Category: Banking

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Session 4

    Source: European Central Bank (video statements)

    Session 4: New industrial developments and the evolving architecture of international trade

    Chair: Piero Cipollone, Member of the Executive Board, European Central Bank

    Paper: “Recent evolutions in the global trade system: from integration to strategic realignment”
    Author: Ana Maria Santacreu, Economic Policy Advisor, Federal Reserve Bank of St Louis
    (together with Florencia Airaudo, Economist, Federal Reserve Board of Governors, François de Soyres, Section Chief, Federal Reserve Board of Governors, and Alexandre Gaillard, Assistant Professor, Brown University)

    Discussant: Diego Comin, Professor, Dartmouth College

    https://www.youtube.com/watch?v=C4gqWLDCaOs

    MIL OSI Video

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Session 4

    Source: European Central Bank (video statements)

    Session 4: New industrial developments and the evolving architecture of international trade

    Chair: Piero Cipollone, Member of the Executive Board, European Central Bank

    Paper: “Recent evolutions in the global trade system: from integration to strategic realignment”
    Author: Ana Maria Santacreu, Economic Policy Advisor, Federal Reserve Bank of St Louis
    (together with Florencia Airaudo, Economist, Federal Reserve Board of Governors, François de Soyres, Section Chief, Federal Reserve Board of Governors, and Alexandre Gaillard, Assistant Professor, Brown University)

    Discussant: Diego Comin, Professor, Dartmouth College

    https://www.youtube.com/watch?v=C4gqWLDCaOs

    MIL OSI Video

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Session 4

    Source: European Central Bank (video statements)

    Session 4: New industrial developments and the evolving architecture of international trade

    Chair: Piero Cipollone, Member of the Executive Board, European Central Bank

    Paper: “Recent evolutions in the global trade system: from integration to strategic realignment”
    Author: Ana Maria Santacreu, Economic Policy Advisor, Federal Reserve Bank of St Louis
    (together with Florencia Airaudo, Economist, Federal Reserve Board of Governors, François de Soyres, Section Chief, Federal Reserve Board of Governors, and Alexandre Gaillard, Assistant Professor, Brown University)

    Discussant: Diego Comin, Professor, Dartmouth College

    https://www.youtube.com/watch?v=C4gqWLDCaOs

    MIL OSI Video

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Session 3

    Source: European Central Bank (video statements)

    Session 3: Non-bank financial intermediaries, liquidity and their prudential treatment

    Chair: Luis de Guindos, Vice-President, European Central Bank

    Paper: “Growth of non-bank financial intermediaries, monetary policy, and financial stability”
    Author: Loriana Pelizzon, Deputy Scientific Director, Leibniz Institute for Financial Research SAFE and Professor, Goethe University Frankfurt and Ca’ Foscari University of Venice
    (together with Riccardo Mattiello, Ca’ Foscari University of Venice and Warwick University, and Jonas Schlegel, Financial Economist, SAFE Policy Center)

    Discussant: Nicola Cetorelli, Financial Research Advisor and Head of Financial Intermediation, Federal Reserve Bank of New York

    https://www.youtube.com/watch?v=KozVSM50NZg

    MIL OSI Video

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Session 3

    Source: European Central Bank (video statements)

    Session 3: Non-bank financial intermediaries, liquidity and their prudential treatment

    Chair: Luis de Guindos, Vice-President, European Central Bank

    Paper: “Growth of non-bank financial intermediaries, monetary policy, and financial stability”
    Author: Loriana Pelizzon, Deputy Scientific Director, Leibniz Institute for Financial Research SAFE and Professor, Goethe University Frankfurt and Ca’ Foscari University of Venice
    (together with Riccardo Mattiello, Ca’ Foscari University of Venice and Warwick University, and Jonas Schlegel, Financial Economist, SAFE Policy Center)

    Discussant: Nicola Cetorelli, Financial Research Advisor and Head of Financial Intermediation, Federal Reserve Bank of New York

    https://www.youtube.com/watch?v=KozVSM50NZg

    MIL OSI Video

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Session 3

    Source: European Central Bank (video statements)

    Session 3: Non-bank financial intermediaries, liquidity and their prudential treatment

    Chair: Luis de Guindos, Vice-President, European Central Bank

    Paper: “Growth of non-bank financial intermediaries, monetary policy, and financial stability”
    Author: Loriana Pelizzon, Deputy Scientific Director, Leibniz Institute for Financial Research SAFE and Professor, Goethe University Frankfurt and Ca’ Foscari University of Venice
    (together with Riccardo Mattiello, Ca’ Foscari University of Venice and Warwick University, and Jonas Schlegel, Financial Economist, SAFE Policy Center)

    Discussant: Nicola Cetorelli, Financial Research Advisor and Head of Financial Intermediation, Federal Reserve Bank of New York

    https://www.youtube.com/watch?v=KozVSM50NZg

    MIL OSI Video

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – A conversation about tapping Europe’s growth potential

    Source: European Central Bank (video statements)

    A conversation about tapping Europe’s growth potential

    Philippe Aghion, Professor, Collège de France and London School of Economics
    Lars Feld, Professor, University of Freiburg, and Director of the Walter Eucken Institute
    Moderator: Beatrice Weder di Mauro, Professor, Graduate Institute of International and Development Studies Geneva, and President of the CEPR

    https://www.youtube.com/watch?v=vC0YgzhJPrI

    MIL OSI Video

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Panel 2

    Source: European Central Bank (video statements)

    Panel 2: Central bank communication: current challenges

    Chair: Philip R. Lane, Member of the Executive Board, European Central Bank

    Alessandra Galloni, Editor-in-Chief, Reuters
    Carolin Pflueger, Associate Professor, University of Chicago, Harris School of Public Policy
    Anna Seim, Deputy Governor, Sveriges Riksbank
    Alan Taylor, Professor, Columbia University and external member of the Monetary Policy Committee of the Bank of England

    https://www.youtube.com/watch?v=9jN_UNPwJYE

    MIL OSI Video

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Award ceremony and Closing remarks

    Source: European Central Bank (video statements)

    Award ceremony for the Young Economist Prize

    Closing remarks
    Christine Lagarde, President, European Central Bank

    https://www.youtube.com/watch?v=RnTxtH9y_JU

    MIL OSI Video

  • MIL-OSI China: China Travel, Easy Go! Shanghai launches all-in-one platform for intl travelers

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

    China Travel, Easy Go! Shanghai launches all-in-one platform for intl travelers

    Xinhua | July 3, 2025

    Shanghai on Wednesday launched “Easy Go,” an all-in-one platform to streamline digital services for international visitors, leveraging China’s expanded visa facilitation and instant tax refunds.

    The platform, developed by the Foreign Affairs Office of the Shanghai Municipal People’s Government, the People’s Bank of China Shanghai Head Office, along with other city departments, integrates consumption services and tourism information onto Alipay’s international version, eliminating the need for multiple app downloads and addressing previous language barriers.

    Foreign users can register with one click to access 30 mini-programs across the four key areas of dining, transport, sightseeing and shopping. Core functions include food delivery, restaurant recommendations, public transit, ride-hailing, travel advice, ticket booking, luggage storage and tax refund service locations. The service operates primarily in English and offers real-time multilingual translation.

    Easy Go also features a “tap for tax refund” function that links to a tax refund map of the city, and provides updated city guides and travel tips. Media and influencer videos promoting Shanghai and China are available on the platform too.

    “Easy Go is a very convenient platform because it’s just all in one,” said Clarisse Le Guernic, who comes from France. “Foreign tourists coming to Shanghai, they don’t need to download many different apps, and they can do payment, translation, order food, take shared bikes just with Easy Go.”

    As of June, citizens from 55 countries can utilize China’s 240-hour visa-free transit program. The country has also expanded its unilateral visa-free access program, allowing travelers from 47 countries to stay for up to 30 days.

    MIL OSI China News

  • MIL-OSI Australia: Rates for financial year ending 30 June 2025

    Source: New places to play in Gungahlin

    Foreign currency exchange rates for financial year 2025 – foreign currency equivalent to 1 AUD.

    Country

    Average rate for year ended 31 Dec 2024

    Average rate for year ended 30 Jun 2025

    Nearest actual exchange rate 31 Dec 2024

    Nearest actual exchange rate 30 Jun 2025

    Currency

    Canada

    0.9041

    0.9039

    0.8922

    0.8947

    Canadian dollar

    China

    4.7516

    4.6760

    4.5373

    4.6921

    Renminbi

    Europe

    0.6101

    0.5963

    0.5974

    0.5586

    Euro

    Hong Kong

    5.1522

    5.0497

    4.8261

    5.1416

    Hong Kong dollar

    India

    55.2412

    55.1294

    53.2100

    55.9900

    Indian Rupee

    Indonesia

    10462.9127

    10431.5777

    10031.0000

    10629.0000

    Rupiah

    Japan

    99.9712

    97.0162

    97.1400

    94.2600

    Yen

    Malaysia

    3.0207

    2.8547

    2.7787

    2.7602

    Malaysian ringgit

    Taiwan

    21.2001

    20.7936

    20.4000

    19.0700

    New Taiwan dollar

    New Zealand

    1.0907

    1.0966

    1.1045

    1.0768

    New Zealand dollar

    Philippines

    37.8282

    37.2010

    35.9600

    36.8800

    Peso

    Singapore

    0.8821

    0.8589

    0.8456

    0.8341

    Singapore dollar

    South Korea

    900.0732

    907.1583

    915.1100

    883.8900

    South Korean won

    Switzerland*

    n/a

    n/a

    n/a

    0.5228

    Swiss franc

    Thailand

    23.2963

    22.0392

    21.2000

    21.2900

    Baht

    UK

    0.5165

    0.5011

    0.4956

    0.4771

    Pound sterling

    USA

    0.6603

    0.6482

    0.6217

    0.6550

    US dollar

    Vietnam

    16543.5397

    16472.7171

    15855.0000

    17087.0000

    Dong

    Notes:

    From 1 January 2020, we have used the exchange rates from the Reserve Bank of AustraliaOpens in a new window. In previous years we have used exchange rates sourced from the Commonwealth Bank of AustraliaOpens in a new window.

    The Reserve Bank of Australia and the Commonwealth Bank publish rates for different countries.

