Source: Asia Development Bank
ADB and Agence Française de Développement (AFD) signed an amendment to their Partnership Framework Agreement today, raising their joint cofinancing target to $6 billion for the period 2026–2028 from their previous 3-year target (2023–2025) of $3 billion. The additional cofinancing will support activities in key sectors.
Source: International Monetary Fund
International Monetary Fund. African Dept. “The Gambia: Third Review Under the Extended Credit Facility Arrangement, Requests for a Waiver of Nonobservance of a Performance Criterion, Modifications of Performance Criteria, and Financing Assurances Review, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for The Gambia”, IMF Staff Country Reports 2025, 151 (2025), accessed June 26, 2025, https://doi.org/10.5089/9798229015844.002
Source: Government of India
Source: Government of India (4)
In a significant development for India’s maritime sector, Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal on Thursday inaugurated the country’s first dedicated Non-Banking Financial Company (NBFC) for the maritime sector — Sagarmala Finance Corporation Limited (SMFCL). The event was also attended by Union Minister of State for MoPSW, Shantanu Thakur, and Secretary of MoPSW, TK Ramachandran.
SMFCL, formerly known as Sagarmala Development Company Limited, has officially been registered as a NBFC with the Reserve Bank of India (RBI) as of June 19, 2025. It has also earned the status of a Mini Ratna, Category-I, Central Public Sector Enterprise. The move marks a major milestone under the government’s Amrit Kaal Vision 2047, aimed at bolstering the maritime infrastructure and transforming India into a global maritime power.
Speaking at the launch, Minister Sonowal emphasized the strategic importance of SMFCL in addressing financial challenges within the sector. “The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. Under the visionary leadership of Prime Minister Narendra Modi ji, we are taking decisive steps to strengthen the maritime sector as a key pillar of our economy. SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. It has fulfilled a long-standing demand of the maritime industry in the country,” he said.
As a sector-specific NBFC, SMFCL will offer a range of tailored financial products including short-, medium-, and long-term funding. These will be extended to various stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.
The corporation’s expanded role also encompasses support for shipbuilding, renewable energy, cruise tourism, and maritime education—key components in India’s strategy to enhance its global maritime presence. The launch aligns closely with the Maritime Amrit Kaal Vision 2047 and the national ambition of building a “Viksit Bharat” (developed India).
Minister of State for MoPSW, Shantanu Thakur, highlighted the transformative impact of SMFCL’s NBFC status. “With SMFCL now functioning as a dedicated NBFC, we’re creating a focused financial ecosystem to accelerate maritime growth. This will unlock opportunities for innovation, investment, and inclusive development across the sector,” he stated.
Source: Samsung
Samsung in mphopartnership with the Central University of Technology (CUT) recently hosted a graduation ceremony where certificates were awarded to 21 students from the 2nd cohort that have successfully completed studies in AI in the prestigious Samsung Innovation Campus (SIC) programme.
At this year’s graduation, the SIC partnership with CUT is also celebrating the fact that 16 out of the 21 students have already secured employment, while five (5) of these graduates have opted to further their studies. This is a key milestone in this partnership and a confirmation of how this SIC programme has successfully managed to fulfil its main objectives of addressing South Africa’s youth unemployment and the critical skills gap in technology and innovation.
Since November 2022, when the Memorandum of Agreement (MOA) was signed by Samsung and CUT – this SIC programme has been able to equip an overall group of 71 enthusiastic, young participants with in-demand skills in 4IR including Artificial Intelligence (AI), as well as Coding and Programming (C&P). This second cohort of CUT students that is now graduating with skills in AI; were also part of the cohort that completed Coding and Programming in Python. The programme has been structured in such a way that it includes theoretical learning, practical sessions and capstone projects.
These essential skills that these CUT students have acquired have not only prepared them for the demands of the modern tech industry but have also turned them into a group of eligible young professionals – able to secure permanent employment in the local market. This global SIC programme is in line with the country’s transformation goals outlined in the National Development Plan, the long-term strategic plan for South Africa’s future which aims to eliminate poverty and reduce inequality by 2030.
Professor Wendy Setlalentoa, CUT acting Deputy Vice Chancellor: Research, Innovation and Engagement said: “We are grateful to Samsung for choosing to partner with our institution and for helping us to make a lasting difference in the lives of young people in South Africa. This partnership is a perfect example of a well-functioning and mutually beneficial Public-Private Partnership (PPP) with tangible examples of how to address youth unemployment and skills development.
“In the last few years, our institution has had the opportunity to play a crucial role in providing the curriculum and training for students in 4IR skills and focus on developing practical skills that have helped prepare our graduates for future careers in innovation and technology space,” added Prof. Setlalentoa.
CUT’s Centre for Innovation in Learning and Teaching (CILT) has also supported the SIC programme by creating an enabling education environment and improving the quality of teaching and learning. Also, CUT students that participated in the SIC programme have now developed stronger problem-solving skills, which are crucial for both career advancement and entrepreneurial pursuits.
And furthermore, the institution’s broader emphasis on work-integrated learning and industry exposure has allowed CUT to play an instrumental role in securing jobs for students participating in the SIC programme, primarily through its Careers Office and other key industry partners. Some of the partners who are employers to these employed graduates and their primary activities include: Capacity – Full stack developer in Python; BoxFusion – Junior Data Analyst and Junior Software Engineer respectively; Vodacom – Software Architect; BitCube – Junior Software Developer Associate and Standard Bank – Junior Software Engineer.
One of the top performing students in the graduating cohort, Mpho Macdonald Ramaisa said: “I am overjoyed and exceptionally grateful to have been part of the SIC programme. The programme has equipped me with critical skills, particularly in the tech field and these, have now boosted my confidence in my abilities, given me a clearer career direction and enhanced my innovative thinking skills.
“The majority of us have already secured jobs and this alone, has given us a sense of purpose and accomplishment. For us, access to these in-demand tech skills needed by our local economy and the employment opportunities that we have secured – means that we will be able to create better opportunities for ourselves and our families,” Ramaisa.
The partnership between Samsung and CUT has also seen success in the increase of female representation in the SIC programme as well as in ensuring that graduates have better opportunities in the job market or entrepreneurship space. The gender split in this graduating cohort is as follows: 52% female representation.
Lefa Makgato, Corporate Social Responsibility Manager for Samsung Electronics in Southern Africa said: “We are very proud of what this partnership has achieved since inception; and how well its accomplishments align with the country’s vision 2030 goals.
Importantly, this collaboration with CUT has also ensured that these students are now equipped with skills to contribute to the digital economy. But most importantly, in conjunction with CUT – we have now been able to accomplish Samsung’s education vision which centres around fostering future technological leaders and ICT entrepreneurs by providing accessible and engaging learning experiences that integrate technology and real-world application.”
Source: United States Small Business Administration
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Click Here to View the Original U.S. Department of Justice (DOJ) Press Release
A Utah entrepreneur was sentenced today to 18 months’ imprisonment after he fraudulently obtained $628,307 from a COVID-19 Paycheck Protection Program (PPP) Loan in 2021 by submitting a fraudulent loan application in the name of his business.
The COVID-19 PPP Loans were provided to small businesses for funding to meet specific obligations, including payroll and rent during the pandemic.
Marcelo Federico Torre, 42, of Draper, Utah, pleaded guilty to wire fraud, and possession of stolen mail on April 10, 2025. In addition to his sentence, and credit for time served, Senior U.S. District Court Judge Clark Waddoups sentenced Torre to three years’ supervised release and ordered him to pay $628,307 in restitution. Torre also forfeited a money judgement in the amount of $628,307.
According to court documents and statements made at Torre’s change of plea and sentencing hearings, from April 27, 2021 to May 5, 2021, Torre fraudulently submitted a PPP Loan application through U.S. Bank for approximately $628,307 on behalf of his company, Offerworks Inc., a company he owned and controlled. By fraudulently submitting the Loan application, he lied to U.S. Bank and the United States government in order to be approved for the PPP Loan. Some of the false statements Torre made on the PPP Loan application included that his company, Offerworks Inc., had been in operation as of February 15, 2020, when it had not; his company had 37 employees, when it did not; and that Offerworks Inc., had an average monthly payroll of $251,323 in 2020, when it did not.
“The amount of money Mr. Torre stole from the U.S. government and taxpayers, which was intended to keep businesses open and provide salaries for employees and their families during the COVID-19 pandemic, is significant and his fraud and will not go unpunished,” said Acting U.S. Attorney Felice John Viti of the District of Utah. “It is our hope Mr. Torre’s sentence will deter him and others who seek to take criminal advantage of government programs meant to help honest and hardworking business owners and their employees during a crisis.”
The case was investigated jointly by the U.S. Postal Investigation Service, Draper City Police Department, U.S. Probation and Pretrial Services Office, Salt Lake City Police Department, Internal Revenue Service – Criminal Investigation Division, U.S. Small Business Administration – Office of Inspector General (SBA-OIG), and the U.S. Treasury Inspector General for Tax Administration (TIGTA).
Assistant United States Attorney Todd C. Bouton of the U.S. Attorney’s Office for the District of Utah prosecuted the case.
Paycheck Protection Program (PPP)
The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud.
Source: United States Small Business Administration
Click Here to Sign Up for SBA OIG Email Updates on Recent Investigative Cases, Audit Oversight Reports, and General News
Click Here to View the Original U.S. Department of Justice (DOJ) Press Release
A Utah entrepreneur was sentenced today to 18 months’ imprisonment after he fraudulently obtained $628,307 from a COVID-19 Paycheck Protection Program (PPP) Loan in 2021 by submitting a fraudulent loan application in the name of his business.
