rather than clarity, it seems we are simply getting out of the way of anything and everything in the crypto space. In so doing, we are thwarting any meaningful attempt to apply a coherent regime to crypto assets and rewarding a maximally aggressive approach to entering our markets. This results in opportunistic – and deeply inconsistent – legal interpretations. Even our staff can’t reconcile these inconsistencies, though their concerns don’t seem to matter much these days.[8]

    So far, the Commission and The Crypto Task Force’s journey to clarity has only taken us further and further adrift in increasingly muddy waters of our own making.

    [4] See U.S. Securities & Exchange Commission Division of Corporation Finance,Staff Statement on Meme Coins, (Feb. 27, 2025); U.S. Securities & Exchange Commission Division of Corporation Finance,Statement on Certain Proof of Work Mining Activities, (Mar. 20, 2025); U.S. Securities & Exchange Commission Division of Corporation Finance,Statement on Stablecoins, (Apr. 4, 2025). See also Commissioner Caroline A. Crenshaw,Response to Staff Statement on Meme Coins: What Does it Meme?(Feb. 27, 2025); Commissioner Caroline A. Crenshaw,Crypto Mining Statement: The Flame in Plato’s Cave, (Mar. 20, 2025); Commissioner Caroline A. Crenshaw,“Stable” Coins or Risky Business?, (Apr. 4, 2025). See generally Commissioner Hester M. Peirce, New Paradigm: Remarks at SEC Speaks, (May 19, 2025) (citing the Commissioner’s view that “most currently existing crypto assets in the market are not [securities]”).

    [5] See ETF Opportunities Trust, Form N-1A (May 30, 2025) available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1771146/000199937125006935/osprey-485bpos_053025.htm (485BPOS post-effective amendment registering two new ETFs: Rex-Osprey ETH + Staking ETF and the Rex-Osprey SOL + Staking ETF). Importantly, these products are exchange-traded funds (ETFs) that purport to be registered under the Investment Company Act of 1940. These products are different than, but often conflated with, exchange-traded products (ETPs) that are separately approved to list and trade under the Exchange Act of 1934. In the ETP space, products are approved to list and trade on exchanges based on the fact that the underlying assets are generally not securities, such as ETH. See, e.g., Securities and Exchange Act Release No. 100541 (July 17, 2024,) 89 FR 59786 (July 23, 2024); see also Securities and Exchange Act Release No.100233 (May 28, 2024), 89 FR 47618 (June 3, 2024). In contrast, registered investment companies, including ETFs, generally must invest primarily in securities. See 15 U.S.C. § 80a-3(a)(1)(A)-(C) (providing the definition of an “investment company” and generally identifying an issuer as an investment company if it invests in securities in the manners described in subsections (A) or (C)). With yesterday’s new ETFs, we have both an ETH ETP and ETH ETF. How can both of these products be in compliance with the securities laws? See also Commissioner Caroline A. Crenshaw, Statement Dissenting from Approval of Proposed Rule Changes to List and Trade Spot Bitcoin Exchange-Traded Products (Jan. 10, 2024).

    [7] While the 1933 Act and the 1940 Act are distinct regulatory regimes, except in specific, rare circumstances identified by the staff or by a court, the two Acts generally treat questions of security status the same. This parity creates consistency across the federal securities laws. See, e.g., Marine Bank v. Weaver, 455 U.S. 551 (1982); Putnam Diversified Premium Income Trust, SEC No-Action Letter (July 10, 1989).

    [8] SEC staff provided a letter via EDGAR to a registrant in response to two new ETFs, Rex-Osprey ETH + Staking ETF and the Rex-Osprey SOL + Staking ETF. The letter explains that the registrant allowed the funds’ registration statement to become effective despite significant unresolved comments from staff in the Division of Investment Management. These outstanding issues include concerns that the funds may not meet the definition of an investment company and that related disclosure in the registration statement may be potentially misleading, among other issues. It is to the detriment of market participants and investors when the staff’s review is not met with good faith engagement and comments are not fully resolved prior to effectiveness. See SEC EDGAR Correspondence, ETF Opportunities Trust (May 30, 2025) available at https://www.sec.gov/Archives/edgar/data/1771146/000000000025005772/filename1.pdf. It is further to the detriment of the market when the Commission fails to use its tools to stop funds from introducing such uncertainty.

    MIL OSI USA News –

    June 3, 2025
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