    If we do not publish a rate for the country or year you need, you can use an appropriate exchange rate provided by:

    • a banking institution operating in Australia including, where relevant, the banking institution through which your foreign income is received
    • another reliable external source.

    Keep the rate used and the source of rates with your records. Be mindful that you cannot obtain an average rate (or rates) of exchange from an associate, or from yourself, unless otherwise notified by us.

    * The Reserve Bank of Australia has recommenced reporting on the Swiss franc after a period of absence, part way through the financial year 2024–25. For this reason, the average rates for the financial years 2023–24 and 2024–25 are not available for this currency.

    MIL OSI News

  • Indian stock market opens higher, Sensex above 83,400

    Source: Government of India

    Source: Government of India (4)

    The Indian benchmark indices opened higher on Thursday amid positive global cues, with buying seen in the IT, pharma and auto sectors in early trade.

    At around 9:25 am, the Sensex was trading 68.28 points or 0.08 per cent higher at 83,477.97, while the Nifty added 19.30 points or 0.08 per cent to reach 25,472.70.

    Analysts said the market is currently consolidating the recent bullish rectangle breakout, and as long as the 25,200–25,270 range holds, bulls are merely taking a breather.

    “Below 25,200, we risk a slide to 25,000. On the upside, the recent swing high at 25,670 is where the next bullish trigger lies,” said Akshay Chinchalkar, Head of Research at Axis Securities.

    With the deadline for the US tariff pause expiring next week, it remains to be seen whether the current global optimism will hold.

    “Today is the weekly derivatives expiry, so higher-than-usual volatility may be seen,” he added.

    The Nifty Bank was down 9.90 points or 0.02 per cent at 56,989.30 in early trade.

    The Nifty Midcap 100 index was trading at 59,645.25, down 22 points or 0.04 per cent. The Nifty Smallcap 100 index stood at 18,969.35, declining 7.75 points or 0.04 per cent.

    In the Sensex pack, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, BEL, Titan, Axis Bank, NTPC, SBI, HCL Tech and ITC were among the top losers.

    On the other hand, Eternal (earlier Zomato), Asian Paints, M&M, Infosys, Tech Mahindra, Maruti Suzuki and ICICI Bank were among the top gainers.

    Foreign institutional investors (FIIs) extended their selling on July 2, offloading equities worth ₹1,561.62 crore, while domestic institutional investors (DIIs) continued their buying spree, purchasing equities worth ₹3,036.68 crore on the same day.

    In Asian markets, Bangkok, China, Japan, Seoul and Jakarta were trading in the green, whereas only Hong Kong was in the red.

    In the last trading session, the Dow Jones in the US closed at 44,484.42, down 10.52 points or 0.02 per cent. The S&P 500 ended with a gain of 29.41 points or 0.47 per cent at 6,227.42, while the Nasdaq closed at 20,393.13, up 190.24 points or 0.94 per cent.

    Analysts said the US-Vietnam trade deal indicates the US administration’s eagerness to secure as many trade agreements as possible, as deals with the EU and Japan appear unlikely in the near term.

    — IANS

  • WHO pushes countries to raise prices on sugary drinks, alcohol and tobacco by 50%

    Source: Government of India

    Source: Government of India (4)

    The World Health Organization is pushing countries to raise the prices of sugary drinks, alcohol and tobacco by 50% over the next 10 years through taxation, its strongest backing yet for taxes to help tackle chronic public health problems.

    The United Nations health agency said the move would help cut consumption of the products, which contribute to diseases like diabetes and some cancers, as well as raising money at a time when development aid is shrinking and public debt rising.

    “Health taxes are one of the most efficient tools we have,” said Jeremy Farrar, WHO assistant-director general of health promotion and disease prevention and control. “It’s time to act.”

    The WHO launched the push, which it is called “3 by 35” at the UN Finance for Development conference in Seville.

    WHO said that its tax initiative could raise $1 trillion by 2035 based on evidence from health taxes in countries such as Colombia and South Africa.

    The WHO has backed tobacco taxes and price rises for decades, and has called for taxes on alcohol and sugary drinks in recent years, but this is the first time it has suggested a target price rise for all three products.

    WHO Director-General Dr Tedros Adhanom Ghebreyesus told the conference that the taxes could help governments “adjust to the new reality” and bolster their own health systems with the money raised.

    Many low and middle-income countries are coping with cuts to aid spending led by the United States, which is not attending the Seville conference. The U.S. is also in the process of withdrawing from the WHO.

    FROM $4 to $10

    As an example, the initiative would mean a government in a middle-income country raising taxes on the product to push the price up from $4 today to $10 by 2035, taking into account inflation, said WHO health economist Guillermo Sandoval.

    Nearly 140 countries had already raised tobacco taxes and therefore prices by over 50% on average between 2012 and 2022, the WHO added.

    Sandoval said the WHO was also considering broader taxation recommendations, including on ultra-processed food, after the agency finalises its definition of that type of food in the coming months. But he added that the agency expected pushback from the industries involved.

    The initiative is also backed by Bloomberg Philanthropies, the World Bank and the Organization for Economic Co-operation and Development (OECD), and involves support for countries who want to take action.

    (Reuters)

  • MIL-OSI Economics: Guinea: Operationalization of the statutory special resolution regime

    Source: International Monetary Fund

    Summary

    The report outlines the efforts of the International Monetary Fund (IMF) to assist the Central Bank of the Republic of Guinea (BCRG) in operationalizing a special resolution regime (SRR) for credit institutions. This initiative addresses the deficiencies in Guinea’s financial safety net, which currently lacks a comprehensive resolution framework. The project involved enhancing staff capacity and developing resolution tools like partial sale and bridge institution. Key findings highlight the need for increased staffing and expertise, while recommendations focus on establishing a resolution function, drafting resolution plans, and ensuring that resolution tools will be supported by an adequate resolution funding mechanism. These measures aim to strengthen Guinea’s financial stability and crisis management capabilities.

    Subject: Bank resolution framework, Crisis management, Crisis resolution, Financial crises, Financial safety nets, Financial sector policy and analysis, Financial sector stability, Special resolution regime

    Keywords: Bank resolution framework, Bridge bank, Crisis management, Crisis management, Crisis resolution, Financial crisis management, Financial safety net, Financial safety nets, Financial sector stability, Financial stability, Special resolution regime, Special resolution regime

    MIL OSI Economics

  • RBI issues advisory to banks for integration of DoT’s Financial Fraud Risk Indicator

    Source: Government of India

    Source: Government of India (4)

    The Department of Telecommunications (DoT) welcomes the Reserve Bank of India’s (RBI) advisory issued on June 30, directing all Scheduled Commercial Banks, Small Finance Banks, Payments Banks and Co-operative Banks to integrate the Financial Fraud Risk Indicator (FRI) developed by DoT into their systems.

    This major step is expected to strengthen efforts to curb cyber-enabled financial frauds and boost collaboration between key agencies to protect citizens in the expanding digital economy. The integration will automate data exchange between banks and DoT’s Digital Intelligence Platform (DIP) through secure API-based systems, allowing for real-time fraud risk checks and continuous updates.

    What is the Financial Fraud Risk Indicator and How Will It Help?

    Launched in May 2025 by DoT’s Digital Intelligence Unit (DIU), the Financial Fraud Risk Indicator is a risk-based tool that classifies mobile numbers as Medium, High or Very High risk based on data from the National Cybercrime Reporting Portal, DoT’s Chakshu platform and intelligence inputs from banks and financial institutions.

    Using the FRI, banks can take immediate preventive steps such as declining suspicious transactions, alerting customers, or delaying high-risk transactions. DoT’s DIU also shares a Mobile Number Revocation List with stakeholders, which includes numbers disconnected due to links with cybercrime or misuse.

    The system is already being used by major institutions including PhonePe, Punjab National Bank, HDFC Bank, ICICI Bank, Paytm and India Post Payments Bank. With UPI being widely used across India, the wider adoption of FRI is expected to protect millions of users from online fraud.

    DoT has reiterated its commitment to support banks and financial institutions with technology-driven, coordinated solutions like the FRI. The move aligns with the Government’s Digital India vision and aims to strengthen digital trust, improve fraud detection and enhance resilience across the financial ecosystem.

  • MIL-OSI: DMG Blockchain Solutions Announces Preliminary June Operational Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, July 02, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its preliminary operational results for June 2025:

    • Bitcoin mined: 23 BTC (vs 31 BTC in May 2025)
    • Hashrate: 1.56 EH/s (vs 1.89 EH/s in May 2025)
    • Bitcoin balance: 341 BTC (vs 350 BTC in May 2025)

    During June 2025, DMG’s realized hashrate was 1.56 EH/s, down 18% from the 1.89 EH/s reported in May, as the Company experienced an unscheduled electrical outage of nearly two days at its Christina Lake facility and faced continued challenges operating its hydro infrastructure.

    In particular, a regional lightning storm resulted in the tripping of a main substation breaker that required extensive servicing. In addition, DMG’s hydro infrastructure has been experiencing downtime related to contamination due to manufacturer quality control issues. This problem has been actively addressed over the past several weeks. The Company believes that with additional servicing and close monitoring, it can bring the hashrate of its current hydro mining capacity closer to its 0.4 EH/s potential, even as the summer heat sets in. The hydro miners are designed to operate in ambient temperatures exceeding 40 degrees Celsius, albeit at lower efficiencies.

    Based on experience gained from its initial 6-megawatt hydro mining container build-out, DMG now plans to source new hydro infrastructure from alternative manufacturers; for its planned Christina Lake building hydro deployment, the Company will utilize its existing electrical distribution and shelving, while sourcing key hydro infrastructure components from best-of-breed vendors. This should simplify the transition from air-cooled to direct liquid-cooled mining, while giving DMG improved quality control over its supply chain and infrastructure component integration. DMG intends to build a pilot system in its Christina Lake building this summer ahead of its planned expansion to grow to 3 EH/s by the end of calendar 2025.

    DMG’s bitcoin balance was 341 BTC at the end of June. The Company sold bitcoin during the month to fund operating expenses and further reduce its loan balance with Sygnum Bank, in line with prior guidance.