The COVID-19 PPP Loans were provided to small businesses for funding to meet specific obligations, including payroll and rent during the pandemic.
Marcelo Federico Torre, 42, of Draper, Utah, pleaded guilty to wire fraud, and possession of stolen mail on April 10, 2025. In addition to his sentence, and credit for time served, Senior U.S. District Court Judge Clark Waddoups sentenced Torre to three years’ supervised release and ordered him to pay $628,307 in restitution. Torre also forfeited a money judgement in the amount of $628,307.
According to court documents and statements made at Torre’s change of plea and sentencing hearings, from April 27, 2021 to May 5, 2021, Torre fraudulently submitted a PPP Loan application through U.S. Bank for approximately $628,307 on behalf of his company, Offerworks Inc., a company he owned and controlled. By fraudulently submitting the Loan application, he lied to U.S. Bank and the United States government in order to be approved for the PPP Loan. Some of the false statements Torre made on the PPP Loan application included that his company, Offerworks Inc., had been in operation as of February 15, 2020, when it had not; his company had 37 employees, when it did not; and that Offerworks Inc., had an average monthly payroll of $251,323 in 2020, when it did not.
“The amount of money Mr. Torre stole from the U.S. government and taxpayers, which was intended to keep businesses open and provide salaries for employees and their families during the COVID-19 pandemic, is significant and his fraud and will not go unpunished,” said Acting U.S. Attorney Felice John Viti of the District of Utah. “It is our hope Mr. Torre’s sentence will deter him and others who seek to take criminal advantage of government programs meant to help honest and hardworking business owners and their employees during a crisis.”
The case was investigated jointly by the U.S. Postal Investigation Service, Draper City Police Department, U.S. Probation and Pretrial Services Office, Salt Lake City Police Department, Internal Revenue Service – Criminal Investigation Division, U.S. Small Business Administration – Office of Inspector General (SBA-OIG), and the U.S. Treasury Inspector General for Tax Administration (TIGTA).
Assistant United States Attorney Todd C. Bouton of the U.S. Attorney’s Office for the District of Utah prosecuted the case.
Paycheck Protection Program (PPP)
The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud.
Source: Africa Press Organisation – English (2) – Report:
The African Development Bank (www.AfDB.org) has approved a grant of $500,000 to undertake a feasibility study into the first phase of a cable car transport network in Kigali, that will be sub-Saharan Africa’s first aerial urban transit system.
The funds, to be sourced from the Bank Group’s Urban and Municipal Development Fund (https://apo-opa.co/45CiDm9), are expected to help pave the way for the Kigali Urban Cable Car Project, a 5.5 km mobility initiative valued at $100 million and promising to ease the city’s traffic congestion, reduce greenhouse gas emissions, and connect underserved communities to jobs and essential services.
The Urban and Municipal Development Fund (UMDF) is a trust fund hosted by the African Development Bank, which provides direct support to cities, to mobilize funding and technical assistance, develop partnerships, city engagement, project identification and investment.
Phase 1 of the project will comprise two critical transit corridors: Nyabugogo Taxi Park to the Central Business District (CBD) Hub; and the Kigali Convention Center to Kigali Sports City, connecting public landmarks such as Amahoro Stadium, BK Arena, and the newly developed Zaria Court.
The feasibility study is expected to position the project to attract international investment, including through platforms such as the Africa Investment Forum (AIF). The UMDF provided funding for the feasibility of another project in the country, the Kigali Urban Transport Improvement project, to help attract critical investment.
Construction is expected to begin in late 2026, with commissioning scheduled for 2028. Once complete, the cable car will convey over 50,000 passengers a day on a 15-minute end-to-end journey, integrating into the city’s existing transport infrastructure.
African Development Bank Group president Dr. Akinwumi Adesina, said: “This transformative project aligns perfectly with the Bank’s vision for sustainable, green climate-resilient urban mobility infrastructure, and with the Bank’s Ten-Year Strategy, which focuses on urbanization, and the Alliance for Green Infrastructure in Africa (AGIA), a global partnership initiative driven by the African Development Bank Group, Africa50 and the African Union. By financing Rwanda’s urban cable car system, we are investing in a scalable model of low-carbon, inclusive public transport that cities across Africa can emulate.”
The project is anchored in Rwanda’s Green Taxonomy, E-mobility Strategy, and Climate and Nature Finance Strategy (CNFS) and aligns closely with Rwanda’s national climate objectives, which target a 38% reduction in carbon emissions by 2030 and carbon neutrality by 2050.
The project implementation is expected to follow a Public-Private Partnership model, according to Imena Munyampenda, the Director General of Rwanda Transport Development Agency.
The feasibility study plans to draw lessons from successful cable car systems in La Paz, Bolivia, and Singapore. The system will prioritize access for the disabled, employment opportunities for girls, women and low-income residents; and job creation, capacity building and technology transfer.
“This pioneering feasibility study is a game-changing milestone,” said Solomon Quaynor, African Development Bank’s Vice President for Private Sector, Infrastructure, and Industrialization. “Through the UMDF, AfDB is laying the foundation for an investment-ready green infrastructure asset that offers both impact and returns.”
Blended Financing
The $100 million funding structure will comprise a strategic mix of grants, concessional loans, blended finance, and technical assistance. The UMDF grant will fund an assessment of the project’s viability gap.
The Rwandan government, the African Development Bank Group, and other development partners, will collaborate to offer blended financing, along with commercial funding from the International Finance Corporation (IFC), Africa50, the Trade and Development Bank (TDB), the Africa Finance Corporation (AFC), as well as private investors and the Alliance for Green Infrastructure in Africa (AGIA).
– on behalf of African Development Bank Group (AfDB).
Media Contact:
Janet Onyango
African Development Bank Group
media@afdb.org
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Source: Africa Press Organisation – English (2) – Report:
The Sustainable Coffee Platform of Indonesia (SCOPI) and the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) announced key findings of the mid-term survey from the Coffee Master Trainer Upgrade (Coffee MUG) Program, a five-year initiative helping smallholder farmers in North Sumatra and Aceh adopt sustainable coffee-growing practices.
Since its launch in October 2021, the program has trained 4,754 farmers—37% (1,781) women—across 130 villages, with 3,700 hectares now managed under Good Agricultural Practices (GAP). Nineteen Master Trainers and eight candidates act as local champions, guiding farmer groups on soil health, pruning, post-harvest handling, and quality control. The field midline survey conducted to the program and confirmed that average yields in the target areas rose 13.7 percent in 2023, equivalent to 78 kilograms of green bean per hectare compared to the previous year.
Capacity-building results are equally encouraging participating trainers demonstrated 91 percent competence in sustainable coffee farming and 87 percent competence in training methodologies during recent evaluations. Farmer livelihoods are beginning to reflect these gains. Average annual coffee sales reached IDR 82.95 million (US$5,100) per farmer in 2023, while average net farm income rose to IDR 71.52 million (US$4,400).
Earlier this year, SCOPI and ITFC convened twin data-utilisation workshops in Berastagi (Karo Regency) and Takengon (Central Aceh Regency). Local officials, private buyers, Master Trainers, and farmer leaders reviewed the mid-line survey results, explored a new web-based monitoring dashboard, and agreed on concrete follow-up actions—such as establishing demonstration plots that now serve as “living classrooms” for young farmers and expanding market pathways with ofi Indonesia, Louis Dreyfus Company, and Ecom/Indo Cafco.
“This survey is more than just data collection—it is a strategic tool to sharpen the program’s direction and ensure it remains responsive to farmers’ real needs” said Ade Aryani, Executive Director of SCOPI
Nazeem Noordali, Chief Operating Officer of ITFC, added: “Farmer surveys offer data-driven guidance, help identify gaps, and support the development of more impactful strategies. Programs like Coffee MUG must remain dynamic and responsive to field realities.”
At data-utilization workshops Karo Regency and Central Aceh Regency, SCOPI and ITFC joined officials, buyers, trainers, and farmers to review mid-line findings, test a new monitoring dashboard, and launch demo plots for youth training.
Looking ahead, the program is scaling its trainers network through a new recruitment drive that will bring more young people into the Master Trainer pipeline, securing generational renewal. Field trials focused on soil-health interventions will also continue, targeting a further yield increase by 2026. In parallel, fresh modules on financial literacy and digital marketing are being developed for rollout later this year, with a special emphasis on empowering women and youth farmer groups.
– on behalf of International Islamic Trade Finance Corporation (ITFC).
ITFC Contact:
Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: ITFC@itfc-idb.org
SCOPI Contact:
Email: info@scopi.or.id
ITFC Social Media:
Twitter: @ ITFCCORP
Facebook: @ ITFCCorp
LinkedIn: International Islamic Trade Finance Corporation (ITFC)
SCOPI Social Media:
Linkedin: Sustainable Coffee Platform of Indonesia (SCOPI)
Instagram: @ scopi_id
Website: www.SCOPI.or.id
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
About the Sustainable Coffee Platform of Indonesia (SCOPI):
The Sustainable Coffee Platform of Indonesia (SCOPI) is a leading organization dedicated to promoting sustainable coffee production and improving the livelihoods of coffee farmers. SCOPI is a platform for collaboration among key stakeholders in the Indonesian coffee industry, working towards a shared vision of a thriving and sustainable coffee sector.