    Agreement for a New Bitcoin Mining Site in Canada outside of British Columbia

    DMG announces it has executed a binding agreement following its May 2023 announcement to develop a new data processing center with access to low-cost renewable energy located in a Canadian province outside of British Columbia. The agreement supports DMG’s longer-term strategy to identify pockets of low-cost energy, based on which it intends to eventually operate the majority of its Bitcoin mining fleet. Once fully operational, DMG expects to initially add approximately 1 EH/s of Bitcoin mining capacity, depending on the selected equipment and the commissioning timeframe, currently projected for the second half of calendar 2026.

    DMG’s CEO, Sheldon Bennett, commented, “In June, we encountered several unforeseen issues with our Bitcoin mining infrastructure, but we also advanced our longer-term objective to migrate our Bitcoin mining to where energy is less expensive. We continue to make progress in our discussions with Canadian governmental agencies, with a focus on the Department of National Defence, as Canada has pledged to increase its military spending, with AI as a key pillar of that growth. Regarding Systemic Trust, we remain encouraged regarding custody clients onboarding to the platform as well as expanding the platform capability beyond custody.”

    Grant of Stock Options and RSUs

    DMG announces the granting of stock options and RSUs to employees and directors of the Company. A total of 201,607 stock options (“Options”) and 1,275,000 restricted stock units (“RSUs”) have been granted. The Options are exercisable over five years at a price of $0.285 per share, with vesting in 25% increments on the six-, 12-, 18-, and 24-month anniversaries of the grant date. The RSUs vest in one year; these grants are designed to create an incentive structure that aligns longer-term performance with the Company’s growth.

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move Bitcoin in a sustainable and regulatory-compliant manner.

    For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on X, LinkedIn and Facebook, and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

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

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG’s strategies and plans, executing on DMG’s broader strategy to shift its data center capacity towards AI, increasing hashrate, the planned expansion to grow to 3 EH/s by the end of calendar 2025, sourcing hydro infrastructure from alternative manufacturers, securing new clients for the Systemic Trust digital asset custody subsidiary, the opportunity and plans to monetize bitcoin transactions and provide additional products and services to customers and users, the continued investment in Bitcoin network software infrastructure and applications, the expected allocation of capital, developing and executing on the Company’s products and services, increasing self-mining, increasing hashrate, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; the demand and pricing of AI data centers and usage; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment and/or infrastructure failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain and AI technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network

  • MIL-OSI Banking: Money Market Operations as on July 02, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,37,489.66 5.16 1.00-6.25
         I. Call Money 16,924.02 5.27 4.70-5.35
         II. Triparty Repo 4,29,235.45 5.14 5.00-5.21
         III. Market Repo 1,89,448.64 5.20 1.00-5.50
         IV. Repo in Corporate Bond 1,881.55 5.44 5.35-6.25
    B. Term Segment      
         I. Notice Money** 204.25 5.25 4.90-5.35
         II. Term Money@@ 617.50 5.30-5.75
         III. Triparty Repo 2,275.00 5.25 5.20-5.30
         IV. Market Repo 728.52 5.35 5.35-5.35
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 02/07/2025 1 Thu, 03/07/2025 3,410.00 5.75
    4. SDFΔ# Wed, 02/07/2025 1 Thu, 03/07/2025 2,99,291.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,95,881.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 27/06/2025 7 Fri, 04/07/2025 84,975.00 5.49
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,217.11  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -78,757.89  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -3,74,638.89  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 02, 2025 9,64,750.40  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 02, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/644

    MIL OSI Global Banks

  • MIL-OSI China: Announcement on Open Market Operations No.126 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.126 [2025]

    (Open Market Operations Office, July 3, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB57.2 billion through quantity bidding at a fixed interest rate on July 3, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.40%

    RMB57.2 billion

    RMB57.2 billion

    Date of last update Nov. 29 2018

    2025年07月03日

    MIL OSI China News

  • MIL-OSI China: Xi Jinping champions the cause of Global South

    Source: China State Council Information Office

    Chinese President Xi Jinping visits the New Development Bank and meets with Dilma Rousseff, president of the institution, in Shanghai, east China, April 29, 2025. (Xinhua/Huang Jingwen)

    On the banks of the shimmering Huangpu River that cuts through the Chinese metropolis of Shanghai sits the headquarters of the New Development Bank, co-founded by the BRICS countries more than a decade ago to foster the shared development of the world’s emerging economies.

    In his visit to this new landmark in China’s financial center late April, Chinese President Xi Jinping told the bank’s president and former Brazilian President Dilma Rousseff this multilateral institution has been a result of “a pioneering initiative for the Global South to seek strength through unity.”

    For the Chinese leader, the BRICS mechanism is a major platform for promoting cooperation among countries in the Global South. In the coming days, this year’s BRICS summit will open in the Brazilian city of Rio de Janeiro under the theme of “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.”

    Xi’s April visit to the bank demonstrates his long-standing commitment to bolstering the solidarity and common development of the Global South, amplifying the role of over 6 billion people in a world fraught with uncertainty and challenges unseen in a century.

    Chinese President Xi Jinping poses for a group photo with other leaders and representatives attending the “BRICS Plus” Dialogue in Kazan, Russia, Oct. 24, 2024. (Xinhua/Yao Dawei)

    COLLECTIVE RISE

    “The collective rise of the Global South is a distinctive feature of the great transformation across the world,” Xi observed when addressing the “BRICS Plus” Dialogue held in Kazan, Russia, in October last year.

    Much more than a pure geographical or economic term, the Global South refers to a community of emerging markets and developing countries that share similar historical experiences, development stages and goals, and political pursuits.

    The concept of “South” was first coined in Antonio Gramsci’s work “The Southern Question” written in 1926, in which the Italian Marxist philosopher highlighted the development gap between northern and southern Italy.

    The rise of the Global South has been decades in the making. Back in 1955, the landmark Bandung Conference convened in Indonesia under the flag of solidarity, friendship and cooperation, marking the awakening of the Global South after centuries of Western colonial rule. In 1964, the Group of 77, a coalition of developing countries, was established in Geneva within the United Nations to promote South-South cooperation and form a new international economic order.

    Through extensive cooperation, the countries of the Global South have emerged as a key driver of global growth. These countries have contributed as much as 80 percent of global growth over the past 20 years, with a share of global GDP increasing from 24 percent four decades ago to more than 40 percent today.

    China, the world’s largest developing country, is a natural member of the Global South. In 2004, the United Nations Development Programme included China in its list of more than 130 Global South countries in a report titled “Forging a Global South.” Some Westerners have challenged China’s position that it is part of the Global South. In response, Xi has provided a clear answer.

    “As a developing country and a member of the Global South, China breathes the same breath with other developing countries and pursues a shared future with them,” Xi once said.

    Historically, China has suffered from Western colonialism and imperialism, much like other developing countries, said Cavince Adhere, a Kenya-based international relations scholar.

    “Even today, despite inordinate success by Beijing to rise from the backwaters of development to be the second-largest economy in the world, as well as the first developing country to eliminate extreme poverty, China still faces common development challenges, and holds similar views regarding the current international order and global governance,” he added. “Because of this, China has emerged as a strong champion for the legitimate rights and interests of many Global South countries.”

    Chinese President Xi Jinping attends the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation and delivers a keynote speech at the Great Hall of the People in Beijing, capital of China, Sept. 5, 2024. (Xinhua/Liu Bin)

    LEAVING NO ONE BEHIND

    Ahead of Xi’s state visit to Brazil late last year, the Portuguese edition of the book “Up And Out Of Poverty” was officially launched in Rio de Janeiro. The book, first published in 1992, outlines Xi’s perspectives on poverty eradication, local governance, reform and development when he worked in the formerly impoverished prefecture of Ningde in China’s southeastern Fujian province.

    Poverty has long ranked atop among the problems facing the Global South. With Xi’s steadfast commitment and strong leadership, China has eradicated absolute poverty in its rural areas, a feat that no one had accomplished in China for thousands of years.

    At the G20 Summit in Rio de Janeiro last year, Xi spoke with quiet conviction, recounting his lifelong dedication to poverty alleviation, from his time as a local official to his current role as China’s top leader.

    In his speech, Xi said a weaker bird can start early and fly high. “If China can make it, other developing countries can make it too. This is what China’s battle against poverty says to the world,” he said.

    Xi’s “weaker bird” metaphor originated from his book on poverty. His speech struck a chord with several foreign leaders, who asked the Chinese delegation whether they could share a copy of the speech.

    The Chinese leader has placed great emphasis on development. For him, “development holds the master key to solving all problems,” particularly when the global development gap continues to widen. Over the years, Xi has also been active in rallying global efforts to put development back on the international agenda as a central priority.

    When attending the general debate of the 76th session of the UN General Assembly in 2021 via video, Xi proposed the Global Development Initiative, an international policy framework to promote sustainable development around the world. To date, the initiative has garnered the support and participation of over 100 countries and 20 international organizations.

    Intelligent equipment lifts containers at Chancay Port, Peru, on Nov. 14, 2024. (Xinhua/Li Mengxin)

    To boost common development in the Global South, Xi has been promoting practical cooperation through major infrastructure projects within the Belt and Road Initiative. During his foreign visits over the years, Xi would launch or visit major projects, such as the Chancay Port in Peru, the Dushanbe No. 2 power plant in Tajikistan and the Colombo Port City in Sri Lanka. When hosting leaders of the Global South in Beijing, Xi would also discuss with them major projects for cooperation during their talks.

    Xi believes that the Global South should be the main driving force for common development and that “On the path to modernization, no one, and no country, should be left behind.” He also supports countries of the Global South exploring paths of modernization tailored to their distinctive national conditions, rather than following Western development models.

    Also at last year’s G20 summit in Rio de Janeiro, Xi outlined eight measures in support of Global South cooperation, ranging from high-quality Belt and Road cooperation to boosting development in Africa. Months earlier, at the Forum on China-Africa Cooperation in Beijing last year, Xi unveiled 10 partnership actions and granted zero-tariff treatment on all product categories to the least developed countries with which it has diplomatic relations.

    An exhibitor (R) introduces African products to visitors during the fourth China-Africa Economic and Trade Expo at Changsha International Convention and Exhibition Center in Changsha, central China’s Hunan Province, June 13, 2025.  (Xinhua/Chen Sihan)

    Gu Qingyang, associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, said, “China can play a positive role in the development of Global South countries,” adding that Chinese technology and expertise in industrial development can support the modernization of the Global South’s various regions.

    EMPOWERING GLOBAL SOUTH IN INTERNATIONAL GOVERNANCE

    As Xi once observed, in the face of global changes of the century, pursuing modernization and working for a more just and equitable international order are the sacred historic missions of Global South countries.

    Xi described the BRICS countries as “leading members of the Global South,” calling for building BRICS into “a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform.”

    Since becoming Chinese president in 2013, Xi has always been a steadfast champion of BRICS cooperation. In Xiamen, he advocated for the “BRICS Plus” program at the 2017 BRICS summit, calling for more active participation from other emerging markets and developing nations. He played a crucial role in propelling the BRICS’ historic expansion in 2023, ushering in the era of greater BRICS cooperation.

    Effective coordination between BRICS members and other countries in the Global South has been adding more bricks to the global governance architecture. The New Development Bank exemplifies this effort.

    Xi said the bank serves as “an important emerging force in the international financial system,” which should work to “make the international financial system fairer and more equitable and effectively enhance the representation and say of emerging markets and developing countries.”

    Aerial photo taken on Dec. 17, 2020 shows the headquarters building of BRICS New Development Bank (NDB) in east China’s Shanghai. (Xinhua/Fang Zhe)

    Over the years, China, under Xi’s leadership, has taken concrete steps to advocate for developing countries, help Global South countries enhance their representation and voice in international governance, and promote a more just and equitable international order.

    At the 2022 G20 summit in Bali, Indonesia, China took the lead in supporting the African Union (AU)’s membership in the G20. In their meeting on the sidelines of the summit, then Senegalese President Macky Sall, who was also the AU chairperson that year, thanked Xi for being the first to publicly support the AU’s G20 membership.

    The global leadership today remains lopsided, and rebalancing this skewed system is a shared imperative for both the Global North and South, said Paolo Magri, managing director and chair of the advisory board of the Italian Institute for International Political Studies, a think tank.

    “Global South countries marching together toward modernization is monumental in world history and unprecedented in human civilization,” Xi said at the “BRICS Plus” Dialogue in Kazan, Russia, last year, while acknowledging that “the road to prosperity for the Global South will not be straight.”

    “No matter how the international landscape evolves, we in China will always keep the Global South in our heart, and maintain our roots in the Global South,” Xi pledged.

    MIL OSI China News

  • MIL-OSI Russia: Industrial and Commercial Bank of China’s Turkey branch granted clearing bank status for yuan settlements

    Translation. Region: Russian Federal

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

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

    BEIJING, July 3 (Xinhua) — The Industrial and Commercial Bank of China’s branch in Turkey has acquired the status of a clearing bank for yuan settlements, the People’s Bank of China (PBOC) said.

    The regulator noted that this decision was made in accordance with the memorandum of understanding signed by the central banks of both countries.

    Earlier, on June 13, the PBOC announced that the two banks had signed a memorandum of understanding to establish a clearing mechanism for yuan settlements in Turkey. Such a mechanism will facilitate the use of national currencies for cross-border settlements between enterprises and financial institutions in both countries, and will also further facilitate bilateral trade and investment procedures.

    On the same day, the PBOC announced the extension of a bilateral currency swap agreement with the Central Bank of Turkey. The total amount of funds in it reached 35 billion yuan (approximately 4.88 billion US dollars), or 189 billion Turkish lira.

    According to official data, China is currently Turkey’s largest trading partner in Asia and the third largest in the world. -0-

    MIL OSI Russia News

  • MIL-OSI China: Consumption set to continue robust growth

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

    chinadaily.com.cn | July 3, 2025

    Bolstered by sustained policy support for trade-in programs, China’s consumption is likely to continue its robust growth momentum in the second half of the year, better underpinning the country’s stable economic growth amid mounting external uncertainties, analysts said.

    China still has ample fiscal headroom to reinforce its trade-in initiative later this year should consumer demand exhaust its initial 300 billion yuan ($42 billion) allocation, they said, emphasizing that similar policy incentives could be extended to the service sector to foster more sustainable consumption growth.

    On Tuesday, the Ministry of Finance announced the issuance of 11 ultra-long-term treasury bonds in the third quarter, with four of them seeing their timelines accelerated compared with the previous plan released in April. This will help maintain a continuous flow of funding to support policies meant to boost consumption, analysts said.

    According to the National Development and Reform Commission, China’s top economic regulator, the third group of fiscal funding through ultra-long-term treasury bonds for the consumer goods trade-in program is scheduled to be allocated in July.

    The central government has earmarked 300 billion yuan in ultra-long-term treasury bonds to support the trade-in program for the whole year. The first two groups of fiscal funding, totaling 162 billion yuan, were allocated in January and April.

    “If the remaining 138 billion yuan runs out ahead of schedule, the possibility of unveiling additional funding this year cannot be ruled out,” said Zhao Wei, chief economist at Shenwan Hongyuan Securities.

    “As the trade war initiated by the United States still weighs on China’s economy, efforts to shore up domestic demand will be of paramount importance to mitigate external shocks and maintain steady growth,” he said.

    By avoiding a one-time, large-scale fund injection that could disrupt market dynamics, the phased allocation of the fiscal funds helps create a stable and supportive environment for the consumption recovery to take hold throughout the year, Zhao added.

    In late June, the People’s Bank of China, the country’s central bank, also pledged to leverage various tools in support of the trade-in programs, such as increasing credit support for recycling companies and home renovation suppliers and fast-track financing for manufacturers of energy-efficient smart home products.

    “Boosted by the trade-in programs, sales of household appliances, furniture and communication devices have registered rapid growth. Sales related to trade-ins have surpassed 1.4 trillion yuan so far this year,” said Li Chao, a spokeswoman for the National Development and Reform Commission, when addressing a news conference on June 26.

    According to data from the National Bureau of Statistics, China’s consumer spending in May posted its strongest monthly growth since 2024, with retail sales of consumer goods expanding 6.4 percent year-on-year in May, a 1.3 percentage point increase from April.

    Experts cautioned that although the trade-in policies have been effective in driving sales of consumers goods, they also carry the risk of front-loading consumer demand, which could create challenges down the line.

    “Providing similar consumption incentives to promote service sector spending could become a key policy lever going forward,” said Jiang Zhao, an associate researcher at the Chinese Academy of International Trade and Economic Cooperation.

    Jiang noted that development patterns in advanced economies indicate that upon entering high-income status, nations typically experience a gradual rise in the proportion of service consumption. As China approaches this threshold, its consumption structure is transitioning from being focused on goods to being focused on both goods and services, he said.

    Nevertheless, service consumption spans diverse sectors such as elderly care, tourism, fitness and healthcare, implying that subsidy programs would demand substantial fiscal funding and pose significant oversight challenges, Jiang said, adding that any decision to implement such incentives would require prudent assessment based on practical conditions.

    MIL OSI China News

  • MIL-OSI Russia: IMF Executive Board Completes the First Review under the Extended Credit Facility Arrangement for the Democratic Republic of the Congo

    Source: IMF – News in Russian

    July 2, 2025

    • The IMF Executive Board has completed the first review under the Extended Credit Facility arrangement for the Democratic Republic of the Congo. The decision allows for an immediate disbursement of US$ 261.9 million towards international reserves, to continue building buffers.
    • The DRC’s economy has been resilient in a challenging environment amid the escalation of the armed conflict in the eastern part of the country, which placed significant strains on the budget. The authorities have made good progress on the structural reform’s agenda, but a few quantitative targets were missed.
    • The recent peace agreement signed between the governments of the DRC and Rwanda, mediated by the United States, is encouraging for the prospect of a peaceful resolution of the conflict and renewed focus on development goals.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the first review under the Extended Credit Facility (ECF) Arrangement for the Democratic Republic of the Congo (DRC) approved on January 15, 2025 (see PR 25/003). The completion of the first review allowed an immediate disbursement equivalent to 190.4 million SDR (about US$ 261.9 million) to support balance-of-payment needs, bringing the aggregate disbursement to date to 380.5 million SDR (about 523.4 US$ million).  

    The DRC has been facing significant challenges amid the intensification of the armed conflict in its eastern part since end-2024. The escalation of hostilities has claimed thousands of lives and caused severe social and humanitarian damages, including disruptions in access to essential services such as food, water, and electricity. Diplomatic efforts are ongoing to secure a cessation of hostilities and ensure sustainable peace in the region. The signing on June 27, 2025, of a peace agreement between the governments of the DRC and Rwanda, under the mediation of the United States, is encouraging for the prospect of a peaceful resolution on the ongoing conflict and renewed focus on addressing development goals.

    Despite the challenging environment, economic activity remained resilient, with robust GDP growth of 6.5 percent in 2024, driven by continued dynamism in the extractive sector.  External stability has strengthened, as the current account deficit narrowed and the accumulation of international reserves continued. Inflationary pressures continue to ease, and year-on-year inflation declined from 23.8 percent at end-2023 to 11.7 percent at end-2024 and [8.5] percent at end-June 2025.

    Performance under the program was mixed, as the intensification of the conflict has placed significant strains on the budget. Despite strong revenue collection, the domestic fiscal deficit reached 0.8 percent of GDP in 2024, exceeding the program target of 0.3 percent, owing to spending overruns linked to the escalation of the conflict, including on exceptional security spending and public investments. The program target on the Central Bank of the Congo (BCC)’s foreign exchange assets held with domestic correspondents was missed as well, due to higher-than-expected tax payments in foreign currency on government accounts. Other quantitative performance criteria of the ECF were met. Most indicative targets were also met, except those related to the floor on social spending and the ceiling on spending executed through emergency procedures—owing to elevated exceptional security spending linked to the conflict intensification. Appropriate corrective measures are being implemented by the authorities.

    In completing the first review, the Executive Board also approved the authorities’ request for waivers of nonobservance of the performance criteria on the floor on the domestic fiscal balance at end-December 2024 on the basis of corrective actions, and the continuous ceiling on the levels of foreign currency assets of the BCC held with domestic correspondents on the basis of the temporary nature of the deviation which has since been remedied. Further, the Executive Board completed the financing assurances review under the ECF arrangement. No reform measures under the Resilience and Sustainability Facility (RSF) arrangement, approved in January 2025, were due for review at this time.