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Source: United Kingdom – Government Statements
Director submitted falsified documentation to reclaim VAT
Hassan Waqar has been disqualified as a director for 11 years after his four companies reclaimed almost £400,000 in VAT they were not entitled to
The four companies – HN Restaurants Limited, Kiani Construction Limited, Moneemint Ventures Limited and Zoya Investments Limited – submitted falsified documents to HM Revenue and Customs (HMRC) or failed to provide supporting evidence for VAT repayment claims
All four companies were struck-off the Companies House register between February and June 2023, with total debts to HMRC of more than £1.1 million in VAT assessments, penalties and interest
The boss of four companies which owed HMRC more than £1 million, including £400,000 in VAT they falsely reclaimed, has been banned as a director.
Hassan Waqar was the director of HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited when they submitted falsified documents to HMRC.
A fourth company, Zoya Investments Limited, failed to supply evidence to HMRC to support the repayment returns it had submitted.
The four companies owed HMRC more than £1.1 million in VAT and penalties when they were all struck-off the Companies House register during the first half of 2023.
Waqar, 30, who is now based in Dubai, has been disqualified as a company director for 11 years.
Victoria Edgar, Chief Investigator at the Insolvency Service, said:
Hassan Waqar submitted falsified documentation for VAT reclamations that his companies were not entitled to receive.
Our investigations found that he failed to provide supporting evidence for claims across multiple businesses, with over £1.1 million owed when these companies were struck off the Companies House register in 2023.
The Insolvency Service is committed to taking action against directors who fail to meet their legal and financial obligations, protecting the integrity of the business environment and the tax system.
HN Restaurants Limited was set up in May 2020 as a fast-food business. Kiani Construction Limited was a construction company incorporated in August 2021 which was involved in real estate sales.
Moneemint Ventures Limited, like HN Restaurants Limited, was established in May 2020, and was described by Waqar as a banking service platform. Zoya Investments Limited, incorporated in March 2021, traded in carrying out fitouts.
The four companies received a total of £396,982 in VAT repayments.
HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited provided invoices to HMRC in support of their claims. HMRC contacted several of the suppliers who confirmed they had not issued the invoices to the companies.
Bank statements were provided by HN Restaurants Limited and Moneemint Ventures Limited to HMRC to support the repayment return, but they differed to the ones supplied by the banks.
Zoya Investments Limited did not provide any evidence to support its VAT repayment claims.
HMRC issued penalties to the four companies totalling £706,692.
The four companies were struck-off the Companies House register between February and June 2023.
Combined, the four companies owed £1,136,832 in VAT assessments, penalties and interest.
The Secretary of State for Business and Trade accepted a disqualification undertaking from Waqar, and his ban started on Thursday 26 June.
It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.
HMRC issued a joint and several liability notice to Waqar for HN Restaurants, making him personally responsible for paying the tax debts of the company.
Hassan Waqar is of 21A Street, Dubai, United Arab Emirates. His date of birth is 1 August 1994
HN Restaurants Limited (company number 12727857)
Kiani Construction Limited (company number 13576285)
Moneemint Ventures Limited (company number 12631542)
Zoya Investments Limited (company number 13285735)
Individuals subject to a disqualification order or undertaking are bound by a range of restrictions
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, June 26 (Xinhua) — Chinese Premier Li Qiang said Thursday that China’s economy will remain an attractive destination for the global economy in the long term, and the expanding scale and quality of China’s huge market will continue to pay big dividends, offering more trade and investment opportunities to countries.
Speaking at the opening ceremony of the 10th annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), Li Qiang reiterated China’s commitment to expanding high-level opening-up to the outside world and continuing deep integration into the global economy, which promises to provide new development opportunities for all countries in the world. -0-
Source: The Conversation – Global Perspectives – By Hussein Dia, Professor of Future Urban Mobility, Swinburne University of Technology
As the world watches the US–Iran situation with concern, the ripple effect from these events are reaching global oil supply chains – and exposing their fragility.
If Iran closes the Strait of Hormuz as it is considering, it would restrict the global oil trade and trigger energy chaos.
Petrol in some Australian cities could hit A$2.50 a litre according to some economists. As global instability worsens, other experts warn price spikes are increasingly likely.
What would happen next? There is a precedent: the oil shocks of the 1970s, when oil prices quadrupled. The shock drove rapid change, from more efficient cars to sudden interest in alternative energy sources. This time, motorists would likely switch to electric vehicles.
If this crisis continues or if another one flares up, it could mark a turning point in Australia’s long dependence on foreign oil.
Australia currently imports 80% of its liquid fuels, the highest level on record. If the flow of oil stopped, we would have about 50 days worth in storage before we ran out.
Our cars, buses, trucks and planes run overwhelmingly on petrol and diesel. Almost three-quarters (74%) of these liquid fuels are used in transport, with road transport accounting for more than half (54%) of all liquid fuels. Australia is highly exposed to global supply shocks.
The best available option to reduce dependence on oil imports is to electrify transport.
EV uptake in Australia continues to lag behind global leaders. In 2024, EVs accounted for 9.65% of new car sales in Australia, up from 8.45% in 2023.
In the first quarter of 2025, EVs were 6.3% of new car sales, a decline from 7.4% in the final quarter of 2024.
Norway remains the global leader, with battery-electric passenger cars making up 88.9% of sales in 2024. The United Kingdom also saw significant growth – EVs hit almost 20% of new car registrations in 2024.
In China, EVs made up 40.9% of new car sales in 2024. The 12.87 million cars sold represent three-quarters of total EV sales worldwide.
One reason for Australia’s sluggishness is a lack of reliable public chargers. While charging infrastructure is expanding, large parts of regional Australia still lack reliable access to EV charging.
Until recently, Australia’s fuel efficiency standards were among the weakest in the OECD. Earlier this year, the government’s new standards came into force. These are expected to boost EV uptake.
If history is any guide, oil shocks lead to long-term change.
The 1970s oil shocks triggered waves of energy reform.
When global oil prices quadrupled in 1973–74, many nations were forced to reconsider where they got their energy. A few years later, the 1979 Iranian Revolution caused another major supply disruption, sending oil prices soaring and pushing much of the world into recession.
These shocks drove the formation of the International Energy Agency in 1974, spurred alternative energy investment and led to advances in fuel-efficiency standards.
Much more recently, Russia’s invasion of Ukraine pushed the European Union to face up to its reliance on Russian gas and find alternatives by importing gas from different countries and accelerating the clean energy shift.
Clearly, energy shocks can be catalysts for long-term structural change in how we produce and consume energy.
The new crisis could do the same, but only if policy catches up.
If fuel prices shot up and stayed there, consumer behaviour would begin to shift. People would drive less and seek alternate forms of transport. Over time, more would look for better ways to get around.
But without stronger support such as incentives, infrastructure and fuel security planning, shifting consumer preferences could be too slow to matter.
Cutting oil dependency through electrification isn’t just good for the climate. It’s also a hedge against future price shocks and supply disruptions.
Transport is now Australia’s third-largest source of greenhouse gas emissions. Now that emissions are falling in the electricity sector, transport will be the highest emitting sector emissions source as soon as 2030.
Building a cleaner transport system also means building a more resilient one. Charging EVs on locally produced renewable power cuts our exposure to global oil markets. So do biofuels, better public transport and smarter urban planning.
Improving domestic energy resilience isn’t just about climate targets. It’s about economic stability and national security. Clean local energy sources reduce vulnerability to events beyond our control.
China offers a compelling case study. The nation of 1.4 billion faces real oil security challenges. In response, Beijing has spent the past decade building a domestic clean energy ecosystem to reduce oil dependency and cut emissions.
This is now bearing fruit. Last year, China’s oil imports had the first sustained fall in nearly two decades. Crude oil imports fell 1.5%, while oil refinery activity also fell due to lower demand.
China’s green energy transition was driven by coordinated policy, industrial investment and public support for clean transport.
China’s rapid shift to EVs and clean energy shows how long-term planning and targeted investment can pay off on climate and energy security.
The rolling crises of 2025 present Australian policymakers a rare alignment of interests. What’s good for the climate, for consumers and for national security may now be the same thing.
Real change will require more than sustained high petrol prices. It demands political will, targeted investment and a long-term vision for clean, resilient transport.
Doing nothing has a real cost – not just in what we pay at the service station, but in how vulnerable we remain to events a long way away.
Hussein Dia receives funding from the Australian Research Council, the iMOVE Australia Cooperative Research Centre, Transport for New South Wales, Queensland Department of Transport and Main Roads, Victorian Department of Transport and Planning, and Department of Infrastructure, Transport, Regional Development, Communications and the Arts.
– ref. Oil shocks in the 1970s drove rapid changes in transport. It could happen again if Middle East tensions continue – https://theconversation.com/oil-shocks-in-the-1970s-drove-rapid-changes-in-transport-it-could-happen-again-if-middle-east-tensions-continue-259670
Source: GlobeNewswire (MIL-OSI)
TORONTO, June 26, 2025 (GLOBE NEWSWIRE) — Canadian Life Companies Split Corp. (“the Company”) is pleased to announce it has completed the overnight offering of Preferred Shares and Class A Shares of the Company. Total gross proceeds of the offering were $40.0 million, bringing the Company’s net assets to approximately $217.9 million.
The shares will begin trading on the Toronto Stock Exchange under the existing symbols of LFE.PR.B (Preferred Shares) and LFE (Class A Shares).