    At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy Managing Director and Chair stated:

    “The Democratic Republic of the Congo (DRC) has been confronted with heightened security challenges since late 2024. The escalation of the conflict in the eastern part of the country has caused serious human, social and economic damage and induced the government to increase spending. Despite these difficulties, the macroeconomic environment of the DRC remained broadly stable. Growth has remained robust, due to the resilience of mining production. Inflation continues to decrease, and the external position has strengthened. The economic outlook remains positive, but is fraught with downside risks related to the persistence of the conflict, declining external humanitarian assistance, global economic headwinds, and potential escalation of geopolitical conflicts. The authorities are committed to closely monitor these risks and to respond proactively to evolving challenges.

    “Budget implementation remains challenging in a difficult security context. As a result, the domestic fiscal deficit is projected to be larger than initially projected for 2025, but is expected to return to the path envisaged at program approval starting in 2026, reflecting the authorities’ commitment to carry out measures to enhance domestic revenue mobilization and strengthen the budget implementation process. Additionally, to guard against unforeseen adverse shocks, the authorities have adopted a contingency plan.

    “The Central Bank of the Congo (BCC) has maintained a tight monetary policy stance, thereby helping bring inflation down to single digits for the first time in three years. The accumulation of international reserves has continued, on the back of the narrowing of the current account deficit. Efforts must continue, to strengthen the monetary policy implementation framework, refine the foreign exchange intervention strategy, enhance the governance and safeguards of the BCC and ensure its adequate recapitalization.

    “The authorities have committed to accompany these efforts to preserve macroeconomic stability with an acceleration of structural reforms in key areas, including strengthening the AML/CFT framework, improving the business climate, enhancing transparency and governance, combating corruption and upgrading national statistics. Efforts to lay the groundwork for a timely implementation of the reform measures underpinning the RSF arrangement approved in January should be stepped up.”

    Table 1. Democratic Republic of the Congo: Selected Economic and Financial Indicators, 2023-26

    2023

    2024

    2025

    2026

    Est.

    CR No. 25/023

    Prel.

    CR No. 25/023

    Proj.

    CR No. 25/023

    Proj.

    (Annual percentage change, unless otherwise indicated)

    GDP and prices

      Real GDP

    8.5

    6.0

    6.5

    5.4

    5.3

    5.1

    5.3

         Extractive GDP

    19.7

    11.6

    12.2

    7.7

    8.2

    5.2

    5.8

         Non-extractive GDP

    3.5

    3.2

    3.5

    4.2

    3.6

    5.0

    5.0

      GDP deflator

    14.4

    17.4

    19.9

    8.8

    8.2

    7.4

    6.7

      Consumer prices, period average

    19.9

    17.7

    17.7

    8.9

    8.8

    7.3

    7.1

      Consumer prices, end of period

    23.8

    12.0

    11.7

    7.8

    7.8

    7.0

    7.0

    (Annual change in percent of beginning-of-period broad money)

    Money and credit

      Net foreign assets

    19.9

    17.4

    23.0

    18.2

    14.5

    23.7

    22.7

      Net domestic assets

    20.3

    4.9

    5.6

    -3.5

    -1.0

    -10.9

    -10.5

         Domestic credit

    34.3

    15.4

    15.2

    9.9

    10.5

    3.7

    4.2

      Broad money

    40.3

    22.4

    28.1

    14.7

    13.8

    12.8

    12.3

    (Percent of GDP, unless otherwise indicated)

    Central government finance

      Revenue and grants

    14.8

    15.6

    15.2

    15.0

    14.8

    14.9

    14.9

      Expenditures

    16.5

    16.8

    16.5

    16.8

    17.0

    16.6

    16.6

      Domestic fiscal balance

    -1.2

    -0.3

    -0.8

    -0.8

    -1.2

    -0.8

    -0.8

     

     

     

     

     

     

     

     

    Investment and saving

     

     

     

     

     

     

     

      Gross national saving

    9.5

    9.1

    9.6

    12.2

    11.2

    13.0

    12.5

      Investment

    15.7

    14.2

    13.5

    15.0

    14.4

    15.3

    14.8

         Non-government

    12.0

    10.0

    10.0

    10.0

    10.0

    10.0

    10.0

     

    Balance of payments

      Exports of goods and services

    44.0

             45.1

    47.4

    45.4

    46.1

    45.5

    46.6

      Imports of goods and services

    49.9

    48.9

    50.3

    47.3

    47.5

    46.9

    47.0

      Current account balance, incl. transfer

    -6.2

    -5.1

    -3.9

    -2.8

    -3.2

    -2.4

    -2.4

      Current account balance, excl. transfers

    -7.5

    -5.1

    -5.0

    -2.7

    -3.4

    -2.3

    -2.6

      Gross official reserves (weeks of imports)

    8.2

    10.0

    10.1

    11.5

    11.8

    12.7

    12.8

     

    External debt

      Debt service in percent of government revenue

    7.6

    5.7

    6.1

    6.7

    7.1

    7.0

    7.4

    Sources: Congolese authorities and IMF staff estimates and projections.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

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

    https://www.imf.org/en/News/Articles/2025/07/02/pr-25238-democratic-republic-of-the-congo-imf-completes-the-1st-rev-under-ecf-arrang

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Business First Bancshares, Inc. Announces Second Quarter 2025 Earnings Release Date and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    BATON ROUGE, La., July 02, 2025 (GLOBE NEWSWIRE) — Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, announced today that it is scheduled to release its financial results for the second quarter ended June 30, 2025, before market open on Monday, July 28, 2025, at 7:00 a.m. CST. Executive management will host a conference call and webcast to discuss results on the same day (Monday, July 28, 2025) at 9:00 a.m. CST.

    Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 2799880 or asking for the Business First Bancshares conference call.

    The live webcast can be found at https://edge.media-server.com/mmc/p/ jqbmtwns. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.

    About Business First Bancshares, Inc.

    As of March 31, 2024, Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $7.8 billion in assets, $7.1 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.

    Media Contact: Misty Albrecht                               
    b1BANK
    225.286.7879
    Misty.Albrecht@b1BANK.com
     
    Investor Relations Contact:
    Gregory Robertson                                       
    337.721.2701                                               
    Gregory.Robertson@b1BANK.com
    Matt Sealy
    225.388.6116
    Matt.Sealy@b1BANK.com

    The MIL Network

  • MIL-OSI USA: ICE HSI Newark operation makes 18 arrests, takes down Newark open-air drug market

    Source: US Immigration and Customs Enforcement

    NEWARK, N.J. –U.S. Immigration and Customs Enforcement Homeland Security Investigations Newark and multiple federal, state and local partners made 18 arrests of alleged co-conspirators for roles in a drug trafficking organization on July 1 in Newark, New Jersey.

    The arrests are a result of a 14-month HSI Newark investigation with the Newark Police Department and the U.S. District Attorney for the District of New Jersey.

    “In addition to the 18 arrests, HSI’s investigation led to federal charges filed against 24 individuals and we executed seven federal search warrants in and around Essex County, New Jersey,” said HSI Newark Special Agent in Charge Ricky J. Patel during a press conference following the operation. “Law enforcement partnership and teamwork were essential in our success. I am proud to say these alleged conspirators operating the sale of narcotics primarily from the Bradley Court Public Housing Complex have been stopped thanks to thousands of hours of police work. The livelihood of the tenants throughout 10 three-story apartment buildings who have been plagued by this dangerous enterprise for far too long can now feel a sense of safety and security.”

    On July 2, two additional defendants were arrested. Four remain at large.

    HSI Newark’s investigation uncovered a complex criminal enterprise with ties to transnational organized crime, that distributed more than 400 grams of fentanyl and a kilo of heroin. During the takedown operation, approximately $113,000 dollars in bulk cash/drug proceeds, illicit firearms, ammunition, narcotics, including 28 bricks of fentanyl and heroin, and vehicles were seized.

    According to the investigation, the defendants are members or associates of Sex, Money, Murder—a Blood affiliated criminal street gang (“Enterprise” or “the Enterprise”) that controls the drug trade in Bradley Court Housing Complex located near North Munn Avenue and Tremont Avenue in Newark. The Enterprise are also known as Munn Block, M-Blok, and Tombstone Gang (TSG). Munn Block are closely aligned with another Blood affiliated gang known as Voorhees, who operate around Voorhees Street—members and associates of the Enterprise refer to the collective union as “MunnHees”.

    “It is critical for the public to understand that these individuals engaged in the most dangerous of action, were armed and were involved in shootings,” said SAC Patel. “They peddled narcotics to include fentanyl, heroin, and crack cocaine, all while risking the lives of those around them for power and money. Surveillance, undercover activity and electronic monitoring were just some of the necessary steps needed to bring these individuals to justice.”

    For over a year, law enforcement conducted extensive surveillance of the area, conducted numerous controlled purchases of narcotics, seized narcotics through enforcement action, and analyzed telephone records, all of which demonstrated extensive interactions between and among the charged defendants. Members and associates of the Enterprise are known to use social media on a variety of platforms and mobile applications, including Instagram, YouTube, X (formerly Twitter), Signal, Telegram, and WhatsApp to conduct the business of the Enterprise, communicate with one another, promote the Enterprise through sharing photographs and videos, and further the Enterprise’s goals. Specifically, the Enterprise uses the release and promotion of drill rap songs and music videos on social media to intimidate rival gang members, witnesses, and other members of the community, and to promote the Enterprise.

    “For far too long, the Bloods have overtaken the Bradley Court Housing Complex — turning its courtyards and residential buildings into a hub for pumping deadly fentanyl into the city of Newark, while endangering the lives of the citizens who call this community home.” said U.S. Attorney Alina Habba. “This poison has ripped families apart and stolen countless lives. That stops today. These arrests affirm my office’s commitment to taking guns and drugs off the streets and serves as a clear warning to anyone who considers engaging in violent activity. The defendants in this case, as in all criminal cases, are presumed innocent unless, and until proven guilty. However, everyone should understand that if you spread this poison or engage in this violent activity, we will use every resource necessary to find you, dismantle your operation, and prosecute you.”