The Preferred Shares were offered at a price of $10.55 per Preferred Share to yield 6.64% and the Class A Shares were offered at a price of $6.35 per Class A Share to yield 18.90%.
The offering was led by National Bank Financial Inc.
The net proceeds of the offering will be used by the Company to invest in an actively managed portfolio primarily consisting of four publicly traded Canadian life insurance companies as follows: Great‐West Lifeco Inc., Industrial Alliance Insurance & Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus supplement to the Company’s short form base shelf prospectus dated May 1, 2024 before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Company’s publicly filed documents which are available at www.sedarplus.com.
Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.lifesplit.com
info@quadravest.com
Source: Reserve Bank of India
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The Reserve Bank of India (RBI) has, by an order dated June 23, 2025, imposed a monetary penalty of ₹1 lakh (Rupees One Lakh only) on The Karnataka Co-operative Bank Limited, Muddebihal, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty: The bank had:
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank. (Puneet Pancholy) Press Release: 2025-2026/600 |
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with Mr. Said Ibrahimi, Director-General of Casablanca Finance City (CFC), in Casablanca, Morocco, on 26 June 2025. SG Dr. Kao shared ASEAN’s progress in financial integration, financial inclusion, and sustainable finance and exchanged views on possible areas of cooperation with Morocco in financial sector.
The post Secretary-General of ASEAN meets with the Director-General of Casablanca Finance City (CFC) appeared first on ASEAN Main Portal.
Source: IMF – News in Russian
June 26, 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: Saudi Arabia’s economy has demonstrated strong resilience to shocks, with non-oil economic activities expanding, inflation contained, and unemployment reaching record-low levels. While lower oil proceeds and investment-linked imports led to the emergence of twin deficits, external and fiscal buffers remain ample. A higher-than-budgeted fiscal stance in 2025 remains appropriate to prevent procyclicality that could exacerbate the growth impact of lower oil prices. Addressing strong credit growth and associated funding pressures will be crucial in mitigating risks to systemic financial stability. Given the current heightened global uncertainty, continued efforts on structural reform are essential to sustain non-oil growth and drive economic diversification.
RECENT ECONOMIC DEVELOPMENTS[1]
Saudi Arabia’s economy has been resilient to shocks. In 2024, non-oil real GDP grew by 4.2 percent, primarily driven by private consumption and non-oil private investment, with retail, hospitality, and construction leading growth. Repeated extensions of the OPEC+ production cuts have kept oil output at 9 million barrels per day (mb/d)—the lowest level since 2011— resulting in a 4.4 percent decline in oil GDP and an overall real growth rate of 1.8 percent. The composite PMI indicates sustained activity in Q1 2025, with the latest Q1 GDP estimate showing non-oil activities expanding by 4.9 percent year-on-year.
The labor market’s strong momentum continues. The unemployment rate for Saudi nationals has declined to a record low of 7 percent in 2024, surpassing the original Vision 2030 target, which has now been revised down to 5 percent. The improvement is broad-based, with both youth and female unemployment halved over a four-year period. Private sector employment surged by 12 percent on average in 2024, while public sector hiring continued to slow, reflecting a redeployment to non-government entities.
Inflation is contained as rent inflation decelerates. Despite a small pick-up to 2.3 percent in April 2025, headline inflation remains low, helped by high real interest rates. Declining prices for transport and communication helped offset housing rent inflation, which has decelerated for the 6th consecutive month to 8.1 percent y-o-y (the lowest annual rise since February 2023). Real wages have remained stable, albeit with some pickup for highly skilled workers.
The current account shifted to a narrow deficit, transitioning from a surplus of 2.9 percent of GDP in 2023 to a deficit of 0.5 percent of GDP in 2024. This shift mainly reflects a decline in oil export proceeds, higher imports of machinery and equipment, and stronger remittance outflows—factors that more than offset a surge in tourism inflows. The current account deficit has been financed through external borrowing and reduced FX asset accumulation. As a result, the Saudi Central Bank’s (SAMA) net foreign assets (NFA) holdings stabilized at $415 billion by end-2024—equivalent to 15 months of imports and 187 percent of the IMF’s reserve adequacy metric.
While spending overruns increased the overall fiscal deficit, the fiscal stance—as measured by the non-oil primary balance—showed a slight improvement in 2024. Additional expenditures related to project financing—partly linked to an accelerated implementation of Vision 2030—and flat oil revenue widened the overall fiscal deficit to 2.5 percent of GDP, approximately 0.8 percentage points above the budgeted target. However, driven by stronger non-oil revenue, the non-oil primary deficit improved, decreasing by 0.6 percentage points of GDP in 2024 compared to 2023. Central government debt rose to 26.2 percent of GDP as Saudi Arabia became the largest emerging market dollar debt issuer in 2024. However, Saudi Arabia remains amongst the lowest indebted nation globally and net debt is relatively low at approximately 17 percent of GDP.
ECONOMIC OUTLOOK AND RISKS
Robust domestic demand—including from government-led projects—will continue to drive growth despite heightened global uncertainty and a weakened commodity price outlook. Non-oil real GDP growth is projected at 3.4 percent in 2025, about 0.8 percentage points lower than in 2024. This reflects the continued implementation of Vision 2030 projects through public and private investment, as well as strong credit growth, which would help sustain domestic demand and mitigate the impact of lower oil prices. The direct impact of rising global trade tensions is limited, as oil products—comprising 78 percent of Saudi Arabia’s goods exports to the U.S. in 2024—are exempt from U.S. tariffs, while non-oil exports to the U.S. only account for 3.4 percent of Saudi Arabia’s total non-oil exports. Over the medium term, domestic demand—including momentum ahead of Saudi Arabia’s hosting of large-scale international events—is expected to push non-oil growth closer to 4 percent in 2027 before stabilizing at 3.5 percent by 2030. Supported by the OPEC+ production cut phase-out schedule, overall GDP growth will accelerate to 3.5 percent in 2025 and 3.9 percent in 2026 before stabilizing at approximately 3.3 percent over the medium term.
Inflation would remain anchored around 2 percent, supported by a credible peg to the U.S. dollar, domestic subsidies, and an elastic supply of expatriate labor, notwithstanding a projected moderate positive output gap over the medium term. Imported inflation from increased tariffs worldwide is expected to remain contained.
The external position will weaken. Investment-linked imports and remittance outflows from an expanding expatriate labor force are expected to widen the current account deficit, which is projected to peak at about 3.9 percent of GDP by 2027 before converging to about 3.4 percent of GDP in 2030. Rising non-oil exports and robust inbound tourism will have a partial offsetting effect. The deficit will be increasingly financed through deposit drawdowns, less FX asset accumulation abroad, and external borrowing. International reserve coverage would remain adequate at about 11-12 month import coverage over the medium term, with foreign assets held by the Public Investment Fund (PIF) and other government-related entities offering strong additional buffers.
Risks to the outlook are mainly to the downside. Weaker oil demand, driven by heightened uncertainty, an escalation of global trade tensions, and deepening geoeconomic fragmentation could dampen oil proceeds. This, in turn, would lead to higher fiscal deficits and debt and costlier financing. An abrupt decrease in spending by the government (including projects recalibration below its baseline) or a slowdown in reform implementation in response to lower oil prices could further hinder private investment growth. Conversely, higher-than-expected oil production/prices and accelerated implementation of reforms could yield stronger or earlier-than-expected growth dividends.
POLICIES
Fiscal Policy
The 2025 fiscal stance—resulting in a deficit twice the budget target—remains appropriate. Given past overruns and the ongoing transformational projects tied to Vision 2030, staff anticipates higher current expenditures than budgeted. Combined with lower oil prices and minimal performance-linked dividends from Aramco, this will bring the overall fiscal deficit to 4.3 percent of GDP. However, this outcome still represents a 3.6 percentage points of non-oil GDP improvement in the non-oil primary balance, effectively frontloading part of the adjustment required by 2030 to uphold intergenerational equity. Given the upfront adjustment and ample fiscal buffers available, staff believes that additional spending restraint in 2025—triggered by lower-than-budgeted oil prices—is not necessary as it would make fiscal policy procyclical and exacerbate the impact on growth.
Over the medium term, the overall fiscal deficit is expected to narrow. After peaking at 4.3 percent of GDP in 2025, it will decline to approximately 3.3 percent of GDP by 2030, driven by ongoing wage bill containment and spending efficiency measures. Under this baseline scenario, the non-oil primary deficit would shrink by about 4.2 percent of non-oil GDP from 2025 to 2030. The fiscal deficit would primarily be financed by borrowing, including through debt issuances, syndicated loans or facilities from export credit agencies, leading to an increase in the public debt-to-GDP ratio to about 42 percent by 2030.
A gradual fiscal consolidation will remain necessary over the medium term to achieve intergenerational equity. To avoid disruptive adjustments and build buffers, an additional 3.3 percent of non-oil GDP must be generated over the 2026-30 period, mainly through:
Given the high global uncertainty, staff welcomes the authorities’ contingency planning to safeguard fiscal sustainability in the event of a severe shock. In a scenario where oil prices decline significantly, a more aggressive fiscal consolidation strategy would be necessary. Identifying and prioritizing projects that can be extended or cut, if further adjustments are required, represents a prudent approach to maintaining fiscal sustainability. Staff recommends a partial drawdown of fiscal buffers in the event of a temporary oil price shock, which would help smooth the transition to a steady state and mitigate the impact of short-term oil price fluctuations.