    Other agencies who supported HSI Newark’s investigation and operations were the U.S. Customs and Border Protection, Federal Bureau of Investigation, U.S. Marshals Service, Essex County Prosecutor’s Office, Middlesex County Prosecutor’s Office, the New Jersey State Police, Newark Police Department, East Orange Police Department and the Newark Housing Authority Security Department.

    Shamon Freshley, a/k/a “Hitta,” 26, Orlando Pizarro, a/k/a “Lando,” 26, Zakir Jefferson, a/k/a “Gu,” a/k/a “Tank,” 26, Quayyon Johnson, a/k/a “Weeze,” 22, Melvin Faines, a/k/a “Spaz,” 34, Afrika Islam, a/k/a “Sexx,” 29, Shaheem Webb, a/k/a “YC,” 23, Eustace Weeks, a/k/a “Juxx,” 26, Ali Baker, a/k/a “Surf,” 34, Jose Ward, a/k/a “Hec,” 22, Brandon Sneed, a/k/a “Pops,” 31, Eric Banks, a/k/a “Lil Maneskii,” 19, Tauheed Carney, a/k/a “Bmunn,” 21, Tykee Stokes, a/k/a “Big,” 32, Shafeek Barker, a/k/a “Sha,” 28, Ibn Perry, a/k/a “Loop,” 38, Alvin Jones, a/k/a “Lucky,” 41, Kirk Mansook, a/k/a “Crow,” 39, Tyjanique Green, a/k/a “Ski,” 24, Jubar Hughes, a/k/a “Dudu,” 27, Daisean Williams, a/k/a “Khaos,” 22, Jason Wardlaw, a/k/a “Jayr,” 30, and Rana James a/k/a “Pooh,” 28, all of Essex County, New Jersey, were charged with one count of conspiracy to distribute fentanyl, heroin, and cocaine.

    Sebastian Pierrecent, a/k/a “Sosa,” 21, Quayyan Johnson, and Tauheed Carney are also each charged with possession of a machine gun. In addition, Pierrecent is charged with possession of firearms and ammunition by a convicted felon.

    Pierrecent, Johnson, and Carney, are also charged with possession of a machine gun that was used in the June 17 shooting in rival gang territory near Mapes Avenue in Newark.

    The defendants charged in the drug conspiracy face a mandatory minimum penalty of 10 years in prison, maximum potential penalty of life in prison, and a $10 million fine. Pierrecent, Johnson, and Carney each face up to 10 years in prison for possession of the machinegun. Pierrecent faces up to 15 years in prison for possession of firearms and ammunition as a convicted felon.

    MIL OSI USA News

  • MIL-OSI USA: Hickenlooper, Polis, DeGette, Neguse, Crow, Pettersen Denounce Republicans’ Reckless Budget Bill, Pressure House Members to Vote Against It

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper
    Yesterday, Senate Republicans passed their budget that’ll increase prices for Coloradans, strip health care from 17 million Americans, increase the deficit, and give tax cuts to the ultra-wealthy
    House Republicans are currently voting on the bill
    WASHINGTON – Today, U.S. Senator John Hickenlooper, Colorado Governor Jared Polis, and U.S. Representatives Diana DeGette, Joe Neguse, Jason Crow, and Brittany Pettersen held a virtual statewide press conference to detail the impact the Republican budget bill will have on Colorado. They urged the House of Representatives to reject the extreme legislation after it passed the Senate yesterday. The elected officials were joined by leaders from across Colorado who would be impacted by the harmful cuts in the legislation.
    “This was a vote that would strip 17 million Americans, including many, many children, of their health care, push more than 300 rural hospitals to close, gut investments in affordable and clean energy, and would expand our national debt at a level that we have never imagined before. All this just to accommodate these lavish tax cuts for wealthy Americans,” said Hickenlooper. “This fight isn’t over, and people calling and organizing, putting pressure, has had a huge effect.”
    “Budgets reflect values, and Republicans in Congress – including members of our delegation – are making it clear that they don’t value health care access for Coloradans, access to food for children and families, job creators in clean energy, or balancing the budget,” said Polis.
    “The bottom line is, this bill is the worst bill I’ve ever seen in my many years in Congress,” said DeGette. “Colorado hospitals would lose $10 billion in federal funding in this legislation. Many of the rural hospitals, particularly in Western and Northern Colorado, will have to go out of business. This will not only hurt people who get Medicaid. It will hurt the entire community.”
    “It would be devastating for Western Colorado, Northern Colorado, Southern Colorado, for rural Colorado in particular…” said Neguse. “This will clearly exacerbate and turbo charge a poverty crisis in our country by virtue of the cruel cuts that have been included in the bill…. So we’re going to use every procedural tool that we can to try to stop and block this bill from proceeding.”
    “We can’t understate the disastrous impact in the life and death consequence of this bill,” said Crow. “This is the single largest – if this bill passes – this will be the single largest transfer of wealth from the working class to the top one percent and large corporations in the history of America. And on top of that, it’s going to blow up the budget and add over $3 trillion to the debt.”
    “It is heartbreaking to think about the impacts that this disastrous bill is going to bring to communities in Colorado and across the country,” said Pettersen. “Today, I’m thinking about the 40% of kids in the United States who rely on Medicaid for care, the 40% of pregnant women who rely on Medicaid, and people like my mom who work a low wage job and would be unable to access care. We’re leaving people like her behind and decimating all the progress we’ve made to build up our capacity and our system across Colorado. And it’s going to hit all of us.”
    The Senate-passed reconciliation bill includes a $3 trillion tax cut for the wealthiest Americans. It pays for those tax cuts by taking healthcare away from 17 million Americans, forcing rural hospitals in Colorado to close their doors, gutting clean energy investments, and ballooning our national debt by trillions of dollars.
    After more than 24 hours of voting with a record-setting number of amendments, Hickenlooper voted NO on the budget resolution after Republicans voted down critical Democratic-led amendments to prevent cuts to Medicaid, SNAP, and Inflation Reduction Act clean energy funding.
    The reconciliation bill now heads to the House for final passage. Only four House Republicans need to vote against the bill for it to fail.
    For video clips of the press conference, click HERE.
    Taking Health Care Away from 17 Million Americans
    The Republican budget proposal calls for extreme Medicaid cuts of more than $1 trillion, which would take away people’s health benefits; make it harder for them to see their health care providers; and prevent seniors from getting nursing home care. It also fails to extend the Affordable Care Act expanded premium tax credits, which expire at the end of 2025. As a result the Congressional Budget Office estimates that 17 million Americans will lose health insurance by 2034, and our national debt will increase by $3.3 trillion.
    “For every dollar invested in Medicaid in Colorado, we see more than double in economic activity and benefit returned. That means these cuts will have a huge ripple effect and severely harm our economy, and it will hit rural areas where Medicaid is most important the hardest,” said Adam Fox, Deputy Director at the Colorado Consumer Health Initiative. “At the end of the day, though, what this means, and what we hear from folks who rely on Medicaid and the Affordable Care Act, is this bill is going to force more Coloradans into impossible decisions between paying for the care that they need and keeping a roof over their head or food on their table.”
    “I can’t underscore how important Medicaid and the [ACA] health exchanges are for our patients for Sunrise and for our community…” said Mitzi Moran, CEO of Sunrise Community Health in Evans. “Medicaid expansion in 2008 and in 2013 changed things dramatically for our patients and for Sunrise… [our patients] still struggle with the tough choices, but at least medication is not in the mix, and they have coverage when they seek care at the hospital.”
    “Southwest Health Systems is a 20 bed, critical access hospital… Our physicians and advanced practice providers deliver primary care services for almost 9,000 members of our Southwest Colorado communities. Our emergency department provided services to more than 13,500 urgent and emergency conditions last year in 2024,” Joe Theine, CEO of Southwest Health System in Cortez. “Permanent cuts to the provider taxes and state directed payments, along with other changes to the Medicaid program, put at risk the services that we offer to people who live, work and travel throughout Southwest Colorado.”
    “I have two adult children with developmental disabilities, a 24 year old son and a 20 year old daughter. Our family members are recipients of Medicaid Home and Community Based Services (HCBS) waivers, and these are not known by the general public very well, but they are state specific programs under Medicaid that provide much more than basic health care and dental care,” said Deana Cairo, Disability Rights Activist. “[Eligibility redeterminations every six months] is likely to result in more problems… There’s going to be service interruptions, loss of care. People are going to fall off the rolls. People who don’t have people to advocate and appeal for them are going to become unhoused. It’s going to be a disaster.”
    Slashing Investments in Clean Energy and Driving up Energy Bills
    The Republicans voted to gut hundreds of billions in Inflation Reduction Act (IRA) clean energy investments, including tax credits for wind and solar. The results: over a million jobs lost, hundreds of billions in lost GDP and lost wages, electricity price inflation, and killing new renewable energy needed to prevent blackouts.
    “Republicans are always talking about independence and being dominant in our industries. This is how we become energy dominant. It’s not just wind. It’s not just solar. It’s not just natural gas plants. It’s not just nuclear power plants. It takes every single one of these technologies for us to create that.” said Josh Shipley, Owner of Alternative Power Enterprises in Ridgway. “And this is this bill is going to kill that – there’s no ifs, ands, or buts about it. Small businesses like mine will go out of business because of it. There will not be the workforce that is going to be required to create that energy dominance later, when they’ve realized what they’ve done.”
    “By cutting these energy tax credits, they are going to end so much of the thriving industry, the jobs and the new electrons that are being put on the grid, and ultimately, they’re going to hurt local communities and our low cost energy right now,” said KC Becker, CEO of Colorado Solar and Storage Association and former EPA regional administrator.
    Hickenlooper took to the Senate floor in the middle of the night in support of his amendment to protect the IRA’s residential clean energy credit. He also worked with his colleagues to alter a few of the worst clean energy proposals, including eliminating a devastating renewable energy excise tax.
    Crushing Safety Net Programs Coloradans Depend on
    The Republican bill also rips away financial safety nets and crucial programs from millions of Americans, including the federal Supplemental Nutrition Assistance Program (SNAP) that supports 55,000 Coloradans.
    “The majority of the households that would be affected by this bill, as mentioned, are working families with children, seniors, veterans and people with disabilities. With these high levels of food insecurity, food banks like ours cannot meet the increased need without vital federal assistance programs,” said Sue Ellen Rodwick, Western Slope Director of Food Bank of the Rockies. “One story I have is from a woman that one of my staff members was able to help out in Meeker. An older adult and she didn’t know that she would qualify for SNAP. We got her signed up for SNAP and our food program for older adults. She said it’s amazing, because even just the drive to the grocery store from Meeker to Rifle, that’s a 40 minute drive to get to a larger grocery store with affordable prices. This program makes a difference for so many people, and we need the funding for that outreach to help people give them assistance to enroll in SNAP.”