Sustaining the authorities’ ongoing efforts to strengthen fiscal institutions will be crucial in supporting the fiscal adjustment and Saudi Arabia’s Vision 2030 objectives. Enhancing the Medium-Term Fiscal Framework remains a priority, particularly through better integration of its multiyear projections into annual budget preparations to align spending ceilings with fiscal forecasts, including commitments from multi-year contracts. Operationalizing and ensuring compliance with an expenditure-based fiscal rule would help anchor the fiscal stance over the medium term.
Prudent debt management and a proper sovereign asset liability management (SALM) framework becomes increasingly important in a lower oil price environment. The mission encourages the authorities to assess the complex trade-offs between making greater use of central government deposits (currently at around 9¼ percent of GDP) and new bond issuances. The mission also supports the ongoing efforts toward operationalizing a comprehensive SALM framework to enhance the oversight of sovereign balance sheet exposures, which publication alongside the budget statement would support the drive for greater transparency and provide additional tools for fiscal policy analysis and formulation. Additionally, contingent liabilities—such as financing obligations for giga projects, debt guarantees, and Public-Private Partnerships—should be closely monitored.
Monetary and Exchange Rate Policy
SAMA has continued to refine its liquidity management framework to help reduce overall liquidity volatility. Bank funding conditions in Saudi Arabia are influenced by persistently strong double-digit credit growth, with periodic spikes in the SAIBOR-SOFR spread reflecting episodes of liquidity pressures. SAMA’s standard market-based monetary operations should continue to remain focused on smoothing short-term liquidity imbalances without fueling asset/credit growth. The recent data-sharing arrangement between SAMA and the Ministry of Finance regarding expected government transactions is anticipated to improve the accuracy of liquidity forecasting and should be effectively implemented. Additionally, further enhancements to the reserve requirement framework would strengthen effective liquidity management and monetary policy transmission.
The currency peg to the U.S. dollar remains appropriate. It has provided a credible anchor for monetary policy and is backed by ample external buffers. With an open capital account, it is essential that SAMA’s policy rate continues to align with the Fed’s policy rate.
Financial Sector Policies
The banking sector remains resilient, demonstrating strong capitalization and profitability despite rising funding costs. As of end-2024, the sector’s solvency ratio stood at 19.6 percent. Despite higher funding costs—driven by the increasing share of time and saving deposits—bank profitability is high, with an average return on assets of 2.2 percent in 2024. Non-performing loans have reached their lowest levels since 2016, reinforcing overall financial stability. Liquidity indicators are adequate and within regulatory thresholds, although the ratio of liquid assets to short-term liabilities has been declining, and the regulatory loan-to-deposit ratio has been on an upward trend.
Strong credit growth is leading to funding pressures and a change in the funding mix of Saudi banks. As credit growth—mostly to corporates and for mortgages—outpaces deposit growth, banks diversify their liabilities by increasing reliance on other forms of financing, especially external borrowings in the form of bonds, bilateral or syndicated loans, and certificates of deposit. High external borrowing turned banks’ Net Foreign Assets (NFA) negative in 2024 for the first time since 1993. This trend is expected to continue in the near term as several banks are in the process of securing additional external funding. However, banks’ exposure to foreign exchange risk remains low.
Addressing strong credit growth and associated funding pressures would help mitigate risks to systemic financial stability. The mission welcomes SAMA’s ongoing efforts to review its existing prudential toolkits to counter risks stemming from persistent double-digit credit growth amid a credit-to-deposit growth gap and the increased resort to short-term external wholesale funding. As loan demand is expected to remain high relative to deposit-based funding, setting prudential requirements commensurate with the evolving risks is essential. In that regard, the mission welcomes the introduction in May 2025 of a 100 basis points countercyclical capital buffer, which will be effective within a year. Vulnerabilities would be further mitigated by: (i) narrowing loan-to-value and debt burden ratios, which remain elevated relative to international standards; and (ii) tightening loan-to-deposit ratio to discourage excessive short-term foreign exchange funding. The mission welcomes SAMA’s proactive approach to monitoring the Liquidity Coverage Ratio and Net Stable Funding Ratio in foreign currency and encourages consideration of setting these ratios as regulatory requirements, should circumstances warrant.
SAMA’s continued efforts to enhance regulatory and supervisory frameworks are commendable. The new Banking Law has been submitted for legislative approval, a risk-based supervisory framework is being refined, and a monitoring system has been introduced for large construction and infrastructure projects. Additionally, SAMA’s bank resolution function is being operationalized. The authorities have also made good progress in establishing a crisis management framework that includes an emergency liquidity assistance framework, which should be completed without undue delay. Furthermore, improvements in enhancing the effectiveness of AML/CFT supervision—including through thematic inspections—are welcome.
Deepening the capital market is essential to help diversify funding and reduce reliance on bank financing. Although the capital market remains dominated by the large government-related issuers and the trading volumes are low, the recent and ongoing initiatives, such as the Investment Law that came into effect in February 2025 and the ongoing pension and savings reforms, should improve market liquidity and increase foreign participation in the Saudi capital markets. Greater use of asset-backed securities will create a new asset class and contribute to expanding funding in the banking system. The deepening of the domestic capital markets would also help improve the monetary policy transmission mechanism.
Structural Policies
The current environment of heightened uncertainty underscores the importance of continued structural reform efforts to sustain non-oil growth and economic diversification. Since 2016, Saudi Arabia has implemented significant and wide-ranging reforms, particularly in business regulations, governance, labor and capital markets. Several new laws that took effect in 2025—including the updated Investment Law, Labor Law amendments, and the new Commercial Registration Law—will enhance contractual certainty for investors and businesses, while also supporting productivity gains.
The reform momentum should continue irrespective of oil price developments. Ongoing work to strengthen the anti-corruption framework—including by building on the recent Ultimate Beneficial Ownership Rules and By Laws of Nazaha—remains crucial. Equally important is enhancing human capital by aligning the skills of Saudi nationals with evolving labor market needs, improving access to finance and fostering digitalization, all of which are key to advancing the Kingdom’s economic diversification goals that are further enhanced with the integration of AI in government services. In addition to stronger fiscal institutions, pursuing these reforms will help Saudi Arabia build further resilience to oil price volatility.
Targeted interventions through industrial policies should complement—not replace— structural reforms and must avoid crowding out private sector investment. Interventions by the PIF and public entities should continue to focus on areas where private investment is limited, market failures exist, or where they can play a catalytic role in attracting private capital, rather than potentially displacing domestic and foreign investors. Industrial Policies should have clear exit criteria, claw-back mechanisms, and sunset clauses, to ensure they do not remain in place beyond their intended objective.
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The mission team would like to thank the Saudi Arabian authorities and the people they met outside the government sector for their close collaboration, candid and informative discussions, and warm hospitality.
[1] Numbers referred in percent of GDP are based on the authorities’ new rebasing GDP published in May 2025. The new methodological update is generally consistent with international best practices and the UN’s system of national accounts,
PRESS OFFICER: Wafa Amr
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2025/06/25/saudi-arabia-concluding-statement-of-the-2025-article-iv-mission
Source: Reserve Bank of India
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The Reserve Bank of India (RBI) has, by an order dated June 23, 2025, imposed a monetary penalty of ₹1 lakh (Rupees One Lakh only) on The Karimnagar District Co-operative Central Bank Ltd., Telangana (the bank) for contravention of provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act. The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2024. Based on supervisory findings of contravention of statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty: The bank had sanctioned loans to its directors. This action is based on deficiencies in statutory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank. (Puneet Pancholy) Press Release: 2025-2026/598 |
Source: Reserve Bank of India
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The Reserve Bank of India (RBI) has, by an order dated June 23, 2025, imposed a monetary penalty of ₹1 lakh (Rupees One Lakh only) on The Chittoor Co-operative Town Bank Ltd., Andhra Pradesh (the bank) for non-compliance with certain directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty: The bank had:
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank. (Puneet Pancholy) Press Release: 2025-2026/599 |
Source: Hong Kong Information Services
Financial Secretary Paul Chan attended the 10th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing today. He also held separate meetings with Minister of Finance Lan Fo’an and AIIB President Jin Liqun.
Mr Chan participated in the opening ceremony of the annual meeting and joined the subsequent Governors’ Official Session.
During the meeting, he witnessed the signing of a strategic partnership agreement between the Hong Kong Monetary Authority (HKMA) and the AIIB. Under the partnership agreement, the HKMA will collaborate closely with the AIIB to support venture capital in emerging Asia to jointly support the emerging economies in the region to drive green transformation and development of infrastructure through scientific and commercial innovation.
Speaking about the agreement, Mr Chan said that this collaboration combines and leverages the knowledge, experience, networks and strengths of the HKMA and the AIIB.
He said: “It supports emerging Asian economies in accelerating their development towards more prosperous and inclusive growth through innovation and technology. Additionally, it aids in building a more vibrant venture capital and innovation ecosystem within the region and further reinforces Hong Kong’s status as an international financial, innovation and technology centre.”
Mr Chan later met AIIB President Jin Liqun. He expressed Hong Kong’s willingness to further enhance collaboration with the AIIB amid the ongoing reshaping of the global economic landscape and the development challenges faced by emerging economies.
Such initiatives can include issuing bonds in more currencies and of various tenors, advancing investment co-operation in infrastructure loan securitisation and catastrophe bonds, and mobilising private capital to support Asia’s green and sustainable development projects and relevant technological proposals.
The Financial Secretary also reiterated Hong Kong’s support for the AIIB to establish an office in Hong Kong and said he looks forward to the proposal’s early implementation.