    MIL OSI USA News

  • MIL-OSI Russia: Georgia’s External Debt Reaches $25.5 Billion

    Translation. Region: Russian Federal

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

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

    Tbilisi, July 2 (Xinhua) — Georgia’s total external debt as of March 31, 2025 reached $25.5 billion, accounting for 74.2 percent of GDP over the past four quarters, the National Bank of Georgia (Central Bank) said on Wednesday.

    In the first quarter of 2025, Georgia’s external debt increased by $300.4 million.

    Of the total, $11 billion is the state debt, of which $8.5 billion is the government debt, $822.8 million are the National Bank’s obligations, $449 million and $1.2 billion are the debt of state-owned enterprises on bonds and loans, respectively.

    According to the Central Bank, 88.6 percent of external debt is denominated in foreign currency. –0–

    MIL OSI Russia News

  • MIL-OSI Russia: Kingdom of the Netherlands – Curaçao: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    July 2, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC.

    Curaçao’s economic activity expanded by 5 percent in 2024, as strong tourism performance trickled into the wider economy. Stayover arrivals, growing at double digits, continued to outperform Caribbean peers and carried over to other sectors, including whole trade, real estate, and construction. Mostly related to holiday homes and hotels, construction was further fueled by strong mortgage growth and complemented by a resumption of public investments under the Road Maintenance Plan. Average headline inflation declined to 2.6 percent in 2024 from 3.5 percent in 2023, in line with global oil prices and lower US inflation. Real wages increased for the first time in five years but job creation continued to be dominated by informal construction and tourism-related sectors while formal employment declined. The primary surplus continued its upward trajectory on the back of increased tax collection on goods and services. The current account deficit widened due to higher merchandise imports, mainly related to construction activity.

    The government is pursuing an ambitious agenda to steer a now tourism-led economy, amidst heightened global uncertainty. Mindful of tourism saturation and a decoupling of local living standards, the authorities strive to improve social conditions while generating sustainable and green growth amid safeguarding solid public finances. The near doubling of the tourism footprint within five years brought profound structural shifts to Curaçao’s economy, including the decline in manufacturing and rise in services, lower overall wages, higher informality, and greater reliance on – more regressive – indirect taxation. Policy responses need to shift accordingly. Priorities are rightly focused on upgrading tourist experiences and diversification, improving skills and labor market conditions, and reforming the tax system in an equitable way while addressing social spending pressures. The administration has delivered on a first round of targeted, one-off pension increases this year, continued reforms to contain health costs, expanded investment in education infrastructure, and came closer to its renewables target with the opening of the latest wind park in 2024. The landspakket, a structural reform package agreed with the Netherlands in 2020, continues to guide structural reforms.

    Outlook and Risks

    Growth is projected to moderate to 4 percent in 2025, balancing domestic impulses and heightened global uncertainty, before gradually converging to 2 percent over the medium term. Further expansion of stayover tourism and construction activity will continue to support growth in 2025, along with fiscal expansion driven by higher public investments. Potential negative effects of slowing global demand and heightened uncertainty would dampen tourism flows towards the end of 2025 and 2026. Growth is expected to moderate to 2 percent over the medium term, given saturation in tourism and slower global demand, while public capital spending would be carried forward, including in road infrastructure and the energy value chain. Headline inflation is projected to stabilize at 2.5 percent in 2025, subject to oil price-related uncertainty. Fiscal accounts would remain in surplus, fully compliant with the fiscal rule, allowing the government to partially settle a large bullet loan in 2025 with own liquid reserves, thereby accelerating the impressive downward trajectory of debt. The current account deficit would decline in the medium term but remain elevated.

    Risks to the outlook are tilted to the downside. External risks include trade policy and investment shocks, which could induce higher inflation and lower external demand, adversely impacting tourism arrivals. Domestic upside risks include faster-than-expected advances in the green hydrogen value chain project and development of other energy sources. On the downside, lower-than-expected disbursements in public investments and delays in infrastructure improvements could set back the expected increase in potential growth from the expansion of hotel capacities. Continued high growth in mortgage credit fueling rising house prices could lead to financial sector as well as household balance sheet vulnerabilities. Buffers include access to favorable refinancing conditions on the Dutch capital market, subject to compliance with the fiscal rule, which grants the island substantial fiscal space, notably for capital and emergency spending.

    Tailoring Fiscal and Structural Policies to a Tourism-led Economy

    Safeguarding Medium-term Fiscal Sustainability

    Reaching the medium-term debt target and further sustaining growth will require weighing the need to boost investments and address social spending pressures while reforming the tax system in an equitable manner.  

    Advancing healthcare reforms is an urgent priority to restore the sector’s financial sustainability and limit medium-term fiscal risks. Annual deficits of the SVB healthcare fund amounted to around 5 percent of GDP over the past years, excluding central government transfers, with an additional 1 percent of GDP annual deficit by the Curaçao Medical Center. Transfers to the latter were recently increased to better cover operating costs and invest in new medical equipment, but the health system’s overall finances remain unsustainable. Curaçao’s health expenses, around 13 percent of GDP, stand out relative to regional peers and surpass the OECD average. Possible efficiency gains on the spending side would include additional volume and price measures for pharmaceuticals, re-evaluation of laboratory service tariffs, further expansion of primary care to contain hospital visits, and improvements in preventive care, with the latter likely to materialize over the longer horizon. Revenue reform options would include a broadening of the contributor base, e.g., via the inclusion of migrant workers, increasing co-payments for higher-income households, allowing for price differentiation for the privately insured, exploring options to charge for add-on services, with a possible secondary, private insurance market for these services, and expanding the potential in medical tourism. 

    The authorities’ plans to adjust pension benefits for lower-income households in a fiscally responsible manner are welcome and should be accompanied by widening the contribution base. Staff welcomes the intention to reassess benefit levels, given the pausing of indexation and a decline in real per capita benefits by 23 percent between 2016 and 2024. Applying inflation indexation to residents’ pensions only would allow for a broadly balanced budget of the old-age pension scheme (before central government transfers). Considerations to providing a supplement for low-income pensioners, which could cost around ½ percent of GDP per year, should be partially financed by broadening the contributor base. Legalizing predominantly young migrant workers and providing incentives for them and their employers to formalize (see below) would increase revenues by about 0.3 percent of GDP. Ensuring longer-term sustainability of social insurances would likely imply tapping general budget resources, which could be expanded with selected measures while avoiding earmarking (see below). Meanwhile, the current draft law to make second-pillar occupational pension plans mandatory would reduce reliance on old-age pensions and increase private savings, which would also help alleviate the sizable current account deficit.

    The authorities envisage the introduction of a VAT while continuing the modernization of the tax authority and improving revenue collection. Given Curaçao’s already significant tax burden and the recent expansion of direct taxation from a pre-pandemic average of 11 percent of GDP to 14 percent of GDP in 2024, plans to design the envisaged VAT reform in a revenue-neutral and equity-enhancing way are welcome. Expanding property taxation on second homes should be prioritized, as well as the purchase and implementation of digital infrastructure to modernize Curaçao’s tax system. Further considerations to introduce a tourism fee (by 2026), end tax holidays on import duties, and adjust permitting fees would lift revenues and contribute to compensating for potential pension increases.

    Further efforts are needed to boost investments and improve government service delivery. While capacity constraints were successfully addressed in the ramp-up of investments in 2024, including by hiring external project managers, capacity in planning and execution must be strengthened further to administer the needed investment increase of 2-3 percent of GDP in the coming years, including via a centralized investment planning unit. Implementing multi-year project budgeting and establishing a transparent procurement system will be critical to improve execution, ensure the efficient allocation of financing resources, and grant space to a gradual inclusion of adaptation investments against damage from sea level rise. Efforts to render health and pension spending as well as goods and services taxation more equitable hinge on improving means-testing and maintaining a state-of-the-art registry for lower-income households.  

    Labor Market Policies to Address Informality and Improve Education

    Informality could be addressed by strengthening incentives for formal work, improving enforcement and monitoring, and tightening eligibility criteria for receiving benefits. Decomposing changes in the formal workforce over the past decade, the strong decline in formal employment was mostly driven by a drop in registered jobs among men, especially in prime working age. Half of this decline cannot be explained by demographics, migration, or unemployment, and is likely attributed to the transition to informality. Tourism and construction sectors offer relatively more opportunities for informal work, making it harder to design the right incentives for formalization. Incentivizing formality, however, is crucial to maintaining government revenues and ensuring social protection for workers, and could be fostered by: facilitating access to education, increasing formal sector productivity, introducing more in-work benefits for workers with incomes between minimum and median wage, and stricter eligibility criteria for monthly assistance, along with strengthening enforcement and monitoring.

    Skill deterioration compounded by population aging is a key drag on long-term potential growth. The 2023 census showed that education levels of new entrants to the labor force are below the level of the pre-retirement cohort, and young employees tend to work in more precarious positions. Ongoing investments in education, in line with landspakket recommendations, including in schools’ physical as well as digital infrastructure, are very welcome. Recent initiatives to attract graduates back to the island, including with tax incentives, and an expedited labor permitting process for high-skill workers are important steps in the right direction. These could be complemented by vocational training to lift the overall skill level and reduce skill mismatches, in line with government’s proposed stimulation package with incentives for employer-led vocational education. Integrating migrants into the workforce would grant them perspectives to grow and invest in their skills.

    Fostering Competitiveness and Diversification

    Bracing for slower growth and mindful of market saturation and the global context, the authorities’ focus is rightly on tourism value added and diversification of source markets. Roads and transportation are among the key bottlenecks of the island, and more public investments are needed to improve the connectivity within the island for tourists to venture out. Public and private investments should also be directed to maritime infrastructure to attract more yacht tourists and move up the tourism value chain. Increasing the number of taxi licenses is welcome and will improve tourist experiences through better mobility. Efforts to tap markets in South America have proven successful, and new flight routes opened from Brazil, Argentina, and Colombia, countries with a large consumer base and rising purchasing power.