He also called on Minister of Finance Lan Fo’an, where both parties exchanged in-depth views on the economic and social development of the Mainland and Hong Kong.
Mr Chan highlighted that the Hong Kong Special Administrative Region Government will continue to fully support the issuance of renminbi (RMB) sovereign bonds in Hong Kong. Efforts will also be made to enrich investment products and risk management tools, enhance RMB liquidity, and improve financial infrastructure to build a more prosperous offshore RMB business ecosystem.
Source: Reserve Bank of India
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Today, the Reserve Bank released data on the performance of the private corporate sector during 2024-25 drawn from abridged financial results of 3,902 listed non-government non-financial (NGNF) companies. Corresponding data pertaining to 2023-24 are also presented in the tables to enable comparison. The data can be accessed at the web-link https://data.rbi.org.in/DBIE/#/dbie/reports/Statistics/Corporate%20Sector/Listed%20Non-Government%20Non-Financial%20Companies. Highlights Sales
Expenditure
Pricing power
Interest expenses
Notes: (Puneet Pancholy) Press Release: 2025-2026/596 |
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Source: South Africa News Agency
The recently announced US$1.5 billion Development Policy Loan Agreement signed between the South African government and the World Bank will be used to unlock infrastructure bottlenecks in South Africa.
This according to Minister in the Presidency Khumbudzo Ntshavheni who held a post-Cabinet media briefing in Cape Town on Thursday.
National Treasury announced the loan agreement in a statement on Monday.
“Cabinet was updated on the US$1.5 billion Development Policy Loan Agreement signed between the South African government and the World Bank that will be used to ensure inclusive economic growth and job creation.
“The loan is aligned with the National Treasury’s principles that forms part of the government’s broader efforts to implement structural reforms and will be used to unlock key infrastructure bottlenecks, particularly in the energy and freight transport sectors.
“The loan support is anchored on three pillars of structural reforms: improving energy security, enhancing the efficiency and competitiveness of freight transport services and supporting South Africa’s transition toward a low carbon economy, which are the backbone of government’s priority of inclusive growth and job creation,” she said.
Turning to the South African Renewable Energy Masterplan (SAREM), Cabinet has welcomed its launch.
The masterplan was launched earlier this month and is aimed at driving localised manufacturing, skills development and job creation.
“SAREM which was approved by Cabinet in March this year, aims to support the local demand for renewable energy and drive industrial development while ensuring a just energy transition,” Ntshavheni noted.
Foot and mouth disease vaccines
Cabinet has also welcomed the arrival of “much-needed vaccines, sourced from Botswana, to combat the foot and mouth disease (FMD) outbreak in certain parts of the country”.
“The vaccines are being distributed and administered free of charge to the affected areas, especially in KwaZulu-Natal (KZN) and those farms in other provinces where the disease has been identified.
“A second batch of vaccines is on order with the Botswana Vaccine Institute,” Ntshavheni said. – SAnews.gov.za
Source: Government of India
Source: Government of India (4)
In a move aimed at promoting good governance and ensuring fair recruitment practices, the Department of Financial Services under the Ministry of Finance has notified the voluntary use of Aadhaar authentication by the Institute of Banking Personnel Selection (IBPS) for candidate verification during examinations and recruitment processes.
As per the notification published in the Gazette of India, IBPS—designated as a ‘Public Examination Authority’ under the Public Examination (Prevention of Unfair Means) Act, 2024—has been authorised to use Aadhaar-based authentication (Yes/No and e-KYC) on a voluntary basis. The approval has been granted under Rule 5 of the Aadhaar Authentication for Good Governance Rules, 2020, in accordance with the Aadhaar Act, 2016.
This initiative, approved by the Ministry of Electronics and Information Technology (MeitY) after consultation with the Unique Identification Authority of India (UIDAI), is expected to enhance the integrity of examinations by preventing impersonation and other malpractices.
Officials stated that the measure would streamline identity verification, reduce administrative burden, and ensure a transparent and efficient recruitment process, particularly in the Banking, Financial Services, and Insurance (BFSI) sector. It also aims to protect genuine candidates from fraudulent activities and boost public trust in the examination system.
Source: Asia Development Bank
Rising rates of chronic disease in Asia and the Pacific are driven by lifestyle shifts, aging populations, and unhealthy consumption. Some countries are using targeted fiscal policies and reinvested revenues to improve public health outcomes and reduce long-term costs.
Source: Government of India
Source: Government of India (4)
The Indian stock markets closed on a strong note on Thursday, with benchmark indices Sensex and Nifty surging over 1 per cent each, led by gains in banking and heavyweight stocks.
The benchmark index reflected strong investor confidence, underpinned by the apparent stability of the Middle East ceasefire, which has eased concerns over potential supply chain disruptions.
The Sensex jumped 1,000.36 points, or 1.21 per cent, to settle at 83,755.87. During the session, the index touched an intra-day high of 83,812.09 and a low of 82,816.26.
The Nifty also gained 304.25 points, or 1.21 per cent, to close at 25,549.00. It hit an intra-day high of 25,565.30 and a low of 25,259.90 during the day.
“Nifty has given a decisive move above the recent consolidation on the daily chart, indicating growing optimism among traders and investors,” Rupak De of LKP Securities said.
“Now that the index has broken above the consolidation zone, we continue to maintain our bullish view going forward,” he added.
Among the Nifty stocks, Shriram Finance, Tata Steel, Bharti Airtel and Hindalco Industries were the top gainers, rising between 2.48 and 3.69 per cent.
On the other hand, Dr Reddy’s Laboratories, Tech Mahindra, Wipro, SBI, and Hero MotoCorp were the top laggards, slipping between 0.45 and 1.31 per cent.
In the broader markets, the Nifty Midcap100 and Nifty Smallcap100 indices ended lower, falling 0.59 per cent and 0.42 per cent, respectively, indicating some pressure in mid- and small-cap stocks.
Banking stocks also witnessed strong buying. The Bank Nifty index touched an intra-day high of 57,263.45 and closed at 57,206.70, up 1.03 per cent.
Among sectoral indices, all major indices except Realty, IT, and Media ended in the green.
Nifty Metal was the top performer, gaining 2.31 per cent. This was followed by gains in Nifty Private Bank, Financial Services, and Oil & Gas indices, each rising over 1 per cent.
Meanwhile, Rupee gained over 33 paise to settle at 85.75, buoyed by a sharp drop in the dollar index below the 97.00 mark.
“Falling crude prices and a weaker dollar provided strong support to the rupee. With global risk sentiment improving and the potential for continued fund inflows, the rupee may head towards 85.25 in the coming days,” Jateen Trivedi of LKP Securities mentioned.
“Gold remained range-bound as dollar index weakness provided support, while the Federal Reserve’s stance of no immediate rate cuts weighed on sentiment,” Trivedi stated.
He added that MCX Gold is expected to trade within a range of Rs 95,500 to Rs 98,500 in the near term.
(IANS)
Source: Government of India
Source: Government of India (4)
The Indian stock markets closed on a strong note on Thursday, with benchmark indices Sensex and Nifty surging over 1 per cent each, led by gains in banking and heavyweight stocks.
The benchmark index reflected strong investor confidence, underpinned by the apparent stability of the Middle East ceasefire, which has eased concerns over potential supply chain disruptions.
The Sensex jumped 1,000.36 points, or 1.21 per cent, to settle at 83,755.87. During the session, the index touched an intra-day high of 83,812.09 and a low of 82,816.26.
The Nifty also gained 304.25 points, or 1.21 per cent, to close at 25,549.00. It hit an intra-day high of 25,565.30 and a low of 25,259.90 during the day.
“Nifty has given a decisive move above the recent consolidation on the daily chart, indicating growing optimism among traders and investors,” Rupak De of LKP Securities said.
“Now that the index has broken above the consolidation zone, we continue to maintain our bullish view going forward,” he added.
Among the Nifty stocks, Shriram Finance, Tata Steel, Bharti Airtel and Hindalco Industries were the top gainers, rising between 2.48 and 3.69 per cent.
On the other hand, Dr Reddy’s Laboratories, Tech Mahindra, Wipro, SBI, and Hero MotoCorp were the top laggards, slipping between 0.45 and 1.31 per cent.
In the broader markets, the Nifty Midcap100 and Nifty Smallcap100 indices ended lower, falling 0.59 per cent and 0.42 per cent, respectively, indicating some pressure in mid- and small-cap stocks.
Banking stocks also witnessed strong buying. The Bank Nifty index touched an intra-day high of 57,263.45 and closed at 57,206.70, up 1.03 per cent.
Among sectoral indices, all major indices except Realty, IT, and Media ended in the green.
Nifty Metal was the top performer, gaining 2.31 per cent. This was followed by gains in Nifty Private Bank, Financial Services, and Oil & Gas indices, each rising over 1 per cent.
Meanwhile, Rupee gained over 33 paise to settle at 85.75, buoyed by a sharp drop in the dollar index below the 97.00 mark.
“Falling crude prices and a weaker dollar provided strong support to the rupee. With global risk sentiment improving and the potential for continued fund inflows, the rupee may head towards 85.25 in the coming days,” Jateen Trivedi of LKP Securities mentioned.
“Gold remained range-bound as dollar index weakness provided support, while the Federal Reserve’s stance of no immediate rate cuts weighed on sentiment,” Trivedi stated.
He added that MCX Gold is expected to trade within a range of Rs 95,500 to Rs 98,500 in the near term.
(IANS)
Source: Hong Kong Government special administrative region
The Financial Secretary, Mr Paul Chan, attended the 10th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing today (June 26). He also held separate meetings with the Minister of Finance, Mr Lan Fo’an, and the President of the AIIB, Mr Jin Liqun.
Mr Chan participated in the opening ceremony of the annual meeting and joined the subsequent Governors’ Official Session.
During the meeting, he witnessed the signing of a strategic partnership agreement between the Hong Kong Monetary Authority (HKMA) and the AIIB. Under the partnership agreement, the HKMA will collaborate closely with the AIIB to support venture capital in emerging Asia to jointly support the emerging economies in the region to drive green transformation and development of infrastructure through scientific and commercial innovation.
Speaking about the agreement, Mr Chan said, “Energy transition and infrastructure development of the Global South require substantial financial investment and support from technological applications in various fields. This collaboration combines and leverages the knowledge, experience, networks, and strengths of the HKMA and the AIIB. It supports emerging Asian economies in accelerating their development towards more prosperous and inclusive growth through innovation and technology. Additionally, it aids in building a more vibrant venture capital and innovation ecosystem within the region and further reinforces Hong Kong’s status as an international financial, innovation and technology centre.”
Mr Chan later met with the President of the AIIB, Mr Jin Liqun. He expressed Hong Kong’s willingness to further enhance collaboration with the AIIB amid the ongoing reshaping of the global economic landscape and the development challenges faced by emerging economies. Such initiatives can include issuing bonds in more currencies and of various tenors, advancing investment co-operation in infrastructure loan securitisation and catastrophe bonds, and mobilising private capital to support Asia’s green and sustainable development projects and relevant technological proposals. He also reiterated Hong Kong’s support for the AIIB to establish an office in Hong Kong and said he looks forward to the proposal’s early implementation.
Subsequently, Mr Chan called on the Minister of Finance, Mr Lan Fo’an, where both parties exchanged in-depth views on the economic and social development of the Mainland and Hong Kong. Mr Chan briefed Mr Lan on Hong Kong’s latest developments in financial markets, innovation and technology, and public finance. He highlighted that, with Hong Kong’s financial market advancing steadily and international investors’ confidence strengthening, the Hong Kong Special Administrative Region Government will continue to fully support the issuance of RMB Sovereign Bonds in Hong Kong. Efforts will also be made to enrich investment products and risk management tools, enhance RMB liquidity, and improve financial infrastructure to build a more prosperous offshore RMB business ecosystem.
Mr Chan concluded his visit to Beijing today and will return to Hong Kong in the evening.
Source: GlobeNewswire (MIL-OSI)
TORONTO, June 26, 2025 (GLOBE NEWSWIRE) — Today, RBC iShares expands its iShares Core exchange traded fund (ETF) lineup with the launch of the iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) (the ‘iShares Fund’).
The iShares Fund will provide investors with broad-based exposure to the total U.S. equity market, covering large-, mid-, small-, and micro-capitalized companies. The iShares Fund is a Canadian dollar-hedged offering and complements the iShares Core S&P Total U.S. Stock Market Index ETF, XTOT, which was launched on June 2, 2025.
The iShares Fund is expected to begin trading on the Toronto Stock Exchange (the “TSX”) today; the iShares Fund is managed by BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect wholly-owned subsidiary of BlackRock, Inc (“BlackRock”).
| Fund Name | Ticker | Annual Management Fee1 |
| iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) | XTOH | 0.07%2 |
RBC iShares aims to help clients achieve their investment objectives by empowering them to build efficient portfolios and take control of their financial futures. RBC iShares is committed to delivering a truly differentiated ETF experience and positive outcomes for clients.
For more information about RBC iShares, please visit https://www.rbcishares.com.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.
About iShares
iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.
iShares® ETFs are managed by BlackRock Asset Management Canada Limited.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional) manage approximately $693 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.
RBC iShares ETFs are comprised of RBC ETFs managed by RBC Global Asset Management Inc. and iShares ETFs managed by BlackRock Asset Management Canada Limited. Commissions, trailing commissions, management fees and expenses all may be associated with investing in ETFs. Please read the relevant prospectus before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.
® / TM Trademark(s) of Royal Bank of Canada. Used under license. iSHARES is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used under license. © 2025 BlackRock Asset Management Canada Limited and RBC Global Asset Management Inc. All rights reserved.
Contact for Media:
Sydney Punchard
Email: Sydney.Punchard@blackrock.com
_______________________
1 As an annualized percentage of the iShares Fund’s daily net asset value.
2 If applicable, BlackRock Canada or an affiliate is entitled to receive a fee for acting as manager of each iShares ETF in which this iShares Fund may invest (an “underlying product fee” and together with the management fee payable to BlackRock Canada, the “total annual fee”). As the underlying product fees are embedded in the market value of the iShares ETFs in which this iShares Fund may invest, any underlying product fees are borne indirectly by this iShares Fund. BlackRock Canada will adjust the management fee payable to it by this iShares Fund to ensure that the total annual fees paid directly or indirectly to BlackRock Canada and its affiliates by this iShares Fund will not exceed the percentage of the NAV set out above. The total annual fee is exclusive of HST. Any underlying product fees borne indirectly by this iShares Fund are calculated and accrued daily and are paid not less than annually.
Source: GlobeNewswire (MIL-OSI)
TORONTO, June 26, 2025 (GLOBE NEWSWIRE) — Today, RBC iShares expands its iShares Core exchange traded fund (ETF) lineup with the launch of the iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) (the ‘iShares Fund’).
The iShares Fund will provide investors with broad-based exposure to the total U.S. equity market, covering large-, mid-, small-, and micro-capitalized companies. The iShares Fund is a Canadian dollar-hedged offering and complements the iShares Core S&P Total U.S. Stock Market Index ETF, XTOT, which was launched on June 2, 2025.
The iShares Fund is expected to begin trading on the Toronto Stock Exchange (the “TSX”) today; the iShares Fund is managed by BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect wholly-owned subsidiary of BlackRock, Inc (“BlackRock”).
| Fund Name | Ticker | Annual Management Fee1 |
| iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) | XTOH | 0.07%2 |
RBC iShares aims to help clients achieve their investment objectives by empowering them to build efficient portfolios and take control of their financial futures. RBC iShares is committed to delivering a truly differentiated ETF experience and positive outcomes for clients.
For more information about RBC iShares, please visit https://www.rbcishares.com.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.
About iShares
iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.
iShares® ETFs are managed by BlackRock Asset Management Canada Limited.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional) manage approximately $693 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.
RBC iShares ETFs are comprised of RBC ETFs managed by RBC Global Asset Management Inc. and iShares ETFs managed by BlackRock Asset Management Canada Limited. Commissions, trailing commissions, management fees and expenses all may be associated with investing in ETFs. Please read the relevant prospectus before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.
® / TM Trademark(s) of Royal Bank of Canada. Used under license. iSHARES is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used under license. © 2025 BlackRock Asset Management Canada Limited and RBC Global Asset Management Inc. All rights reserved.
Contact for Media:
Sydney Punchard
Email: Sydney.Punchard@blackrock.com
_______________________
1 As an annualized percentage of the iShares Fund’s daily net asset value.
2 If applicable, BlackRock Canada or an affiliate is entitled to receive a fee for acting as manager of each iShares ETF in which this iShares Fund may invest (an “underlying product fee” and together with the management fee payable to BlackRock Canada, the “total annual fee”). As the underlying product fees are embedded in the market value of the iShares ETFs in which this iShares Fund may invest, any underlying product fees are borne indirectly by this iShares Fund. BlackRock Canada will adjust the management fee payable to it by this iShares Fund to ensure that the total annual fees paid directly or indirectly to BlackRock Canada and its affiliates by this iShares Fund will not exceed the percentage of the NAV set out above. The total annual fee is exclusive of HST. Any underlying product fees borne indirectly by this iShares Fund are calculated and accrued daily and are paid not less than annually.
Source: African Development Bank Group
What? 2025 Country Focus Reports for Southern African countries
Who? The African Development Bank Group
When? Starting 27 June, with Eswatini
Where? State capitals across 13 countries
The African Development Bank Group will launch the Country Focus Reports (CFRs) across 13 Southern African countries from June 27, 2025. These annual reports reflect the theme and analysis of the Bank’s flagship African Economic Outlook (AEO) at the country level, delivering critical economic analysis and policy options tailored to each of Africa’s 54 nations. The Theme of the AEO 2025 is: Making Africa’s Capital Work Better for Africa’s Development.
The CFRs provide insights that contextualize continental economic trends within national frameworks, integrating country-specific priorities, challenges, and policy perspectives. In the context of 2025, marked by geopolitical tensions, post-crisis resilience, and climate urgency, these launches mark a strategic step to strengthen the Bank’s role in supporting Africa’s economic growth and dialogue with decision-makers.
The Southern Africa launch series aims to maximize access to and the impact of these knowledge products by engaging directly with government officials, business leaders, and development stakeholders at the national level. Each launch will stimulate strategic discussions on leveraging report findings to inform critical policy decisions.