    Fostering non-tourism sectors in areas of competitive advantage would help build resilience against global shocks and attract additional investments. Building on recent successful reforms to expedite business permits and promote digitalization, more progress is needed to achieve the authorities’ goals as outlined in the National Export Strategy. Curaçao’s connection to a new submarine cable throughout the Caribbean and Miami from 2027 onwards could help expand the island’s data center industry – conditional on sufficient absorption capacity of the electricity grid and a moderation in electricity prices, which remain among the highest in the region. Planned investments in the grid by Aqualectra would be supported by funding from the Netherlands and provide the basis for lifting renewables electricity production to 70 percent by 2027 from around 50 percent currently. The envisaged floating offshore wind park of 3-10 GW would help cover Curaçao’s entire electricity demand and create new export opportunities, in addition to exploratory investments in other energy sources.

    In the presence of global uncertainty, diversification of trade as well as regional integration are key for mitigating Curaçao’s exposure to external shocks. Curaçao’s imports remain concentrated on advanced markets, providing ample room to expand goods imports from neighboring countries, such as Brazil and Colombia. As a new associate CARICOM member and acknowledging limitation of independent trade policy given Kingdom laws, Curaçao should continue strengthening regional cooperation and trade integration with neighboring states.

    The authorities’ commitment to lower corruption vulnerabilities are welcome. The online gaming law has been approved by parliament in end-2024, an important step towards meeting the landspakket’s rule of law target. Curaçao’s recent accession to the UN Convention Against Corruption and delisting from the EU grey list of non-cooperative jurisdictions, following key legal updates in 2024, is another step in the right direction and opens doors for further international cooperation and bilateral tax treaties, as pursued by the authorities. The mutual evaluations of the AML/CFT frameworks for both Curaçao and Sint Maarten are underway, with results expected to be published in mid-July 2025.

    The Monetary Union of Curaçao and Sint Maarten

    The external balance of the Union is expected to improve, following a mild deterioration in 2024. The Union’s current account deficit widened to around 17 percent of GDP in 2024 driven by higher imports, mainly related to construction on Curaçao, and despite strong growth in tourism receipts. Going forward, stronger travel receipts, moderation in construction-related imports, and an increase in renewables would support a contraction of the Union’s current account deficit towards 10 percent of GDP in the medium term. The deficit will continue to be financed by private investment inflows and decumulation of assets abroad. The stock of international reserves would remain broadly stable and adequate over the medium term. Given still sizable deficits and a sustained real effective exchange rate appreciation, staff’s preliminary assessment suggests that the external position in 2024 was weaker than the level implied by fundamentals and desirable policies in Curaçao and broadly in line in Sint Maarten, albeit subject to high uncertainty given persistent measurement biases. The assessment for the Union is the same as for Curaçao due to its larger size and current account deficits.

    The monetary policy stance is appropriate and continues to support the peg. Following developments in the US, the CBCS cut its benchmark pledging rate by a cumulative 100 basis points in September and November 2024 to 4.75 percent, and has kept it unchanged since then, in line with the pegged exchange rate regime. Transmission to banking sector interest rates continues to be weak, as deposit rates stayed broadly constant throughout the recent tightening and easing cycles, with a mild uptick in late 2023 driven by time deposits, and Union lending rates declined between 2018 and end 2024. Excess liquidity is the key impediment to the transmission, further exacerbated by the absence of interbank and government securities markets.

    With lending rates declining, credit growth has accelerated, entirely driven by mortgages in Curaçao. Mortgage credit in the union, the second highest in the Caribbean, has been growing by double digits in real terms post pandemic, while real overall credit growth has been negative. Driven by Curaçao, mortgages are expected to remain on an upward trajectory, including financing for the construction of second homes and vacation rental apartments. In Sint Maarten, on the contrary, mortgage credit growth turned negative in 2024, possibly reflecting delays in construction projects and cross-border financing on the French side. With the islands’ financial sectors predominantly financing tourism-related activities, credit to non-tourism sectors is declining in real terms.

    The financial sector is broadly sound and systemic risks are contained, but mortgage growth needs to be monitored closely while a macroprudential toolkit is further developed. Banks are well capitalized, among the highest in the region, but both NPLs and provisioning remain weaker than the CBCS early warning signal – and with respect to peers. Liquidity is abundant and has further increased, but the Union’s banks are somewhat less profitable than the Caribbean median and concentration remains high. Closely monitoring mortgage growth to detect overheating in the real estate sector and possible vulnerabilities in household balance sheets should become a priority, in particular given continued data gaps. Overcoming these gaps and further developing a macroprudential toolkit towards the introduction of CCyBs, and thresholds for the loan-to-value and debt-service-to-income ratios are warranted to detect vulnerabilities and ensure timely response to potential shocks. Caps on mortgage credit growth or mortgage loan exposure could be applied should the positive mortgage credit gap widen further.

    The IMF mission would like to thank the authorities for their cooperation and the candid and constructive discussions that took place during June 18-25.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Reah Sy

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

    https://www.imf.org/en/News/Articles/2025/07/02/07022025-curacao-staff-concluding-statement-of-the-2025-article-iv

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Russia: Shanghai Launches Multifunctional Easy Go Platform for Foreign Visitors

    Translation. Region: Russian Federal

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

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

    SHANGHAI, July 2 (Xinhua) — East China’s Shanghai Municipality launched Easy Go, a multi-functional digital service platform for foreign tourists, on Wednesday. The city has recently attracted more overseas visitors thanks to its expanded visa-free regime and instant tax refund policy.

    The platform, developed by the Shanghai People’s Government External Affairs Office and the People’s Bank of China Shanghai Office together with other relevant city departments, relies on the international version of Alipay and integrates consumer services and tourism information, eliminating the need to download multiple apps and eliminating language barriers.

    Overseas users can register with one click and gain access to 30 mini-programs in four key areas: dining, transportation, sightseeing, and shopping. Key features include food delivery, restaurant recommendations, public transportation information, taxi hailing, travel recommendations, ticket booking, luggage storage, and tax refund point information. The platform operates primarily in English and offers real-time translation into multiple languages.

    Easy Go has a “Tax Refund” feature that integrates a map of city tax refund points, and provides updated Shanghai travel guides and travel tips. The platform also features videos from media and bloggers promoting Shanghai and China.

    “Easy Go is a very convenient platform because it brings together different daily services,” said Clarisse Le Guernic from France. “Foreign tourists coming to Shanghai don’t need to download many different apps, they can make a payment, translate a phrase, order food and use a bike rental on one platform.”

    As of June, citizens of 55 countries can enjoy 240-hour visa-free transit in China. In addition, China unilaterally expanded the visa-free entry program, allowing travelers from 47 countries to stay in the country visa-free for up to 30 days. –0–

    MIL OSI Russia News

  • MIL-OSI: First Bank Announces Second Quarter 2025 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J., July 02, 2025 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) invites participation in a conference call to discuss the Company’s financial and operating performance during its second quarter ending on June 30, 2025.

    Event:       Earnings Conference Call – Second Quarter 2025
             
    When:   Wednesday, July 23, 2025 at 9:00 a.m. Eastern Time
             
    Access:   Conference Call Dial-In:       (800) 715-9871 (toll free)
             
        Conference Call Access Code:   3909613
             

    Patrick L. Ryan, President and Chief Executive Officer, Andrew L. Hibshman, Chief Financial Officer, Peter J. Cahill, Chief Lending Officer, and Darleen Gillespie, Chief Retail Banking Officer will provide an overview of second quarter 2025 results. The management presentation typically lasts approximately fifteen to thirty minutes, followed by investor questions and discussion. The Company’s second quarter results will be released after the market closes on Tuesday, July 22, 2025 and will also be available in the “Investor Relations” section of the Company’s website. Conference replay information is also available on the Company’s website, www.firstbanknj.com.

    About First Bank
    First Bank is a New Jersey state-chartered bank with 27 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset, Trenton, Williamstown, Morristown and Summit, New Jersey, Doylestown, Trevose, Warminster, West Chester, Paoli, Malvern, Coventry, Devon, Lionville, Media, Pennsylvania, and Palm Beach, Florida. With $3.88 billion in assets as of March 31, 2025. First Bank offers a traditional range of deposit and loan products to individuals and businesses mainly throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market exchange under the symbol “FRBA”.

    Contact
    Andrew L. Hibshman, Executive Vice President and CFO
    (609) 643-0058, andrew.hibshman@firstbanknj.com

    The MIL Network

  • MIL-OSI: First Bank Announces Second Quarter 2025 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J., July 02, 2025 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) invites participation in a conference call to discuss the Company’s financial and operating performance during its second quarter ending on June 30, 2025.

    Event:       Earnings Conference Call – Second Quarter 2025
             
    When:   Wednesday, July 23, 2025 at 9:00 a.m. Eastern Time
             
    Access:   Conference Call Dial-In:       (800) 715-9871 (toll free)
             
        Conference Call Access Code:   3909613
             

    Patrick L. Ryan, President and Chief Executive Officer, Andrew L. Hibshman, Chief Financial Officer, Peter J. Cahill, Chief Lending Officer, and Darleen Gillespie, Chief Retail Banking Officer will provide an overview of second quarter 2025 results. The management presentation typically lasts approximately fifteen to thirty minutes, followed by investor questions and discussion. The Company’s second quarter results will be released after the market closes on Tuesday, July 22, 2025 and will also be available in the “Investor Relations” section of the Company’s website. Conference replay information is also available on the Company’s website, www.firstbanknj.com.

    About First Bank
    First Bank is a New Jersey state-chartered bank with 27 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset, Trenton, Williamstown, Morristown and Summit, New Jersey, Doylestown, Trevose, Warminster, West Chester, Paoli, Malvern, Coventry, Devon, Lionville, Media, Pennsylvania, and Palm Beach, Florida. With $3.88 billion in assets as of March 31, 2025. First Bank offers a traditional range of deposit and loan products to individuals and businesses mainly throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market exchange under the symbol “FRBA”.

    Contact
    Andrew L. Hibshman, Executive Vice President and CFO
    (609) 643-0058, andrew.hibshman@firstbanknj.com

    The MIL Network