Country Launch schedule
The launch series featuring panel discussions on “Making Africa’s Capital Work Better for Africa’s Development” with a country-specific focus, will kick off on June 27, in Eswatini.
|
S/N |
Country |
Date |
Time |
Venue |
|
1. |
Sao Tome and Principe |
20 June |
10am GMT |
University of Sao Tome and Principe |
|
2. |
Mozambique |
24 June |
10am (GMT +1) |
Banco Africano de Desenvolvimento Zoom link: https://afdb.zoom.us/webinar/register/WN_UZW43w-hQFGpLBvcYxiBvg |
|
3. |
Zambia |
25 June |
10 am (GMT +2) |
African Development Bank Group Zoom link: https://afdb.zoom.us/j/98084860790?pwd=n56ub8L1bZoINa4GdOroqFZnMeiSPX.1 |
|
4 |
Angola |
27 June |
9am (GMT+1 |
University of Agostinho Neto, Faculty of Economics Auditorium |
|
5. |
Eswatini |
27 June |
9am |
The Hilton Garden Inn Hotel |
|
6. |
South Africa |
2 July |
10am (GMT+2) |
The Centurion Hotel- Trent Bridge Conference Room |
|
7. |
Zimbabwe |
2 July |
08am (GMT+2) |
African Development Bank Block 5, Ground Floor, Arundel Office Park,Harare |
|
8. |
Malawi |
2 July |
10am (GMT+2) |
African Development Bank Group |
|
9. |
Mauritius |
9 July |
10am (GMT+2) |
United Docks Conference Room, The Docks 1, United Docks Business Park, |
|
10. |
Botswana |
11 July |
TBC |
|
|
11. |
Lesotho |
14 July |
TBC |
|
|
12 |
Namibia |
18 July |
9:30(GMT+2) |
|
|
13. |
Madagascar |
TBC |
TBC |
Launch ceremonies will feature speeches by the African Development Bank’s Chief Economist and Vice President, Prof. Kevin Urama, as well as other senior Bank officials and ministers from the respective countries.
Source: African Development Bank Group
What? 2025 Country Focus Reports for Southern African countries
Who? The African Development Bank Group
When? Starting 27 June, with Eswatini
Where? State capitals across 13 countries
The African Development Bank Group will launch the Country Focus Reports (CFRs) across 13 Southern African countries from June 27, 2025. These annual reports reflect the theme and analysis of the Bank’s flagship African Economic Outlook (AEO) at the country level, delivering critical economic analysis and policy options tailored to each of Africa’s 54 nations. The Theme of the AEO 2025 is: Making Africa’s Capital Work Better for Africa’s Development.
The CFRs provide insights that contextualize continental economic trends within national frameworks, integrating country-specific priorities, challenges, and policy perspectives. In the context of 2025, marked by geopolitical tensions, post-crisis resilience, and climate urgency, these launches mark a strategic step to strengthen the Bank’s role in supporting Africa’s economic growth and dialogue with decision-makers.
The Southern Africa launch series aims to maximize access to and the impact of these knowledge products by engaging directly with government officials, business leaders, and development stakeholders at the national level. Each launch will stimulate strategic discussions on leveraging report findings to inform critical policy decisions.
Country Launch schedule
The launch series featuring panel discussions on “Making Africa’s Capital Work Better for Africa’s Development” with a country-specific focus, will kick off on June 27, in Eswatini.
|
S/N |
Country |
Date |
Time |
Venue |
|
1. |
Sao Tome and Principe |
20 June |
10am GMT |
University of Sao Tome and Principe |
|
2. |
Mozambique |
24 June |
10am (GMT +1) |
Banco Africano de Desenvolvimento Zoom link: https://afdb.zoom.us/webinar/register/WN_UZW43w-hQFGpLBvcYxiBvg |
|
3. |
Zambia |
25 June |
10 am (GMT +2) |
African Development Bank Group Zoom link: https://afdb.zoom.us/j/98084860790?pwd=n56ub8L1bZoINa4GdOroqFZnMeiSPX.1 |
|
4 |
Angola |
27 June |
9am (GMT+1 |
University of Agostinho Neto, Faculty of Economics Auditorium |
|
5. |
Eswatini |
27 June |
9am |
The Hilton Garden Inn Hotel |
|
6. |
South Africa |
2 July |
10am (GMT+2) |
The Centurion Hotel- Trent Bridge Conference Room |
|
7. |
Zimbabwe |
2 July |
08am (GMT+2) |
African Development Bank Block 5, Ground Floor, Arundel Office Park,Harare |
|
8. |
Malawi |
2 July |
10am (GMT+2) |
African Development Bank Group |
|
9. |
Mauritius |
9 July |
10am (GMT+2) |
United Docks Conference Room, The Docks 1, United Docks Business Park, |
|
10. |
Botswana |
11 July |
TBC |
|
|
11. |
Lesotho |
14 July |
TBC |
|
|
12 |
Namibia |
18 July |
9:30(GMT+2) |
|
|
13. |
Madagascar |
TBC |
TBC |
Launch ceremonies will feature speeches by the African Development Bank’s Chief Economist and Vice President, Prof. Kevin Urama, as well as other senior Bank officials and ministers from the respective countries.
Translation. Region: Russian Federal
Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –
On June 23-24, the Polytechnic University hosted the XXIII conference “Corporate Library Systems: Technologies and Innovations” – KorFor-2025. Participants included library managers and employees, IT specialists, suppliers of electronic databases and equipment for automating institutions.
The conference has been held since 2001, with a break in 2020. This year, more than 250 people participated in person and 500 specialists online from Russia, Belarus, Kyrgyzstan, Uzbekistan and Italy. Experts discussed the activities of university, public and departmental libraries. The work took place in the format of discussion panels, strategic and thematic sections.
At the plenary session, the Director of the Information and Library Complex of SPbPU Alexander Plemnek spoke with a report “AI as a driver of the transformation of libraries and librarianship on the horizon until 2035.” He compared the development forecasts that he made at conferences five and ten years ago, showing that many have come true, and earlier than predicted. Alexander Plemnek paid attention to one of the innovations of AI in 2025 – autonomous agents that are able to act independently, without direct human control, to achieve their goals. They resemble digital employees.
The integration of GenAI and autonomous agents doesn’t just add new tools to a librarian’s toolbox; it fundamentally redefines what a library is and what librarians do. The profession is at a crossroads, facing extraordinary opportunities for growth and innovation, said Alexander Plemnek.
Professor Fabio Di Bello, Wiley Client Training Manager, spoke online with a report entitled “Expanding the Possibilities of Academic Librarianship: Artificial Intelligence, Large Language Models, and the Future of Knowledge Management.” The expert demonstrated the capabilities of AI in translation. On the screen, a digital double of the speaker, who does not speak Russian, not only recited the text in literate Russian, but also reproduced facial expressions and phonetics of the language.
The expert panel “From the instruction of the President of the Russian Federation to the implementation of the Concept of the federal project “Development of scientific and technical libraries”” became the most important event of the conference. It was attended by the acting Director General of the Russian State Public Library for Science and Technology Natalia Mikhalchenkova, Director of the M. Gorky Scientific Library of St. Petersburg State University Marina Karpova, Vice President of the Russian Library Association, Director of the Fundamental Library of the Herzen State Pedagogical University Natela Kvelidze-Kuznetsova, as well as representatives of other universities.
Natalia Mikhalchenkova revealed the goals of the federal project aimed at transforming the state system of scientific and technical information to achieve technological leadership of the country. She focused on the project’s tasks in 2025 related to the creation of an up-to-date register of scientific and technical libraries subordinate to various ministries and departments, as well as the development of programs for improving the qualifications of librarians. Representatives of the universities of St. Petersburg and Kazan showed a variety of areas of development of university libraries dedicated to the collection, distribution and recording of scientific resources.
Experts of the section “More than a library” presented a project for promoting and supporting the results of intellectual activity, new digital platforms for interaction with library services in 24/7/365 mode, spoke about events for creating educational video content, organizing a literary club and open lectures.
The strategic session “Vectors of Development of Russian Discovery Systems: What Users Really Need” brought together developers of a modern domestic information search service that has replaced foreign systems, and representatives of universities that use it. A fruitful dialogue allowed us to see the progress over the first year of the system’s existence and discuss development directions based on the results of surveys of service users.
Leading providers of scientific and educational databases shared their vision for the development of online resources and services for integration with university libraries.
At the section “Electronic libraries, repositories, sites and applications” experts presented various options for electronic storage. For example, in the National Electronic Library of the Udmurt Republic – preservation of cultural heritage, in the repository of scientific data of SPbPU – various results of scientific research, including unpublished ones.
The section “New library environment: developing vs. breaking traditions” showed different approaches to transforming libraries, from changing physical premises to introducing new virtual services, using AI assistants for readers and employees. Of particular interest was the report on projects for digital transformation of departmental library activities (using the Bank of Russia library as an example).
At the round table “Practice of using the services of the SuperStat and FEDURUS projects in libraries,” a discussion was held on new forms of access to subscription resources based on a login and password, and the organization of collection and analysis of statistics on the use of online resources in an automated mode.
The expert discussion “Acquisition and new regulatory documents: monitoring the situation, adapting to practice” concluded the conference program. Specialists from the National Library of Russia considered current issues related to the introduction of new regulatory documents that cause difficulties.
On June 25, excursions were organized to the libraries of St. Petersburg, after which the participants became acquainted with the features of digital transformation in the libraries of the Republic of Karelia.
An exhibition was held in the reading room of the IBC SPbPU, where one could get acquainted with the latest generation of book scanners from ELAR, which have improved the digitization and recognition of texts in many languages due to the introduction of AI, and test RFID equipment from various suppliers to optimize reader service.
All speeches and presentations will be made publicly available. The conference materials will be posted in the Electronic Library of SPbPU and indexed in the Russian Science Citation Index.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
